FCW, with RM170mil, on the hunt for land
by john loh | The StarBiz | Monday March 17, 2014 MYT 9:54:42 AM
http://www.thestar.com.my/Business/Busines...ty-development/




KUALA LUMPUR: Armed with an RM170mil war chest from the sale of its Segambut land to IJM Land Bhd, Tan Sri Robert Tan Hua Choon’s FCW Holdings Bhd is on the prowl to beef up its landbank in Malaysia.

Shareholders approved its maiden property development venture at an EGM last Friday.

FCW, a contract manufacturer of toiletry products and cables, had proposed in September a 50:50 joint-venture (JV) with IJM Land, the property arm of conglomerate IJM Corp Bhd, to develop 6.23ha of freehold land in Segambut.

The mixed-use, RM1.3bil gross development value (GDV) project, called 368 Residences, is to be launched in 2016 at the earliest, FCW director Thor Poh Seng told reporters after the EGM.

Sited diagonally opposite the Segambut KTM station and close to Mont’Kiara, Jalan Kuching and Jalan Ipoh, it is slated to take some six years to develop over four or five phases.

FCW and IJM Land have yet to obtain the development order and other approvals for 368 Residences, but it will likely have a plot ratio of 4.5 times, Thor said.

“We haven’t finalised the number of blocks – it could be six, seven or eight. The total apartment units will also depend on market demand closer to the launch,” he added.

Asked where FCW was looking to add to its landbank, Thor said: “We don’t limit ourselves by location.”

However, he dismissed speculation that a merger was brewing between the 73-year-old Tan’s FCW and Goh Ban Huat Bhd (GBH).

Shares of FCW had raced to a peak of RM1.28, its best since early 2004, around the time that it had announced the deal with IJM Land.

The counter last settled down 4.5 sen at 94 sen, up 15% for the year.

Under the JV, FCW is to sell four parcels of contiguous land off Jalan Segambut to 368 Segambut Sdn Bhd, a jointly-owned entity of FCW and IJM Land, for RM187.97mil.

This works out to an effective land cost of 14% of GDV and RM280 per sq ft.

The transaction is expected to be wrapped up in September. The land is currently zoned as industrial and would need to be converted into a commercial title.

An extension for the DUKE Expressway has also been planned nearby.

Depending on whether the JV requires corporate guarantees, FCW stands to pocket RM48.95mil or RM97.64mil in disposal gains from the exercise, according to FCW’s circular to shareholders.

Of the total RM187.97mil in sale proceeds, FCW will plough RM18.8mil back into the JV company and RM168.98mil into its own coffers for working capital.

Besides that cash hoard, it had cash and near cash of RM37.11mil versus long and short-term debts of RM2.62mil as at Dec 31, 2013, putting it in a net cash position of RM34.49mil.

FCW’s finances showed that it had raked in a net profit of RM3.07mil for the six months to December, down 27.2% from the same period a year ago.

Revenue also fell to RM13.02mil versus RM15.52mil, which it attributed to weak sales in its contract manufacturing division and lower selling prices.

FCW had acquired the Segambut land from its sister-firm GBH in 2007 for RM86mil cash and later leased it back to GBH for the latter’s warehousing.

Low-key businessman Tan, who controls 25.35% of FCW and 74.35% of GBH, is said to be a close associate of former finance minister Tun Daim Zainuddin. GBH owns another 6.07ha of land in Segambut next to FCW, which was what had sparked talk of a merger between the two companies.

Tan, whose brother-in-law is Malton Bhd boss Datuk Desmond Lim Siew Choon, also has stakes in Jasa Kita Bhd, Marco Holdings Bhd, GPA Holdings Bhd, PDZ Holdings Bhd and Keladi Maju Bhd.

Glomac buys leasehold land in Kuala Selangor for 23m
The Malaysia Reserve | Monday, 17 March 2014 10:00
http://themalaysianreserve.com/main/news/c...elangor-for-23m

Glomac Bhd has bought 62.5 acres of leasehold land in Kuala Selangor from Pertubuhan Peladang Kawasan Kuala Selangor for RM23 million.

The property developer said the deal was concluded on the same day by its wholly owned subsidiary Elmina Equestrian Centre (M) Sdn Bhd for the six pieces of land located within its existing Bandar Saujana Utama (BSU) township.

“The proposed acquisition is Glomac’s overall strategy to extend the BSU township,” Glomac rationalised in an exchange announcement last Friday.

According to Glomac, the 1,000 acres BSU township with a RM1.67 billion gross development value (GDV) has matured over 15 years and is now well established with a hypermarket, shopping mall, shop offices and has more than 65,000 residents.

This is the second land purchase in the area since February 2013, when Glomac acquired 200 acres adjacent to its current flagship BSU project with an estimated GDV of RM800 million.

The land was acquired for RM44 million through public auction and Glomac had said in its 2013 Annual Report that the development on this land is slated for a mid-2014 launch.

Back to present transaction, Glomac said the RM23 million purchase will be paid in cash from internally generated fund and the transaction is expected to be completed within its financial year ending April 30, 2015.

On another note, Glomac is one of the 20 Tier-1 developers selected to prequalify for Kwasa Land Sdn Bhd’s inaugural request for proposal (RFP) for its proposed town centre measuring on a land area of 64.07 acres, identified as Project MX-1, based on the provisional master layout plan.

The announcement made on March 3, 2014, said the letters of invitation for the RFP to the 20 prospective tenderers have been delivered and the closing date for all RFP submissions is expected to be by May 27, 2014.

Perfect Eagle eyes 279 acres Kelab Rahman Putra Malaysia land
The Edge Malaysia | March 18, 2014
http://www.theedgemalaysia.com/business-ne...-golf-land.html

KUALA LUMPUR: Perfect Eagle Development Sdn Bhd, a privately-held property developer — known for its flagship O2 City mixed-development project in Puchong, Selangor — is proposing to buy 279 acres (112.91ha) of land in Sungai Buloh, Selangor, on which Kelab Rahman Putra Malaysia sits, for RM296 million cash.

The price tag is 10.4% lower than Mah Sing Group Bhd’s RM327.4 million acquisition last week of 85.43 acres of land in Sultan Salahuddin Abdul Aziz Shah Golf Course in Shah Alam, Selangor.

This gives a price per square foot (psf) of about RM24.36, 72% lower than Mah Sing’s RM88 psf.

According to the club’s website, Kelab Rahman Putra features a 36-hole golf course that spreads over 279 acres of land.

In a letter dated Jan 21 to the general committee of Kelab Rahman Putra — a copy of which was obtained by The Edge Financial Daily — Perfect Eagle said under its offer, it plans to keep 18 holes of the golf course.

However, the documents do not specify the developer’s plans for the land.

Perfect Eagle said it does not intend to obtain banking facilities to finance the purchase.

According to the company, there are 4,230 members in the club and each member’s entitlement is expected to be some RM70,000 should the offer be accepted.

A check on Kelab Rahman Putra’s website showed a market price of RM70,000 for corporate membership and RM50,000 for individual membership.

Perfect Eagle said it would also maintain the prevailing subscription fee for not less than 60 months from the completion date of the agreement. The subscription fee for ordinary and corporate members was revised last month to RM120 per month.

The club’s current rules provide that any sale of land or immovable properties must obtain approval of three fifths of the total membership.

However, in a Feb 27 letter to its members, Kelab Rahman Putra said it would first seek their feedback on whether to proceed with an extraordinary general meeting to consider the proposal.

In October 2012, the club members rejected an offer to buy the club land for RM130 million. A total of 65%, or 879 out of 1,353 members present at an EGM then, voted that they “do not wish to consider offers to buy the club’s land or the club.”

The latest documents do no mention the previous offeror’s name.

Should the members agree, the club would set up a special valuation sub-committee to advise on the actual value of the land.

Perfect Eagle was founded in 2002 by the husband-and-wife team of Tan Sri Datuk Koo Yuen Kim and Puan Sri Datin Alice Su.

Its projects include Amber Avenue @ Dataran Pandan Prima, Ampang, which has a gross development value (GDV) of RM195 million over 58 acres; Aquila @ Taman Alam Sutera in Ijok, Selangor with a GDV of RM100 million over 28 acres and O2 City which has a GDV of not less than RM500 million over 64 acres.

It also has landbank in Jasin, Malacca and Ijok.

O2 City’s emphasis on green and eco-friendly features could point to the interest of Perfect Eagle to acquire Kelab Rahman Putra’s land.

Mah Sing has earmarked its golf course land, which covers nine of the 27 holes in the golf course, for an eco-themed development with an expected GDV of about RM2.5 billion.

Koo is also the founder of Perfect China Co Ltd, a privately-held conglomerate focusing on Zhongshan and Yongzhou, China and dealing in consumer products. He also founded Golden Eagle Development Co Ltd, which is currently pursuing a 3-billion yuan project in Zhongshan.

This article first appeared in The Edge Financial Daily, on March 18, 2014.

Vacancy rate at luxury condos to rise this year

The vacancy rate at luxurious condominiums in the country is expected to rise to an alarming 35% to 38% this year amid a supply glut, says CH Williams Talhar & Wong Sdn Bhd.

This compares to a vacancy rate of 32% in 2013 and 35% in 2012, said managing director Foo Gee Jen.

"There is an alarming growth in condo supply for the last three to four years, which led to lower occupancy rates and rents," he told a press conference on the property market outlook for this year.

The pool of luxury condominiums available in the market this year is expected to grow 19.4%, year-on-year, to 32,020 units, said the real estate consultancy firm.

The bulk of the new supply would be concentrated in the Kuala Lumpur City Centre area, Mont Kiara, Ampang Hilir and Bangsar, he said.

"The population in the Klang Valley is getting more affluent and this has resulted in the launch of more high-end condominiums," Foo added.

Overall, the average condominium market, that includes lower and mid-end segment, would see a vacancy rate of 20% in 2014.

Luxury condos usually offer facilities such as club house, swimming pool, meeting rooms, gym, with the podium area reserved for retail purpose. – Bernama, March 18, 2014

Tropicana selling 309 acres out of 1,172 acres


Tropicana sells RM470.6mil land to Eco World
The Star | Wednesday March 19, 2014 MYT 6:08:44 PM
http://www.thestar.com.my/Business/Busines...d-to-Eco-World/

KUALA LUMPUR: Tropicana Corporation Bhd is expected to bag a net gain of RM170mil from its RM470.67mil land sale to Eco World Development Group Bhd.

In a statement on Wednesday, Tropicana said its 308.72 acre land sale in South Klang is expected to translate into incremental net earnings per share of 12 sen for its year ending Dec 31, 2014.

The land is part of the 1,172 acre Tropicana Aman which the group acquired in April 2013.

“Tropicana Aman is slated to be launched in the second half of 2014.

“The scheduled launches of Tropicana Aman for 2014 will comprise landed properties with an estimated gross development value of RM770mil,” it said.

Group executive Danny Tan Chee Sing said the sale is in line with its transformation strategy to unlock the value of its sizeable landbank, and monetise its assets to strengthen our balance sheet.

“On top of enhancing earnings, the cash proceeds from this disposal will further strengthen our delivery platform and better position us for sustainable growth over the medium to long term,” he said.

For the financial year ended Dec 31, 2014, Tropicana posted a 134% increase in revenue to RM1.47bil.

Group pretax rose 123.9% to RM503.6mil, while net profit attributable to shareholders gained 112% to RM362.3mil.

Eco World to launch RM8 billion Klang project
By Sharen Kaur | bt@mediaprima.com.my
http://www.nst.com.my/business/todayspaper...roject-1.521972

KUALA LUMPUR: Eco World Development Group Bhd, a company set up by former SP Setia Bhd's directors and executives, will launch EcoSanctuary, a new project in south Klang worth RM8 billion.

The project is part of Tropicana Corp Bhd's 468.8ha Tropicana Aman development, which was previously known as Canal City.

Eco World is acquiring 123.5ha from Tropicana for RM470.67 million, or RM35 per square feet.

Trading of Eco World and Tropicana shares was suspended yesterday from 2.30pm to 5pm.

Prior to the suspension, Eco World rose two sen, or 0.4 per cent, to RM4.69, while Tropicana was up five sen, or 3.6 per cent, to RM1.43.

Both parties expect to conclude the land deal in the second half of this year.

Tropicana said in a statement that it will gain RM170 million from the land sale, which will translate into incremental net earnings per share of 12 sen for fiscal year 2014.

Its group executive vice-chairman Tan Sri Danny Tan Chee Sing said the sale is to unlock the value of the sizeable landbank and monetise assets to boost its balance sheet.

Meanwhile, Eco World president and chief executive officer Datuk Chang Khim Wah said the deal is in line with its strategy to replenish its landbank in major growth corridors to expand its operations.

He said Eco World would be able to launch the project after completion of the deal as the land comes with an approved development order.

Chang said the eight-year project, which will feature eco-themed mixed residential and commercial properties, is expected to start by year-end.

EcoSanctuary will be the company's maiden township launch in the Klang Valley under the Eco World brand.

Eco World has been busy buying land since last year and now has 1,214ha in Greater Kuala Lumpur, Johor and Penang with estimated gross development value of RM30 billion.

Business Times reported recently that Eco World is participating in a request for proposal by Penang Development Corp to buy 190ha on a hillock close to the landing point of the new bridge crossing between Batu Kawan and Batu Maung on Penang island.

Four Seasons Place KL buyers mostly Malaysians
New Straits Times | By SHAREN KAUR | 24 March 2014
http://www.nst.com.my/business/nation/four...ysians-1.528841


RM3,000 PER SQUARE FEET: Some even paid cash for units priced from RM3m upward

MALAYSIANS bought the majority of the private residences at the RM3 billion Four Seasons Place Kuala Lumpur, which transacted at a record RM3,000 per square feet, sources said.

According to the sources, some buyers even paid cash for the properties but they declined to reveal the names of the buyers.

The Four Seasons Place is a 1.5 million sq ft integrated development owned by Venus Assets Sdn Bhd and is located next to the Petronas Twin Towers.

It is being constructed on a 1.04ha site that the company acquired for RM90 million in 2003 from the estate of the late Khoo Teck Puat, a former shareholder of Standard Chartered Plc.

Venus Assets is controlled by Ipoh-born Singapore tycoon Ong Beng Seng, businessman Tan Sri Syed Yusof Syed Nasir and the Sultan of Selangor, Sultan Sharafuddin Idris Shah.

The company's director, Datuk David Ban, also has a stake in the development.

The 65-storey Four Seasons Place will house the 231-room Four Seasons Hotel and its 242 units of private residences atop a 300,000 sq ft upscale retail mall.

The residences which will take up 42 floors, comprising 232 typical units (1,098 sq ft to 3,843 sq ft), eight duplex (6,512 sq ft to 7,039 sq ft) and two penthouses (11,984 sq ft).

Around 70 per cent of the residences have been sold since May last year, including the eight duplexes, a source told Business Times.

At RM3,000 psf, this means that the typical units were sold at between RM3 million and RM12 million, while the duplexes were offered at more than RM20 million each.

The two penthouses are worth about RM38 million each.

It is understood that Ong will keep one of the penthouses while the second unit will be sold to a ready buyer at RM3,300 psf.

"Most of the buyers are not speculators. They are collectors who want to keep the units they bought because of the location and the Four Seasons brand name," the source said.

The Four Seasons Place, when completed, will be Malaysia's second tallest skyscraper after the Petronas Twin Towers.

The residences will provide the ultimate in prestige and exclusivity for owners with a rooftop sky lounge, private dining pavilions and a swimming pool 330m above ground level.

SBC buys KL prime land for residential project
The Edge Malaysia | Monday 31 March 2014
http://www.theedgemalaysia.com/index.php?o...82754&Itemid=79

KUALA LUMPUR (Mar 31): SBC Corp Bhd is buying a 0.2ha (1,852 sq m) freehold land in Bukit Bandaraya here for RM13.5 million cash.

In a statement to Bursa Malaysia today, SBC said the title of the land along Jalan Kapas will be amalgated with the title of another of the company's freehold tract measuring 0.2ha (2,050 sq m) along the road. Both tracts are intended for a residential project.

On the RM13.5 milion land, SBC said it was buying the site via its 50%-owned subsidiary Goldhill Achiever Sdn Bhd (GASB) from Patrick Chin Yoke Chung. Chin is a director and shareholder in GASB.

"The acquisition by GASB is to be settled by cash through its internal funds and bank borrowing. The exact mix of internal funds and bank borrowing will be decided by its management at a later stage.

"The management of SBC and GASB will choose the most optimum mix taking into consideration, its gearing level, interest costs as well as internal cash requirements for its businesses," SBC said.

SBC said the land acquisition was expected to contribute to the profitability of the company.

Gabungan AQRS bags RM42.55m contract
The StarProperty | April 2, 2014 | 149 views
http://www.starproperty.my/index.php/artic...2-55m-contract/



An artist’s impression of Courtyard Villas at Tropicana Metropark Paloma Serviced Residence.

KUALA LUMPUR: Gabungan AQRS Bhd has secured a RM42.55mil contract to carry out the piling and substructure work for several projects in Tropicana Metropark, Subang Jaya.

It said on Tuesday its unit, Gabungan Strategik Sdn Bhd had accepted the letter of award from RSP Architects Sdn Bhd, which is the architect for the client, Tropicana Metropark Sdn Bhd.

The contract is expected to start on April 7 and the completion date is August 2015.

Gabungan AQRS expects the award to contribute positively to the future earnings and net assets per share for the financial years ending Dec 31, 2014 and Dec 31, 2015.

Short-term impact on property from missing MH370
by thean lee cheng | The StarBiz | Updated: Wednesday April 2, 2014 MYT 8:05:41 AM
http://www.thestar.com.my/Business/Busines...m-to-long-term/

PETALING JAYA: The Malaysian property sector may be affected in the short-term as a result of the missing flight MH370 but the market is expected to bounce back in the medium to long term, according to two developers and two property consultants.

Kumar Tharmalingam, chairman at property consultancy Hall Chadwick Asia said: “It may not even be a blip on the radar.”

“If the matter drags on, the effect on sales will be much longer,” said a source in a text message.

The MH370 effect has come into focus as a result of strong Chinese interest in the last few years.

Chinese developers have bought land here while individual Chinese, deterred by anti-speculation measures in Hong Kong, Singapore and China, are buying Malaysian properties

Country Garden Holdings Co planned to build 9,000 condominium units in Iskandar Malaysia, Johor.

Other Chinese developers included Guangzhou R&F Properties Co Ltd and Agile Property Holdings Ltd with a combined investment of US$2.7bil and the Greenland Group which announced a US$3.3bil deal in two residential and hotel projects last month.

Kumar, former head of government-funded agency Malaysian Property Inc, said: “If it were a crash and the wreckage is found, we would have mourned for a week and gone home. The problem is we lost the plane.

“People understand death but do not understand loss. It is confusing to be told a member of the family is dead but there is no sign of the body or the plane.

“No government body has the answer, despite all the technology at their disposal. Also, there is a one-child family in China. It means a third of the family is gone. The loss is more acute although there are other nationalities on board.”

Kumar said as far as the investment climate is concerned, he would not relate the incident to the country’s property sector.

“If one were to condemn the country, nobody should invest in the United States after the Sept 11 incident (where planes flew into buildings),” he said.

A Malaysian valuer, who declined to be named, said the property sector might not see the sales volume it would like to for a year or two.

“Do not divide the property market according to country boundaries. Look at it as a global asset. The Chinese government wants them – both developers and house buyers – to go overseas.”

A Wall Street Journal blog China Real Time reported that the shift in mood has started to worry some Chinese developers who have substantial investment building houses in Malaysia to sell to mainland Chinese investors. Property is among their favourite investments.

Country Garden Holdings had initially said it had “received an overwhelming response” from buyers from Malaysia, Singapore and China initially.

“The MH370 incident has brought some negative impressions on Malaysia (and the) Malaysian government, and we do not preclude the possibility that this would also affect our projects in the Malaysian market,” said Country Garden in a statement.

Sales in its Country Garden Danga Bay project in Johor Baru last year reached roughly seven billion yuan, which was the firm’s biggest sales contributor, Wall Street Journal reported.

The company said, however, that it was still confident in its investment in the country.

“We believe that Chinese buyers in the choice of overseas investment are rational,” it said.

M'sia, S'pore welcome progress on joint projects
By Vimita Mohandas | ChannelNewsAsia | UPDATED: 07 Apr 2014 20:50
http://www.channelnewsasia.com/news/singap...me/1061266.html

Singapore’s Prime Minister Lee Hsien Loong and Malaysian Prime Minister Najib Razak have welcomed both countries' steady progress on joint iconic projects in Singapore and the Iskandar region, as well as in other areas of co-operation.


PUTRAJAYA: Singapore’s Prime Minister Lee Hsien Loong and Malaysian Prime Minister Najib Razak have welcomed both countries' steady progress on joint iconic projects in Singapore and the Iskandar region, as well as in other areas of co-operation.



Singapore's Prime Minister Lee Hsien Loong (left) and his Malaysian counterpart Najib Razak during a news conference at the Prime Minister's Office in Putrajaya outside Kuala Lumpur on April 7, 2014. Photo: Reuters


At a joint press conference on Monday morning, both leaders also reviewed the progress on improving connectivity between Malaysia and Singapore - including the proposed high-speed rail (HSR) and a rapid transit system link (RTS).

The announcements were made following the fifth Malaysia-Singapore Leaders' Retreat in Kuala Lumpur on Monday.

The high-speed rail, slated to be completed by 2020, will facilitate seamless travel between Kuala Lumpur and Singapore, enhance business linkages and bring both countries closer together.


Prime Minister Lee Hsien Loong revealed that Tuas West and Jurong East were some of the likely locations where the station could be located.

Meanwhile, Malaysia has said its station will be located in Sungai Besi.

But Mr Lee said there is still much to be settled, such as its design, financing, as well as security and immigration requirements.

This will require work on both sides.

The leaders also noted work done on the first phase of the joint engineering study for the rapid transit system link between Singapore and Johor Bahru.

At the press conference following the leaders' meeting, Mr Najib said that he had also proposed a "friendship bridge" between the two countries.

Mr Najib said: "Another initiative which I like to stress is a long-term initiative, looking at the road links between Malaysia and Singapore - a proposal to have a friendship bridge that will certainly enhance good connectivity, improve the environment as well as create much stronger links between our two countries and symbol of the growing friendship."

In response, Mr Lee agreed that Singapore will need to widen the links across the Straits of Johor and has been studying this for the long term.

To provide greater convenience for commuters, Mr Lee said the Customs & Immigration Quarantine Complex will most probably be co-located for the rail transit system link and the high-speed rail.

Mr Najib also proposed joint border control to be implemented for the rail transit system link and the high-speed rail, which means having only one checkpoint for entry into both Singapore and Malaysia.

He added that this will enhance connectivity of goods, services and people between both countries.

Both leaders also noted the progress in Iskandar Malaysia and commended the work of the Malaysia-Singapore Joint Ministerial Committee for Iskandar Malaysia.

Mr Najib said: "Iskandar Malaysia is a strategic play to raise Malaysia above the global competition and to help Singapore maintain our economic competitiveness by integrating our two economies and complementing one another.

“And we agreed that it's important to develop the Iskandar Malaysia project comprehensively not just in services, not just in residential properties, although they are important, but also in manufacturing, in industries in order to create jobs, to attract investments, have an organic, comprehensive, dynamic centre of economic vitality in Johor."

These include UK-based metal-stockist Howco Group's decision to build a S$20-million heat treatment facility in Iskandar Malaysia to complement Singapore operations.

Mr Lee added that as Iskandar thrives, having a skilled labour force is also crucial.

As such, both leaders welcomed ongoing discussions between the various agencies for both countries for collaboration in vocational training.

They also acknowledged that the transboundary haze pollution is a recurring problem for the region and have reaffirmed their commitment to take decisive actions to solve the problem.

Mr Lee also expressed his deepest sympathies over the loss of Malaysia Airlines flight MH370 and said Singapore stands ready to help Malaysia in the next phase of investigations.

Meanwhile, Mr Najib said Malaysia appreciated Singapore's prompt assistance in search and rescue operations.

Both leaders have agreed to hold the next retreat in 2015 in Singapore and looked forward to the state visit by Malaysia’s head of state to Singapore later in April.

- CNA/nd/xq

Company to purchase and takeover companies, collectively totalled 408.05ha of land for a new township in Shah Alam


Y&G gets nod for KESAS land buy
The StarBiz Week | Saturday April 12, 2014 MYT 7:40:15 AM
http://www.thestar.com.my/Business/Busines...KESAS-land-buy/

KUALA LUMPUR: Property developer Y&G Corp Bhd has obtained shareholders’ nod to proceed with the proposed KESAS land and related-party acquisitions.

The approval was obtained at an EGM yesterday for the acquisition of 408.05ha of leasehold land from the Malaysian Agriculture Research and Development Institute for RM100mil cash.

Y&G said in a statement that with the approval, the group’s development land-bank would increase four-fold to 154.31ha from about 40ha.

Its executive director Datuk Yap Jun Jien said the KESAS land had the potential to be developed into an integrated township with an estimated gross development value of more than RM1bil.

“This will be our new flagship project, showcasing our development ability in innovative designs and concepts to create new communities in affordable homes,” he said.

The acquired firms in the proposed related-party acquisitions have 15.26ha within the respective vicinities of Kapar, Shah Alam and Seri Kembangan, which have ongoing development or developments which were expected to commence soon.

Y&G was proposing to acquire these firms for RM25.82mil via the issuance of irredeemable convertible preference shares (ICPS) at an issue price of RM1 per ICPS, together with free warrants on the basis of one warrant for every two ICPS issued, the group said. — Bernama

Where's this KESAS land?

Just 3km at the left after the Kota kemuning toll......if you are coming
from kl....

Furniweb to diversify into property development
The StarBiz | Tuesday April 15, 2014 MYT 7:06:00 AM
http://www.thestar.com.my/Business/Busines...ty-development/

KUALA LUMPUR: Furniweb Industrial Products Bhd (FIPB) has obtained shareholders’ nod to proceed with the proposed residential development project.

The project, estimated at RM560mil in gross development value, comprised two blocks of condominiums consisting of 472 units, the group said in a circular to shareholders.

The proposed residential development project, which was endorsed at an EGM yesterday, is expected to garner a gross development profit of about RM180mil over its development period of four years.

It will involve two phases and the project is expected to commence in the third quarter of this year.

Premier De Muara Sdn Bhd, a joint venture (JV) between Furniweb’s subsidiary, Premier Gesture Sdn Bhd, and Almaharta Sdn Bhd, will undertake the residential project located along Jalan Jelatek.

Premier Gesture will hold a 60% stake in the JV while Almaharta 40%.

Furniweb chairman Datuk Lim Heen Peok said the proposed JV offered a business diversification from the group’s core business. It is involved in manufacturing of semi-finished products in the industrial textile and rubber-based industries.

“Our core business is doing well and we are diversifying our business activity to grow the company, thus, bring the company to the next level.

“We choose to be involved in the property sector because the demand is always there and we see the opportunities in this sector,” he told reporters after the EGM.

The project is expected to contribute more than 25% to Furniweb’s net profit in the immediate to medium term. — Bernama

This post has been edited by accetera: Apr 16 2014, 10:36 AM

I-Berhad plans Shah Alam towers
By MUHAMMED AHMAD HAMDAN | Business Times
16 April 2014| last updated at 01:01AM
http://www.nst.com.my/business/nation/i-be...towers-1.569292

NEW LANDMARKS: Developer plans RM1.2b project next to its CentralPlaza@i-City venture with Thai firm in Shah Alam



I-BERHAD, the developer of I-City, yesterday announced a four-tower development in Shah Alam located next to its joint-venture shopping mall project with Central Pattana Pcl of Thailand.

The Central Tower, with gross development value (GDV) of RM1.2 billion, will comprise two residential suite towers, a hotel tower and an office tower.

With a total gross floor area of 1.6 million sq ft, it will be built adjacent to the CentralPlaza@i-City mall, which has an estimated GDV of RM600 million.

The two projects are to be developed on a 7.51ha site.

The tower development will be integrated with the shopping mall via pedestrian linkages at different levels. The food and beverage section of the shopping mall will be strategically located to tap residential and office traffic coming from the Central Tower development.

Architecturally, both CentralPlaza@i-City and the Central Tower development will share a common theme.

“We will roll out the first phase of the tower development and the shopping mall later this year,” said I-Berhad chief executive officer Datuk Eu Hong Chew.

He added that the tower project is slated for completion in 2019, while the mall development is expected to be completed and opened to public in 2017.

To facilitate the completion of the project, I-Berhad had on April 1 announced that it will dispose of development rights over the mall land in favour of the joint-venture collaboration.

The immediate benefit of this disposal is a gain of RM20 million, derived from the difference between the land price and I-Berhad’s original cost of securing the development rights.

“The integrated development has positive implications on both our property development via the residential enclave, as well as property investment via the mall.

“In this manner, we are not only sustaining our growth story but greatly enhancing the value of the land,” Eu said.

I-Berhad’s net profit more than doubled to RM43.97 million in the year ended December 31 2013, from RM16.66 million previously, driven by ongoing property development projects, and fair value gains of RM13 million from the revaluation of investment properties.

Revenue rose 128 per cent to RM152.1 million, mainly due to higher sales from ongoing projects and growth in the leisure division, partly from new attractions at i-City, such as Red Carpet@i-City and House of Horror.

Moving forward, Eu said I-Berhad expects its property development segment to continue to be the company’s main revenue driver, with a steady revenue of between RM500 million and RM600 million by 2017, from RM95 million last year.

“Our launches are getting bigger. This shows that our property development division is growing and that its contribution will be higher. We will also have a bigger recurring income stream,” he said.

the land is here...

This post has been edited by Raffy: Apr 16 2014, 12:52 PM


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this ecosanctuary project 8B is really a big project. where exactly is Klang South?

is it the vacant lot next to jelatek bomba station? how about bengkel mara land? is there any upcoming dev?

look pretty close to notorious tmn sentosa...

no so good i think.

This post has been edited by adwan: Apr 17 2014, 12:52 PM