Note: This thread will be used to post Latest Developer Buying Land News + Changing Property Product Trend News

According to PTLM Research, the no. of planning, landbanking transactions and development order submission are at the "craziest" time. More latest news can be available at https://www.facebook.com/groups/115179435202482/.


(a snapshot for Klang Valley only)



(snipped)



This post has been edited by accetera: Nov 24 2017, 10:43 AM

Wow. Seriously, even if just half come on board, good luck to recent short term investors.

Just before CNY...


UOA plans new mixed dev in Old Klang Road


UOA in share subscription agreement for land deal
The StarProperty | January 29, 2014 | 316 views | Topic : Property News.
http://www.starproperty.my/index.php/artic...-for-land-deal/

KUALA LUMPUR: UOA Development Bhd has entered into a share subscription agreement with several parties for a land deal in Jalan Klang Lama.

In a filing with Bursa Malaysia yesterday, UOA Development said the agreement with Eureka Equity Sdn Bhd, Regenta Development Sdn Bhd, Lau Soon Woh, Mow Chooi Yoon and Kok Koek Hung involved the subscription of three million ordinary shares of RM1 each in Eureka at par by UOA and Regenta.

Eureka has pieces of land measuring about 1.2ha in Jalan Klang Lama valued at RM63.5mil.

The principal activity of Eureka, which is currently dormant, is property development.

Following the share subscription, UOA holds 59.99% stake in Eureka, Lau (10%), Mow (20%), Kok (10%) and Regenta (0.00002%).

UOA said the land was located approximately 1km from the federal highway and was near Mid Valley City and has a prominent frontage to Jalan Klang Lama.

The location of the land is also highly accessible.

“The land is ideal for condominium and commercial development.

“The proposed subscription allows the company to strategically expand its landbank in Kuala Lumpur that matches the fast turnaround strategy,” UOA said.

The company said the proposed subscription was expected to contribute positively to the future earnings of UOA following development of the land.

UOA said its management was optimistic about the prospects of the development of the land.

UOA is the developer of Bangsar South, a RM10bil gross development value integrated development on the former Kampung Kerinchi squatter colony.

In this week's Focus M hardcopy...


Kwasa Damansara expected to yield over RM50 billion in GDV


Will Kwasa be MRCB’s new KL Sentral?
Focus M | By Hafidz Baharom | Friday, 07 Feb 2014, 12:01 AM
http://www.focusmalaysia.my/Mainstream/Wil...new-KL-Sentral-

With Kwasa Land Sdn Bhd having officially called tender for its 932ha in Sungai Buloh, Malaysian Resources Corporation Bhd (MRCB) could be the biggest winner of the RM50 bil gross development value (GDV) project.

MRCB is believed to be planning its second transport hub – similar to its KL Sentral development – in the project, Kwasa Damansara, to be developed over the next 20 years.

The second transport hub had been hinted at by MRCB chief operating officer Imran Salim in a recent interview. He says the company will keep to its niche as a transport-oriented developer.

He tells FocusM MRCB is still seeking land with proximity to public transport. The Kwasa Damansara development will have two MRT stations, slated for completion in 2017.

“As long as there is one mode of public transport there or we can have a bit more integration with other modes, it will be fantastic,” says Imran. “We are looking at that perspective. Urban regeneration, urban redevelopment, that is our forte. That is going to be our key product and that is where our focal point is,” he adds.

However, as part of MRCB’s future plans, Imran says the company is also seeking to develop a new township.

“The township that we have is in Perak – Bandar Seri Iskandar. We will probably duplicate this somewhere else – a similar concept. Again, it is not a focal point; but we should have one or two just to diversify our products out there,” he says.


For the full story, please subscribe to Focus Malaysia.

City & Country: Office to hotel conversion on the rise in Malaysia
The Edge Property
By Haziq Hamid of theedgemalaysia.com
Friday, 07 February 2014 23:30
http://www.theedgeproperty.com/news-a-view...n-malaysia.html

CONVERTING office buildings into hotels is an easy way to maximise asset value in certain markets and has resulted in a big change in the way property developers are creating new hotel supply to cater to the country’s growing tourism industry.

A recent Zerin Properties report, “Office to Hotel Conversion”, highlights this growing trend and examines whether vacant office buildings in Kuala Lumpur can be converted into hotels to increase their net profit and yield.

A National Property Information Centre commercial property stock report states that the supply of purpose-built offices in Kuala Lumpur was at 81.6 million sq ft while incoming supply was at 13.6 million sq ft as at 3Q2013. Selangor’s supply of purpose-built offices stood at 32.4 million sq ft while incoming supply was at 4.2 million sq ft. The occupancy rate for Kuala Lumpur offices was 78.8%, compared with Selangor’s 73.9%.

As a comparison, 12% of offices in the UK have stood empty for many years, according to the report by Zerin Properties. In some areas such as Birmingham, 18% of commercial properties are said to be empty. The UK government believes thousands of sites can be converted into homes [rather than hotels], while still meeting the demand for offices when the economy picks up.

According to Roja Rani, Zerin Properties’ head of research and consultancy, the need to fill commercial space in Malaysia is greater because there is an oversupply.

“However, this could just be that there is an oversupply of old buildings and these are being converted simply because they lack tenants and their yield is far lower than what it should be,” she says.

Malaysia’s current vacancy rate is nearly double that of Britain, which translates into a larger need for office to hotel conversion, she adds. Furthermore, tourist arrivals have been increasing, hitting the 25 million mark in 2012.

Vacant office buildings in cities with popular holiday destinations nearby are perfect for conversion into hotels. In fact, this trend may have already started.

The report cites Tan Sri Tony Fernandes, group CEO and director of AirAsia Bhd and founder of Tune Group Sdn Bhd, who was quoted as telling Endemic Guides that many property owners wanted to convert their office buildings into hotels to get higher yields.

Fernandes himself has converted office buildings in prime areas of London, including Kings Cross and Paddington, into hotels.

A few Malaysian entrepreneurs have taken a leaf from Fernandes’ book and done the same back home. Mak Hoong Weng, director of Art Form Enterprise Sdn Bhd, owns buildings in Kuala Lumpur, Melaka and Kuantan that he has amassed over a 10-year span. He plans to convert 10 of them into hotels, offering over 1,000 rooms.

One of Mak’s boutique hotels, Star Luxury Hotel in Jalan Raja Chulan, Kuala Lumpur, was converted from two office towers and currently charges between RM280 and RM1,500 per night. He also owns a multi-storey heritage building in Jalan Tun Perak, where the ground floor has been leased out to a food and beverage operator and the rest of the building rented to a budget hotel operator.

The 13-storey Wisma Peladang in Jalan Bukit Bintang also underwent a complete retrofit in 2006, becoming Piccolo Hotel. It immediately drew investment from Berjaya Land, which now owns 51% of the four-star hotel, which charges an average room rate of RM246. As at September 2013, Piccolo had an occupancy rate of 80%.

Meanwhile, corporate office tower Plaza Atrium in Lorong P Ramlee is being converted into 109 serviced apartments spread over 34 floors by Pinehigh Development Sdn Bhd, a wholly-owned subsidiary of Far East Organization.

According to Roja, more developers in Kuala Lumpur are starting to jump on the bandwagon. “Recently, it was announced that an old office building, Menara CMY in Jalan Ampang, would be redeveloped into a hotel.”

Foo Gee Jen, managing director of WTW, also cites some conversions in Kuala Lumpur, namely Wisma KLH into Wolo Hotel, Magnum Plaza into Sky Express Hotel (previously Flamingo Hotel) and Sentosa Hospital into Tunes Hotel.

However, he does not believe this is a growing trend. “It all depends on the location being suitable for a hotel, the cost of refurbishment compared with potential profits and whether the property has been vacant for a long time.”

There have been such conversions in Kota Kinabalu and Kuching as well, he says. Two office buildings in Kuching were converted into hotels to cater for the increase in tourist arrivals. KKB Engineering Bhd’s building was redeveloped into the 80-room Abell Hotel while Kuching Tower became the 50-room Lime Tree Hotel.

Overall, says the report, the current trend of investing in office building redevelopment in Kuala Lumpur seems to be focused on old buildings. This is due to the growing number of new Grade-A office buildings in prime locations that boast much better facilities. The more stylish offices draw tenants to relocate despite the higher rents.

Old office buildings are also ripe for transformation because their rents are lower than new buildings, which translates into shrinking yearly income. The redevelopment of old office buildings in strategic locations, close to tourist attractions, into hotels would maximise yields and boost income. A vacant building costs its owner huge sums in lost rent.

With Malaysia’s office vacancy rate at 23%, with a substantial future supply in the pipeline, the competition for tenants is tight and it could take months or even years before a client can be found.

According to Roja, apart from office towers, several office buildings have been converted into serviced apartments, condominiums and retail space.

Foo, meanwhile, adds that shopoffices in many cities have also been converted into budget hotels.

“More are converted into hotels rather than purpose-built offices. In fact, several heritage shophouses are now boutique hotels, especially in Penang and Melaka.”

Foo says office space can also be converted for use as universities, colleges, hospitals or specialist centres. “The conversion is usually done by the operators after they acquire the building. However, there are more hotel operators than education or hospital operators as it is easier to obtain a licence for the hotel business than for universities or hospitals.”

The conversion of offices into hotels represents a great opportunity for investors and developers.

Foo says from a purely investing viewpoint, an office building generates more profit than a hotel. “Most hotel profits are generated as a business and not as an investment and therefore are not comparable with office building rental returns.”

According to the Zerin Propertie problem, a major problem in this new scenario could be the investors’ lack of experience in the hotel industry as they would have mainly invested in office space before. One way to overcome this is to carry out detailed research on the demand for particular types of hotels in specific areas and whether they fit the layout of existing office buildings, it advises. For example, a 3-storey building in Seri Kembangan may not be suitable for a luxury hotel.

Another problem could be that the original floor plan of an existing office building may not cater for the type of hotel the developer wants to invest in, says Roja. He adds that most floor plans of old offices would tend to cater for boutique and budget hotels.

Nevertheless, the conversion of office buildings into hotels seems right at the moment, given the high vacancy rates and the booming local tourism industry. It makes sense to transform older office buildings that are currently vacant into something that offers better returns.


A growing trend around the world

The conversion of offices into hotels is evident in many other parts of the world, according to the Zerin Properties report, “Office to Hotel Conversion”.

In Germany, for example, a huge amount of office space has been turned into budget hotels. In Berlin, some of these hotels, located near busy transport lines, enjoy high occupancy and revenue per room.

Hotel Indigo Berlin Hardenbergstrasse is an 81-room office conversion that opened in 2012. Tourists are drawn by its cheap prices and prime location close to Ku’damm Avenue, which is known for its designer shops, restaurants and bars.

Tan Sri Tony Fernandes, founder and key shareholder of Tune Hotels, has converted office buildings into hotels in prime areas of London, including Kings Cross and Paddington.

In September 2011, Fernandes acquired a vacant office building, which was formerly the headquarters of the Unite union, at 324 Grays Inn Road, Kings Cross. He turned it into Tune Hotels Kings Cross and opened it in 2012, a few weeks before the Olympics. The hotel saw an occupancy rate of 95%.

More recently, a 1960s 8-storey building in Red Lion Street in Bloomsbury, central London, was granted permission for conversion into a 150-bedroom hotel because it could no longer be used as an office. The conversion was considered ideal because of the need for increased hotel supply in London.

Over in the US, Trump Organization is planning a US$200 million redevelopment of the Old Post Office Building in Washington, DC, into a luxury hotel. The company has finalised a deal with the US General Services Administration to redevelop the landmark building in Pennsylvania Avenue now that a congressional review has been completed.

In Manhattan, planned conversions have been key to some of the largest office transactions in recent years. These include 650 Madison Avenue, which sold for US$1.3 billion (US$2,200 psf), as well as 550 Madison Avenue, which Sony Corp sold for US$1.1 billion to an investment group headed by developer Joseph Chetrit. Chetrit is exploring plans to convert the asset into luxury condominiums, a hotel and an upscale retail space.

In Auckland, a number of office buildings in the central business district are said to be appropriate for conversion into hotels. International hotel operator Accor Hotels has announced that it will be opening a boutique operation in the Reserve Bank office building on Customs Street in downtown Auckland. This is expected to be the start of a trend of such conversions as there is strong demand for hotels in the city due to an acute shortage of existing hotel stock for sale.


This article first appeared in The Edge Malaysia Weekly, on January 27, 2014.

This post has been edited by accetera: Feb 9 2014, 08:31 PM

From The Edge Malaysia this week..

>>> TSR Capital has an upcoming commercial office project on Jalan Semantan.

In other news:

>>> Maju Group submits development order for 9 highrise blocks of 1,678 units High Density project near Bandar Tasik Selatan.

This post has been edited by accetera: Feb 9 2014, 11:56 PM

Mah Sing Group's Lakeville project begins soon with "Sale by Tender Only".


by francis fong of PTLM.

All the best property developers, with increased inflation rate and stringent control bank negara seems property transcationis will less compare o previous years..

WEEKENDER ::: A once upon time prominent property developer, Country Heights group is set on making a big comeback to the local property scene starting with the planned RM11 billion Mines Wellness City that is set to put Seri Kembangan on the world map. MWC is an entry-point project under the Economic Transformation Programme (ETP). Besides MWC, tycoon Tan Sri Vincent Tan of Berjaya Group also has future plans for a RM10 billion metropolis project in Seri Kembangan. (Quoting https://www.facebook.com/groups/115179435202482/ )





Country Heights boss selling private assets
The Star BizWeek | by hanim adnan | Updated: Saturday February 8, 2014 MYT 11:13:07 AM
http://www.thestar.com.my/Business/Busines...p-listed-compa/


Lee: ‘I’m totally unaware of this gold discovery.’


PROPERTY tycoon and businessman Tan Sri Lee Kim Yew of Country Heights Holdings Bhd who is making a comeback is seeking to sell his plantation assets, which includes the oil palm estates previously under the Country Heights Growers Scheme (CHGS), for an estimated RM400mil, say sources.

Lee paid RM215.5mil to fully terminate the country’s first oil palm farm sharing scheme last August. This excludes a goodwill of RM25mil.

Lee courted controversy when buying back the scheme but with the chapter on CHGS over and a sale on the cards, Lee tells StarBizWeek that his Country Heights group is set on making a big comeback to the local property scene.

To make this happen, there is a need to raise more capital, which he says can be generated from the sale of some of his privately-held oil palm plantation assets in the country.

“I will definitely sell some of these plantation assets if the right opportunity arises as this is an immediate focus to ensure our public-listed entity Country Heights can be on a stronger financial footing,” Lee adds.

Sources close to the group say Lee is mulling over selling about 8,000 ha of brownfield plantation land in Malaysia pegged at RM50,000 per ha.

The plantation assets will include the 4,000ha oil palm plantations in Gua Musang, Kelantan that was previously developed for the CHGS, which has been put up for sale in the open market at a reserved price of RM170mil since August last year.

Back in 2006, the Gua Musang land was brought at RM19.8mil.

While there have been many parties that have expressed their interest after visiting the site of the Gua Musang plantation, Lee says: “So far, no deal has been struck.”

“Given such a situation, we have decided to allocate RM30mil to rehabilitate the Gua Musang plantation by way of improving its infrastructure and also putting aside 80 ha to be transformed into an elephant conservation centre,” explains Lee.

“We will strictly adhere to a ‘no killing’ policy even though elephants were at fault for destroying part of our oil palm estate, therefore making it deem unviable.”

Mining plantation land?

This latest twist on the rehabilitation programme by Lee has also stirred market talk on the discovery of gold on the Gua Musang plantation land.

This is on the back of the current increase in new mining licences, leaseholds or concessions being handed out by the Kelantan government, apart from the mining-savvy state of Pahang and Perak.

Gua Musang, for many decades, has been known as a gold-mining town given its large deposits of gold and other valuable minerals.

Plantation land value in Gua Musang has also escalated to between RM58,000 and RM60,000 per ha of late due to the increase in mining activity over the past three years, says some industry players.

The current scenario is that many plantation companies with oil palm plantations in Pahang and Kelantan have found that they are actually sitting on gold, iron ore, copper, silver and manganese deposits.

In terms of the individual minerals, the Department of Minerals and Geoscience has valued the country’s gold reserves at RM14bil, coal higher at some RM124bil, tin at RM54bil and iron ore at RM17bil.

Under the law, oil palm planters can only harvest their fruits on their plantation land. Valuable minerals underneath the plantation belong to the state government.

So if these oil palm planters decide to diversify into mining, they will need to apply for a mining licence or concession but this will be at the expense of an already “scarce” amount of oil palm land in Malaysia.

Once mining activity is undertaken, there is no irreversible way to make the soil fertile again for conversion into agriculture land.

Lee, meanwhile, claims that he is surprised by market talk that there is gold underneath the Gua Musang plantation.

“I am totally unaware of this (gold discovery).

“From what I understand, based on our mineral soil test done earlier, there is only deposit of manganese and not gold.

“But then this is already an open secret given the surrounding mining areas here,” he points out.

However he declined to comment on whether he is applying for mining licence from the Kelantan government anytime soon.

Comprehensive restructuring

For now, Lee wants to fully focus on Country Heights’ ongoing comprehensive restructuring exercise involving its three core businesses – property development, property investment and hospitality, leisure and health.

In its heyday, its largest development was the Mines Resort City in Sungai Besi. Country Heights spotted the potential in the 150-acre world’s largest open-tin cast mining lake which was once a deserted wasteland.

The latest major development for the group will be the Mines development which is getting a new lease of life as “Mines Wellness City”, an RM11bil mixed use project anchored on a health and wellness theme.

The 120-acre development, to be built around the existing infrastructure in Mines, is an entry point project under the Economic Transformation Programme which aims to position Malaysia as a wellness landmark for the region.

The Mines Wellness City which will undergo a 10-year development is a culmination of several years of work to rebrand the 1,000-acre Mines Resort City in what Lee calls the “second wave” for the Mines project.

Other new property developments include Beleza Garden Homes in Jitra, Cyber Residency in Cyberjaya and Borneo Highlands Resort in Kuching.

This post has been edited by accetera: Feb 10 2014, 12:20 AM

Construction sector Q4 growth at 11.3% on-year
The StarBiz | Monday February 10, 2014 MYT 1:11:37 PM
http://www.thestar.com.my/Business/Busines...1dot3pc-onyear/

KUALA LUMPUR: The value of construction work done in the fourth quarter 2013 recorded an increase of 8.1% quarter-on-quarter to RM24.7bil, with the year-on-year percentage at 11.3%.



This means the sector has continued to register a positive growth after the negative growth in the second quarter of 2011.

The highest percentage share in construction during the quarter was by the civil engineering sub-sector, which recorded 36.5%. This was followed by non-residential buildings (30.8%), residential buildings (27.6%) and special trades (5.1%).

Compared to Q3, the value of work done for the non-residential buildings showed a decrease compared to the previous quarter at 30.8% against 34.4%. However, the civil engineering, residential buildings and special trade showed an increase in the value of work done compared with the previous quarter.

Selangor led the other states with 25.7% or RM6.35bil’s worth of work, followed by Wilayah Persekutuan in second place with 16.1% (RM3.98bil), then Johor with 14.4% (RM3.55bil) and Perak with 7.7% (RM1.9bil).

Penang’s share of Q4 construction work stood at only 5.1% or RM1.25bil.

The private sector continued to dominate as project owner with a share of 69.3% in the fourth quarter 2013. Nevertheless, the share of public sector has increased to 30.7% from 29.7% compared to the previous quarter.

Fiamma eyes project launch early next year
BY DANIEL KHOO | The StarProperty | February 10, 2014
http://www.starproperty.my/index.php/artic...arly-next-year/

PETALING JAYA: Fiamma Holdings Bhd hopes to launch its second property development project in Kuala Lumpur early next year, comprising two blocks of 40-storey service apartments at Jalan Yap Kwan Seng.


A file picture of Elba products on display at Fiamma Holdings’ showroom in Kuala Lumpur. Fiamma has announced its second property development project in Kuala Lumpur, due to be launched early next year.

The project, that is pending approvals from the relevent authorities, will be located on 0.6ha site near the Public Bank headquarters and the Australian High Commission at the Jalan Ampang intersection.

“The planned development will be bigger than our project at Jalan Tuanku Abdul Rahman,” said the company’s spokesperson.

If everything goes according to plan, Fiamma expects contribution from the upcoming project to lift its revenue and profits from the financial year ending Sept 30, 2016 (FY16) onwards.

Income from property development made up 9.6% of the group’s revenue in FY13.

“We expect higher contribution from this segment in FY14 due to the increased realisation of the present development project which commenced development in the middle of 2012,” said the spokesperson, who declined to be named.

The office and retail project has a gross development value of RM160mil and is almost fully sold.

Fiamma derives the bulk of its revenue from manufacturing and selling home electrical appliances under the brand names Elba, Faber, Rubine, Tuscani, MEC and Haustern. It is also the distributor for brands such as Whirpool, Braun home appliances, Omron, Tuttnauer and Charder.

The company made a net profit of RM24.13mil, or 18.5 sen a share in FY13. Revenue stood at RM211.9mil.

Fiamma had also been paying out steady dividends to its investors in the past five years in tandem with its improving financial outlook. On Jan 27, the company proposed a final dividend of 5 sen per share amounting to RM6.7mil for its shareholders to approve at its upcoming AGM on Feb 19.

Gadang to build up property division
The Sun Daily | Eva Yeong | 10 February 2014 - 05:40am
http://www.thesundaily.my/news/952671

KUALA LUMPUR (Feb 10, 2014): Gadang Holdings Bhd is looking to double contributions from its property division to the group's topline to 40% by 2016 from 20% currently, its managing director and CEO Tan Sri Kok Onn said.

The diversified group said its property segment, utility and plantation divisions will eventually provide solid support to the group's total income base where currently construction is still the main driver.

"Property now contributes about 20% to turnover but starting from next year, it will be more. It can easily touch 25% to 30% once we start launching the projects in our pipeline. In terms of profit from the division, it is quite good," he told SunBiz in an interview recently.



Kok said by 2016, it hopes to achieve 50% contribution from its construction segemnt, 30% to 40% contribution from property development and the balance from utilities and plantation.

"We are progressing well in the property division and our prospects for this financial year (ending May 31, 2014) will be better than last year. Last year we made RM32 million in profits.

"This year will be better, although the first half was a bit lower mainly because of the property billing which is slow but our sales are okay," he said, adding that it has over 200 acres of land currently.

Some of the ongoing projects include Jentayu Residensi in Tampoi, Johor with gross development value (GDV) of RM174 million, Capital City also in Tampoi, Johor with GDV RM2.2 billion and Residensi Vyne in Sungai Besi, Kuala Lumpur with GDV RM500 million.

It also has a joint venture (JV) with Cyberview Sdn Bhd to develop the K-Workers Housing Project in Cyberjaya with GDV RM1.06 billion and is in the midst of planning a township in Pokok Sena, Kedah with GDV RM300 million.

Kok said it wants to further its JV with Cyberview, specifically for an integrated commercial project in Cyberjaya.

"We are thinking if we can work closely together and perform well, they might give us more of their jobs. They have few billion worth of projects in Cyberjaya.

"We are also looking for more land. We have bought a piece of land in Taman Melawati, Kuala Lumpur but we haven't completed the sales and purchase agreement," he said.

He added that it is also in talks with landowners in Johor but has yet to close any deals there.

Commenting on measures announced by the government to curb speculative buying in the property market, Kok said the impact on the company's property sales is very small and the property market is still very bullish.

"Only in terms of bank loans there will be some impact, as those buying their second property will get a lot of queries. There will be some impact but sales is still strong, depending on location," he said.

As for the rising cost of materials, he said the impact is minimal as steel and cement prices are controlled by the government.

"Maybe there is just a 5% increase in all-in cost. Actually, labour is the problem. We don't have enough skilled labour to do first-class finishings. We can get semi-skilled labour easily but it is not easy to get skilled labour," he added.

As for overseas property projects, he said it is not keen unless the market has strong local demand.

"If you develop a project overseas and target Malaysian buyers, money goes out of the country. Our focus is more on Malaysia. If we decide to go overseas and the local people buy, that's okay because we can make money and bring it back. That's my philosophy. We prefer markets where local demand is strong," he said.

Meanwhile, its construction division remains its biggest contributor with an order book of RM1.6 billion and tender book of RM6 billion comprising seven projects that it is eyeing.

Out of the seven projects, it has already tendered for three namely the design and build contract for the privatisation of Kinrara-Damansara Expressway, RAPID Cogeneration Plant by Petronas and a 268-bed hospital in Kuala Krai, Kota Baru.

Kok said it is confident in securing at least RM2 billion out of the RM6 billion worth of projects.

As for the plantation business, it expects the division to start contributing in 2016 when the plantations are all matured.

"By this year, we will complete all our planting on 5,000 acres in Ranau, Sabah. We are looking for more land, we want to have more JVs with landowners around the Ranau area. Buying land is very expensive. Planted land now can easily cost RM20,000 to RM25,000 per acre so we will JV with landowners. Once we start harvesting, we'll split the profits with landowners based on a fixed revenue per tonne," he said.

Gadang Holdings is also looking to establish a dividend policy, possibly by this year or next, said Kok.

"Last year we gave 3%. Now we're looking into it and we have asked our internal auditor KPMG to look into it, we want them to give us a guideline," he said.

He said on average, it has been paying dividends of about 2% but it is aiming to increase the dividend payout this year onwards to more than 3%.

Heritage body slams KL City Hall over failure to see historical value of Brickfields quarters
BY TRINNA LEONG | The Malaysian Insider | February 11, 2014
http://www.themalaysianinsider.com/malaysi...cal-value-of-br


Shy of a century, the 100 Quarters in Brickfields could come under the wrecking ball soon unless the Kuala Lumpur City Hall draws up a plan to save a part of the capital city's history, says heritage authority Badan Warisan Malaysia (BWM).



The historical 100 Quarters in Brickfields is set to make way for three high rise buildings. – The Malaysian Insider pic by Nazir Sufari, February 11, 2014.


The two-storey buildings have served as homes to railway families for 99 years but BWM says that underneath the simple and plain facade lies a wealth of history.

“Badan Warisan urges the mayor of Kuala Lumpur to hold a moratorium on this redevelopment until a comprehensive cultural mapping of this area is done,” its president Laurence Loh said in a letter to The Malaysian Insider.

“We need to put some brakes on the escalating erosion of the character and identity of KL before we lose the very reason why KL can still be an attractive destination for work and play for its citizens as well as transient visitors,” he added.

Built in 1915, the 100 Quarters comprises three rows of houses along Jalan Chan Ah Tong, Lorong Chan Ah Tong and Jalan Rozario – and was mainly occupied by those working in the then Malayan Railways. It is to make way for three residential towers to be developed by Malaysia Resources Corp Bhd (MRCB), which is partly-owned by Malaysia's largest pension fund, the Employees Provident Fund (EPF).

The city’s development comes at a cost of losing its historical aesthetics as former and current residents argued that the place forms a big part of Brickfields’s identity.

“The authorities and the developer have to understand what Brickfields is about. The area has been a cultural, residential and spiritual hub,” said V. Kanagasivam, the president of the Temple of Fine Arts Malaysia which is located two streets away from the quarters.

“That is the character of Brickfields. Building three towers that are 47-storey high would just ruin the character of the place,” he added.

He said BWM's suggestion to have City Hall map out Brickfield’s cultural heritage should be implemented as it helps keep the place’s history intact.

“Instead of bulldozing their plans, they can take up Badan Warisan’s suggestion. Looking at what Brickfields is, it is best to build something that complements the character of the area,” Kanagasivam added.



The signboard announcing the development plans at the site of the 100 Quarters in Brickfields. – The Malaysian Insider pic by Nazir Sufari, February 11, 2014.


The KL City Hall had agreed to “barter” the land where the quarters are and an adjacent field to MRCB in exchange for the development of Little India, Pines bazaar and Jalan Ang Seng in Brickfields several years ago.

Residents from the quarters will soon be moved to newly built flats at Jalan Ang Seng once they get the green light from authorities.

BWM’s Loh said that the quarters remain an important part of history as the city transitioned into a cosmopolitan city.

“The 100 Quarters is what remains of the historical railway setting within the KL hub and from looking at old maps, it represents about 2% of old Brickfields which includes the railway yard and godowns,” he said.

Former quarters resident and current Brickfields Rukun Tetangga chairman S.K.K Naidu said that it would be desirable if City Hall and MRCB could at least work on showcasing the area’s history.

“It is good if they can preserve at least a few houses since it is part of Brickfield’s history. Even if it is just the facade that is kept, that is already good enough for us,” he said, noting that residents have pretty much resigned to the fact that the quarters would be gone and replaced by high rise buildings.

“The land deal has been signed. It is tough to change the decision now,” he added.

Naidu said the quarters would not have had to go if the authorities had thought it over carefully before entering into the agreement with MRCB.

“The government should have thought about the historical elements of the houses before making the deal with MRCB. Now we can only ask for a compromise that City Hall addresses the traffic and parking issues in the area,” he said.

Apart from the 100 Quarters, the KL City Hall has approved plans for the city's tallest office tower, Menara Warisan, near the historical Stadium Merdeka where independence was first celebrated in 1957.

Kuala Lumpur is a relatively young city which developed after tin was discovered and mined in the early 1800s. The town quickly became Selangor's capital with a grand train station and airport as commercial activities grew around the confluence of two rivers that run through the city.

It became the capital city after independence in 1957 and later as Malaysia's capital after the country's formation in 1963. Kuala Lumpur became a federal territory in 1974. – February 11, 2014.

March launch for Phase 2 of Ion d'Elemen project
Business Times | Feb 10, 2014
http://www.btimes.com.my/Current_News/BTIM.../#ixzz2syD01q8l




NCT Group will launch Phase 2 of Ion d'Elemen, its RM1 billion project in Genting Highlands, Pahang, early next month, says its founder and group managing director Yap Ngan Choy.

Phase 2 will feature 279 serviced apartment units, selling at more than RM890 per square foot (psf), Yap said.

The apartments, which are fully furnished, range from 1,000 sq ft to 1,300 sq ft each.

Yap told Business Times he is bullish on sales and expects volume to be driven by Malaysians who are looking to stay in the highlands.

When NCT launched Phase 1 a year ago and all 248 units were sold out within seven months.

The units in the first phase were sold at RM840 psf and around 70 per cent were purchased by locals. The rest buyers buyers from China, Singapore, Taiwan, Hong Kong, Iran and Bangladesh, Yap said.


Ion d'Elemen is a resort-styled five-star serviced apartment project, designed using the five elements in Chinese philosophy - wood, fire, earth, metal and water - as base.

It stands at more than 6,000 ft above sea level. Its colours, structure, building materials and green landscaping all revolve around the five elements.

The 4.08ha project will have a total of 1,001 apartments in seven towers and developed over the next four to five years. Each block has its designated element to enhance the feng shui flow.

Yap said the third and final phase will be launched by the end of this year and prices will start from RM910 psf.

"Besides staying in the highlands, owners will enjoy five-star services from Best Western Premier and the seven per cent rental yields.

The hotel group will be managing all the apartments upon vacant possession starting 2016," Yap said.

Under the agreement, the hotel brand will render hospitality and building management services for at least five years.

Yap said when the contract with Best Western Premier expires, NCT will embark on a profit sharing scheme with the purchasers.

actually hor, this would make a pretty nice 'jonker street' kinda concept here.

yeah! boutique shop, nice dinning area or coffee shop. good good

Eco World to launch EcoSpring and EcoSummer townships in Johor


Eco World to launch two townships with combined value of RM5bil
by zazali musa | The StarBiz | Tuesday February 11, 2014 MYT 8:14:13 AM
http://www.thestar.com.my/Business/Busines...-two-townships/

JOHOR BARU: Eco World Development Group Bhd will be launching two township development projects in Iskandar Malaysia in May, following the success of its flagship project EcoBotanic@Nusajaya launched last September.

Chief executive officer Datuk Chang Khim Wah said the projects – EcoSpring and EcoSummer located in the Tebrau growth corridor – would be launched concurrently.


Chang (right) and Eco World divisional general manager Phan Yan Chang looking at models of the cluster houses for EcoSpring project.

He said the company was targeting different buyers for the projects, which have different architectural features.

EcoSpring, sitting on a 161.87ha site, would comprise cluster homes, semi-detached houses and bungalows designed after English cottages, said Chang, while EcoSummer, sited on 80.93ha just next to EcoSpring, would offer only double-storey link houses for buyers along the lines of English colonial-styled houses.

“Both projects, on a 242.80ha site with a combined gross development value of RM5bil, will keep us busy for the next eight years,” he told StarBiz.

Chang was speaking at the opening of Eco World’s sales gallery and office, and Chinese New Year open house, at Tropika Welcome Centre in Taman Setia Tropika here.

He added that Phase 1 of EcoSpring would have 200 residential properties at an indicative selling price of RM1mil onwards, while the 500 units of EcoSummer would have a price tag starting from RM650,000.

“Tebrau remains the property hotspot in Iskandar Malaysia due to its maturity and accessibility from almost all parts of Johor Baru, making it a favourite among house buyers,” he said.

Chang said Eco World’s maiden project, EcoBotanic@Nusajaya, had received good response, with the first phase’s 624 units of cluster houses and semi-detached houses priced between RM900,000 and RM1.3mil, and RM1.8mil and RM2mil, respectively, being sold out.

He said the next launch for the Nusajaya project would be at the end of the year, with 200 units of semi-detached houses and bungalows at indicative selling prices of RM2mil and RM3.5mil, respectively.

“Our next move is the Kota Masai area, as we still have a large tract of land there of about 404.68ha, and the area has good growth potential,’’ shared Chang.

Some MNCs that we have drawn Shared Services or Operations Centre are:

Schlumberger, Paypal (eBay), Vale, Cargill, IBM, Linde, Rentokil, AECOM, Citibank and Citigroup Transaction Services, Royal Dutch Shell, ALTRAN, Philips, Darden Restaurants, Toshiba TTDA Division, Colas Rail, WorleyParsons, AKER Solutions, British Telecom, Bloomberg, Alstom, Oleon, Promat International, Horizon Group Properties, NTT Data Corporation


KL draws RM800mil, 27 global companies set up regional HQ
by b.k. sidhu | The StarBiz | Tuesday February 11, 2014 MYT 2:21:17 PM
http://www.thestar.com.my/Business/Busines...-in-Greater-KL/

KUALA LUMPUR: InvestKL has managed to get 27 global companies to set up their regional headquarters in the Greater Kuala Lumpur area, with total investment so far at RM800mil, sources said.

They have also created over 2,200 new jobs over the past two years, of which 80% are held by Malaysians.

InvestKL Malaysia is an agency set up to woo 100 of the world’s largest multinational companies (MNCs) listed on Fortune 500 or Forbes Global 2000 to invest in Greater KL by 2020. A Government entity set up under the Economic Transformation Programme, it has been in operation since August 2011.


Malaysia is competing with Singapore and Hong Kong for global companies to set up their headquarters here.

Some of the big names among the 27 companies include oil and gas player Schlumberger, Vale, IBM, Darden, Cargill, Naton, Colas Rail, Linde and Rentokil.

The bulk of investments from the 27 companies comprise new investments, although some existing global companies that have been in the country for a while have also set up new businesses.

One such case is IBM, which has set up a new global delivery centre in Greater KL. Similarly, Vale, which has a plant in Perak, has also set up a new shared services centre in Kuala Lumpur.

By the middle of this year, sources said, the agency expects to add five more big names to the league, bringing the cumulative investment figure to RM1bil, and adding another 500 new jobs.

The agency is in talks with several MNCs from the US, Europe and Japan to make Kuala Lumpur their business hub.

Malaysia is competing with Singapore and Hong Kong for global companies to set up their headquarters here.

Although both Singapore and Hong Kong are far ahead, InvestKL has been set up to “promote Greater KL as a choice destination for regional headquarters, as there is ready talent, a stable economic environment, and the cost of doing business here is fair versus the other two cities”.

According to reports, Singapore remains the top choice for global MNCs in the Asia Pacific region to house their regional headquarters.

It attracted 46% of all the companies coming into the region in 2011, followed by Hong Kong with 25%, China 11%, Malaysia 8%, Thailand 4% and others 6%.

This post has been edited by accetera: Feb 12 2014, 10:32 AM

Gateway@KLIA presents to you an airside shopping experience...

WCT expects RM70m-RM80m a year from KLIA2 Gateway biz (Update)
by ng bei shan | The StarBiz | Tuesday February 11, 2014 MYT 3:58:40 PM
http://www.thestar.com.my/Business/Busines...A2-Gateway-biz/

SHAH ALAM: WCT Holdings Bhd expects its 70:30 joint venture (JV) with Malaysia Airports Holdings Bhd

Gateway@Kuala Lumpur International Airport 2, to rake in a revenue of RM70mil to RM80mil per annum.

Speaking to reporters after the company’s EGM on Tuesday, WCT’s director Kenny Wong Yik Kae said the take-up rate for the retail space stands at 80%.

It targets to reach 85% to 90% as there is a stream of inquiries from potential tenants.

He said operating profits from the integrated complex is estimated to range from RM15mil to RM20mil.

“We expect to see some losses in the first three years due to depreciation, but subsequently, the project will contribute positively to the group’s top and bottom-lines,” he said.

Commenting on how any possible delays of the opening of the KLIA2 main terminal may impact its operations and financials there, he said: “There will be some form of impact but that will not harm our business.”

He added that its rights as a concessionaire were well preserved should any further delay occur.

The integrated complex was completed end-July last year.

L&G plans RM788mil apartment project
by liz lee | The StarBiz | Wednesday February 12, 2014 MYT 7:31:59 AM
http://www.thestar.com.my/Business/Busines...014-or-early-2/

PETALING JAYA: Land & General Bhd (L&G) plans to launch its second Ampang serviced apartment project by the end of this year or early next year, having obtained shareholder approval.

The joint-venture (JV) project with the Malaysia Land Properties Sdn Bhd (Mayland) group has a gross development value of RM788mil.

With a gross development cost of RM558mil, L&G should see an estimated profit of RM230mil from this project in its 2015 financial year.



from thread: https://forum.lowyat.net/topic/3029866

Managing director Low Gay Teck said the project would not contribute to the group’s revenue in the current financial year.

“We are launching the project later this year or early next year. Hence, there will be no financial impact in the 2014 financial year ending March 31,” he told the media after its EGM.

The long period before the launch, he said, was due to some amendments the group had in mind for the design and planning of the development.

“We are trying to include features like dual-key units and 3+1 bedroom units and are awaiting approval from local authorities,” Low said.

The new development will have four 46-storey apartment blocks and will be launched in two phases.

Low said the group was looking to price the units at about RM900 per square foot.

For the next 15 months, however, the group is targeting to achieve unbilled sales of RM600mil, supported mainly by its Bandar Sri Damansara and Ampang projects.

The group had in January proposed a JV between its wholly owned unit Pillar Quest Sdn Bhd and Mayland’s wholly owned subsidiary Positive Valley Sdn Bhd to develop a 2.29ha land off Jalan Ampang for a total cash consideration of RM118.49mil.

The land is adjoining its Elements@Ampang project. The property developer secured a 100% vote for the JV.

Low said the JV with Mayland followed the successful collaboration between both developers for the Elements@Ampang serviced apartment project.

“Based on our buyers’ profile for Elements, 80% of the purchasers were locals from the 25-to-45 age group,” he said.

On the expected softer property market in 2014, Low said statistics continued to show that the Malaysian population growth outweighed the number of new residential products in the market by six-to-one.

“As a long-term developer, we have to look from a macro perspective. There is no glut.

“Sales may be slow for a while from a knee-jerk reaction, but the actual demand or interest in property has not waned.”

Free Bus Service for Petaling Jaya folks?


Project to show feasibility of using public transport in the city
by story and photos by vincent tan | The Star Metro Central | Wednesday February 12, 2014 MYT 9:25:41 AM
http://www.thestar.com.my/News/Community/2...rt-in-the-city/

IF EVERYTHING goes as planned, Petaling Jaya residents will be able to use a free bus service by the middle of this year.

The 28.2km route will start from the bus terminal in Jalan PJS 3/11 and will serve the Kampung Dato Harun KTM station, Asia Jaya LRT and Sections 14 and 16. Other areas covered include the Universiti Malaya Medical Centre (UMMC) and PJ Old Town.


Taman Jaya LRT station, one of the two stations that will form part of the route for the upcoming free bus service by MBPJ.

Petaling Jaya mayor Datin Paduka Alinah Ahmad said RM1mil had been allocated for the project under Budget 2014.

“However, the actual cost of running this service is about RM3mil. One avenue to raise funds for this project is through supplementary budget requests.

“We are exploring other means of raising funds from stakeholders along the bus route,” said Alinah.

She said the aim was to show the feasibility of using public transport to get around Petaling Jaya, especially during peak hours in the morning and evening.

“The operational hours will be from 6am to 9pm daily so that both schoolchildren and working adults can benefit from this,” the mayor said.

With 10 vehicles for this inaugural free service, Alinah envisions a five-minute frequency during peak hours and 10 minutes at off-peak.

Peak hours are from 6am to 9am and from 4.30pm onwards, although this may change based on traffic condition and feedback.

Incentives are being worked out to encourage Petaling Jaya City Council (MBPJ) employees to take public transport.

“This will free up parking spaces in PJ New Town and surrounding areas as well as reduce the number of bays needed,” said Alinah.

The bus service is intended to be free for Petaling Jaya residents, and Alinah said one way to ensure this would be through the issuance of free bus ride cards after checking ratepayers’ assessment or licence fee records.

Students in a Petaling Jaya-based school or institution will also be entitled to travel for free.

Currently, there is a free community bus service, with two vehicles that cater for senior citizens and low-income earners, running from 9.30am to 2pm.



There are 31 stops from PJS3 to PPUM and 27 on the return route.

Alinah said the service, which is a collaboration with RapidBus, a division of transport conglomerate Prasarana, would be run separately.

“The new service is similar to the GoKL free bus service in Kuala Lumpur,” she added.

The GoKL service is being subsidised by the Land Public Transport Commission (SPAD).

Alinah said she would be writing to Prasarana to provide details on the proposed bus service.

“Prasarana will then apply to SPAD for a permit for the bus service,” said Alinah.

In terms of number of passengers, the mayor hopes to achieve 20% capacity.

“We can call it a good start if 20% of the seats in each bus are filled,” she said.

Some residents approached by StarMetro said they might give the bus a try.

“I used to stay in Old Town and it would have been useful. It should benefit students and those working in the city centre,” said Low Kian Sing, who was in Menara MBPJ to pay bills.

Section 10 Residents Association chairman Ronald Danker hopes people will take advantage of the new bus service and hence reduce the number of cars on the road.

“Section 10 senior citizens will find it useful to get to the Asia Jaya LRT station,” said Danker.

PJS 2 Taman Dato Harun Residents Association chairman Shamsury Joha also hopes the new buses will reduce the number of cars on the road.

“During the morning rush hour, there are a lot of single-occupant vehicles,” he noted.

Seksyen 1B Rukun Tetangga chairman Kok Kuan Yong was concerned about how genuine Petaling Jaya residents would be identified for eligibility.

“Many people come to Petaling Jaya for work or run errands.

“Even if you use assessment records, how are you going to identify the children of houseowners?” asked Kok.

It would be better, he said, if the service was free for everyone.

Speculated before that Galeries Lafayette and Takashimaya may be coming to KL. However, it is still too early to validate any concrete plans. What we know as of now is major retailers like AEON, Parkson, IKEA, Uniqlo, H&M, TANGS and Marks & Spencer are on the lookout to increase their out-of-KL and nationwide presence. Here in Klang Valley, Isetan, Robinsons and Debenhams may open new outlets in this coming two years. In 2016, we would be expecting Central Department Store (from Thailand) to open at CentralPlaza@i-City regional mall. Source >>> https://www.facebook.com/groups/115179435202482/


Malaysia's retail sector remains attractive to major retailers
by eugene mahalingam | The StarBiz | Wednesday February 12, 2014 MYT 6:53:26 AM
http://www.thestar.com.my/Business/Busines...st-of-living-a/

PETALING JAYA: The local retail sector remains attractive as a business destination despite the rising cost of living and cautious consumer sentiment, according to industry experts and observers.

AmResearch analyst Tan Ee Zhio said Malaysia “is increasingly on the radar of major departmental and mid-to-high end international fashion retailers”.

Citing a local news report recently, Tan noted in his report yesterday that French department store Lafayette and Japan-based Takashimaya Co Ltd were looking to enter Malaysia.



“This news does not come as a surprise as many retailers have expanded in Malaysia given its growth potential due to the limited choice of fashion brands in the country and its attractiveness as a shopping destination.

“We think that the trend of international retailers seeking an entry into Malaysia will grow amid an overall slowdown in consumer spending following the Government’s subsidy rationalisation exercise.”

Since September last year, the Government had embarked on various subsidy rationalisation initiatives, including for fuel and sugar.

Malaysian Association for Shopping and High-rise Complex Management past president Richard Chan said while consumer sentiment had dwindled slightly due to the rising cost of living, however, some retailers had not experienced a drop in business activity.

“Some food and beverage retailers are still reporting steady business operations,” he said.

Chan, however, said the entrance of the new foreign retailers was not a clear indication of the local retail sector’s current wellbeing.

“Yes, we have players like Lafayette and Takashimaya announcing that they are coming into Malaysia, but it doesn’t mean that they will be opening shop tomorrow. It could take two to three years for them to start operations. By then, the economic environment would’ve already changed.”

According to Tan, there are about 100 international brands alone last year that ventured into Asia, with the majority of them originating from Europe.

“The retail scene is matured in countries like Singapore, Hong Kong and Japan compared with Malaysia, Indonesia, Philippines and Vietnam, which are seen as potential new markets by retailers,” he said.

It was also reported recently that the Klang Valley was expected to see as many as eight malls and five refurbishments, with a total estimated net lettable area of more than five million sq ft this year.

One industry observer noted that despite the cautious outlook, Malaysia remained an attractive investment destination due to the ease of doing business in the country.

“Malaysia is less stringent and more business friendly compared with a lot of neighbouring countries,” he said, adding that Malaysia had risen to sixth position in the ‘ease of doing business’ from 12th previously among 189 economies in the World Bank’s “Doing Business 2014 report, which was published late last year.

Southeast Asia's Largest Zero-Emissions Electric Bus Order Awarded to BYD
Business Wire | February 10, 2014 11:20 AM Eastern Standard Time
http://www.businesswire.com/news/home/2014...er#.UvroE9xXjcs
http://au.finance.yahoo.com/news/southeast...-162000038.html

KUALA LUMPUR, Malaysia--(BUSINESS WIRE)--Malaysia's Prasarana Transit has announced that BYD Co. Ltd. won the bid to supply 15 new battery electric transit buses. As Malaysia first, as well as Southeast Asia's largest electric bus public bidding project, BYD beat out competitors from around the world for this historic project. The 15 electric buses will be operated by Rapid KL, a Prasarana subsidiary, to be used as shuttle buses on capital of Malaysia Kuala Lumpur’s first BRT line exclusively for electric buses. As one of Malaysia's largest public transportation groups, Prasarana is responsible for the management and planning of Malaysia metro, buses and other public transportation assets. Prasarana is 100% state-owned.

“It’s a great honor for us to win the Malaysia’s first electric bus bid. Malaysia pays great attention to the sustainable development of public transport, BYD hopes to work closely with all of our partners like Prasarana to make the public transportation cleaner and quieter.”

Since last August, BYD’s 40 foot electric bus has been in trial operation in Kuala Lumpur. As a part of the trial, the bus was arranged to run on a 5.3 km - 7 station, Bus Rapid Transit (BRT) line operated by Rapid KL and the trial operation results are satisfactory and high complimented by Prasarana. According to the report, the range of the pure electric bus could be more than 400 kilometers per charge in Kuala Lumpur.

This year in January, after hosting the BYD pure electric bus trial operation launching ceremony, Mr. Datuk Seri Idris Haron, governor of the state of Malacca, drove the bus himself, and then put his thumb up and stated, “the electric bus is very comfortable and very quiet, we like this kinds of zero emissions bus." As the first all-electric bus introduced to the state of Malacca, the BYD electric bus will be operated in Bandar Hilir area for one to two months. BYD's pure electric bus had passed various local tests in Malaysia earlier.

A BYD representative said, "It’s a great honor for us to win the Malaysia’s first electric bus bid. Malaysia pays great attention to the sustainable development of public transport, BYD hopes to work closely with all of our partners like Prasarana to make the public transportation cleaner and quieter.” Actually, improving the quality of public transport has been incorporated into the national development program in Malaysia. The relative authorities think public transportation is one of the main reasons for urban air pollution, while BYD’s pure electric bus is considered to fit this reform direction.

BYD’s pure-electric bus employs many advanced technologies developed in-house by BYD’s expansive staff of more than 15,000 engineers. The advanced environmentally-friendly, Iron-Phosphate (or “Fe”) batteries, in-wheel hub motors and regenerative braking. The break-through BYD Iron-Phosphate battery is fire-safe and non-toxic: there are no caustic materials contained in the battery, no toxic electrolytes or heavy metals and can be completely recycled. The BYD electric bus delivers a host of operational and environmental benefits for public transport riders, operators and people in the community – it is very quiet and ensures a comfortable ride without vibrations, jerks or noise associated with the conventional buses and combustion engines. The bus can also drive for more than 250 km (155 miles) even in heavy city traffic on a single charge. The bus has completed more than 20 million kilometers of “in revenue service” and has been evaluated in many major cities all over the world.

About BYD

BYD Company Ltd. is one of China’s largest companies to have successfully expanded globally. Specializing in battery technologies, their green mission to “solve the whole problem” has made them industry pioneers and leaders in several High-tech sectors including High-efficiency Automobiles, Electrified Public Transportation, Environmentally-Friendly Energy Storage, Affordable Solar Power and Information Technology and Original Design Manufacturing (ODM) services.

As the world’s largest manufacturer of rechargeable batteries, their mission to create safer and more environmentally friendly battery technologies has led to the development of the BYD Iron Phosphate (or "Fe") Battery. This fire-safe, completely recyclable and incredibly long-cycle technology has become the core of their clean energy platform that has expanded into automobiles, buses, trucks, utility vehicles and energy storage facilities. BYD and all of their shareholders, including the great American Investor Warren Buffett, see these environmentally and economically forward products as the way of the future.

BYD has made a strong entrance to the North, Central and South American markets with their battery electric buses, and lineup of automobiles. Their mission lies not just in sales growth, but also in sociological integration and local job creation as they have poured incredible investments into developing offices, dealerships and manufacturing facilities in the local communities they now call home, truly a first for Chinese companies. For more information, please visit www.byd.com or www.facebook.com/bydcompany.

Over RM3,000 psf for TRX land
By Charles Yong of theedgemalaysia.com
The Edge Property | Wednesday, 12 February 2014 15:01
http://www.theedgeproperty.com/news-a-view...r-trx-land.html

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) is setting a reserve price of above RM3,000 per sq ft (psf) for its flagship Tun Razak Exchange (TRX) development, given the recent highs fetched within the central business district, a source told The Edge Financial Daily.

Assuming a sale price of RM3,000 psf and a developable area of 60% for the 70 acres (28.33ha) of prime land, TRX could be revalued at RM5.49 billion. As at March 31, 2012, the land was valued at RM1.78 billion on 1MDB’s books. The government-linked investment company bought the land from the government for RM320 million (or RM105 psf), according to media reports.

While there are already two transactions which have reached such soaring prices in Kuala Lumpur’s central business district — Singapore’s Oxley Holdings bought a Jalan Ampang plot in November at RM3,325 psf and KSK Group Bhd acquired a tract near Jalan Conlay in December at RM3,299 psf — investors who are keen to buy a plot at TRX, which is meant to be an international financial hub, would have to pay a similarly high price, if not higher.

Oxley acquired the Jalan Ampang plot before securing the necessary approvals for development. TRX plots, on the other hand, come not only with approvals, but with wide-ranging incentives such as tax breaks, allowances, cost deductions, and stamp duty exemptions.

In December, 1MDB said it was seeking investors to develop Stage 1 of TRX, consisting of a signature tower, up to five residential towers and two five-star hotels and a retail mall. It plans to continue holding equity interest in the majority of TRX’s developments through joint ventures. To date, it has announced only one partnership, with China’s EXIM Bank to develop the signature tower.

TRX plans to continue holding equity interest in the majority of its developments through joint ventures. To date, it has announced only one partnership, with China’s EXIM Bank to develop the signature tower

However, many local developers and the public have expressed concern that the state-backed mega-project would sponge off demand for offices in the surrounding area.

Asset revaluations come rather often in 1MDB, to the extent that opposition leaders have called the state investor’s profits “paper gains”.

It bought the 70 acres from the government for RM320 million (or RM105 psf), according to media reports, and had by March 2010 revalued it to RM820 million. By 2012, it revalued it again at RM1.78 billion. The company would not be financially sound if not for such revaluations as well as loan injections, says Pakatan Rakyat.

Any significant revaluation to TRX would prove a boon to the debt-laden company. Its gearing ratio as at March 31, 2012 stood at 7.24 times.

According to media reports, it used US$1 billion (RM3.49 billion then) of the proceeds to invest in a joint venture with PetroSaudi International Ltd, a privately owned oil company. The following year, it sold its 40% stake in the venture to PetroSaudi for US$1.2 billion. However, the sale was not paid for in cash but in a bullet bond expiring in 2021 with an interest rate of 8.67%. 1MDB then lent a further US$500 million to PetroSaudi in another bullet bond expiring in 2015.


This article first appeared in The Edge Financial Daily, on February 12, 2014.

So the property market will see a recovery in Q3 2014?


Property sector sees rebound
by eugene mahalingam | The StarBiz | Friday February 14, 2014 MYT 7:59:02 AM
http://www.thestar.com.my/Business/Busines...r-sees-rebound/

PETALING JAYA: The property sector could see a rebound by the second half of the year, as buyer and investor confidence is expected to improve after a brief lull, experts said.

Malaysian Institute of Estate Agents president Siva Shanker admitted that the cooling measures announced in Budget 2014 have sent the property market into “a tailspin”.

“I believe there will be some consolidation in the first and second quarters of this year, whereby the market will remain soft,” he said, adding that buyers will remain cautious in the first half of the year.

“By the third quarter, the market will find its own level. Malaysians have a short memory and activities will start picking up,” he quipped.

Siva said he expected full confidence to return to the local property market in 2015.

On whether there would be any impact to the sector once the goods and services tax (GST) is implemented in April 2015, he said: “It will depend on how the education and acclimatisation process is done. If done well, people won’t panic.”

One industry observer concurred, saying that he expected the property market to remain soft “for just a while”. “It’s a normal thing. When some policy is announced, it creates a knee-jerk reaction, causing people to adopt a wait-and-see approach. But after a while, they get used to the changes and life goes back to normal,” he said, adding that he expected the local property sector to “start picking up” by the second half of the year.

HwangDBS Vickers Research, meanwhile, said it expected the GST to have an impact on commercial properties.

“Residential properties, while exempted, may be affected by higher building material costs,” it said in a report yesterday, adding that the various cooling measures will likely be felt at least up to the first half of 2014, as “both buyers and developers turn more cautious”.

“Sales of landed properties, affordable housing and those in prime areas, nevertheless, should remain resilient, given pent-up demand.”

Among the cooling measures are a higher real property gains tax of 15% to 30% for disposals within five years and the discontinuation of the developer interest-bearing scheme.

HwangDBS said it expects property sales this year to decline by 5% to 10% due to slower volume. However, it added that property prices are likely to hold as a result of cost-push inflation.

“House price growth may moderate to 3% per annum, as rising new supply meets weaker demand.”

Predicting properties market to rebound is similar to predicting properties market to crash.

If u do not believe property market will crash nor should u believe property market will rebound.

One should prove what they believe aka put ur money where your mouth is, If u believe market will rebound come out with $$$ & buy now, if u believe market will crash hold ur $$$ & wait.

Investors should eye niche real estate
By Zatil Husna Wan Fauzi of theedgemalaysia.com
The Edge Property | Friday, 14 February 2014 15:28 Bookmark and Share
http://www.theedgeproperty.com/news-a-view...eal-estate.html

LONDON: Property investors should look into niche or non-traditional real estate in Asia-Pacific as there will be less pricing competition, says LaSalle Investment Management’s (LIM) “2014 Investment Strategy” annual report.

However, the report said such niche properties are likely to have more risk. Some potential sectors include student accommodation development in Sydney, Melbourne and Singapore; branded and boutique hotel development in key tourism hubs such as Hong Kong, Singapore or Seoul; and core space serviced apartments targeting the increasing number of expatriates in China’s tier one cities and Hong Kong.

LIM noted that in the case of serviced apartments in China and Hong Kong, it is advisable to look at refurbishment or asset upgrades instead of outright construction as the housing allowances of expats have been reduced. These can generate returns of about 4% to 6% in Hong Kong and slightly higher in China.

Student accommodation, and branded and boutique hotels will give unlevered returns between 12% and 15%. By catering to the expanding middle class seeking non-group travel, branded and boutique hotels become attractive investments.

“Demand is ... projected to grow as Asian pension, insurance and sovereign wealth funds expand their allocations to real estate. This is making core space more expensive but for certain investors, the entry price is worthwhile given the quality of the income stream.

“This demand can also make value-added strategies attractive by restoring quality income streams through active asset management,” said Paul Guest, head of research and strategy, Asia-Pacific at LIM.

“As a result, investors will increasingly seek additional returns by accepting additional risk, whether through leasing, leverage or location. This risk-taking should broaden, provided there is no additional shock ... allowing the momentum to build as economic and financial conditions improve,” he said.

LIM also offered other opportunities in the Asia-Pacific for 2014. The income return generated by built-to-suit warehouse facilities in Hong Kong, Singapore and China make them among the most attractive long-hold options. Suburban retail in Japan and Singapore too have compelling risk-adjusted returns.

“Japan is competitively priced as it is relatively capital-starved. However, Singapore’s suburban market is tough to access as buildings rarely trade except as minority stakes in newer assets. Expect unlevered returns in the range of 3% to 8% in logistics, while suburban retail offers a tighter 5% to 7% return,” it said.

For investors who look for value-added properties, core offices remain expensive as the recovery gathers pace, making a variety of refit, refurbish or lease-up strategies for secondary or edge-of-CBD space attractive across the region.

“The tactics differ by market, from riding the upswing in core rents in Singapore to leasing-up and selling into growing core demand in Japan, or repositioning secondary stock in Seoul, among others. This value-added strategy can generate returns of 9% to 14%,” it said.

Furthermore, modern logistics infrastructure remains underdeveloped across much of the region as Japan’s industrial sector is becoming institutionalised, and China remains one of the least well-provided markets in terms of modern facilities.

Both countries have abundant tenant demand for good space although from a consolidation/cost saving perspective in Japan as opposed to for expansion in China. Investors should see returns ranging from 12% to 15%. LIM also favours the provision of risk capital for residential construction in Sydney (with returns of 12% to 15%).

“We expect continued growth in investment volumes and persistent upward pressure on pricing in many markets. The most aggressive competition will be for core space, niche areas such as luxury hotels, as well as development options such as China logistics.

“In fact, with the amount of capital targeting Asian real estate, most of the traditional real estate asset categories are relatively crowded, increasing the appeal of select niche of contrarian strategies,” said Guest.


This article first appeared in The Edge Financial Daily, on February 14, 2014.

Tropicana Heights@Kajang targets younger buyers
By Haziq Hamid of theedgemalaysia.com
Friday, 14 February 2014 15:29 Bookmark and Share
http://www.theedgeproperty.com/news-a-view...ger-buyers.html

KAJANG: Tropicana Corp Bhd is targeting younger buyers in Kajang for the first phase of its Tropicana Heights@Kajang development, Fairfield Residences, which will be launched tomorrow.

Tropicana Heights@Kajang sits on 199 acres (80.53ha)of freehold land and commands a gross development value (GDV) of RM2.3 billion.

Fairfield Residences covers 25 acres and has a GDV of RM250 million. It offers 289 units of 2- and 3-storey terraced homes with built ups from 2,135 sq ft to 3,213 sq ft. Prices start from RM736,000. The highest priced unit is a corner lot unit worth RM1.4 million.

Each unit comes with free air-conditioning units in each room, a water heater, automatic gate and quality finishes that include 2x2 ft tiles.

Tropicana Heights@Kajang will be developed in eight phases over 10 years. The second phase will include cluster homes and semi-detached units. However, it is still in its infancy and no details have been finalised.

According to Pam Loh, the company’s executive director of sales and marketing, two phases will be launched each year.

“But if the market can absorb more, we will offer more,” she said.

Tropicana Heights@Kajang also features a 750m linear lake and clubhouse. Among the facilities are a swimming pool, gym, tennis court, badminton court, food and beverage outlets, and a lounge area. Tropicana Corp aims to promote outdoor activities such as cycling and jogging by allocating 15 acres to green space in the development.

“Many from Cheras and Jalan Kelang Lama have showed interest in our project,” she said.

To date, the project has received more than 11,000 registrants.

“Over the past two years, houses in Kajang have appreciated at least 20%, and some as much as 40%. So we are confident Tropicana Heights@Kajang will fetch a good appreciation value,” said Loh.

Tropicana has a number of ongoing projects, including Penang World City and 218 Macalister in Penang, and Bora@Tropicana Danga Bay in Johor, which will be launched on February 22.

It has a landbank of more than 2,200 acres with a potential GDV of RM80 billion. Its previous developments include Tropicana Golf & Country Resort and Tropicana Indah Resort Homes in Petaling Jaya, and Tropicana Danga Bay and Tropicana Danga Cove in Iskandar, Johor.


This article first appeared in The Edge Financial Daily, on February 14, 2014.

A story about MyHome scheme (lower ranked than PR1MA) for low income earners.


A place to call MyHome for low-income earners
BY SIRA HABIBU | The StarProperty | February 15, 2014 | 325 views | Topic : Property News.
http://www.starproperty.my/index.php/artic...income-earners/

PETALING JAYA: Security guard S. Gopal, who squats at his uncle’s house together with his wife and five children, now dares to dream of owning his very first home – thanks to the MyHome scheme.

Gopal, 45, said previously he had never dared to even dream of buying a house in view of the rising cost of living and escalating property prices.


Tight space: Gopal talking to his wife P.Saywegamani at his uncle’s house in Rumah Panjang Jinjang Utara. With them are their children.

“But now I see a ray of hope,” said Gopal who is staying at his uncle’s two-room house in Jinjang Utara together with his aunt.

Prime Minister Datuk Seri Najib Tun Razak had announced that the Government had set aside RM300mil for the MyHome scheme aimed at helping the poor own homes.

Gopal, who is drawing a RM1,400 monthly salary, said he would certainly apply for the scheme.

“I can withdraw my EPF (Employees Provident Fund) money to buy the house.

“Before this, I thought I would never have a chance to buy my own house because even the low-cost houses are costly.

“Thank God the Government is planning to help people like us,” he said.

Gopal said his five children, aged between 18 months and 13 years, would sleep in a tiny room together with his wife.

“I sleep in the living room together with my uncle,” he said.

Housewife Yan Ean Foon said she could only afford to buy a house under the scheme if the monthly repayment was set at RM200 and below.

“If it is higher than that, I certainly could not afford it,” said Yan who is living in a three-room flat in Taman Pekeliling with her four children aged between nine and 19.

She said her eldest daughter was only earning RM700 a month.

She added that her husband, who is working as a plumber, could only give her between RM500 and RM800 a month, depending on his business.

“With such a low income, we definitely could not pay a few hundred ringgit a month for a house,” she said, adding that they are renting the flat for RM124 a month.

Single mother Mariam Mihat, 39, said it would still be tough for her to buy a low-cost house even with government subsidy.

“I am not earning much as a janitor. I have two school-going children.

“I doubt the bank would approve a housing loan for people like me,” she said.

REIT business a boom or bane?


Sunway REIT sees profits from Putra Place
The Star Property | February 15, 2014 | 85 views | Topic : Property News.
http://www.starproperty.my/index.php/artic...om-putra-place/

PETALING JAYA: Sunway Real Estate Investment Trust (REIT) Management Bhd, the manager of Sunway REIT, expects its close to RM1bil investment in Sunway Putra Place in Kuala Lumpur to contribute positively to its income with the property’s scheduled opening next year.

“We are very confident that there will be a quantum leap in earnings after the mixed development is completed and there will also be a capital revaluation potential given the NAV (net asset value) upside. This is a very positive milestone for growth in our financial numbers,” chief executive officer Datuk Jeffrey Ng told a press briefing yesterday.

Ng said post opening, the property would be a significant contributor to the trust’s net property income (NPI) to a “double-digit percentage” from 8.4% of its entire portfolio while unitholders could also look forward to a double-digit growth in distribution per unit in the financial year ending June 30, 2015 (FY15) and FY16.

Sunway Putra Place comprises Sunway Putra Hotel, Sunway Putra Tower and Sunway Putra Mall.

Total refurbishment for the property would cost RM459.2mil while the acquisition cost amounted to RM522.1mil.

“This will be our big investment. This refurbishment would allow us to reap full synergies of the three properties, and the refurbishment is expected to be completed in the first half of 2015. We will not optimise the business synergies of the three assets if we did not decide to renovate them together,” added Ng.

The mall will eventually add an additional 15% in net lettable area (NLA) to 580,000 sq ft after an architectural enhancement, space reconfiguration and an improvement in infrastructure.

Its hotel would be equipped with 497 new rooms bringing the total number of rooms to 618 while its office would have a total 317,000 sq ft in NLA with a fully-renovated lobby and common areas.

“The hotel would be fully refurbished; we have almost 500 new rooms while the remainder had already been refurbished by the previous owner. The LRT is at our doorstep and will connect to our building via a dedicated walkway,” Ng said.

Meanwhile, Ng is cautious on the overall outlook for the local property market given the rising interest rates which may mean added pressure for the managers to improve on their performance.

“We foresee the market cycles, and there is a likelihood that an oversupply will have impact on the less-than-strong property investor and developer. When this happens the asking price then would probably be more realistic,” he said.

“We will be more careful and reserved and watch what is happening in the market – this is our game plan now. It is very difficult today to get yields at 6.5% with the acquisition of a new asset. Despite being cautious we are also open to any good opportunities for asset acquisition.”

Mah Sing to unveil projects worth RM7.2bil in KL
by david tan | The StarBiz | Tuesday February 18, 2014 MYT 8:16:10 AM
http://www.thestar.com.my/Business/Busines...-RM72bil-in-KL/

Group managing director and chief executive Tan Sri Leong Hoy Kum (pic) told StarBiz that the group was confident that the demand for its projects was still strong, as they were uniquely designed and strategically located.

GEORGE TOWN: Mah Sing Group Bhd will launch projects worth about RM7.18bil in Kuala Lumpur in the first quarter of 2014.

The projects comprise the RM1.15bil Lakeville Residence in Taman Wahyu Kepong, featuring serviced apartments and shop offices; the RM5.13bil Southville City@KL South in Bangi comprising linked landed properties and the RM901mil D’Sara Sentral in Sungai Buloh, comprising serviced apartments, retail shops, and small office versatile office (SoVo) units.

Group managing director and chief executive Tan Sri Leong Hoy Kum (pic) told StarBiz that the group was confident that the demand for its projects was still strong, as they were uniquely designed and strategically located.

“In January, we launched the RM2.67 bil The Loft@Southbay City in Batu Maung, comprising low-density serviced residences which are a stone’s throw from the second bridge, and the RM502mil Sutera Avenue in Kota Kinabalu, comprising serviced apartments.”

On its new 30.9ha landbank in Jawi, the group plans to introduce an integrated township called Southbay East.

“We are currently at the planning stage of the township. Preview and launch of the township will be revealed closer to the dates.

“The freehold township located just 6.6km from the Jawi toll plaza on the North-South Expressway will attract local buyers who work and live in Southbay East’s immediate surrounds.

“We are proposing link homes, linked semi-detached, semi-detached, and town houses with a club-house,” Leong said.

On Dec 24, 2013, Mah Sing announced the purchase of the landbank, comprising 20 pieces of prime freehold contiguous land, for RM400mil.

Penang is expected to contribute about 10% of 2014’s sales target of RM3.6bil, which is 20% more than last year’s target .

“Southbay will be the major contributor, at 6% while the rest comes from the other Penang projects.”




UPDATE NEWS ::: Mah Sing Group Bhd will be revealing Phase 1 of Lakeville Residence very soon. Lakeville is Kuala Lumpur's latest lakeside urban community which is located in Taman Wahyu.

Based on DO submission:


Phase 1 (right of pic) - worth >RM1.15 billion:
- 3/4-storey Retail Shops-SOFO Suites (~32 units) - now open for sale by tender
- Tower A 38-storey serviced apartments (295 units)
- Tower B 42-storey serviced apartments (327 units)
- Tower G 35-storey affordable apartments (660 units)

Future Phase 2 (left of pic):
- Tower C 38-storey serviced apartments (327 units)
- Tower D 38-storey serviced apartments (327 units)
- Tower E 38-storey serviced apartments (327 units)
- Tower F 42-storey serviced apartments (295 units)

and all facilities, parking podium, internal retail space and clubhouse.

Jambatan kedua Pulau Pinang dijangka dibuka 1 Mac ini
The Malaysian Insider | February 14, 2014
http://www.themalaysianinsider.com/bahasa/...ibuka-1-mac-ini


Jambatan kedua Pulau Pinang ini adalah jambatan terpanjang di Asia Tenggara. - Gambar fail.


Jambatan Kedua Pulau Pinang bernilai RM4.5 bilion dijangka dibuka kepada umum 1 Mac ini.

"Kami diberitahu jangkaannya jambatan akan dibuka pada 1 Mac," kata Ketua Menteri Pulau Pinang Lim Guan Eng kepada pemberita di George Town hari ini, apabila ditanya mengenai tarikh jambatan itu akan beroperasi.

Apabila beroperasi kelak, jambatan yang merupakan projek kerajaan persekutuan itu akan mengurangkan kesesakan trafik di atas Jambatan Pulau Pinang sebanyak 25% dan bakal mengendalikan 100,000 kenderaan setiap hari.

Jambatan sepanjang 24 kilometer dengan 16.9 km di atas air itu menghubungkan Batu Maung di bahagian pulau dengan Batu Kawan di tanah besar dan merupakan yang terpanjang di Asia Tenggara.

Pada 30 April lepas, Perdana Menteri Datuk Seri Najib Razak menjadi pemimpin negara yang pertama menggunakan jambatan itu untuk menghadiri majlis di Kepala Batas, Seberang Perai.

Jambatan itu dijadualkan siap pada 8 November lepas dan dibuka kepada umum pada hujung bulan berkenaan. Namun tarikh pembukaan rasmi ditangguh dan dilapor akan dibuka hari ini. - Bernama, 14 Februari, 2014.

Residential property launches being delayed
BY THEAN LEE CHENG | February 17, 2014 | 1419 views | Topic : News & Articles.
http://www.starproperty.my/index.php/artic...-being-delayed/

PETALING JAYA: The residential sub-segment of the property market is expected to go through a period of consolidation with developers withholding launches, with interest expected to return in the second half of the year, said managing director Elvin Fernandez from valuers Khong & Jaafar group of companies.



“With the speculators weeded out, there will be a slow down in terms of sales, resulting in a drop in the mortgage market. But this situation will consolidate. When we move into the second half of the year, there will be a GST-effect (goods and services tax),” said Elvin.

He was commenting on the HwangDBS report “Rocky Road Ahead”. “People will want to buy before the GST sets in. In Australia, people bought pre-GST but post-GST, it was like a property recession,” said Elvin. “We will go sideways for first half and in the second half of the year, any possible weaknesses in the market will be ameliorated by the GST in the second half,” he said.

As for the commercial market, there will be an oversupply in the office market. “That market will bleed quietly,” Elvin says.

The main thrust of the report was the possible increase in interest rates.

The Consumer Price Index, which measures the rate of inflation rose to 3.2% for the month of December while the overnight policy rate, a key benchmark interest mark, remains at 3%.

This means that the inflation rate is higher than the savings rate, bringing about a negative interest rate situation. Sunway REIT Management Sdn Bhd said they have already factored in a possible 50 basis points (bps) increase in their business plan.

“If it (interest rates) does not move, it will be savings for us,” said Sunway REIT chief executive officer Datuk Jeffrey Ng. He is of the view that the interest rates will not impact the overall property market as much as the availability of credit.

“The loan margins provided by the banks are more impactful than the interest rate increase on the sector, especially in the residential segment.

“Up to a certain point, with continual employment and salary increases, buyers will be able to absorb the interest rate increase, up to a point,” he said. C H Williams, Talhar & Wong managing director Foo Jee Gen said 2014 will be a “crucial year”, particular for high-rise shoebox-sized units commonly known as small office, home office (SoHos) or variances of it.

Foo said there were about 4,000 such units in the Klang Valley with a built-up of about 500 sq ft.

“Are you going to find 8,000 people, on the ratio of two to a unit, to occupy these 4,000 units?” he asked, adding that there might be a “war on rental”.

And even if there is rental, will it be enough to pay the instalment as many of these units were sold with just 5% or 10% downpayment. This means a loan of 95% or 90% of the unit price.

Klang Valley still affordable
by g. surach | The Star | Tuesday February 18, 2014 MYT 10:57:37 AM
http://www.thestar.com.my/News/Nation/2014...-to-buy-a-home/

KUALA LUMPUR: You must have an average household income of RM14,580 a month to afford a home in the Klang Valley, according to a recent study.

The study – spearheaded by Sime Darby Property Bhd in collaboration with the Faculty of Built Environment of Universiti Malaya – takes into account the current household spending trend, price of homes and mortgage rates.



It found that certain groups of buyers interested in strategic areas can have access to houses that are priced at 56 times their household income.

The study also found that this same group can afford to spend up to 26% of their monthly household income to service a mortgage.

It identified strategic areas in the Klang Valley that are considered not only accessible but have the potential to appreciate in value. They include Nilai, Denai Alam, Bukit Jelutong and Bukit Subang.

A report of the study said that houses in selected areas in the Klang Valley remain accessible to homeowners who may be looking to invest in a second home.

The Housing-Income Index which was launched here yesterday by Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan, who said the survey results would be useful for potential house buyers.

“The Index and its key findings had been reviewed by the ministry, and we find that the information is valuable as it can help policy makers and developers work hand-in-hand to build more houses that are not only accessible. but which can appreciate in value,” he said.

Abdul Rahman hoped that other property developers and the academia can carry out similar surveys in the country.

Based on the findings, Sime Darby said that 68% of planned housing schemes in the Klang Valley were in the accessible range.

“We intend to utilise the results to develop innovative, high quality products that are accessible and meet market needs,” said Sime darby Property managing director Datuk Seri Abd Wahab Maskan.

The Housing-Income Index was developed to gain a better understanding of home-owner profiles, specifically household incomes and spending patterns in relation to owning a home.

The study covered 1,529 respondents, of whom 1,183 were home owners at 12 locations: Bukit Jelutong, Denai Alam, Bukit Subang, Bandar Bukit Raja, Subang Jaya, USJ, Putra Heights, Ara Damansara, Mont Kiara, Melawati, Kajang and Nilai.

Residents object to proposed high-rise development in TTDI
by vijenthi nair | The StarMetro Central | Monday February 17, 2014 MYT 11:38:15 AM
http://www.thestar.com.my/News/Community/2...opment-in-TTDI/

MANY Taman Tun Dr Ismail (TTDI) residents are against a proposed high-rise project located on a triangular shaped 0.4ha piece of land in their neighbourhood.

A Kuala Lumpur City Hall (DBKL) noticeboard displayed at the site recently stated that the proposed project comprised a 26-storey serviced apartment block with 185 units and a six-storey podium car park.


Mohd Hatim (third from left) and other TTDI residents with their objection letters to protest against the project.

TTDI Residents Association chairman Mohd Hatim Abdullah said the site, sandwiched between two petrol stations, shoplots and houses, was already congested on weekdays with many people double parking due to the lack of parking space.

“The site houses a bus depot that has been left vacant for more than 10 years,” he said.

“A high-rise building will stick out like a sore thumb. Any development on this land should not be more than five storeys high.

“Traffic congestion is already bad and DBKL should not approve such high-density projects as it will only make the situation worse,” said Mohd Hatim.

“Perhaps a sports complex with facilities like swimming pool, futsal court and badminton court would be a better idea. The residents will support such a project.”

Mohd Hatim also questioned DBKL’s objection gathering method, saying that it was not effective and may not represent the views of all residents.

“The notice was advertised in several newspapers from Feb 4 to 6, but many residents might have missed it because they do not read those newspapers.

“The two noticeboards placed at the site can be easily missed.

“My suggestion is for DBKL to engage with residents directly through the RA to obtain feedback,” he said at the makeshift booth set up to collect residents’ feedback outside the proposed project site on Saturday.

“I have emailed residents on this issue and asked them to give their views. Today, I am helping residents complete the objection letters which I will submit before the deadline on Feb 19,” said Mohd Hatim, adding that he had also sent an objection letter to DBKL last year when rumours surfaced about the proposed project.

TTDI RA exco member Clinton Ang said he attended a briefing by the developer last year on the project but was not allowed to ask questions.

“The developer claimed they invited all property owners within a 200m radius from the project site but many residents said they were unaware of the briefing.

“Two of us attended the briefing on behalf of the RA as observers only,” he said.

Resident Philomina Thuraisingam is concerned whether there will be enough parking space inside the apartment.

“Many of the owners and their guests will probably have to park by the roadside if there is insufficient space.

“How will the existing roads cope?’’ she asked.

Another resident, who did not want to be named, was concerned about possible damage to surrounding infrastructure and buildings during construction.

RHB Research: Property sector under pressure
Business Times | February 19, 2014
http://www.btimes.com.my/Current_News/BTIM...icle/index_html

MALAYSIA'S property sector could be staring as some downside if plans to curb bulk buying take shape, RHB Research said in a report.

Traditionally, bulk buying is done via property investors club (PIC), and in recent months foreign buyers from China, Singapore and South Korea have bought some of the country's best properties using the PIC concept.

According to the research house, high-rise projects as well as those in Iskandar Malaysia, Johor, could face more pressure, with sales already slowing due to the 30 per cent real property gains tax.

"Given the news, some downside in property stocks is possible, but will be minimal as sector valuations are already cheap," it said.

RHB Research, which is neutral on the property sector as a whole, outlined UEM Sunrise Bhd, Mah Sing Bhd and UOA Development Bhd as among those developers that will be most affected if the PIC concept is contained in Malaysia.

Urban Well-Being, Housing and Local Government Minister Datuk Abdul Rahman Dahlan had been quoted as saying that some individuals were using the PIC concept as a platform to buy properties in bulk and at discounted prices for sale in the secondary market at huge profits within one to two years.

Lakeside luxury in Seri Kembangan
by oh ing yeen | The StarBiz | Friday February 21, 2014 MYT 8:14:52 AM
http://www.thestar.com.my/Business/SME/201...Seri-Kembangan/

Boutique developer Clearwater Group recently launched 20 units of junior penthouses in its Dream City luxury lakeside development in Seri Kembangan, Kuala Lumpur.

The penthouses that are located in Dream City’s residential towers modelled after Malaysia’s famous limestone hills, feature a spectacular view of a 20.6ha lake.

The penthouse units offers a luxurious living space with open-plan kitchen and dining areas.


Up for grabs: Guests viewing model units of the penthouses at Dream City’s sales gallery at Bluwater Estate in Seri Kembangan.

Floor-to-ceiling window panels in the units will allow unobstructed views of the surrounding scenery.

Each unit comes with eco-friendly features such as high-quality paint finishes, solid bamboo flooring and energy-efficient lighting.

Prices for the penthouses measuring 151.4 sq m start from RM830,000.

The 20 units that were launched are located on the higher floors of Dream City’s seven-tower development.

According to Clearwater Group chief operating officer Lim See Tow, Dream City aims to be a dream home for families.

She added that buyers of the penthouses will have their units come complete with personal concierge services.

Dream City was designed by Eco ID, an award-winning architecture firm based in Singapore.

The development is also designed with a 8,361 sq m skypark on level seven that connects and stretches across all the towers.

The skypark comes fitted with earth-friendly conveniences such as rainwater recycling and energy efficient windows.

The skypark features several gardens where residents can enjoy walking tracks, two tennis courts, three infinity pools, yoga pavilions and a gymnasium.

The Dream City development is located within the Bluwater Estate south of Kuala Lumpur and is 20 minutes drive away from the city centre. It is easily accessible via major highways such as the KL-Seremban Highway, Sungai Besi Highway, SILK Highway, Cheras-Kajang Highway and Kesas Expressway.

Clearwater Group managing director Datin Dian Lee said, “We have planned Dream City to give residents the opportunity to be free and independent, to feel the sun on their skin, the lightness in the breeze and to be connected to the natural beauty of the gorgeous lake, greenery and clear blue skies. It is a lovely setting that allows one to simply enjoy the wonders of Mother Nature.”

Models of the junior penthouses are available for viewing at Dream City’s sales gallery at Bluwater Estate in Seri Kembangan.

This post has been edited by accetera: Feb 25 2014, 03:24 PM

Tropicana Corp reveals Fairfield Residences @ Tropicana Heights Kajang


Development set to benefit Kajang and Bangi
The StarProperty | February 25, 2014
http://www.starproperty.my/index.php/artic...jang-and-bangi/



An artist’s impression of Tropicana Heights’ 750m linear lake within its Central Park.


Tropicana Corporation Bhd has officially opened its show village for Tropicana Heights in Kajang to the public recently with many house buyers taking keen interest in the offering.

Located on the edge of Kajang town and Bangi, Tropicana Heights encompasses a total of 199 acres of freehold land on the grounds of what used to be the Kajang Hill Golf and Country Club.

“Prior to the official launch, interested homebuyers have registered themselves at the soft sales for the property,” said Tropicana marketing and sales executive director Pam Loh.

She said the first phase of the development, Fairfield Residences, has received exceptional response with more than 60% of units booked.

The 22’x70’ two-storey terrace units are priced from RM739,800, while the 24’x70’ three-storey terrace units are sold from RM936,800.



An artist’s impression of the 1.5- acre linear park within Fairfield Residences.


Fairfield Residences spans 25 acres, comprising 289 two-storey units, 91 three-storey units and a 1.5-acre linear park, which is in line with the concept of Tropicana Heights being a green township.

“The main draw of this green concept is the additional 16 acres dedicated to the creation of a Central Park in Tropicana Heights, which is also currently being developed with Fairfield Residences.”

She said some of the mature trees from the old golf course have been retained and transplanted into the green space, which will feature a 750-metre linear lake with a viewing deck, picnic areas and a wide track for pedestrians and cyclists among many other things.

“In addition to that, we plan to have green spaces in every precinct in all subsequent phases of development,” said Loh.

For security, there is a single entry and exit entrance at Fairfield Residences with 24 hours guards.



Loh says the the first phase of the development, Fairfield Residences, has received exceptional response.


Because Tropicana Heights is designed to be a low-density township with a mix of both landed and high-rise residential and commercial property, Kajang can expect to see big developments in the years to come.

“The location may seem a little out of the way for now, but other developments in Kajang and its surrounding areas will make it very important in the near future,” said project executive director Zulkifly Garib.

As one of the key areas identified by the Economic Transformation Plan’s development of Greater Kuala Lumpur, Kajang will be especially well connected after the completion of the new Mass Rapid Transit (MRT) Sungai Buloh-Kajang line.

“The local council is also working with several local developers to finalise the details for a proposed nearby flyover access directly from Bangi, which will greatly increase the accessibility of Tropicana Heights,” said Zulkifly.

New buildings must comply with criteria to get approval
BY BRENDA CH | The StarProperty | February 25, 2014 | 207 views | Topic : Home & Living, News & Articles, Property News.
http://www.starproperty.my/index.php/artic...o-get-approval/



A total of 1,400 trees are planted within the compound of PJ Trade Centre, Damansara Perdana.


NEW developments, be it commercial or residential, must fulfil a list of green criteria set by the Petaling Jaya City Council (MBPJ) before the green light is given.

This is all part of MBPJ’s plan to make the city a sustainable one come 2030, by kicking off with a low carbon city framework programme this year.

Developments including semi-detached structures and bungalows will have to be fitted with a rainwater harvesting system.

Meanwhile, new commercial and mixed commercial developments will have to fulfil five things.

On the checklist are, a rainwater harvesting system, green building index (GBI) compliance, use of light emitting diode (LED) lamps, eco-friendly development manual (Masma) specifications and a landscape area of about 10% to 15% out of their total development area.

“These things would have to be fulfilled first before the approval for the planning permits are issued,” said MBPJ’s one-stop centre (OSC), head Lee Lih Shyan.

New developments have been advised to adhere to the green requirements since 2010 but this year, MBPJ will be making it compulsory for all.



Petaling Jaya mayor Datin Paduka Alinah Ahmad together with Lee and former councillor Cynthia showing off the Green Apple award given to them by the Green Organisation for their Green Rebate Scheme.



Green Requirements

a) Rainwater Harvesting

Applicants for new developments will be required to install a rainwater harvesting system according to guidelines set by the Urban Wellbeing, Housing and Local Government Ministry.

This comes under the ministry’s Guidelines for Installing A Rainwater Collection and Utilisation System.

Developments include bungalows, semi-detached structures, apartments, condominiums, commercial units and even mixed development units.

Between 2010 and 2011, MBPJ received 418 applicants, while there were 117 applications in 2012 and 93 as of September 2013.


Rainwater harvesting system installed at a community hall as part of MBPJ low carbon framework 2014.


(b) Green Building Index (GBI)

New developments will have to adhere or meet the requirements of the green building standards.

In other words, buildings have to meet the criteria on energy and water efficiency.

This is to be reflected in the building plans submitted to the city council.

For example, using materials such as LED lights, efficient energy usage through solar panelling or even sufficient windows where sunlight can come through.

Applicants have to submit this together with the building plans and not after the final reports.

Projects approved in accordance with the GBI were 61 for 2010 to 2011, 16 for 2012 and 13 between January and September 2013.

This GBI requirement, however, is only required for bigger-scaled developments like commercial units or mixed developments.

In addition, developers are also required to include a landscape area of about 10% to 15% in their projects.

This space will have to be free from utilities and other structures and set aside for landscaping.



Wisma Rehda in Petaling Jaya adhering to the council’s green guidelines by installing lots of glass panelling to conserve energy.


Between 2010 and 2011, only 62 developments applied, 26 in 2012 and 24 between January and September 2013.

Other initiatives MBPJ will be taking on for their low carbon city project is the use of LED lights for all new developments.

These energy-saving bulbs are also used to light up the back alleys of houses around the city.

Started in 2012, the city council had allocated RM100,000 to fitting LED lights at residential areas with back lanes.

Meant to promote green initiatives and also for safety reasons, the LED lights are timed to turn on from 7pm to 7am.

Future developments will also have to be outfitted with LED bulbs.


One of the existing commercial building in Petaling Jaya adhering to the council’s green guidelines by installing lots of glass panelling and LED lights to conserve energy.


Green Rebates

Open to 100,000 households in the city, homeowners are urged to go green and stand a chance to get an assessment rebate of up to 100%.

The value of the rebate will be determined by six criteria such as energy, water, transport, compost, biodiversity and other green initiatives they may have.

For example, cultivate a garden in the house or participate in recycling activities.

Owners of semi-D’s, terrace, bungalows, apartments, condominiums and flats are eligible.

Applicants will need to present their application form along with a copy of their latest assessment bill, electricity bill, water bill and myKad.

Homeowners who have received the rebate will be required to reapply for the following year.

They will also be required to take on more green initiatives.

In 2011, only 50 applied, with 49 eligible to participate and 13 receiving a 100% rebate.

Meanwhile in 2012, 83 applied, 65 were eligible and 15 received a 100% assessment rebate.

As of August 2013, 123 applied, 97 were eligible and 24 received a 100% rebate.

Thanks to this green rebate scheme, MBPJ was recently recognised by the UK-based Green Organisation as an international Green Ambassador.

“After three years, we were finally awarded the Green Apple award under the category of Rebates for Green Living,” said MBPJ councillor Cynthia Gabriel.

She said that this not only benefitted homeowners but also helped create a symbiotic relationship between the council and residents.

“It’s quite special because not all countries implement this kind of scheme. We are among the few,” she added.



Fancy taking a shower next to a tree? That’s a special feature of the health club at PJ Trade Centre.


Gabriel, along with other councilors, represented MBPJ to collect the award in London recently.

She hopes more people will participate in this rebate scheme next year as MBPJ has already allocated a bigger budget for the purpose.

Apart from this, MBPJ will also be extending their hybrid car scheme for free parking from a month to a year.

Anyone who buys a hybrid car next year in Petaling Jaya will be eligible to receive free parking in the city for a year.

“Previously, it was only a month but to encourage more people to go green, we will extend to a year,” she said.

She added that MBPJ would strive to get more international recognition in the green department.

She added that the council aimed to share green project ideas and knowledge with other green ambassadors here.

RPGT have little effect in curbing speculation, but tightening measures do
Business Times | Tuesday, February 25, 2014, 15:31 PM
http://www.nst.com.my/business/latest/rpgt...lation-1.492706

KUALA LUMPUR: The tightening measures implemented by the government will significantly curb excessive speculative activity in the property sector, an international property consultant said.

Rahim and Co managing director Choy Yue Kwong said the measures will help constraint speculators from using bank loans as a method of financing.

"The effect is slowly coming. The measures will have a significant impact on speculation, especially for speculators who depend on bank loans," he told reporters after the opening of the Seventh Malaysian Property Summit 2014 here today.

In the last few years, the central bank has implemented several tightening measures including loan assessment based on net income.

Choy said apart from tightening measures, another method to curtail speculation is through the implementation of the build-and-sell system, which makes developers more selective in accepting buyers compared to the current system with developers trying to sell as soon as possible to reduce the cost of holding.

Meanwhile, Choy said the implementation of the real property gains tax (RPGT) will have little effect in curbing speculative activity in the market.

He said the RPGT should have been introduced earlier when house prices were lower but appreciated at a faster pace and profit margins were higher.

At the moment, he said, housing prices have gone too high, squeezing profit margins, thus making the RPGT less significant.

However, Choy said any increase in RPGT rates should be gradual and monitored closely to prevent any negative impact on the market.

RPGT is a form of capital gains tax chargeable on gains arising from the disposal of real property.

Currently, the rates imposed in Malaysia are 30 per cent for properties disposed of in less than three years, and 20 per cent and 15 per cent for disposals within the holding period of up to four and five years respectively. -- BERNAMA

Cadangan pembangunan 5 blok pangsapuri servis 39 tingkat (2,550 unit) dengan 5 tingkat podium tempat letak kereta, ruang perniagaan dan kemudahan serta 1 blok pangsapuri 32 tingkat (550 unit) dengan 7 tingkat podium tempat letak kereta and kemudahan serta 1 tingkat besmen raung PPU.

About 500m from MH platinium & Prima Setapak 2 along jalan gombak.

Any idea who's the developer ??

This post has been edited by jolokia: Feb 26 2014, 08:45 AM


Attached thumbnail(s)

SCP project - Gombak Sentral.

Likely end of year

not much info...

another mix development. good luck

Malaysia’s top banks post record profits; unfazed by property curbs
The Malay Mail Online | February 27, 2014
http://www.themalaymailonline.com/money/ar...property-curbs#

KUALA LUMPUR, Feb 27 — Malaysia’s two biggest banks notched up record annual profits and see further strong growth in the year ahead, confident that a raft of government curbs on the property sector will not have a major impact on overall loan demand.


Maybank Tower, the headquarters of Maybank which is one of the government-linked companies, is seen in Kuala Lumpur in this April 5, 2013 file photo. — Reuters pic

Maybank put in its best earnings for a second straight year, with fourth-quarter profit jumping 19 per cent on robust loan growth and strength in Islamic banking.

CIMB Group Holdings Bhd, reporting earlier in the week, logged a fifth consecutive year of record profit.

The lenders have benefited from a domestic property boom and moves to diversify into fast-growing Southeast Asian economies such as Indonesia, Singapore and Thailand.

Robust regional economic growth will continue to work in their favour as will an expansion in business financing expected from a slew of big projects.

These include a government-led rail project in Kuala Lumpur and a US$19 billion (RM62 billion) petrochemicals complex in southern state of Johor led by state oil firm Petronas.

These factors will offset softer consumer loan growth as the government moves to take some of the froth out of the country’s property market, banking executives said.

“Property in Malaysia has been lagging others in the region, in terms of growth in value. We will focus on more targeted lending,” Maybank Group CEO Abdul Farid Alias told reporters after the bank reported a 16 per cent rise in annual profit to RM6.6 billion.

Both Maybank and CIMB said they expect overall loan growth in Malaysia will slow to 9-10 per cent this year from an industry average of 10.6 per cent in 2013.

EASY CREDIT

Providing domestic home loans has been the backbone of Maybank and CIMB’s earnings.

But the combination of robust demand and easy credit have prompted Malaysia’s financial authorities, like those in Singapore and China, to embark on a series of curbs to keep prices in check and head off criticism that the country might be in the midst of a property bubble.

Malaysia has more at stake than some. Soaring demand for mortgages has given it the highest household debt levels in Southeast Asia - equal to 86 per cent of gross domestic product.

Lending to households accounts for 57 per cent of outstanding bank loans - a potentially worrying level should the economy come off its current robust growth track.

While these levels have stoked some concern, economists like Nor Zahidi Alias of Malaysia Rating Corporation Bhd say long-term prospects for the real estate market are supported by the country’s rather young population.

“And so far, statistics on borrowers’ debt service ability remain stable and household debt is mitigated by household financial assets which are still relatively stable,” he said.

Others also stress that the government measures have started to kick in and that this in the long term will help limit the potential for loans to go borrowers who may present a credit risk.

Housing loan applications slumped 27 per cent in December from a month earlier, central bank data showed after the government announced it would ban developers from absorbing some interest rate payments for homebuyers.

The government has also proposed a ban on speculators from buying properties in bulk at a discount, while the central bank has cut the maximum length of mortgages and plans to change the retail loan pricing system to better reflect monetary policy.

Farid also said he believed that rising inflation, driven by subsidy cuts for food and fuel, will push Malaysia’s central bank to keep interest rates unchanged at 3 per cent in 2014 for a third straight year.

That would also work in Maybank and CIMB’s favour as an interest rate hike could make loan repayments more expensive and heighten the risk of a climb in non-performing loans.

Shares of Maybank ended 0.5 per cent higher, in line with the benchmark index. — Reuters

Pavilion REIT mulls adding proposed RM330mil hotel to portfolio
by cheryl poo | The StarBiz | Thursday February 27, 2014 MYT 2:49:34 PM
http://www.thestar.com.my/Business/Busines...l-to-portfolio/


KUALA LUMPUR: The Pavilion Real Estate Investment Trust (REIT) may expand its portfolio in the next few years with the construction of a RM330mil five-star hotel in the same building.

"We will see how it goes. We may expand our REIT with this addition but at the moment, it really is too early to tell," Pavilion International Ltd director Lee Tuck Fook said on Thursday.

For FY ended Dec 31, 2013, Pavilion REIT's asset under management increased from RM4bil to RM4.1bil. The REIT closed the year at RM1.28 per unit.

The 13-storey Royale Pavilion Hotel is owned by Harmoni Perkasa Sdn Bhd, a subsidiary of Urusharta Cermerlang Sdn Bhd, which owns Pavilion Kuala Lumpur. The Qatar Investment Authority (QIA) has a 49% stake in Urusharta Cemerlang.

Developed by KL Pavilion Design Studio, construction of the Royale Pavilion Hotel will run from next month to the second quarter of 2016.

(Meanwhile) This project is separate from the 29,127-sq ft parcel, which was acquired by Urusharta Cemerlang Sdn Bhd at a record RM7, 209.80 per sq ft (totaling RM210mil) from London-based Millenium & Copthorne Hotels plc in 2010.

That project was reported to be 50-storey block comprising 39 floors of residential units and 10 floors of retail space.

I thought Gombak Sentral is next to Pasar Besar Gombak still not start work yet, this one opposite to a yellow mosque, next to the close down Islamic college & one recond car seller, now covered with green roofing panel.

Seems like property price will be going up again very soon!

Next to Pasar Besar that one is not Gombak Sentral. It is another project call KL North something like that.... Only for Bumi.

Big plans for Ipoh

Posted on March 1, 2014 | 373 views | Topic : Investment, News & Articles, Property News.


BY CHAN LI LEEN


An artist’s impression of the new Foo Yet Kai Building and hotel that City Motors Group plans to build in Jalan Sultan Iskandar, Ipoh.

AT AN age when most people are enjoying their retirement, Datuk Dr Foo Wan Kien, 72, is still busy steering his company towards carrying out several mega projects.

His Ipoh-based City Motors Group has in recent months shifted into high gear to change the landscape of its birthplace.

“We are entering a new era as the group celebrates its 50th anniversary this year.

“We will be developing prime land throughout Malaysia and rightfully, we are coming back to Ipoh,” said Foo who owns a range of companies, which he started by selling cars and later by diversifying into the plantation, property development, aquaculture and healthcare sectors.

The group executive chairman said he has not one but five projects, valued between RM100mil and RM200mil, planned for Ipoh.


Wan Kien with material detailing the projects to be undertaken by his group of companies in the near future.

“Just like the country’s first fire dragon performance, which took place in Ipoh recently and was sponsored by our group, I want to create something for my hometown to help it progress and prosper.

“This is also to enable our children to stay put, and not have to go to the Klang Valley to further their education or to look for jobs,” he said.

Top on Foo’s wish list for Ipoh is to build a new headquarters, replacing the current Foo Yet Kai Building on Jalan Sultan Iskandar in the city centre.

“The new Foo Yet Kai Building will be part of a block of apartments.

“Next to it will be a hotel and if the authorities give the approval, this will become a new landmark for Ipoh.

“There are also plans for a new entertainment outlet to be built across the road, next to SJKC Yuk Choy,” he said.

Foo also excitedly revealed that Ipoh is set to have a new theme park amid a planned resort living development next to the Kek Lok Toong Temple in Gunung Rapat off Jalan Raja Dr Nazrin Shah.

“There will be rope climbing, mountain climbing, boating and lots of other activities for the public.

“It will not be very expensive as we want to ensure that everyone can afford to go on an adventure,” he said.








Also in Gunung Rapat, plans are afoot to set up Ipoh’s first retirement village.

“Surrounded by limestone hills and ponds, it will be a place where the elderly can relax. And with the many activities planned, there is no chance to be bored,” he said.

Like his father, the late tin miner and philanthropist Foo Yet Kai, many of Foo’s efforts are channelled towards charity and helping the local community.

Kinta Medical Centre, the first private hospital in Ipoh, is owned and managed by the group.

“In 1964, my father bought the Chung Thye Phin Villa from the family of the late kapitan and donated the property to The Sister of Franciscan Missionaries for the setting up of a private hospital, then known as Our Lady Hospital.

“In 1983, upon the departure of the nuns, we took over the operations of the hospital and named it the Kinta Medical Centre.

“We will be expanding the hospital. We will be bold by making it a non-profit hospital to help people who cannot afford medical treatment,” said Foo, adding that a medical mall was being built on the hospital grounds at present.

The KMC Medical Mall, he said, would be a one-stop centre offering a health mini market, aesthetic centre, medical equipment store, traditional Chinese medicine centre and consultation suites.

“I will continue to do charity, just like my father.

“I believe that as you make money from society, you should also give some back to it,” said Foo, who is also looking at setting up the Foo Yet Kai Foundation in memory of his father.

The foundation is expected to benefit handsomely from a proposed RM500mil new hotel in Bukit Bintang.

City Motors, through its member company Kenco Properties Sdn Bhd, in a joint venture with Mass Rapid Transit Corp Sdn Bhd, is seeking approval to build a 56-storey, four-star business hotel and suites near the Pavilion Kuala Lumpur.

“If approved, it will be the highest hotel in the Bukit Bintang area with 500 rooms and suites. It will be a trust for my future generations and partly my foundation,” he revealed, adding that plans for a RM30mil business hotel and apartments in Bangsar had also been submitted to the authorities for approval.

Despite his impressive portfolio, which includes business interests throughout Malaysia, Singapore and as far as Hong Kong, the millionaire prefers to maintain a low profile and still enjoys his breakfast of noodles at coffee shops in Ipoh Old Town.

“I am a simple man. I believe that god gave me a good life because I do not fancy fine things.

“Simple things make me happy and I do not care what people say about me. I do what makes me happy as long as I do not hurt anyone,” said Foo.

Luxury development rapidly taking shape in Kuala Lumpur

Posted on March 1, 2014 | 274 views | Topic : News & Articles, Property News.


BY YASMIN AHMAD KAMIL


The interior for one of the show units for The Horizon. – Photos by AZLINA ABDULLAH

A new luxury residential tower will soon grace Jalan Tun Razak in Kuala Lumpur.

The Horizon Residences, developed by Hap Seng Land Sdn Bhd, will feature serviced apartments in two 27-storey towers that sit on 1.35 acres of freehold land.

With a prices from RM1,300 psf, the development offers units with built-up areas ranging between 549sq ft to 2,551sq ft for its typical units, and 3,552sq ft to 4,316sq ft for the penthouses.

Once completed, the 335 units that are semi-furnished, will have easy access to embassies nearby, the Prince Court Medical Centre, an international school, and malls .

According to a news report, Japanese department store operator Takashimaya Co Ltd is said to beconsidering setting up an outlet at the Tun Razak Exchange (TRX), Kuala Lumpur’s upcoming international financial district, which is a stone’s throw from The Horizon Residences development.

Some of the main features of the project include panoramic views of either the Royal Selangor Golf Club, the Kuala Lumpur city skyline or Petronas Twin Towers.


Khor says the project has been drawing the interest of foreign buyers.

David Khor, Hap Seng Land’s chief operating officer, says, currently the apartments have been attracting the interest of both local and foreign buyers.

“The profile of local buyers are aged 40 and up, while smaller units are mostly taken up by young professionals in their 30s.








“We have had Singaporeans, South Koreans and Japanese buying our units,” Khor said, adding that foreign buyers so far are from nine nationalities.

He said approximately 90% of the units have already been sold.

The project, which has a gross development value of RM412mil, features a floating gym, a 50m infinity edge lap pool, a bubble jet pond with stepping stones and a comprehensive three-tier security system.

Each unit is also equipped with double-glazed glass to cut out external noise from traffic.

“This is one of the luxury developmentsbeing worked on by the company. It’s not just a good location but it’s also filled with energy-saving fittings.”” said Khor.

According to Khor, the project is using the Construction Quality Assessment System for , a widely recognised and internationally accepted construction quality assessment system by Singapore’s Building and Construction Authority to measure quality standards in building projects.

The project has also submitted a Green Building Index certification, which is a green rating tool for buildings.

Officially launched in January last year, the project is expected to be completed by March 2015.

The one next to Pasar Besar Gombak definately Gombak Sentral lah.

https://forum.lowyat.net/topic/2869577/all

I alway pass by that area so 100% sure.

This one i am talking about totally different, the photo i attached also different mah, location also different, opposite side of the road some more, i guess not many people know..

U see it's still under neigbourhood complaining stage untill 13/03/14.

Tycoon exerts hold on PBD
The Edge Malaysia | By Charles Yong of theedgemalaysia.com
Tuesday, 04 March 2014 11:16 Bookmark and Share
http://www.theedgeproperty.com/news-a-views/12245.html

KUALA LUMPUR: Datuk Desmond Lim Siew Choon, executive chairman of Malton Bhd and chairman of Pavilion REIT, is believed to have strengthened his foothold in prime Pusat Bandar Damansara (PBD) in Kuala Lumpur, following the acquisition of a 2.57ha tract within the area by a company linked to the property tycoon.



Yesterday, Selangor Properties Bhd announced it had sold the tract for RM450 million or RM1,628 per sq ft to Jendela Mayang Sdn Bhd, with the former making a gain of RM376.2 million.

Lim already owns 3.88ha in PBD via Impian Ekspresi Sdn Bhd, which plans to redevelop the area. Following yesterday’s acquisition, the entire development could be worth more than the initially estimated RM3 billion gross development value for 11 buildings.

In a filing with Bursa Malaysia yesterday, Selangor Properties stated that Jameson Pias @ Zainal Pias owns 40% of Jendela Mayang. Jameson was a former director of Urusharta Cemerlang Sdn Bhd, a company linked to Lim which owns and operates the Pavilion Mall.

According to online checks by The Edge Financial Daily yesterday, it is learnt that Jendela Mayang and Urusharta Cemerlang Sdn Bhd share the same registered address in Menara ING, Kuala Lumpur and company secretary, Lim Mei Yoong.

Jameson still serves as director in a number of other companies linked to Lim, including Urusharta Cemerlang (KL) Sdn Bhd, Urusharta Cemerlang Development Sdn Bhd and Jerantas Sdn Bhd.

Jerantas, one of Lim’s projects, is building the world’s first Harrods hotel — to be connected by an overhead bridge to the Pavilion Mall.

PBD is expected to benefit from two nearby mass rapid transit (MRT) stations — Semantan and Pusat Bandar Damansara — to be completed by 2017.

Selangor Properties also said that under the land acquisition deal, Jendela Mayang will assume all of the group’s rights and obligations to design and construct an entrance portal, lay-by facilities, and parking facilities for the MRT stations on the lot. The transaction is subject to approval by MRT Corp Sdn Bhd for the novation of these rights and obligations.

Meanwhile, the land’s price of RM450 million is more than four times its net book value of RM108.2 million as at Oct 31, 2013.

An independent valuer for Selangor Properties valued the freehold land categorised for commercial use at RM300 million.

Selangor Properties acquired the land in December 1995 for RM106.6 million. The land currently serves as a car park and generates RM433,500 in parking income per year.

Selangor Properties plans to use RM237 million of the proceeds for repayment of its borrowings within a year and RM212.5 million for working capital and acquisitions within three years. The full repayment of borrowings is expected to save the group RM14.2 million in annual interest.

It said as the disposal is expected to be completed by the first quarter ending Oct 31, 2015 (FY15), it is not expected to have any material effect on the group’s earnings for FY14.

It will also not have any effect on the group’s issued and paid-up share capital and substantial shareholdings in the company.

Eco World looks to expand landbank in hotspots
The Edge Malaysia | By Charlotte Chong of theedgemalaysia.com
Wednesday, 05 March 2014 12:25 Bookmark and Share
http://www.theedgeproperty.com/news-a-views/12252.html

KUALA LUMPUR: Eco World Development Sdn Bhd, helmed by former S P Setia Bhd executive director Datuk Chang Khim Wah, is looking to expand its landbank in the country’s top three property hotspots — namely the Klang Valley, Penang and Iskandar Malaysia, Johor.



The relatively new property developer has 3,000 acres (1,14.06ha) of undeveloped land in the country, out of which some 1,000 acres are located in the Klang Valley, 1,000 acres in Penang and the rest in Iskandar Malaysia.

“As a developer, we are looking for more well-located landbank,” Chang told reporters after the groundbreaking ceremony of its RM1 billion EcoSky project in Taman Wahyu, Kuala Lumpur by Federal Territories Minister Datuk Seri Utama Tengku Adnan Tengku Mansor yesterday.

He said the company has no plans to venture overseas, but rather will focus on the local market.

Meanwhile, Chang said Eco World will launch the third residential tower of EcoSky dubbed Tower Clarita “very soon”. This follows the launch of its first and second residential towers — Tower Aurora and Tower Basalta last December.

He said built-up areas of Tower Clarita units range from 936 sq ft to 1,905 sq ft, with prices starting from RM780 per sq ft or between RM650,000 and RM1.5 million per unit.

To date, the company has garnered a take-up rate of 80% for its first two residential towers.

“The units that have not been sold are mainly bumiputera lots, while the non-bumiputera units have all been taken up,” said Chang.

EcoSky is Eco World’s maiden project in Kuala Lumpur. The project sits on a 9.6-acre (3.88ha) piece of freehold land which the company bought from DRB-Hicom Bhd for RM69.92 million in April last year.

“The integrated commercial development comprises 970 units of serviced apartments housed in three blocks, 35 units of shop offices as well as a commercial component,” said Chang.

The entire project is slated to be completed by mid-2018, which would create a population of up to 5,000.

Chang added that the company has plan for a 33,000 sq ft community park within the development. “This will be located next to a 2.72-acre park project by the Kuala Lumpur City Hall (DBKL), which we are building together.”

The group has allocated RM3 million to build a covered walkway linking EcoSky to the Taman Wahyu Komuter station, thereby rejuvenating the 2.72-acre neighbouring public green lung belonging to DBKL.

Eco World Development Sdn Bhd is 50% owned by Eco World Development Holdings Sdn Bhd (formerly known as Maple Quay Sdn Bhd), which in turn owns 30.01% of Eco World Development Group Bhd.

Bandar Sri Damansara’s new commercial centre
The StarProperty | March 9, 2014 | 141 views | Topic : News & Articles, Property News.
BY SHALINI RAVINDRAN
PHOTOS BY MUHAMAD SHAHRIL ROSLI
http://www.starproperty.my/index.php/artic...mercial-centre/



Ativo Plaza is the first commercial component of the larger Damansara Avenue development

Residents of Bandar Sri Damansara now have a new commercial centre to look forward to with the launch of Ativo Plaza, located in the up and coming area of Damansara Avenue.

Developed by TA Global Bhd, Damansara Avenue is a mixed commercial development on 48 acres of freehold land in Bandar Sri Damansara with a gross development value (GDV) of RM3.8bil.

Conceived as a 10-year master-planned development, Damansara Avenue is anchored by a sprawling seven-acre urban park that provides communal space for interactions and activity.

Ativo Plaza, the first commercial development in Damansara Avenue, comprises two blocks of eight-storey buildings featuring 198 office suites and 43 retail units with a GDV of RM138.8mil.


“Ativo Plaza was first introduced into the market in 2010 and received an overwhelming response from the public, with some people queuing the night before just to secure their preferred unit.

“Today, it has achieved 100% sales,” said TA Enterprise Bhd managing director Datin Alicia Tiah during the opening ceremony recently.

TA Enterprise Bhd is the parent company of TA Global.

“Following this enthusiastic response, the first residential phase of Damansara Avenue, Azelia Residences was launched in May 2011,” Tiah added.

Azelia will comprise two tower blocks — an eight-storey apartment block of 43 units and a 28-storey block of 207 units. The units range from 600sq ft to 3,400sq ft in size.

“To date, 90% of the units have been sold and the project is expected to complete by the middle of this year,” Tiah said.

This post has been edited by accetera: Mar 11 2014, 11:20 AM

Time on Cyberjaya’s side
BY THEAN LEE CHENG | The StarProperty | March 8, 2014 | 638 views
http://www.starproperty.my/index.php/artic...yberjayas-side/



An aerial view of Cyberjaya and some of its developments.

A property agent told a seminar that an investor had asked him to help sell two 500 sq ft units in Cyberjaya recently. The investor lives in Puchong with his family. “I told him to rent out his Puchong house and to go and live with his family in the two small units in Cyberjaya,” he said. Subsequently, the agent received a string of calls asking him to sell their Cyberjaya units.

The above may be anecdotal but the same agent says the number of completions in the planned township is exceeding demand. This was subsequently confirmed by a few property consultants.

Conceptualised by the Government about 20 years ago in the mid-1990s, Cyberjaya continues to be planned and built as an information technology (IT)-themed city. It was in 2009, after the completion of the Maju Expressway (MEX) that developers began to show real interest there.

Says Setia Haruman Sdn Bhd business development head Sudhev Sreetharan: “As a result of the MEX Highway, 16 developers took an interest in Cyberjaya as MEX shortened the distance between Kuala Lumpur and Cyberjaya considerably.”

Prior to that, among the earliest and main developers there was EMKAY Group, the private vehicle of Tan Sr Mustapha Kamal Abu Bakar. Mustapha is also the controlling shareholder of MK Land Holdings Bhd which developed Damansara Perdana in Petaling Jaya.

He is also the chairman of Setia Haruman Sdn Bhd, the master developer of Cyberjaya.

Henry Butcher chief operating officer Tang Chee Meng says after the completion of the MEX Highway, other developers began to show an interest in Cyberjaya.

Tang says: “The completion of MEX Highway resulted in multiple launches. MEX shortened the travel time to just 20 minutes from toll to toll.

This offered potential and property buyers began to give the place a second look. With so many developers, the supply of stock increased dramatically. Some of these projects – student accommodation and SoHos (small office, home offices) – were aimed at investors.”

Tang says Cyberjaya is in a unique situation. “People who work there do not live there. They live in Kajang or Puchong instead. The day and night time population is very different,” he says. At the end of 2011, there were only 3,200 residential units in Cyberjaya and it was felt that this was insufficient. At that time, there was a daytime population of 53,000 comprising mostly knowledge workers and students.

That has increased to 58,000 today. The number of completed units has increase to 5,100. Of these, about a third or 1,500 are landed units. The remaining 3,600 are high rise units.

Setia Haruman’s Sudhev says while 5,100 are completed units, about 10,500 units are under construction, with 9,500 units being high rise units. Under the planning stage are 17,000 units, of which 16,000 are high rise units and the remaining 1,000 being landed units.
This effectively means that landed units will continue to be limited in the years ahead as the emphasis is on high-rise.

There are a few reasons for this emphasis on high-rise units and this is tied to the reason for Cyberjaya’s existence. The city wants to attract more IT workers. It also has an emphasis on education, which means a need for student accommodation.

The interest in Cyberjaya coincided with the buoyant property market which started in 2009/10 and went on till 2012/13. Coupled with easy credit, freebies and developers interest bearing schemes, many bought with the aim to flip, according to Tang.

“(But) they have found that it is not easy to do so,” he says, adding that more than half who bought into Cyberjaya were investors. The percentage of investors in Cyberjaya is higher than in Petaling Jaya and Subang Jaya.

Tang says: “Those who bought into Ara Damansara (near Subang airport) stay in Petaling Jaya. Those who bought into Cyberjaya were attracted to developers’ concepts, rebates and freebies.

“As congestion worsens in the Klang Valley, there will come a time when the situation will reach a tipping point and people will think ‘OK, I don’t mind staying in Cyberjaya’. When this happens, things will fall into place and Cyberjaya will have its critical mass,” he says.

Another property consultant who declined to be named says the emphasis by the guardians of Cyberjaya over the years has been to create another IT township the likes of Silicon Valley or Bangalore in India.

“The emphasis has been to attract companies, local and foreign, to relocate there.

“That was how MSC (Multimedia Super Corridor) status companies came about. That status gave companies certain privileges. There was this emphasis on the work component, but nothing on the play component as in the work, live and play configuration. It was built under a controlled situation.”

On how he expects property aspect to pan out, he says investors will try to sell. Failing that, they will try to rent. There may be a “war on rent followed by reality checks. If owners are unable to sustain the loan instalments, they will come under pressure.

“Cyberjaya may be in that last stage now.” He adds: “What we will see, or are already seeing in Cyberjaya, will be magnified many times over in Iskandar Malaysia.”

The executive director of Raine & Horne Lim Lian Hong says Cyberjaya and Iskandar Malaysia have different templates.

“Iskandar was built with Singapore in mind. If Singapore and Johor can be connected via public transport, Iskandar will be successful. Iskandar has different plans.

“In time, Cyberjaya will fill up. It just takes time and how long it takes will depend very much on the national and the global economy. 2008 (the global financial crisis) was a hiccup,” says Lim.

Rahim & Co (Selangor) Sdn Bhd manager director Choy Yue Kwong says Cyberjaya having more supply than demand is a common grouse in any location where there are many investors. “It is not unique just to Cyberjaya. Where there are too many investors, this is the result.”

Which takes us to Setia Haruman’s head of business development Sudhev comments with regards to the over supply situation. Says Sudhev: “We are not too concerned about the negative comments with regards to Cyberjaya properties. We have many people who invested in Cyberjaya who are laughing all the way to the bank.

“The problem is this – they are speculators, not investors. Speculators flip the properties when they get their keys in the hope to make quick money.

“Properties are not meant to be flipped one to three years after purchase. It is meant to be a long-term investment,” says Sudhev.

On the provision of affordable housing, Sudhev says about 3,000 units are scheduled to be launched this year, of which 2,500 units will be by the EMKAY Group.

This post has been edited by accetera: Mar 11 2014, 11:20 AM

Majority of Rehda members pessimistic or neutral on real estate
BY EUGENE MAHALINGAM | The StarProperty | March 11, 2014 | 109 views
http://www.starproperty.my/index.php/artic...on-real-estate/


PETALING JAYA: Developers are generally expecting a challenging market for 2014 as a result of the cooling measures introduced by the Government in Budget 2014, a survey conducted by the Real Estate and Housing Developers’ Association (Rehda) revealed.

The survey, which polled 150 Rehda members from 12 states across peninsular Malaysia, revealed that 87% of the respondents were “pessimistic or neutral” on the outlook for the real estate industry for the first half of 2014.



Yam: ‘Due to the cooling measures, developers will scale back on their launches. Supply is being held back but the demand is there.


As for the outlook in the second half of 2014, a total of 75% of the respondents were “either neutral or pessimistic” .

Rehda president Datuk Seri Michael Yam said the various cooling measures were “gaining traction” and would have an impact on the local property market.

“Due to the cooling measures, developers will scale back on their launches. Supply is being held back but the demand is there,” he said at a media briefing yesterday on Rehda’s property industry survey for the second half of 2013.

According to Rehda chairman of communications, public relations and publication committee cum national treasurer, Datuk NK Tong, the number of project launches also dropped in the second half of 2013 compared with the previous corresponding period.

“Overall cost of doing business had also increased in the second half of last year,” he said, adding that unreleased bumiputera lots remained the number one reason for unsold units during the period.

“We’re hoping that during these trying times, the Government will look at the bumiputera quota issue, especially in Malacca, where there were 852 units completed with CFO (certificate of fitness for occupancy) as at Dec 31,” he said.

Yam said the quota allocation for bumiputera units in Malacca was at 60%.

“If you use an average price of RM250,000 per unit, at 850 units, that’s over RM200mil trapped in the system, which the developers have to bear.

“It’s not as though the bumiputera units will remain empty.

“Eventually they do get sold.

“But because there is no official regulation, developers are fearful and hold back these units,” he said, adding that bumiputera units did not appreciate as much as the non-bumiputera ones.

The survey also revealed that 74% of the respondents believed that the implementation of the Goods and Services Tax (GST) would have an adverse impact on the property industry once it is implemented in April 2015.

According to Rehda’s immediate past president and finance and investment committee chairman Datuk Ng Seing Liong, the association had submitted various proposals to the Government concerning the GST.

Among the proposals is for the Government to have the stamp duty on transfer of real property to be maintained at the current maximum 3% instead of the proposed 4%.

Pintaras shares up after bagging RM74mil Warisan Merdeka job for a 1 year job


Warisan Melaka works set to begin
Thursday, 13 March 2014 10:00 Tanu Pandey
http://themalaysianreserve.com/main/news/c...ks-set-to-begin

The foundation for the 118- storey skyscraper Warisan Merdeka project within the enclave of Merdeka Stadium and Stadium Negara will kick off next week with the contract for the works assigned to Pintaras Jaya Bhd’s subsidiary for RM74 million.

The iconic project that is estimated to be worth RM5 billion had been halted for sometime.

Pintaras, in an announcement at the stock exchange yesterday, said its subsidiary Pintaras Geotechnics Sdn Bhd received a commencement date notice dated March 12 this year from PNB Merdeka Ventures Sdn Bhd to undertake foundation works for the proposed building at Warisan Merdeka in Kuala Lumpur (KL).

“The said works are to commence on March 17, 2014, with a completion period of about a year,” it said.

The project was earlier expected to start in 2011, and scheduled to be completed in 2015, however, after the delay of almost three years in commencement of works, the completion may take longer.

The overall Warisan Merdeka development will be on 19 acres and the heritage stadiums, the site is set to be another major landmark in KL.

As per the initial plan, the two stadiums will be retained as national heritage buildings.

The development was supposed to consist of a complex for a mall, residences and an office skyscraper.

With 118 floors, the height of the building will exceed 500m, surpassing the current tallest buildings in Malaysia, the 452m Petronas Twin Towers.

An initiative by Permodalan Nasional Bhd (PNB), the building may also be used as the PNB headquarters.

Developer buys 85 acres prime land


Mah Sing buys golf land in Shah Alam for RM327.4m
By Madiha Fuad of theedgemalaysia.com | Friday, 14 March 2014 13:12
http://www.theedgeproperty.com/news-a-views/12274.html
http://www.thestar.com.my/Business/Busines...ousing-project/

KUALA LUMPUR: Mah Sing Group Bhd is buying 85.43 acres of land in Sultan Salahuddin Abdul Aziz Shah Golf Course, Shah Alam, for RM327.4 million cash, or RM88 per sq ft, from Great Doctrine (M) Sdn Bhd.

The leasehold land, expiring in May 2102, currently has nine of the 27 holes in the golf course and is expected to yield a gross development value (GDV) of about RM2.5 billion.

In a statement, Mah Sing said the land was near Stadium Melawati, better known as Stadium Shah Alam.

“Together with this new acquisition, the group has remaining GDV of about RM31.26 billion, which will sustain the group for the next seven to eight years,” the statement said.

It also announced that Mah Sing’s wholly-owned subsidiary Enchanting View Development Sdn Bhd had entered into a sale and purchase agreement (SPA) with Great Doctrine for the land acquisition.

Mah Sing group managing director Tan Sri Leong Hoy Kum said 10% was paid upon signing of the SPA while the remaining 90% will be paid in one bullet payment either six months from the fulfilment of Conditions Precedent (CP) or 30 months from the SPA date.

He highlighted that the group plans to create a hybrid of high-end Lagenda and medium high-end residence series of properties, adding that the development is targeted to be launched in 2016.

The entire eco-themed development comprises a mix of landed and high-rise residences, including super link, linked semidee, bungalows and serviced apartments.



“We have previously met success with our Kemuning Residence in Shah Alam and strongly belief that Shah Alam still has plenty of room to grow, particularly if buyers are offered boutique-concept and high-quality homes near their workplaces,” said Leong.

Besides Kemuning Residence, the new land is in close proximity to other Mah Sing developments such as its industrial developments of iParc, iParc2 and iParc3 and its commercial development, Star Avenue.

Leong reasoned that this acquisition would enable the group to leverage all these fully sold developments and expand its presence in Shah Alam.

AmResearch’s Mak Hoy Ken is positive on the acquisition, saying that the group has already carved out a strong presence in Shah Alam with past projects.

Leong said the tract marks Mah Sing’s first landbank purchase for 2014, which will bump up its total remaining landbank to about 2,818 acres with a GDV of about RM31 billion and healthy unbilled sales of RM4.4 billion as at Dec 31, 2013.

He points out that Mah Sing’s purchase price of RM327 million is considered to be fairly attractive when stacked against its future development appeal.

“While its immediate focus is on the mass market segment, this latest deal paves the way for Mah Sing to lock in a prime piece of property ahead of its targeted launch, which is only slated for 2016,” said Leong.

He noted that the project also enjoys good connectivity via its strategic location within 3km to 6km from the Guthrie Corridor, Federal Highway and ELITE highway.

Meanwhile, CIMB Research said it views the acquisition positively as the land is in a prime location, and that the acquisition cost makes up a fair 13% of the GDV.

“We make no changes to our earnings per share as the project will only be launched in two years’ time,” said the local research house.


This article first appeared in The Edge Financial Daily, on March 14, 2014.

I-Berhad sees record-breaking year
By SHAREN KAUR | sharen@mediaprima.com.my
http://www.nst.com.my/business/nation/i-be...g-year-1.511588

RM1.57b LAUNCHES: Company rolling out Phase 2 of i-suites@i-City and Grand i-Residence

I-BERHAD expects its fiscal 2014 to be a record-breaking year for the company in terms of earnings and new launches, said its deputy chairman Datuk Eu Hong Chew.

The company's i-City project in Shah Alam, Selangor, has remaining gross development value (GDV) of RM4.5 billion, which will be developed over the next eight years.

This year, I-Berhad is launching Phase 2 of i-suites@i-City worth close to RM750 million, and the RM820 million Grand i-Residence, which is its maiden project in Kuala Lumpur.

Next year, it plans to launch residential and commercial towers worth more than RM1 billion, Eu said.

"Our launches are getting bigger. This shows that our property development division is growing and that contribution will be higher," he said in an interview recently.

Eu said I-Berhad plans to roll out up to RM600 million worth of properties a year for the next eight years.

The company also hopes to achieve RM500 million sales a year by 2017, from RM95 million last year, he said.

"The RM500 million is from property sales in i-City. The sales of Grand i-Residence will be a bonus for us and it will help to boost the figures," Eu said.

He said with unbilled sales of RM400 million and new product offerings this year, I-Berhad is poised to achieve double-digit growth in revenue and net profit.

In 2012 and last year, I-Berhad launched projects worth RM300 million and over RM1 billion, respectively, in i-City.

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 because of new attractions such as the Red Carpet, Wax Museum and House of Horror.

Eu said I-Berhad hopes that in 10 years, it will have an investment portfolio of more than RM1 billion, compared with RM100 million currently, and for the leisure division to contribute between RM30 million and RM40 million in net profit.

"We will have a bigger recurring income stream. We are building a 1.5 million sq ft mall, three hotels and more parking facilities," he said.



I-Berhad deputy chairman Datuk Eu Hong Chew says the company plans to roll out up to RM600 million worth of properties a year for the next eight years. Pic by Mohd Asri Saifuddin Mamat

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.