On-Going Projects :: Sungai Kapar Indah, Klang :: A Project by Titijaya
Friday, February 15, 2008
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
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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
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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)
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