Hektar REIT posts RM80.5m net income

KUALA LUMPUR: Hektar Real Estate Investment Trust (Hektar REIT) posted a net income of RM80.52 million for 13 months ended Dec 31, 2007 while revenue stood at RM78.45 million, comprising gross rental income of RM78.3 million, interest income of RM121,858 and other income of RM1,500. It said the actual revenue for the 13 months exceeded the forecast by 4.7% while actual expenses were capped within the forecast. The total income distribution stood at 10.71 sen per unit totalling RM34.27 million for the 13 months, surpassing its published forecast by 11%. Earnings per share stood at 25.16 sen. Hektar REIT was launched in Dec 1, 2006.

(5-2-2008 The Edge)

KFH seeks more projects in Malaysia

KUALA LUMPUR: Kuwait Finance House (KFH) expects to participate in more landmark projects after the Pavilion Kuala Lumpur, its first real estate venture in Asia and its first business transaction in Malaysia, said KFH group chairman and managing director Bader Al-Mukhaizeem. “We identified the project as an ideal investment due to its prime location in the Golden Triangle. This colloboration demonstrates the commitment of Kuwait Finance House to share our Middle Eastern experiences in Malaysia and the region. “With the presence of KFH in this region, we are able to attract more investors from the Gulf Cooperative Council countries to this part of the world. We will continue to contribute further towards the growth initiatives of Malaysia,” he said in a statement yesterday.

(5-2-2008 The Edge)

MUI-Chin Teck JV ‘gives away’ 160 acres

PUTRAJAYA: The developer of the 2,000-acre Bandar Springhill mixed project in Negri Sembilan has “given away” 160 acres of its freehold land to UCSI Education Sdn Bhd under a deal that is expected to help spur sales of the township’s residential and commercial properties. West Synergy Sdn Bhd, a 60:40 joint venture (JV) between MUI Properties Bhd and Chin Teck Plantations Bhd, sold the tract for an undisclosed sum for the college operator to set up an education township. “UCSI is buying the land at a nominal price,” said West Synergy chairman Wong Aun Phui. The company has used about a quarter or 550 acres of the designated site for mixed development at Bandar Springhill, which is located about 20 minutes drive from Seremban and Port Dickson.

(5-2-2008 The Edge)

KK Promises An Eco-Friendly Waterfront Project

At the launch of the SDC, a tripartite agreement was signed between WUD, KFH and Intonasi Intan Sdn Bhd witnessed by Prime Minister Datuk Seri Abdullah Ahmad Badawi . WUD managing director Reymee Mohamed Hussein said the development would incorporate environmentally friendly features like hi-tech LED lighting, energy conserving air conditioning systems and solar powered pedestrian lighting along the boardwalk. Reymee, together with Geoffrey P.J. Lee, conceptualised the Kota Kinabalu City Waterfront development masterplan with DBKK. He gave the assurance that there would be no reclamation work.

(5-2-2008 The Star)

Properties To Get Boost From Growth Region

The East Coast Economic Region (ECER) can boost the property sector and property prices in the long term, industry experts and real estate consultants say."It's a long term game and the higher impact would be on industrial development in buildings and land for industrial," Henry Butcher Malaysia's property research director Fahariah Abdul Wahab said.It is learnt that Kuantan can sustain another 150,000sq m of retail space, Kota Baru some 110,000 sq m and Kuala Terengganu some 135,000 sq m. Fahariah said although the ECER hold about 14.8 per cent of Malaysia's population, it only recorded up to 9.1 per cent of residential, 6.5 per cent of commercial and 8.3 per cent of industrial property transaction in the country in 2006.In terms of value, the residential sector in ECER only constituted 4.2 per cent of the national total.

(5-2-2008 New Straits Times)

Education Town In Bandar Springhill

West Synergy Sdn Bhd, a 60-40 joint venture between MUI Properties Bhd and Chin Teck Plantations Bhd, has teamed up with UCSI Education Sdn Bhd to establish an education township at its Bandar Springhill development in Negri Sembilan.UCSI vice-chancellor and president Peter T.S. Ng said the cost is still being worked out, but is likely to be in the region of "a few hundreds of million ringgit".

(5-2-2008 New Straits Times)

AmFirst REIT Posts RM8mil Net Income

KUALA LUMPUR: AmFirst REIT (real estate investment trust) recorded a net income of RM8mil, net property income of RM10.5mil and revenue of RM15.2mil for its third quarter ended Dec 31, 2007. Am ARA REIT Managers Sdn Bhd acting chief executive officer Anthony Ooi Kwee Yang said in a statement that while growth via acquisition was important, the REIT manager was also focused on asset enhancement.

(5-2-2008 The Star)

Perangin Mall Developer Ordered To Get Strata Title

A High Court in Penang has ordered the developer of Prangin Mall, Getaran Unggul Sdn Bhd, to apply for the building's strata title within six months. Justice John Louis O’Hara yesterday allowed an application by eight of the mall's shop lot owners for a mandatory injunction against the developer, requiring the developer to apply for the strata title.

(5-2-2008 The Star)