QCT sees property acquisition by June

KUALA LUMPUR: Quill Capita Management Sdn Bhd (QCM), manager of the Quill Capita Trust (QCT) real estate investment trust (REIT), expects to announce a new property acquisition by June this year. “We are in quite advanced negotiations with one party and will make an announcement once we are ready to sign something. If everything goes well, we can announce something by June,” QCM chief executive officer, Chan Say Yeong told The Edge Financial Daily. Chan added the company was confident of acquiring assets from third parties and not just from its sponsors, the Quill Group of Companies and Singapore’s CapitaLand Ltd. Read More

(6-2-2008 The Edge)

Landmarks to take full control of Treasure Bay development

KUALA LUMPUR: Landmarks Bhd, which is exploring a gaming venture on Indonesia’s Bintan Island, has proposed to assume full control of the development company Bintan Treasury Bay Pte Ltd (BTB) by acquiring the remaining 26% of the latter, which will result in it becoming a wholly-owned subsidiary. A Landmarks official had earlier told The Edge Financial Daily that the company would study the possibility of running a gaming operations in Bintan after BTB had obtained the greenlight from the Indonesian authorities to run such an operation within the proposed integrated resort in the Treasure Bay enclave. In a statement yesterday, Landmarks said its wholly-owned subsidiary Primary Gateway Sdn Bhd had entered into a conditional sale and purchase agreement with Castle Knight Investments Ltd and Complete Win Group Ltd to acquire the remaining 26% it did not already own in BTB for S$156.88 million (RM360.83 million) cash. Read more

(6-2-2008 The Edge)

Aeon still weighing REIT options

RETAILER Aeon Co (M) Bhd is in no rush to set up its planned real estate investment trust (REIT), comprising seven properties valued at about RM700 million, as it views the local REIT market to be still at its infancy."We are still watching and evaluating the industry. We are doing our own study on the REIT," an official from Aeon who declined to be named said.He added that Aeon, which operates the Jusco department store-cum-supermarket chain, felt that since the Malaysian REIT industry was only about three years old, his company preferred to take the wait-and-see stand."We feel the REIT industry is still new," he said.On whether Aeon would consider listing the trust vehicle elsewhere, the official said: "We will consider all options ... but at this stage it is still too early to say." Read More

(9-2-2008 New Straits Times)

PJ Dev to expand overseas

PJ DEVELOPMENT Holdings Bhd (PJD) plans to build sizeable properties in Vietnam and Thailand with reputable local partners to further expand its real-estate operations."We have a few plans to grow but we will do it carefully to seize the best opportunities. This will be the first time we are going overseas to build properties," chief operating officer Lim Lian Seng told Business Times in an interview.PJD will also launch new properties in Kuala Lumpur and Johor in the first half of the year, worth RM810 million, Lim said.The first project it is planning is Swiss-Garden Residences along Jalan Galloway in Kuala Lumpur.The project, to be launched in April, comprises two blocks of serviced apartments with 478 units. The units, with built-up areas of 550 to 2,700 sq ft each, have yet to be priced. Read More

(09--02-2008 New Straits Times)