Steel products set for sharp price rise

Steelmakers Mycron Steel and Ornasteel say rising cost of raw materials has compelled them to raise the prices of their products for the next quarter. DOMESTIC end-users across all industries, including manufacturing, construction and automotive, may have to pay as much as US$200 (RM644) a tonne more for flat-rolled steel products in the second quarter of this year because of higher cost of raw materials.Major domestic steelmakers such as Mycron Steel Bhd and Ornasteel Holdings Bhd said that rising cost of raw materials like iron ore has compelled them to raise the prices of their products for the next quarter.This comes in the wake of recent reports that said Japanese steelmakers, led by Nippon Steel, have agreed to a 65 per cent increase in annual iron ore prices from April 1 with miners Vale and Rio Tinto. Read more>

(New Straits Times 23-2-2008)

The Oval apartments launching in June

A KUALA LUMPUR: GuocoLand (M) Bhd, formerly Hong Leong Properties Bhd, will launch The Oval high-end apartments in the Kuala Lumpur City Centre (KLCC) enclave by June. Located along Jalan Binjai, The Oval will have an estimated gross development value of over RM800mil and total saleable floor area of 586,356 sq ft. Located on 2.14 acres, the project comprises two 41-storey blocks, East Tower and West Tower, with 70 units in each block. read more

(The Star 23-2-2008)

Last Phase of Parkville Townhouses set for launch

(The Sun 22-2-2008)

New BKP projects in KL

(The Sun 22-2-2008)

Pahang Set To Gain Another Integrated Resort City

(The Sun 22-2-2008)

Hap Seng Set out Make a splash

(The Sun 22-2-2008)

Company Announcement: AmFIRST REAL ESTATE INVESTMENT TRUST

PROPOSED ACQUISITION BY MAYBAN TRUSTEES BERHAD ("TRUSTEE"), ACTING AS TRUSTEE FOR AND ON BEHALF OF AmFIRST REIT, FROM MEDA DEVELOPMENT SDN BHD (“MEDA” OR “VENDOR”), A WHOLLY-OWNED SUBSIDIARY OF MEDA INC. BERHAD (“MEDA INC.”), OF ALL PROPERTY UNITS OWNED BY THE VENDOR THAT ARE LOCATED WITHIN THE MIXED COMMERCIAL COMPLEX KNOWN AS “THE SUMMIT SUBANG USJ” (“PROPOSED ACQUISITION”) Read more

(KLSE 21-2-2008)

Dijaya buys 10ha lands for RM18m

KUALA LUMPUR: Dijaya Corporation Bhd’s unit Dijaya Property Sdn Bhd (DPSB) is acquiring two parcels of freehold land measuring at 9.24 hectares and 1.59ha each in Cheras, Hulu Langat, Selangor for RM18.66 million. It told Bursa Malaysia yesterday that the proposed acquisition was in line with its plan to increase its land bank to generate long-term sustainable income for the group. “DPSB plans to carry out a residential development on the properties with a preliminary estimated gross development value (GDV) of RM200 million,” Dijaya said.

(The Edge 22-2-2008)

Gamuda MD cuts stake, stock tumbles

Datuk Lin Yun Ling will still be committed to his role as a managing director and no management reshuffling is likely to happen, says a company official SHARES of Gamuda Bhd, Malaysia's second biggest builder, suffered their biggest drop in 10 years yesterday, after managing director Datuk Lin Yun Ling reduced his stake in the company to 1.73 per cent from 5.23 per cent.Lin sold 70 million Gamuda shares through Credit Suisse (Hong Kong) Ltd on Wednesday, reducing his stake to 34.7 million shares from 104.7 million in a deal believed to be valued at around RM350 million.While the news came as a surprise to the industry, Lin reiterated that he will be retaining the remaining shares and his management position, which he has held since 1981."I am undertaking this partial disposal for estate planning purposes as I last sold shares in April 2002," Lin said in a statement, without elaborating on his future plans. Read more

(New Straits Times 22-2-2008)

Relief for owners

MALACCA: The owners of 143 pre-war shophouses and houses in old Malacca were shocked when told the state had gazetted their buildings for acquisition. They knew about the state’s intention after DAP secretary general Lim Guan Eng showed them a Jan 17 letter from the state Land and Mines Department here recently. Crying foul: These buildings along the Malacca River are among the 143 in the proposed gazette by the state.However, state Housing and Development Committee chairman Datuk Koh Nai Kwong urged the building owners to ignore the letter, claiming it was a mistake. Read more

(The Star 21-2-2008)

MRCB nears key support level

WEAK performances on the regional stock sent share prices on Bursa Malaysia drifting to lower levels yesterday. Its overall declining counters out-paced its advancing counters by 597 to 195. The Kuala Lumpur Composite Index (KLCI) fell from its intra-day high of 1,427.38 to its intra-day low of 1,404.44 yesterday. The KLCI closed at 1,414.32 points, giving a day-on-day loss of 11.17 points, or 0.78 per cent. Malaysian Resources Corporation Bhd (MRCB) staged a technical breakdown yesterday. Its daily price trend closed at RM2.41, posting a day-on-day loss of 25 sen, or 9.40 per cent. Chartwise, MRCB's daily price trend fell from its intra-day high of RM2.95 on February 13 all the way down to its intra-day low of RM2.40 on February 20, recording a total loss of 55 sen, or 18.64 per cent. Read more

(New Straits Times 21-2-2008)

Hunza Prop sets sights on foreigners

The developer wants to promote the high-end 'Alila 2' residential project in Penang to buyers from Europe, Hong Kong, South Korea, Indonesia and Singapore HUNZA Properties Bhd (Hunza) plans to launch a high-end residential project on Penang island in 2010 to capture demand from foreign buyers.The new project, codenamed "Alila 2", is sited on a 4ha plot in Tanjung Bungah. It will be promoted to buyers in Europe, Hong Kong, South Korea, Indonesia and Singapore. Read more

(New Straits Times 21-2-2008)

Company Announcement:CB INDUSTRIAL PRODUCT HOLDING BERHAD

PROPOSED ACQUISITION OF PLANTATION LAND BY EMPRESA (M) SENDIRIAN BERHAD (“EMPRESA”) FROM KINA JUARA SDN BHD (“KINA JUARA”) FOR A CASH CONSIDERATION OF RM13,397,310 (“PROPOSED ACQUISITION”)Further to the announcements dated 14 November 2007, 19 November 2007 and 29 November 2007, Empresa, the proposed subsidiary of CBIP pursuant to the conditional share sale agreements of the same dates, had on 17 December 2007 entered into a conditional sale and purchase agreement with Kina Juara Sdn Bhd (“Kina Juara”) to acquire four (4) pieces of land, each held under a separate document of title in the form of a Provisional Lease of State Land, in the proportion as set out below for a cash consideration of RM13,397,310 (“Kina Juara SPA”):-(i) Provisional Lease of State Land – C Bok Land District, Lot No. 00059 (“Lot 59”) (1610/1826 portion)*;(ii) Provisional Lease of State Land – C Bok Land District, Lot No. 00060 (“Lot 60”) (whole portion);(iii) Provisional Lease of State Land – C Sawai Land District, Lot No. 00070 (“Lot 70”) (whole portion); and(iv) Provisional Lease of State Land – C Bakong Land District, Lot No. 00200 (“Lot 200”) (whole portion)

(KLSE 20-2-2008)

BLand unit places out ICULS to Goldman Sachs at RM250m

KUALA LUMPUR: Berjaya Land Bhd’s (BLand) unit, Immediate Capital Sdn Bhd (ICSB), has placed out 50 million units of irredeemable convertible unsecured loans stocks (ICULS) 1999/2009 to Goldman Sachs International at RM5 per ICULS or a total of RM250 million cash, said BLand in a statement yesterday. The placement, which was carried out through a direct business transaction, would result in a gain of RM200 million, said the company. It said the proceeds would be used for the group’s working capital purposes, including funding for its projects in Vietnam. “The placement represents an opportunity for the BLand group to realise part of its ICULS holding at a reasonable price,” it said. Read more>

(The Edge 20-2-2008)

RM1b GDV for East Ledang

NUSAJAYA: UEM Land Sdn Bhd expects to generate RM1bil in gross development value (GDV) from its latest property project, East Ledang, here. Director for strategic marketing and corporate communications Zulkifli Tahmali said the project, which would be launched on Saturday, would take five to seven years to complete. He said phase one, comprising 139 units of link duplexes priced from RM500,000 and twin villas costing at least RM850,000, was expected to be ready by mid-2009. “East Ledang is the first resort residential development to take place within the Iskandar Development Region (IDR),” he told a media tour yesterday. Read more>

(The Star 20-2-2008)

SunCity 2Q net profit surges 450% to RM170m

KUALA LUMPUR: Sunway City Bhd’s (SunCity) net profit for the second quarter (2Q) ended Dec 31, 2007, surged 450.4% to RM169.73 million from RM30.84 million a year earlier, mainly contributed by the property development and property investment segments and the fair value gain of RM315.7 million as a result of the revaluation of the Sunway Pyramid Shopping Mall. The company said the property development segment registered strong earnings from Sunway Damansara's shopoffice development and Sunway D'Mont Kiara's bungalow and high-end terrace link-house development while the property investment segment's was boosted by the opening of the expanded Sunway Pyramid Shopping Mall during the quarter. Read more>

(The Edge 20-2-2008)

Tasco buys up Port Klang logistics centre

SHAH ALAM: Integrated logistics solutions provider Trans-Asia Shipping Corporation Bhd (TASCO) has acquired the remaining 67.5% stake in its associate company Precious Fortune Sdn Bhd for RM5.74 million cash. In a statement on Feb 19, Tasco said it had acquired the stake from its global alliance partner Nippon Yusen Kabushiki Kaisha. Precious Fortune has a warehouse and office buildings (Port Klang Logistics Centre) on a 2.99ha leasehold land in North Klang Straits Industrial Estate in Port Klang. Tasco currently rents the logistics centre. Read more>

(The Edge 20-2-2008)

Auspicious treat for Sunrise customers

KUALA LUMPUR: Sunrise Bhd, a pioneer in high-end condominium projects in Mont’Kiara, feted 1,000 guests to a buffet dinner in appreciation of their loyal support and valued trust in its properties. “This effort stems from our desire to forge a closer rapport with the customers and build lasting relationships that are mutually beneficial,” its managing director Datuk Michael Yam said in his welcoming speech on Saturday night. He added the faith and trust of customers towards Sunrise had told the company it had been doing the right thing, which was meeting their expectation and garnering continuous satisfaction beyond the point of purchase. Read more>

(The Edge 18-2-2008)

Consortium plans gated community at UM land

PETALING JAYA: The project to be developed by PPC-Mint-Glomac consortium on 27.5 acres in the University of Malaya's (UM) main campus is likely to comprise condominiums and villas in a gated community. Datuk Richard Fong, Glomac Bhd group executive vice-chairman Datuk Richard Fong told StarBiz the project would be launched by the second quarter. “We're still working out the gross development value but it will be quite substantial,” he said. In a statement yesterday, UM's subsidiary UM Holdings Sdn Bhd announced the appointment of the PPC-Mint-Glomac consortium. However, the company did not give details on what would be developed.

(The Star 20-2-2008)

Sepang picked as site of New Era college

KUALA LUMPUR: A new 40ha-campus site in Sepang is awaiting the New Era College, a non-profit community-funded tertiary institution run by Dong Jiao Zong, a combination of two major associations associated with the Malaysian Chinese education movement. The land was donated by Vintage Heights – a joint venture comprising GuocoLand (M) Bhd, Perbadanan Kemajuan Negeri Selangor (PKNS), Hap Seng Consolidated Bhd, Crescent Capital Sdn Bhd and Cheltenham Investments Pte Ltd. To build the college, the Hong Leong Foundation raised RM3.38mil in the last eight years through its list of companies and charitable events and pledged another RM2mil, said Dr Poh Soon Sim, the foundation’s director. Read more>

(The Star 20-2-2008)

YTL Land target price revised downward

Project launches at Pantai Peak are likely to be postponed to second half 2008 due to slower-than-expected approval from the authorities, says DBS Vickers ResearchDBS VICKERS Research has cut its target price on shares of YTL Land Bhd by 18 per cent, citing a delay in project launch.The research house has revised its target price to RM2.70 from RM3.30 previously."Project launches at Pantai Peak are likely to be postponed to second half 2008 due to slower-than-expected approval from the authorities."We understand that the relocation of the current access to the development is slowing the speed of the approval," DBS Vickers said in a report yesterday.Read more>

(New Straits Times 20-2-2008)

Good start for SP Setia project

PETALING JAYA: SP Setia Bhd's Setia Eco Gardens project in Pulai, Johor Baru, garnered RM23mil sales at its maiden launch last Sunday. The sales were derived from two types of single-storey homes – Messius and Sotira – with starting price of RM185,800 and two models of double-storey houses, Norbana and Visellia, priced from RM249,800, SP Setia said in a statement. Group managing director and chief executive officer Tan Sri Liew Kee Sin said: “We are excited to expand the reach of our ecologically-friendly development concept to house buyers in Johor. “We believe this unique model, which strikes a fine balance between nature and the built environment, will capture the interest of the increasingly eco-conscious public.” Setia Eco Gardens is a “forward-thinking futuristic” township modelled after SP Setia’s award-winning brand of “Eco” themed developments. The 949-acre project is set to have 10,000 properties on completion in about eight years.

(The Star 20-2-2008)

SP Setia’s Eco Gardens rakes in RM23m sales

SP SETIA Bhd, a property developer, has sold houses worth some RM23 million in the maiden launch of its latest township project in Johor.Setia Eco Gardens, sprawled across 380ha, is an eight-year project located next to the Johor state's new administration centre in Bandar Nusajaya within the heart of the Iskandar Development Region. It will have some 10,000 houses. The initial sales were from two types of single-storey homes, namely Messius and Sotira, with a starting price of RM185,800. Also, SP Setia sold two models of double-storey houses, comprising Norbana and Visellia, priced at RM249,800 onwards. Read more>

(New Straits Times 20-2-2008)

Profit boost for Bandar Raya, SunCity

PETALING JAYA: Bandar Raya Development Bhd and Sunway City Bhd (SunCity) yesterday reported healthy profit growth in their last financial quarters, lifted by strong demand for high-end projects. The two property development companies, together with smaller-sized OSK Property Holdings Bhd, also expect better results, going forward, despite market concerns of tougher times ahead. “The group looks forward to a (financial) year (ending Dec 31) of strong growth, driven by the positive momentum in its property division,'' Bandar Raya told Bursa Malaysia yesterday. Read more>

(The Star 20-2-2008)

New Development: Taman Impian Putra

Usahama PNSB Dengan Dasar Biringin S/B

Putra Impiana offers value for money, says developer

PETALING JAYA: The property market in Puchong is booming with an increasing demand for landed properties, particularly high-end ones. According to the developer of Taman Putra Impiana, Usahasama Utama Sdn Bhd, its properties there have been enjoying good capital appreciation. “For instance, the value of the units in Phase 1 have increased by 15% since their launch in 2006, and are expected to rise by a further 15% by year-end,” Ronnie Wong, head of operations told theSun. Phase 1 of Taman Putra Impiana is sold out, while Phase 2 has achieved a take-up of more than 95%. To date, more than 20% of the 80 units in Phase 3 have been sold since its launch in mid-January. Future phases will include terraced houses, shop lots and low-rise medium cost apartments. It is scheduled for completion within the next three to four years with a gross development value of RM231 million.Read more

(The Sun 19-2-2008)

Kota Selat inks Danga Bay project deal

KUALA LUMPUR: Kota Selat Tebrau Sdn Bhd has inked a letter of intent (LoU) to develop residential apartments with Singapore-based Oakwood Asia Pacific Pte Ltd, in Danga Bay, Johor. Under the LoU, the parties will enter into a management agreement, offshore technical service and marketing agreement and trademark licence agreement. Construction will start in April. - Bernama

(The Star 19-2-2008)

SEGi sharply reduces bank debts

PETALING JAYA: SEG International Bhd (SEGi), which sold its flagship campus in Kota Damansara to AmanahRaya Real Estate Investment Trust last year, has reduced its bank borrowings to 20% of equity from 100% previously. It sold the college for RM145mil with an agreement to lease back the property for 15 years. SEGi is the owner of SEGi College Malaysia, which itself is a consolidation of the Systematic and Prime education groups. "We are targeting student growth of between 15% and 20% this year" - DATUK CLEMENT HIISEGi chief executive officer Datuk Clement Hii said this was achieved after the consolidation of the group, which started in 2006, and the sale of the Kota Damansara campus. Read more

(The Star 19-2-2008)

Al-'Aqar KPJ REIT may double in size

THE Al-'Aqar KPJ REIT, the world's first Islamic healthcare property trust, may buy more hospitals in Malaysia and abroad to double its size.It has bought 11 hospitals from KPJ Healthcare Bhd for about RM631 million so far. It may buy the remaining seven that KPJ has in Malaysia this year, said Datin Paduka Siti Sa'diah Sheikh Bakir.Al-'Aqar may even buy the six hospitals that are operated by KPJ overseas, she said."When we explained to them (the hospital owners), it opened their mind," said Sa'diah, managing director of KPJ Healthcare and a director of Damansara REIT Managers Sdn Bhd, which manages Al-'Aqar.KPJ operates three hospitals in Indonesia, two in Jeddah and one in Dhaka.Having a REIT has helped KPJ grow faster, Sa'diah said. The company may also reduce its debt and hike dividend payouts."We are asset light, we can spend (to expand)," she said.KPJ holds about 48 per cent of Al-'Aqar.Read more

(New Straits Times 19-2-2008)

HSL buying Mukah land for shipyard ops

KUCHING: Hock Seng Lee Bhd (HSL) will buy industrial land in Bandar Baru Tanjung Manis in Mukah Division for RM9.5mil to diversify into ship fabrication, maintenance and repair services. The company accepted the offer to acquire the 19.6ha from landowner Sarawak Timber Industry Development Corp (STIDC) at a ceremony witnessed by Sarawak Chief Minister Tan Sri Abdul Taib Mahmud on Saturday. Tanjung Manis, which is located within the newly launched Sarawak Corridor of Renewable Energy, has been identified as a key shipbuilding hub. Read more

(The Star 19-2-2008)

UEM World among most-active counters

PETALING JAYA: UEM World Bhd, which resumed trading yesterday after announcing a major restructuring involving the listing of property arm UEM Land Sdn Bhd, succumbed to profit taking after the morning's gains. One of the most actively-traded counters, UEM World recorded a volume of 42.6 million shares in a relatively weak market. The counter opened at the day's high of RM4.30. However, the positive momentum could not be sustained for long, as investors took profit. The stock shed 32 sen, or 7.77%, to RM3.80. On Friday, UEM World announced that it planned to list UEM Land on Bursa Malaysia and delist itself under a proposed restructuring exercise. Read more

(The Star 19-2-2008)

New Company: Bandar Putra, Tanjung Lumpur, Kuantan

Welcome to PASDEC HOLDINGS BERHAD

New Development: Hampshire Place

TAN & TAN DEVELOPMENTS BERHAD

Company Announcement: HOCK SENG LEE BERHAD

PURCHASE OF INDUSTRIAL LAND FOR SHIP BUILDING OPERATION

The Board of Directors of Hock Seng Lee Berhad (“HSL”) is pleased to announce that HSL Hydro Sdn Bhd (“HSL Hydro”), a wholly owned subsidiary of HSL has on 16 February 2008 accepted the offer from Sarawak Timber Industry Development Corporation (“STIDC”) to purchase a 48.43 acre plot of leasehold industrial land at Lot 1434, Block12, Buan Land District, Bandar Baru Tanjung Manis for a total cash consideration of RM9,493,248.60. The Land is to be acquired free from all encumbrances. Read more

(KLSE 18-2-2008)

Company Announcement: Faber Group Berhad

PROPOSED DISPOSAL BY FABER HOTELS HOLDINGS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF FGB, OF ITS 100% EQUITY INTEREST IN FABER LABUAN SDN BHD TO BERJAYA LAND BERHAD (“BLAND”) FOR A TOTAL CASH CONSIDERATION OF USD68.22 MILLION (OR APPROXIMATELY RM228.54 MILLION) (“PROPOSED DISPOSAL”).Reference is made to the announcements dated 10 December 2007, 4 January 2008, 17 January 2008, 29 January 2008 and 31 January 2008 in relation to the Proposed Disposal. On behalf of FGB, CIMB Investment Bank Berhad wishes to announce that the Proposed Disposal has been completed today. This announcement is dated 18 February 2008.

(KLSE 18-2-2008)

Company Announcement: FABER GROUP BERHAD

PROPOSED DISPOSAL BY FABER HOTELS HOLDINGS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF FGB, OF ITS 100% EQUITY INTEREST IN FABER LABUAN SDN BHD TO BERJAYA LAND BERHAD (“BLAND”) FOR A TOTAL CASH CONSIDERATION OF USD68.22 MILLION (OR APPROXIMATELY RM228.54 MILLION) (“PROPOSED DISPOSAL”).Reference is made to the announcements dated 10 December 2007, 4 January 2008, 17 January 2008, 29 January 2008 and 31 January 2008 in relation to the Proposed Disposal. On behalf of FGB, CIMB Investment Bank Berhad wishes to announce that the Proposed Disposal has been completed today. This announcement is dated 18 February 2008.

(KLSE 18-2-2008)

Company Announcement: Berjaya Land Berhad

ACQUISITION OF 100% STAKE IN FABER LABUAN SDN BHD WHICH HAS 70% INTEREST IN VIMAS JOINT VENTURE COMPANY LIMITED, OWNER OF SHERATON HANOI HOTEL AND TOWERS, HANOI CITY, VIETNAM FOR A CASH CONSIDERATION OF USD68.22 MILLION ("ACQUISITION"). This is in reference to our earlier announcements dated 10 December 2007, 17 January 2008 and 18 January 2008 in relation to the Acquisition.The Board of Directors of Berjaya Land Berhad is pleased to announce that the Acquisition is completed today.

(KLSE 18-2-2008)

Company Announcement: HEKTAR REAL ESTATE INVESTMENT TRUST

Acquisition by AmTrustee Berhad (“AmTrustee” or “Purchaser”) on behalf of Hektar Real Estate Investment Trust (“Hektar REIT”) from Wetex Realty Sdn Bhd (“Wetex” or “Vendor”), of a five (5) storey shopping complex known as “Wetex Parade” (“Mall”) and hotel tower known as “Classic Hotel” (“Hotel”) together with a basement car park held under H. S. (D) 19633, No. Lot PTB 10586 (“PTB10586”) and Geran 84560 (formerly known as Certificate of Title No. 2955), Lot No. 3675 (“Lot 3675”) both in Bandar Maharani, District of Muar, Johor Darul Takzim (collectively “Property”) for a cash purchase consideration of RM117,500,000 (“Acquisition of Property and Lease Back of Hotel”) Read more

(KLSE 18-2-2008)

CIMB closes 21 branches in rationalisation

PETALING JAYA: CIMB Bank and CIMB Islamic have closed 21 branches in the country under its branch rationalisation exercise, reducing the number to 362. CIMB Bank said last Saturday the closure of the branches was the second phase of CIMB Bank’s plans to optimise its distribution network after acquiring Southern Bank Bhd in March 2006. CIMB Bank head of consumer sales and distribution Sulaiman Mohd Tahir said the group was “right-sizing our branch network” by merging, closing or relocating branches located near each other or within the same area. “In addition to promoting efficiency and reducing costs, this move frees us to set up branches in under-served areas and better meet our customer needs,” he said. Read more

(The Edge 18-2-2008)

Exclusive homes by the Malacca River

CASA del Rio (M) Sdn Bhd, a unit of the Casa del Mar Group, expects its latest prestigious product, the Casa del Rio boutique hotel and serviced apartments in Malacca, to cater to rising room demand in the state by end-2009.The company is building the properties for RM85 million on a 1.3ha heritage site by the Malacca River. Aptly translated as "Home by the river", Casa del Rio will set forth Malacca as an international destination that offers world-class accommodation and residential living that will cater to all markets domestically and internationally.The properties are stylish and designed to capture the essence of the uniquely beautiful Peranakan House with its charming courtyards and the beauty of the Malacca Sultanate heritage.Group managing director Tan Sri Syed Yusof Syed Nasir said it is targeting to launch the five-storey serviced apartments, comprising 32 exclusive two- and three-bedroom units, by April."We have pegged the units at RM600 per sq ft to RM1,800 per sq ft and we are targeting local and foreign buyers," Syed Yusof told Business Times.Read more

(New Straits Times 18-2-2008)

Eversendai expects new deals to boost revenue

The engineering group is bidding for some RM2 billion worth of contracts EVERSENDAI Engineering Group of Companies expects revenue this year to be the highest on record on the back of recently secured contracts, which has helped broaden its order book by a third.For the 12 months ended December 31 2007, Eversendai posted a revenue of RM620 million, said group managing director Datuk A.K. Nathan."This year, we are expecting revenue to expand to a record," Nathan told Business Times in an interview.Read more

(New Straits Times 18-2-2008)

Group: We want a public hearing

A GROUP of owners and residents have filed for a judicial review by the High Court to compel the Kuala Lumpur City Hall (DBKL) to hold a public hearing on a proposed development at the KL side of Bukit Gasing. The application was filed on Feb 11 by 108 property owners from Maxwell Towers, Cameron Towers, Frasers Towers and Gasing Indah, all of whom live in the neighbourhood of the proposed development. Joint Action Committee for Bukit Gasing (JACBG) committee member Gary Yeoh said concerned owners and residents have had a series of meetings and submitted petitions to DBKL, but DBKL sent a letter on Dec 31, 2007 refusing to grant a public hearing. Read more

(The Star 18-2-2008)

Syed Mohamed going to Saudi Arabia for big offer

DATUK Syed Mohamed Syed Ibrahim not only wants to give his best in everything he does but also likes challenges that will enable him to bring out his best. This is the man whose name in the corporate circle is synonymous with the RM9.2bil smart township, @enstek in Negri Sembilan – a project by TH Properties Sdn Bhd where he was the chief executive officer. He left the company last month, after a four-year stint. Datuk Syed Mohamed Syed IbrahimIn March, the Universiti Malaya economics graduate will be heading to Saudi Arabia for a bigger challenge – to helm the development of the Madinah Knowledge Economic City (K.E.C. Madinah), a RM25bil project. “K.E.C. Madinah ranks third (in value and size) among the six economic cities to be developed throughout Saudi Arabia, after King Abdullah Economic City and Jazan Economic City,” said Syed Mohamed, 50. Read more

(The Star 18-2-2008)

POIC project attracts RM1.8bil investments

POIC Sabah Sdn Bhd's palm oil industrial cluster (POIC) project in Lahad Datu has steadily attracted quality investors since its launch over the past two years. POIC is Malaysia's first dedicated large-scale palm oil downstream industrial park on a 2,000ha site to be developed in the next 18 years. Datuk Dr Mohamad Hashim Ahmad TajudinTo date, it has secured investments worth RM1.8bil from 18 companies, including foreign groups from South Korea, Britain, Australia, Singapore and Hong Kong. Among its major investors are Chemical Company of Malaysia Bhd (CCM), Lahad Datu Edible Oils Sdn Bhd (part of the Wilmar-Kuok Group), QL Resources Bhd, Australia-based Sterling Biofuels International Ltd, South Korea-based ECO Solutions Co Ltd, and Union Harvest Group, which is partly owned by Sumifert Sdn Bhd that is linked to Japanese multinational Sumitomo Corp. Read more

(The Star 18-2-2008)

Work to start on Iskandar theme zones

WORK is to begin soon on the Iskandar Development Region's (Iskandar) three theme zones in Node 1, the flagship catalyst project to grow the first integrated international city there.Rim City Sdn Bhd (RCSB), the master concessionaire of Node 1, and Cultural Cluster Sdn Bhd (CCSB) have jointly announced that the definitive agreement has been made effective.In a joint statement recently, RCSB and CCSB said Node 1 is set on 931ha of prime greenfield land in Nusajaya, located between the second crossing to Singapore and the New Johor State Administrative Centre."CCSB is vested with the development of the Logistics Village, Creative Park and Heritage District, covering about 251ha, offering an abundant choice in residential and commercial properties and mixed development," it said.RCSB and CCSB said that the transaction is valued at RM1.2 billion. - Bernama

(New Straits Times 18-2-2008)

No imminent price bubble in KLCC enclave

In the final part of our focus on KLCC, we look at new price benchmarks and growing interest from real estate investors in the property hotspot

THERE is no imminent worry of a price bubble in the residential and commercial property markets around the Kuala Lumpur City Centre (KLCC) enclave given the existing strong demand, especially for quality developments, according to developers and property consultants. They concurred that the market was still able to absorb the incoming supply although in the short term, there might be an oversupply in the residential sector. In the next one to two years, 3,000 more residences will come on stream in addition to the existing 6,000 units. In the commercial market, a lack of Grade A office space has resulted in high occupancy and rental rates for offices. Zerin Properties Sdn Bhd chief executive officer Previndran Singhe said the price level of RM2,000 per sq ft for upmarket apartments now was reflective of the pent-up demand for such units in the KLCC area.

(The Star 18-2-2008)

Penang agency to build RM100m office tower

Besides Citigroup, the Penang Development Corp is wooing other Fortune 500 companies to open their offices at the 16-storey office tower in Bayan Mutiara PENANG Development Corp (PDC), the state's development arm, plans to build a RM100 million office tower in Bayan Mutiara on the island, which is set to be its flagship commercial building.It is also in talks with Citigroup to make the US bank the anchor tenant of the 16-storey building. PDC is also wooing other Fortune 500 companies to open their offices there."PDC has made its presentations and submitted proposals to Citigroup, and the latter is said to be deliberating the matter at its head office in the US."The corporation is also eyeing other top global names to invest there," an industry source said.

(New Straits Times 18-2-2008)

More to be done to improve infrastructure

THE success of the Kuala Lumpur City Centre (KLCC) enclave has raised the profile of Kuala Lumpur on the world map, but much still needs to be done for it to reach the status of other world-class cities such as New York, London and Singapore. The plus features of the KLCC include the integrated nature of the development comprising the Kuala Lumpur Convention Centre, three shopping complexes (Suria KLCC, Pavilion KL and Avenue K), a number of five-star hotels, as well as food and beverage outlets. According to Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng, world-class cities have a wide range of social amenities and facilities such as shopping, healthcare, public recreational parks, places of worship and schools. Read more

(The Star 18-2-2008)

Grade A office in tight supply

ACCORDING to the Valuation and Property Services Department's third quarter 2007 (3Q07) commercial property stock report, the total existing stock of purpose-built offices in Kuala Lumpur stood at 372 properties with 65.04 million sq ft of space and an 83% occupancy rate. The report noted that with the completion of one building with 272,434 sq ft of space in 3Q, there was a further 17 properties with 8.02 million sq ft of space that were under construction. Planned supply for the quarter stood at 14 properties with about 12.36 million sq ft of space. In the Golden Triangle area that encompasses those streets nearest KLCC, there were a total of 44 properties with about 9.40 million sq ft of space and an occupancy rate of 82.1% while in the Jalan Ampang area comprising those streets neighbouring KLCC, there were 23 properties with 8.28 million sq ft of space. The occupancy rate for the area was 88.9%. One property with 106,778 sq ft was under construction in the Golden Triangle while planned supply for the area stood at two properties with a total of 692,560 sq ft. Read more

(The Star 18-2-2008)

Commercial property still a good buy

DUE to the tight supply and continued foreign interest in purchasing, on an en bloc basis, purpose-built Grade A office buildings in Kuala Lumpur in the past year, the commercial property segment of the market will remain a good bet in the short term. Besides foreigners, real estate investment trusts (REITs) and property funds have also been on the hunt for commercial properties. The Macquarie Global Property Advisors' acquisition of the City Square Centre for RM680mil from Asia Pacific Land Bhd announced in mid-2006 and completed last year among one of the first. The quarterly market reports of a number of property consultancies have also noted the continued interest among foreigners, in particular Middle Easterners and Singaporeans, in downtown Kuala Lumpur's commercial property development projects or in older Grade A office buildings. Read more

(The Star 18-2-2008)

Property Nuggets

More Office Tower at KL Sentral

Development continues apace at the Klang Valley's transportation hub. The latest involves the acquisition of a 1.85 acre plot in Kuala Lumpur Sentral for RM133 million (or RM1,647 psf) by a joint-venture company, Cozy Bonanza Sdn Bhd.

Axis-REIT expands portfolio

Axis REIT has ventured out of its comfort zone in the Klang Valley by acquiring two leasehold industrial buildings in Pasir Gudang, Johor Bahru

Tower-REIT

A significant improvement in nett income for the financial year ended Dec 31, 2007 has led Tower Real Estate Investment Trust (Tower-REIT) to declare a higher distribution per unit (DPU).

IDR to roll out more projects

As consequence, land prices in IDR have continued to rise, with Ghani saying a consortium comprising UEM Land Bhd and Dubai's Limitless Holdings recently bought 111 acres in Puteri Harbour for RM50 psf.

(New Straits Times 16-2-2008)

Big jump in revenue from sales at property unit

KUALA LUMPUR: UEM Land Sdn Bhd, which will be listed in September should the restructuring exercise it will undergo soon pass through smoothly, has a lot of work in hand. It is the master developer of the 24,000-acre Bandar Nusajaya located in Gelang Patah in southwestern Johor. Bandar Nusajaya is also in the heart of the Iskandar Development Region (IDR) and UEM Land is currently developing 11,000 acres of the land. According to UEM Land managing director Wan Abdullah Wan Ibrahim at a media briefing yesterday, the company has seen substantial improvement in revenue from sales of residential units, industrial plots and sale of land to other developers for co-development purposes. “Our growth strategy is to create a nucleus for the IDR via seven catalyst development projects. Read more

(The Star 16-2-2008)

UEM Land listing in September

KUALA LUMPUR: UEM Land Sdn Bhd, the property development subsidiary of UEM Group Bhd, will be listed in September in a restructuring exercise worth between RM2bil and RM3bil, while UEM World Bhd, the listed investment holding company of the group, will eventually be delisted. UEM Group has a 51.9% stake in UEM World and 28.5% stake in UEM Land. The restructuring exercise would involve the non-renounceable restricted offer for sale (ROS) of UEM World’s shares in four listed subsidiaries to its (UEM World’s) shareholders. The company’s stakes in the four listed subsidiaries are Pharmaniaga Bhd (72.5%), Opus Group Bhd (62.2%), UEM Builders Bhd (51.7%) and Cement Industries of Malaysia Bhd (CIMA, 50.7%). Read more

(The Star 16-2-2008)

RCSB, CCSB to start development in IDR

KUALA LUMPUR: Work is to begin soon on the Iskandar Development Region’s (IDR) three theme zones in Node 1, the flagship catalyst project to grow the first integrated international city there. Rim City Sdn Bhd (RCSB), the master concessionaire of Node 1, and Cultural Cluster Sdn Bhd (CCSB) have jointly announced that the definitive agreement is now effective. RCSB is a subsidiary of South Johor Investment Corp Bhd while CCSB is special purpose development vehicle majority owned by Al-Nibras 2 Ltd, a Labuan-based private fund company managed by Kuwait Finance House (Labuan) Bhd, which is in turn a wholly-owned subsidiary of Kuwait Finance House (M) Bhd. – Bernama

(The Star 16-2-2008)

E&O to build RM1bil investment portfolio

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) intends to build RM1bil worth of property investment portfolio in the next five years, now that the proposed merger with listed property arm E&O Property Development Bhd (E&O Prop) has got the go-ahead from shareholders. Three years ago, E&O attempted to take E&O Prop private by making a voluntary general offer but the deal fell through because the latter’s minority shareholders voted against it at an EGM.
This time, the proposal received a huge approval of 99.9% in terms of shareholding value, and 80 positive votes from 86 shareholders during the court-convened meeting by E&O Prop yesterday. Read more

(The Star 16-2-2008)

SP Setia sees revenue rise

PENANG: SP Setia Bhd expects to generate about RM1.8bil in sales revenue from new and existing property projects in the country and overseas in the financial year ending Oct 31. Speaking at a press conference during the company’s Chinese New Year celebration here, group managing director and chief executive officer Tan Sri Liew Kee Sin said new property launches in Vietnam were expected to rake in sales of RM300mil to RM400mil. Read more

(The Star 16-2-2008)

Sunway City plans 3 more office towers

PROPERTY developer Sunway City Bhd plans to add three more office towers within the Sunway Lagoon Resort this year, managing director of property investment Ngeow Voon Yean said yesterday. However, the firm has not yet confirmed the cost for the new properties."The office towers are expected to be completed in two years," he said.

(New Straits Times 16-2-2008)

Sabah to set up one-stop investment authority

SABAH will set up a one-stop investment authority called the Sabah Economic Development Investment Authority (Sedia) to facilitate investments in the state.Executive director of Institute for Development Studies in Sabah, Datuk Dr Mohd Yaakub Johari said Sedia will be governed by a board of directors comprising the prime minister and the Sabah chief minister as co-chairmen."It will operate in line with best practices of corporate governance recognised globally and run by a pool of top-notch management talent."Sedia will ensure that investors in the identified high priority sectors have one point of contact to obtain the necessary approvals, licences and available incentives for set-ups," he said. Read more

(New Straits Times 16-2-2008)

SP Setia eyes RM400m sales from Vietnam project

The 'EcoLakes' project, with a gross development value of RM2.5 billion, will showcase Malaysian expertise in the property development sector in Vietnam. PROPERTY developer SP Setia Bhd is targeting between RM300 million and RM400 million in sales of properties at its soon-to-be-launched 'EcoLakes' project in Vietnam.Its group managing director and chief executive officer Tan Sri Liew Kee Sin said the company, which has obtained the necessary approvals to launch the project in April this year, will use the project to showcase Malaysian expertise in the property development sector in Vietnam.The 200ha integrated development, which carries a gross development value of RM2.5 billion, is located in Ho Chi Minh City."We will ensure that this maiden project of ours in Vietnam carries the same high standards executed in Malaysia as we brand ourselves as one of the best developers in that country," he told reporters during a Chinese New Year gathering in Penang yesterday. Read more

(New Straits Times 16-2-2008)

Property to be enlarged E&O revenue driver

Shareholders have voted in favour of the E&O Property Development Bhd-E&O Bhd merger, which is expected to be completed by the middle of this year PROPERTY development will continue to be the core driver of the soon-to-be-enlarged Eastern & Oriental (E&O) group, with over RM4 billion projects to be launched within the next three years.Managing director Datuk Terry Tham said in five years, property development would account for 60 per cent of the group's earnings, while property investment and hospitality/lifestyle business would equally contribute 20 per cent each."Our property investment division will allow us to maintain prime commercial assets worth RM1 billion over the next five years," he said, adding that this will provide the group with recurring income and capital appreciation. Read more

(New Straits Times 16-2-2008)

Analysts mixed on UEM World restructuring

An analyst says the move is minimal value-enhancing, while another says it's good for shareholders to have that focus as it is changing into a pure-play property developer. ANALYSTS were mixed in their opinions as to whether the proposed restructuring of UEM World Bhd would be good for all its shareholders.Most liked the fact that the deal allows investors to have direct exposure to the group's biggest asset, the soon-to-be-listed UEM Land, master developer of the Iskandar Development Region in Johor.UEM Land is 71.5 per cent owned by UEM World."It's changing from a conglomerate to a pure-play property development company. It's good for shareholders to have that focus," said an analyst from Hwang-DBS Vickers Research. Read more

(New Straits Times 16-2-2008)

UEM World revamps

Many investors in UEM World are mainly interested in UEM Land and this exercise will allow them to participate in a pure property firm, says UEM World managing director. UEM World Bhd plans to become a pure property company by spinning off its cement and drug-making businesses in a sale to its shareholders.UEM Land Sdn Bhd, its property unit that's overseeing Malaysia's biggest property project in Johor, will be listed while UEM World will be de-listed under its latest restructuring exercise."The exercise is carried out to provide the platform for further growth of our business. UEM Land in recent periods has increasingly become the driver for the share price of UEM World," UEM World managing director Datuk Ahmad Pardas Senin said in a media briefing in Kuala Lumpur yesterday.Read more

(New Straits Times 16-2-2008)

New Development: Sungai Kapar Indah, Klang

On-Going Projects :: Sungai Kapar Indah, Klang :: A Project by Titijaya

New Development: Pearl Villas

Malton Berhad :: Home

New Development: Jade Hill

Welcome to Jade Hill

New Development: Laman Seri Business Park

TTDI Development::Living your life with us

Tanco plans sale-and-leaseback scheme for resort properties

KUALA LUMPUR: Tanco Holdings Bhd plans to sell and lease back some of its resort properties at Palm Springs Resort City, Port Dickson, as part of its strategy of returning to profitability, said its executive director Datuk Lynne Tan. Tan said the scheme could be extended to the company’s future resort projects. “We are looking to start with Duta Grand resort suite at our Palm Springs Resorts City in March, and probably the spa village there next,” she said. Tan said the scheme would be attractive to investors cum holidaymakers, as Malaysian properties were among the cheapest in the region and such schemes were common in some countries. “There is a lot of interest from individual Koreans as their government has allowed them to remit up to US$3 million (RM9.8 million) per family for overseas investment,” she added. She said under the scheme, Tanco would undertake to maintain the properties that it leased back for a cut of the rental. This would make maintenance of the properties more manageable, while ensuring the properties would not depreciate. Read more

(The Edge 15-2-2008)

E&O in JV to develop 79ha IDR land

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) has teamed up with Cultural Cluster Sdn Bhd to develop a 79ha parcel of land in the Iskandar Development Region (IDR) in southern Johor. In a statement yesterday, E&O said it had signed a memorandum of understanding (MoU) with Cultural Cluster to set up a 50:50 joint-venture company for the purpose. It said the land formed part of Node 1 of IDR identified as the “cultural cluster” that encompassed three distinct zones, namely Logistic Village, Creative Park and Heritage District. Read More

(The Edge 15-2-2008)

Tasco leases logistics centre

PETALING JAYA: Trans-Asia Shipping Corporation Bhd (Tasco) has clinched a six-year contract, with an option of three years, to lease its logistics centre in Bangi to Honda (Malaysia) Sdn Bhd. The integrated logistics solutions provider said the RM8.5 million centre would serve as a pre-delivery inspection centre for Honda’s complete built-up unit cars in Malaysia.

(The Edge 15-2-2008)

Possible scenarios for UEM World revamp

UEM World Bhd, which is set to announce a change in its business direction today, may say it plans to take its listed units private via share swaps, says JPMorgan."Such an exercise could be aimed at upstreaming all the cash within the subsidiaries to finance the working capital needs for Iskandar Development Region (Iskandar)," the foreign research house told clients in a note outlining two possible scenarios for UEM World's restructuring.Gross cash from UEM World's four listed units - UEM Builders, Cement Industries of Malaysia, Opus Group and Pharmaniaga - is estimated at around RM837 million.UEM World owns 71.5 per cent of UEM Land, which is the master developer of Iskandar's Bandar Nusajaya, Malaysia's biggest property project.The other scenario, which JPMorgan believes is less likely to happen, is for UEM World to raise the cash it needs by disposing of or paring down its stakes in the listed units, possibly to Middle Eastern investors. This way, the only asset remaining in the company would be UEM Land. "This could then lead to a backdoor listing of UEM Land, and achieves the objectives of 'ring-fencing' the IDR (Iskandar) investment case away from the remaining businesses," JPMorgan said.It however believes that this scenario would be counter-intuitive to Khazanah Nasional Bhd's restructuring thrusts for the government-linked company. Khazanah owns 51.9 per cent of UEM World.

(New Straits Times 15-2-2008)

Spa Village Tanjong Jara wins award

SPA Village Tanjong Jara, part of the YTL group of luxury resorts, has been voted Best Hotel Spa in Asia Pacific and the Indian Subcontinent by the UK’s Condé Nast Traveller Annual 2008 Readers’ Spa Awards.It was also ranked second in the prestigious “Best of the Best” list of the World’s Top 26 Spas, it said in a statement. Resort manager Adrian Chung (pic) received the award in London earlier this month.Condé Nast Traveller is widely regarded as the most influential magazine in its field and seen as a bible for the discerning traveller. The Readers’ Spa Awards, now in their fifth year, are based on votes for spa facilities and services, individual approach, ambience and decor, body and facial treatments, amenities and products, exercise programmes, cuisine and quality of service and staff.Over 14,000 readers voted for their favourite hotel spas, day spas and medical spas.

(New Straits Times 15-2-2008)

Green light for KL Grand Hyatt

THE Brunei Investment Agency, one of the world's largest sovereign wealth funds with assets of US$30 billion (RM97.2 billion), has finally been given the green light to develop the Grand Hyatt hotel on Jalan Pinang, Kuala Lumpur.Business Times was informed that the proposal, which was submitted in 2005, was approved in late November 2007, after several amendments to its original proposal had been made.Brunei Investment Agency official Suharafadzil Yusof when contacted said the project had been approved.However, he declined to say when work will start or when the project will be ready. Apart from a 40-storey five-star hotel, the building will also house service apartments and offices.The hotel alone may cost about RM360 million, industry executives estimated, if it sticks to a plan to have 450 rooms.There was also no response to Business Times' query from Hyatt International's office in Singapore.Industry experts say that if construction begins immediately, it could take anything between 30 and 36 months to be ready. This means that the hotel may be operational in 2010. Read more

(New Straits Times 15-2-2008)

UEM Land’s profit catalyst

PETALING JAYA: UEM Land Sdn Bhd expects record sales and profit by 2012 when development of its Bandar Nusajaya in the Iskandar Development Region (IDR) picks up momentum. Managing director Wan Abdullah Wan Ibrahim said the development of Nusajaya should reach its “tipping” point by 2011 as new activities and projects were being launched. Targeted for completion in 30 years, Nusajaya is expected to incur a total gross development cost of RM55bil. UEM Land is currently working on 11,000 acres in Nusajaya. The sale of 4,500 acres to Khazanah in 2006–2007 for RM1.9bil has reduced the company's gearing to 0.48 time from 17.38 times before. Read more

(The Star 15-2-2008)

Three phases of stalled Palm Springs Resort to be launched this year

KUALA LUMPUR: Resorts operator and property developer Tanco Holdings Bhd will, for the first time in 10 years, be launching this year three phases of a previously stalled major project, Palm Springs Resort, in Port Dickson. The company had been launching several small phases of its Bandar Country Homes development in Rawang in the past few years, but these had been slow, business development director Andrew Tan told StarBiz. For Palm Springs Resort which comprises 15 phases, Tanco aims to launch Duta Grande comprising 800 units of 410 to 830 sq ft resort suites with a gross development value (GDV) of about RM260mil ; SPA Village with 70 chalets ranging from 1,200 to 1,400 sq ft worth RM70mil in GDV; and Palm Springs Boulevard consisting of 24 shop lots with built-up areas of 1,200 sq ft with a GDV of RM15mil. Read More

(The Star 15-2-2008)

New Development: Glenmarie Cove - Riverfront Resort Living

Glenmarie Cove - Riverfront Resort Living

New Development: Jana Towers

Welcome to Jana Towers

MRT service to IDR being studied

COMMUTERS might be able to take the MRT to Johor one day. Singapore and Malaysia have formed a working group to look at ways of improving transport links between the two countries. One option being considered is to run Singapore’s MRT network into Johor, Singapore’s Ministry of Transport revealed on Tuesday. If that gets the green light, The Straits Times understands the cross-border MRT service could start at the Woodlands station here and end at the Iskandar Development Region (IDR). The area is a special economic zone spanning 2,200 sq km in south-west Johor – where a monorail system is proposed. Read more

(The Star 14-2-2008)

TSR in deal to acquire Negri Sembilan land

KUALA LUMPUR: TSR Capital Bhd wholly-owned subsidiary TSR Medic Land Sdn Bhd (TML) has signed a conditional sale and purchase agreement with TH-NSTC Sdn Bhd to acquire 142 acres freehold land for RM52.58mil cash. The land was part of the 162 acres in Bandar Baru Enstek, Negri Sembilan, which TSR planned to develop into a medical city, it said in a filing with Bursa Malaysia yesterday.

(The Star 14-2-2008)

Bina Darulaman JV gets SPN housing job

KUALA LUMPUR: Bina Darulaman Bhd said Syarikat Perumahan Negara Bhd (SPN) has issued a conditional letter of acceptance to Bina Kuari-Konsortium Waza Maju JV to build “Perumahan Mampu Milik” in Kedah for a total cost of RM100.5mil. It told Bursa Malaysia the contract was for 36 months from the date of site possession, which had yet to be confirmed. – Bernama

(The Star 14-2-2008)

UEM World to streamline ops

PETALING JAYA: UEM World Bhd is expected to announce in the next few days a major corporate exercise that could possibly involve the streamlining of the group's business structure to turn it into a pure property play, sources said. The sources said the four listed companies in the UEM World stable – UEM Builders Bhd, Opus Group Bhd, Pharmaniaga Bhd and Cement Industries of Malaysia Bhd (Cima) – were expected to be transferred to UEM Group Bhd. UEM Group controls UEM World. How the transfer would be structured is not known as those involved in the crafting of the deal are still looking at various options. One option is for all the shares held by UEM World in the four companies to be distributed to shareholders as dividends. The other option is for UEM Group to buy UEM World’s stakes in those companies. UEM World has a 51.7% stake in listed construction firm UEM Builders, 62.4% in Opus, an asset management consultant, 72.5% in Pharmaniaga and 51.2% in Cima. Read More

(The Star 14-2-2008)

Metropolitan Square’s appeal

PETALING JAYA: There has been a significant increase in foreign interest for Saujana Triangle Sdn Bhd's Metropolitan Square mixed development in Damansara Perdana. According to the developer’s operations senior manager Preetie Boler, the development’s properties are attracting buyers and tenants from Korea, Singapore, Japan and Europe. Currently, about 30% to 35% of the buyers for units in Metropolitan Square are foreigners but Boler expects the figure to increase in the future. “We have some foreign purchasers coming from theMont’Kiara area who are attracted to our reasonable prices and the environment of the development,” she said. The developer is a subsidiary of MK Land Holdings Bhd. “Located on a 17-acre leasehold tract in the self-contained Damansara Perdana township, residents have access to a wide variety of commercial facilities, which are supported by nearby amenities including major shopping centres, private and international schools, hotels, and medical institutions,” she said. Read More

(The Sun 14-2-2008)

Emkay forest resort may open doors next month

THE Emkay Group of companies, controlled by property tycoon Tan Sri Mustapha Kamal Abu Bakar, may open the doors of its Belum Rainforest Resort in Pulau Banding, Gerik, Perak, by as early as next month.Mustapha is the chairman and dominant stakeholder of MK Land Holdings Bhd, a publicly traded property developer listed on the main board of Bursa Malaysia.He holds the stake in MK Land via Emkay Group.Meanwhile, Emkay Group's senior general manager, Yusof Abu Othman, said the resort is the first of two. The company is building it at a total cost of RM77 million."We will open 70 rooms in March and another 50 rooms next year. We will go all out this year on promotional activities such as participating in eco tourism shows and work closely with travel agents on offering travel packages."We expect mainly European or American tourists because they are the ones who appreciate nature," Yusof told reporters at the company's headquarters in Selangor last week.The company bought Pulau Banding in 2005 after the Perak state government called on Emkay to develop the 260ha island as the premier destination gateway of international ecotourism into Malaysia. Read More

(New Straits Times 14-2-2008)

Genting should take Resorts private: AmResearch

GENTING Bhd should take its 49 per cent unit Resorts World Bhd private in a deal that could cost Asia's largest publicly traded casino operator some RM14 billion, AmResearch said in a report this week.The report echoed a similar suggestion made six months ago by J P Morgan Chase & Co.AmResearch said taking it private would help the Genting group's growing funding requirements and eliminate earnings leakage, as it would be able to fully consolidate Resorts earnings and gain access to its cashflows.It rates Resorts as a buy with a target price of RM4.65. The stock closed up 10 sen to RM4.00 yesterday. Read More

(New Straits Times 14-2-2008)

The Store to pay MD’s firm RM130mil for shopping mall

PETALING JAYA: The Store Corp Bhd managing director Datuk Seri Tang Yeam Soon is expected to pocket at least RM130mil cash as shareholders passed a resolution to acquire a shopping mall from him at yesterday’s EGM. In addition, Tang may also receive debt repayments soon since The Store will assume the inter-company loan totalling RM43.9mil when the retail group buys out Jurus Kota SdnBhd (JKSB), the investment holding company of Alor Star Mall. The liabilities are owed to Y.S. Tang Holdings Sdn Bhd, whose major shareholders are Tang and his wife Datin Seri Khor Gaik Lee. The couple own JKSB as well. According to the circular to shareholders, The Store will settle the liabilities undertaken upon completion of the acquisition. Read More

(The Star 14-2-2008)

Putrajaya Holdings in talks to sell building

PUTRAJAYA: Putrajaya Holdings Sdn Bhd (PJH) has identified three investors for the en bloc sale of its 26 Boulevard office building in Putrajaya's Precint 3, said chief executive officer Azlan Abdul Karim. The investors comprised two local parties and one foreign purchaser, he said. “We will give the first option (to purchase) to the local investors but we will, of course, consider the best offer,” Azlan told reporters at a seminar yesterday. The 12-storey building has 48,000 sq m gross floor space and is valued at more than RM200mil. Read More

(The Star 14-2-2008)

Company Announcement:TSR CAPITAL BERHAD

Proposed acquisition of a piece of freehold land measuring approximately 142 acres in area and being part of a piece of freehold land held measuring approximately 402.911 hectares in area under Title H.S.(D) 174814 PT 29074, Bandar Baru Enstek in the District of Seremban, State of Negeri Sembilan for a total cash consideration of approximately RM52.577 million.

Under the SPA, TML has agreed to acquire a piece of freehold land measuring approximately 142 acres in area (“142 Acre Land”), being part of a piece of freehold land measuring approximately 403 hectares in area held under Title H.S.(D) 174814 PT 29074, Bandar Baru Enstek in the District of Seremban, State of Negeri Sembilan (“Enstek Land”), for a total cash consideration of approximately RM52.577 million, or RM8.50 per square foot (“Purchase Consideration”) for the 142 Acre Land (“Proposed 142 Acre Land Acquisition”). Read more

(KLSE 13-2-2008)

Karambunai to sell properties

DEVELOPER and resort operator Karambunai Corp Bhd plans to sell 8,201.9 sq m of land complete with a four-storey office building, a warehouse and ancillary building in Petaling Jaya to PTB Horticulture Farm Sdn Bhd for RM12 million. Karambunai said that PTB, a unit of Petaling Tin Bhd, has made a notification to the Foreign Investment Committee for the proposed acquisition.

(New Straits Times 13-2-2008)

Benefits of Sarawak master plan wide

PETALING JAYA: The development master plan for Sarawak is expected to benefit not only Sarawak Energy Bhd but also several companies already established there and those originating from the Land of the Hornbills. The Sarawak Corridor of Renewable Energy (Score), which was launched on Monday, would be a major boost for companies such as Cahya Mata Sarawak Bhd (CMS), TRC Synergy Bhd, Hock Seng Lee Bhd, Naim Cendera Holdings Bhd, WCT Engineering Bhd and Loh & Loh Corp Bhd. "We are looking to participate in other developments in and around the Similajau area" - DATUK RICHARD CURTISAseambankers said in a research note yesterday that UBG Bhd and Putrajaya Perdana Bhd might also play significant roles following the proposed change in the core business direction for UBG and ownership of the latter. Read More

(The Star 13-2-2008)

Epic buys 8.7ha site in Terengganu

DEVELOPER Eastern Pacific Industrial Corp (EPIC) Bhd and its unit Pangkalan Bekalan Kemaman (PBK) Sdn Bhd have acquired 8.67ha land in Terengganu from Perbadanan Memajukan Iktisad Negeri Terengganu for RM6.32 million. In a statement to Bursa Malaysia, EPIC said the land has been earmarked for a new fabrication yard and for PBK's future expansion.

(New Straits Times 13-2-2008)

DRB-HICOM gets offer for mall

The S$150 million offer is unlikely to sway the management team to sell the Tekka Mall in Singapore's Little India anytime soon, sources say DRB-HICOM Bhd, the country's largest integrated automotive concern, has received a S$150 million (about RM344 million) offer for a shopping mall it owns in Singapore's Little India, people familiar with the matter said yesterday.The offer is some 50 per cent more than what it received in 2006. However, it is unlikely to sway the management team to sell the Singapore asset anytime soon."It is believed that DRB-HICOM intends to pump in between RM10 million and RM20 million to refurbish and rebrand the six-storey Tekka Mall, which sits on 6,332 sq m of commercial land in between Serangoon and Sungei Road.Read more

(New Straits Times 13-2-2008 )

Naim studying foreign JV offers

KUCHING: Naim Cendera Holdings Bhd is evaluating several joint venture offers for property developments or construction projects overseas. Deputy managing director Dr Sharifuddin Wahab said one proposal was from the government of a northern African nation for a RM300mil walk-up apartment project. “We are in discussion on this apartment project and expect a decision towards the third-quarter this year,” he told StarBiz yesterday. Read more

(The Star 13-2-2008)

Company Announcement: KARAMBUNAI CORP BHD

Proposed Disposal to PTB Horticulture Farm Sdn Bhd, a wholly-owned subsidiary company of Petaling Tin Berhad, of approximately 8,201.86 square metres of leasehold land in Petaling Jaya together with a four storey office building with an annexed single storey warehouse and ancillary building (“Property”) for a cash consideration of RM12.0 million ("Proposed Disposal")

Further to our announcement on 7 December 2007, the Board of Directors of Karambunai Corp Bhd wishes to announce that PTB Horticulture Farm Sdn Bhd (“PHFSB” or “Purchaser”) has made a notification to the Foreign Investment Committee on 12 February 2008 for the Proposed Disposal. This announcement is dated 12 February 2008.

(KLSE 12-2-2008)

Company Announcement PERBADANAN MEMAJUKAN IKTISAD NEGERI TERENGGANU

PROPOSED ACQUISITION OF TWO PIECES OF LAND FROM PERBADANAN MEMAJUKAN IKTISAD NEGERI TERENGGANU (“PROPOSED LAND ACQUISITION”)

Eastern Pacific Industrial Corporation Berhad and its subsidiary, namely Pangkalan Bekalan Kemaman Sdn Bhd had on 12 February 2008 entered into two separate Sale and Purchase Agreement (“Agreements”) with Perbadanan Memajukan Iktisad Negeri Terengganu (“PMINT” or “Vendor”) to acquire two pieces of land (collectively “the Land”) Read More

(KLSE 12-2-2008)

GIL secures RM9.6b loan for S’pore resort

KUALA LUMPUR: Genting International PLC (GIL), the foreign investment arm of Genting Bhd, has secured close to S$4.2 billion (RM9.6 billion) for its S$6 billion integrated resort in Singapore’s Sentosa Island. In an announcemment to the Stock Exchange of Singapore yesterday, GIL said the syndicated senior secured credit facilities obtained via its indirect wholly owned Resorts World at Sentosa Pte Ltd (RWS) comprised S$4 billion in loans, and a S$192.5 million banker’s guarantee scheme. DBS Bank, Oversea-Chinese Banking Corp, Hongkong and Shanghai Banking Corp, Royal Bank of Scotland, and Sumitomo Mitsui Banking Corp are the lead arrangers, underwriters and bookrunners for the facilities sponsored by GIL. “The facilities are not expected to have any material effect on the earnings per share and net tangible assets per share of the company (Genting International) and its subsidiaries for the current financial year,” GIL managing director Justin Tan Wah Joo said.

(The Edge 12-2-2008)

Tasco buys warehouse for RM2.5m

KUALA LUMPUR: Trans-Asia Shipping Corporation Bhd (Tasco) has bought a warehouse/ factory building on a freehold land in Sungai Way Industrial Free Trade Zone, Selangor for RM2.5 million cash. Tasco said yesterday it had acquired two shares of RM1 each representing a 100% interest in the property’s owner Maya Kekal Sdn Bhd. It said the purchase would not have any effect on its earnings for the financial year ending Dec 31, 2008. Read More

(The Edge 12-2-2008)

Malaysia launches billion$ Sarawak development plan

MALAYSIAN Prime Minister Datuk Seri Abdullah Ahmad Badawi has launched a development project worth nearly US$100 billion to fuel growth in resource-rich Sarawak.Abdullah said the government would spend an initial RM5 billion (US$1.54 billion) to kickstart the Sarawak Corridor of Renewable Energy, with private investment targeted at RM300 billion (US$93 billion).The Sarawak plan — the last of five regional economic blueprints being rolled out — focuses on developing the state’s energy resources of hydropower, coal, natural gas and petroleum.“The development, distribution and consumption of energy is a core element leading to the success of the Sarawak Corridor,” Abdullah said at the launch.The premier said the project aims to bring economic growth and eradicate poverty in the predominantly rural state by 2030, by creating some 800,000 jobs and luring billons in private investment.“It’s not going to be less than RM300 billion (ringgit). It’s a huge amount but it involves large developments in various fields ... in Sarawak, which is a very large (state),” he said. Read More

(New Straits Times 12-2-2008)

IOI Properties set to unveil project in IDR

JOHOR BARU: IOI Properties Bhd will launch a mixed property development along the North-South Expressway (NSE) in Kempas. General manager (property division) Simon Heng said Taman Kempas Utama would be launched by the second quarter of the year. We plan to offer high-end doublestorey link houses with gated and guarded and smarthome concepts« SIMON HENGHe said the project, on a 101.171ha, would have 2,000 residential and commercial units. Of the land, 20.2ha will be allocated for light industrial buildings. “It is timely for us to have a project in the Johor Baru district after our success in the ongoing Bandar Putra Kulai project,’’ Heng told StarBiz in a telephone interview. Read More

(The Star 12-2-2008)

Plan for biggest property IPO

The property arm of the Naza Group, TTDI Development, plans to list its shares on the main board of Bursa Malaysia in the third quarter of 2008 TTDI Development Sdn Bhd, well-known for its Taman Tun Dr Ismail township in Kuala Lumpur, is set to launch Malaysia's biggest property initial public offering (IPO) this year, its top official says. The property arm of the Naza Group, TTDI has hired CIMB Investment Bank Bhd to arrange the IPO and listing. "The IPO targets a market capitalisation of at least RM850 million," TTDI group managing director Datuk Johan Ariffin told Business Times in an interview recently. Read More

(New Straits Times, 12-2-2008)

Foreign investors keen on Encorp

PETALING JAYA: Talk has surfaced in the market that foreign investors are eying Encorp Bhd for either a strategic stake in the company or to purchase from the company its prized assets. A source told StarBiz that negotiations were under way and that the parties interested in taking up a block of shares in Encorp were linked to Middle Eastern investors. Another proposition was foreign interest to purchase Encorp's properties, the source added. Encorp group chief executive officer Yeoh Soo Ann, when contacted, said he was “not aware” of any Middle Eastern interest in the company. Read More

(The Star 12-2-2008)