The Store’s Komtar outlet to open in July

PENANG: The Store Corp Bhd’s RM15mil supermarket and department store in Komtar is scheduled for opening in July on completion of renovations, managing director Datuk Seri Tang Yeam Soon said. The supermarket and department store, occupying 138,700 sq ft, would provide a “comfortable and pleasant shopping environment,” he said after Penang Development Corp (PDC) signed a rental agreement with The Store yesterday. Also present were Penang Chief Minister Tan Sri Dr Koh Tsu Koon and PDC general manager Datuk Rosli Jaafar. Meanwhile, Rosli said PDC had to date awarded RM15mil worth of contracts to upgrade various facilities at Komtar. “These include mechanical and engineering equipment, public utilities, common areas, safety and security. We have plans also to enhance the landscaping, roof top and access to Komtar for about RM10mil to RM15mil,” he said. Rosli said on top of its own in-house consultant, PDC had also engaged property and urban design consultants to advise on efforts to revitalise Komtar. Read more

(The Star 1-3-2008)

UEM World net profit surges 382%

PETALING JAYA: UEM World Bhd announced a record RM7bil revenue for the financial year ended Dec 31 (FY07), an increase of 46% compared with RM4.8bil in FY06. Group net profit saw 382% growth to RM939.2mil against RM194.9mil in FY06. According to a company statement, UEM World had set aggressive headline key performance indicators (KPIs) for 2007. Targeted returns for shareholders were exceeded with return on equity for the year at 41% compared with the target of 38% while revenue growth at 46% fell short of the target of 65%. In the statement, chief executive officer Datuk Ahmad Pardas Senin said: “Our 2007 performance is based on excellent contributions from most of our units and will be the platform for further improvements, going forward.” Read more

(The Star 1-3-2008)

Company Announcement : AL-'AQAR KPJ REIT

PROPOSED ACQUISITIONS OF FIVE (5) HOSPITAL BUILDINGS BY AMANAH RAYA BERHAD (“TRUSTEE”), (ON BEHALF OF AL-‘AQAR KPJ REIT) NAMELY PERDANA SPECIALIST HOSPITAL BUILDING, KUANTAN SPECIALIST HOSPITAL BUILDING, SENTOSA MEDICAL CENTRE BUILDING, KPJ KAJANG SPECIALIST HOSPITAL BUILDING AND KEDAH MEDICAL CENTRE BUILDING (COLLECTIVELY KNOWN AS THE “PROPERTIES”) FOR A TOTAL PURCHASE CONSIDERATION OF RM170,040,000 TO BE SATISFIED PARTLY BY CASH CONSIDERATION OF RM85,755,050 AND PARTLY BY ISSUANCE OF 88,721,000 NEW UNITS IN AL-`AQAR KPJ REIT AT AN ISSUE PRICE OF RM0.95 PER UNIT (“PROPOSED ACQUISITION”)

Al-`Aqar KPJ REIT are issued to the following vendors of the Properties (according to the proportions specified in their Sale and Purchase Agreements) :-(a) Pusat Pakar Darul Naim Sdn Bhd, the vendor of Perdana Specialist Hospital Building;(b) KSHSB, the vendor of KPJ Kajang Specialist Hospital Building; (c) SMCSB, the vendor of Sentosa Medical Centre Building; and(d) KSHSB, the vendor of Kuantan Specialist Hospital Building;

(KLSE 29-2-2008)

KLCC condo prices expected to double

LUXURY properties in the Kuala Lumpur City Centre, which cost around RM1,500 per sq ft now, could double in price once two new projects are launched this year, an industry executive said. They are the six-star Four Seasons Hotel and Four Seasons serviced apartments and Millennium Residences.“They are seen as the crème de la crème and will set a new benchmark pricing in the city area,” said Knight Frank Malaysia managing director Eric Ooi Yew Hock. Four Seasons, which will be built near the Petronas Twin Towers for RM1.6 billion, is a project by Tan Sri Syed Yusof Tun Syed Nasir and the Sultan of Selangor, Sultan Sharafuddin Idris Shah.Millennium Residences at Jalan Bukit Bintang, is being developed by City Developments (Malaysia) Sdn Bhd, which is part of Singapore’s Hong Leong group of companies for some RM500 million. Read more

(New Straits Times 1-3-2008)

UK varsity plans Iskandar campus

BRITAIN'S Newcastle University will set up its first international branch campus within the Iskandar Development Region (Iskandar), putting the price of medical studies within reach of Malaysians.South Johor Investment Corp Bhd (SJIC), the promoter of Iskandar, said the university will offer degree courses in medicine and bio-medicine studies."While the university's Iskandar campus is expected to be completed in 2011, the target date for the first intake of students will be for September 2009," SJIC said in a statement.Higher Education Minister Datuk Mustapa Mohamed handed over the letter of invitation to the university's dean of International Medical Education professor Reg Jordan in Johor Baru yesterday.Mustapa said students could get a Newcastle University medical degree at about half the cost of doing so in the UK.Read more

(New Straits Times 1-3-2008)

Company Announcement: CBS TECHNOLOGY BERHAD (MESDAQ Market)

ACQUISITION OF A PIECE OF VACANT INDUSTRIAL LOT KNOWN AS LOT 5, JALAN TEKNOLOGI, TAMAN SAINS SELANGOR 1, KOTA DAMANSARA, SITUATED IN THE MUKIM OF SUNGAI BULOH, DISTRICT OF PETALING, SELANGOR (“LAND ACQUISITION”) The Board of Directors of CBS Technology Berhad (“CBS”) wishes to announce that the Land Acquisition by Cyber Business Solutions Sdn Bhd, a wholly owned subsidiary of CBS had been duly completed on 29 February 2008 upon settlement of the final payment of the balance of the purchase consideration for the Land Acquisition.

(KLSE 29-2-2008)

Company Announcement: KUB Berhad

PROPOSED DISPOSAL BY LEMBAYUNG SUKMA SDN BHD, A SUBSIDIARY OF BINA ALAM BERSATU SDN BHD, A SUBSIDIARY OF KUB MALAYSIA BERHAD OF ITS 21 PARCELS OF LAND HELD UNDER VARIOUS GRANTS MEASURING APPROXIMATELY 352.165 HECTARES IN TOTAL ALL IN THE MUKIM OF BELANJA, DISTRICT OF KINTA, STATE OF PERAK TO PUTRAJAYA RESOURCES SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM45,487,053.67.

(KLSE 29-2-2008)

Company Announcement: BSA INTERNATIONAL BERHAD

PROPOSED RENOUNCEABLE RIGHTS ISSUE COMPRISING UP TO 72,600,000 NEW ORDINARY SHARES OF RM0.50 EACH IN BSA ("RIGHTS SHARES") TOGETHER WITH 72,600,000 FREE DETACHABLE TWO AND A HALF (2.5) - YEAR IRREDEEMABLE EXCHANGEABLE CONVERTIBLE PREFERENCE SHARES OF RM0.10 EACH (“IECPS”) ON THE BASIS OF ONE (1) RIGHTS SHARE TOGETHER WITH ONE (1) FREE DETACHABLE IECPS FOR EVERY TWO (2) EXISTING ORDINARY SHARES OF RM0.50 EACH HELD IN BSA (“BSA SHARES”) AT AN ENTITLEMENT DATE TO BE DETERMINED (“PROPOSED RIGHTS ISSUE WITH IECPS”)

(KLSE 28-2-2008)

Company Announcement: Mah Sing

Proposed acquisition of eight (8) pieces of contiguous Prime Freehold Land in Johor Bahru measuring approximately 60.43 acres through Mah Sing’s wholly-owned subsidiary company, Mah Sing Properties Sdn Bhd for a total cash consideration of RM21,059,853.05 or approximately RM8.00 per square foot ("Proposed Acquisition").

(KLSE 28-2-2008)

KFH in talks with 12 Sabah firms for financing deals

KUALA LUMPUR: Kuwait Finance House (Malaysia) Bhd is in talks to provide financing deals to about 12 companies in Sabah operating across different sectors. Its managing director and chief executive officer Datuk K Salman Younis said the deals would fall under the Sabah Development Corridor, which was launched in January. KFH had then announced it was in talks to finance two projects related to the infrastructure and real estate sectors. “We have executed a memorandum of understanding (MoU) with one party, and are in negotiations with another party. We are now in final negotiations with the party that we signed the MoU with but nothing has been finalised as yet,” Salman said. Read more

(The Edge 29-2-2008)

Mah Sing net profit rose 24.1% to RM81m

KUALA LUMPUR: Mah Sing Bhd’s net profit for the year ended Dec 31, 2007 (FY07) rose 24.1% to RM81.13 million, underpinned by contribution from more projects it had launched over the year. Revenue rose 15.7% to RM573.37 million from RM495.63 million, while earnings per share fell to 14.82 sen from 17.03 sen. It proposed a first and final dividend of eight sen per share less tax. Mah Sing said yesterday its 15 projects, which are located in prime locations in the country, had contributed to earnings. It also has impending projects, including the Southbay Penang and Southgate Commercial Centre. Read more

(The Edge 29-2-2008)

UM Land set to launch three high-end condos in 2008

This year is expected to be a positive one for United Malayan Land Bhd (UM Land) as the developer will be launching three high-end condominium projects with a gross development value of over RM1 billion by end-2008 said its CEO Anthony Yap.For the first quarter of the year, UM Land will be launching its RM 175 million Suasana Bangsar in Bangsar.“It consists of a single luxury residential tower housing 190 condo units with sizes from 1,112 to 4,800 sq ft. We are confident of the success of this freehold project based on the high level of interest gathered from the early registrants,” he said.In the second half of 2008, UM Land’s 310 units of serviced residences in the enclave of Bukit Ceylon will be launched. “Given the attractive location and development potential of this project, it is expected to contribute positively to future earnings of the group,” Yap added. Meanwhile, a third condo project located along Jalan Mayang, off Jalan Yap Kwan Seng is scheduled for launch by the fourth quarter of the year.

(The Sun 29-2-2008)

Fiamma Holdings' Maiden property venture

FIAMMA Holdings Bhd (Fiamma) will soon start work on its first property venture, a serviced apartment and SoHo project located on Jalan TAR, Kuala Lumpur.“We’re working on the development order and we aim to get the order this year,” said Jimmy Lim, group chief executive officer and managing director of Fiamma. According to Lim, the project is expected to have a gross development value (GDV) of between RM150 million and RM170 million.“There will be one block and we’re looking at 30 storeys, subject to approvals,” said Lim after the company’s AGM held yesterday. The 1.06-acre freehold tract was acquired by its unit Fiamma Development Sdn Bhd last year for a total of RM16.5 million and the transaction was completed in November last year.Fiamma had also entered into a sale and purchase agreement (SPA) to acquire land in KLCC, on which it would develop an office and serviced apartment. According to Lim, the SPA is pending completion. “We hope to launch it immediately after the SPA is completed,” he said.

(The Sun 29-2-2008)

Lebar Daun brings affordable space to Shah Alam

The 4- and 5-storey Grade A Commerce Galleries at 121 D’Kayangan in Section 13, Shah Alam, offers space at affordable prices. The project is by Lebar Daun Development Sdn Bhd, which is also the developer of Bukit Bandaraya in Shah Alam, Taman Pahlawan in Telok Panglima Garang, and Taman Dato Demang in Puchong.Its marketing manager, Arman Putera Asmuni, said the first phase of the development has four blocks totaling 38 strata-titled units with enbloc built-ups of between 7,800 sq ft and 14,000 sq ft. Prices range from RM209,999 for a studio unit to RM4.1 million for a corner unit.“The average rental rate for a 1,000 sq ft office space is about RM1,000 a month. The studio units in our project can be purchased with almost the same installments,” he told theSun, adding that about 20% to 30% of the units had been sold prior to the official launch.

(The Sun 29-2-2008)

Tourism, office and retail properties look good for 2008

REAL estate consultants believe that the local hospitality market will continue to enjoy more upside driven largely by the tourism market growth and foreign investments.Zerin Properties chief executive officer Previndran Singhe said the country’s hotels and resorts will soon be experiencing new trends that have been taking place on the international front.On the office market segment, CH Williams Talhar & Wong Sdn Bhd managing director Goh Tian Sui said that the segment’s benchmark selling price would be boosted to a new level above thatof RM1,230 psf recorded by the upcoming Menara YNH along Jalan Sultan Ismail.For the investment and retail market’s performance for 2007 and outlook for 2008, executive chairman of Regroup Associates Christopher Boyd feels confident that the rental rates in shopping centers in the Klang Valley have the potential to reach RM100 psf.

(The Sun 29-2-2008)

E&O plans luxury homes in IDR

PETALING JAYA: Eastern & Oriental Bhd (E&O) is exploring the possibility of a high-end residential property development in the Iskandar Development Region (IDR). The company signed a memorandum of understanding (MoU) with Kuwait Finance House (M) Bhd (KFH) for the development of a 195-acre in the IDR in mid-February. E&O managing director Datuk Tham Ka Hon in an e-mail reply to StarBiz said details were being finalised for the proposed joint-venture development with KFH. “The MoU provides for a six-month period for both parties to sign the joint-venture agreement,” he said. E&O signed an MoU with Cultural Cluster Sdn Bhd, a subsidiary of KFH, in mid-February to jointly develop the parcel, which is designated as the Heritage District within the 624-acre Cultural Cluster of Node 1. Read more>

(The Star 29-2-2008)

KFH in talks on projects in Sabah Development Corridor

KUALA LUMPUR: Kuwait Finance House (M) Bhd (KFH) is in talks with 10 to 12 companies eyeing projects in the Sabah Development Corridor (SDC). Managing director Datuk K. Salman Younis said it was talking to the companies about different financing opportunities. “It is an ongoing process, and hopefully before year-end, the deals will start happening,” he told reporters after KFH signed a master terms of reference agreement with Calyon London to conclude an Ijarah Rental Swap-i (IRS-i) transaction yesterday. Read more>

(The Star 29-2-2008)

Sunrise MD to step down

PETALING JAYA: Sunrise Bhd managing director Datuk Michael Yam will be stepping down on March 20 after helming the company for 11 years but will remain on its board as a non-executive director. Sunrise told Bursa Malaysia yesterday that Yam, 55, would be ending his three-year contract with the company. Datuk Michael YamCommending Yam for having made significant contribution to the growth and reputation of Sunrise, the board said it looked forward to receiving his advice and opinion during its deliberations. In a phone interview with StarBiz, Yam said his re-designation would pave the way for the younger breed of management executives to move up in the company. Read more

(The Star 29-2-2008)

Wellness Zone boost for tourism industry

TOURISM Malaysia has initiated a Wellness Zone project in Port Dickson, Negri Sembilan, to attract foreign tourists and further grow this tourism segment.Deputy secretary general of Tourism Datuk Dr Ong Hong Peng said the Wellness Zone, initiated in 2007, will kick off within the next one to two years. The project covers a 61km zone from Lukut to Pasir Panjang, Port Dickson."It will be an integrated area offering medical, wellness and spa facilities," Ong told Business Times when met at the Medical Travel World Congress 2008 on Tuesday.He said a pilot project will be set up at Palm Springs Resort City.

(New Straits Times 29-2-2008)

UEM Builders In the black

UEM Builders Bhd ended its 2007 financial year with a net profit of RM157.3 million from a net loss of RM21.9 million the year before, as its infrastructure maintenance and facilities management and toll concession divisions continued to contribute consistent and positive earnings for the group.Revenue grew 36 per cent to RM2.4 billion last year, driven by the local construction sector, namely the electrified double track project from Rawang to Ipoh and PLUS' third lane widening project from Seremban to Ayer Keroh.In a statement, UEM Builders said revenue for 2008 can be expected from the remaining phases of the third lane widening project from Rawang to Tanjong Malim as well the the Penang Bridge widening works.

(New Straits Times 29-2-2008)

Promising yet cautious property market for 2008

KUALA LUMPUR: The outlook for the property market this year is expected to remain promising yet cautious due rising oil prices, the possible increase of inflation rates and growing concerns in financial markets worldwide.“The government’s move to allow EPF contributors to make monthly withdrawals from the balance in Account 2 for the financing of one house (effective 1 Jan, 2008) as well as the establishment of one-stop-centres (OSC) are expected to give a positive effect,” said Datuk Abdullah Thalith Md Thani, directorgeneral of the Valuation and Property Services Department, Ministry of Finance. Abdullah was presenting an overview of the Malaysian property market at the 1st Malaysian Property Summit 2008 organised by the Association of Valuers & Property Consultants in Private Practice Malaysia (PEPS) yesterday.Other topics presented at the conference included the performance of Malaysian real estate investment trusts (REITS) and the high-end condominium market for 2007 and their outlook for 2008.On Malaysian REITS, chartered surveyor Datuk Mani Usilappan said the market is expected to be aggressive in acquisitions this year, with additional injections of assets.

(The Sun 28-2-2008)

SP Setia sets five-year plan

KUALA LUMPUR: Renowned developer SP Setia Bhd unveiled a five-year plan with a theme “Move to Change” to firmly position itself locally and abroad. Group managing director Tan Sri Liew Kee Sin (pix) said the plan was mooted to strengthen the SP Setia brand name and move the company aggresively in the highend property market segment.“SP Setia is currently well known for its Setia Homes brand comprising terraced houses that make up 80% of our products, but by 2012, we wish to reduce it to 30% and concentrate fully on making the ‘SP Setia Eco’ brand the main driver of the company,” said Liew. Future projects are expected to be modelled after SP Setia’s award winning brand of Eco-themed developments (Eco is Setia’s corporate acronym for “environment”, “community” and “organisation”).“We are going to concentrate on integrated development, overseas markets, bungalows and high-rise condominiums in an effort to push the Setia Eco brand,” Liew added.

(The Sun 28-2-2008)

SP Setia to widen revenue base

KUALA LUMPUR: SP Setia Bhd, which is developing townships and niche projects in the Klang Valley, Penang and Johor, is aiming for a broader revenue contribution base by 2012. Group managing director and chief executive officer Tan Sri Liew Kee Sin said the company was targeting a larger contribution from integrated commercial property projects within matured townships, high-end condominiums and overseas property projects in five years. “We’re moving away from the traditional market segment of link homes as there won’t be much growth if we just continue developing them,” he said after the company AGM yesterday. Read more

(The Star 28-2-2008)

Gamuda starts working on succession plan

KUALA LUMPUR: Gamuda Bhd managing director Datuk Lin Yun Ling said the group has started working on a succession plan while he would continue to helm the company he founded.
Describing Gamuda’s prospects as “good”, Lin is confident the group would be able to meet all “the guidance that it had given to analysts earlier”. He denied market talk that his share sale was due to any adverse changes on the group’s fundamentals or earnings prospects. “I brought up the company over the past 25 years. I certainly don’t intend to have an abrupt exit ... we will ensure that over the next five years or longer, there will be a smooth transition,” Lin told StarBiz yesterday. He said he could foresee the day Gamuda would be run by professional managers who were not shareholders. “There are two or three names who have the potential (to take over the top executive positions),” he added. Lin trimmed his stake to 1.7% from 5.2% last week. The shares were placed out to global institutional investors. Read more

(The Star 28-2-2008)

Tesco to invest RM800m in 11 Stores

BRITISH retailer Tesco Stores (M) Sdn Bhd will invest RM800 million within the next 12 months as it opens 11 stores, bringing the total number of Tesco stores to 31 and possibly over RM3 billion in sales.The planned expansion, growth in like-for-like sales coupled with a strong consumer friendly pricing policy, is expected to help sales for the year ending February 28 2009 grow by not less than 30 per cent."We are currently constructing eight stores and we have plans to develop a further three stores, hopefully within the next 12 months. We are also building a second distribution centre for our ambient products," chief executive officer Chris Bush said.Bush said Tesco's growth in Malaysia, in terms of expansion and sales, is one of the biggest markets outside of the UK.

(New Straits Times 28-2-2008)

Cepco eyeing RM200mil job for Penang Bridge

KUALA LUMPUR: Concrete Engineering Products Bhd (Cepco) is confident of securing a contract worth about RM200mil to supply marine piles for the second Penang bridge project. Cepco’s marine piles were successfully tested for the bridge project in July 2007, managing director Leong Kway Wah said. “However, there is no indication yet. We have yet to hear if we are going to get the contract,” he said after the company AGM yesterday. He added that Cepco was also eyeing jobs from projects to be rolled out under the Ninth Malaysia Plan and the various economic development corridors. Read more

(The Star 28-2-2008)

Cepco confident of securing RM200m contracts

KUALA LUMPUR: Concrete Engineering Products Bhd (Cepco) is confident of securing contracts worth about RM200mil to supply marine piles for the Second Penang Bridge project. Cepco's marine piles were successfully tested for the Second Penang Bridge in July 2007 and they have passed the respective tests said managing director Leong Kway Wah at the company's AGM on Wednesday. Leong was positive on the prospects of Cepco's business, which had an order book of about RM80mil, which excluded mega projects from the Ninth Malaysian Plan. He said the order book would keep the company busy over the next five to six months. On new export markets, Leong said that the company was in talks with parties in Canada. Read more

(The Star 27-2-2008)

Company Annoncement: HUNZA PROPERTIES BERHAD

ACQUISITION OF LAND BY HUNZA PROPERTIES (WILAYAH) SDN. BHD. (352174-T) ("HPW"), A WHOLLY-OWNED SUBSIDIARY OF HUNZA PROPERTIES BERHAD ("HUNZPTY") FROM LAW THYE HUAT, LAW THAI HIN, LAW THAI SOON AND TAN CHAI CHOF HOLDINGS SDN. BHD. (128365-P) ("COLLECTIVELY REFERRED TO AS THE VENDORS") FOR A TOTAL CASH CONSIDERATION OF RM21,285,130.00

(KLSE 27-2-2008)

Metro Kajang: Semenyih

He added that Metro Kajang’s latest commercial development, Wang Commerz@Pelangi Semenyih, has been more than 70% sold and the hypermarket Tesco is scheduled to move in at the end of 2008. The freehold project was launched last month and has a GDV of RM33 million.The group, which has a presence in Kuala Lumpur, Petaling Jaya, Kajang and Semenyih, currently has 400 acres of undeveloped land to occupy them for another five years. Property development, which constitutes its core business, contributes 70% to the group’s profit. For the financial year ended Sept 30, 2007, the Group recorded a 21% increase in profit after tax to RM60.82 million from RM50.40 million in the preceding year.

(The Sun 27-2-2008)

Metro Kajang : Kajang

“We will also be launching commercial shoplots in Kajang’s town centre. There will be 20 units of 3-storey and 6-storey shoplots located next to the existing wet market, close to Metro Point,” said Chong. He added that the approvals for the RM40-million project are already being processed.To be launched in two weeks’ time is Phase 1B of Sentosa Villas in Kajang, comprising terraced homes sized between 20ft by 65ft and 20ft by 80ft with an average price of RM340,000. “The show house has just been completed and we’re doing the interior designing now,” said Chong.The entire development, which includes Phase 1A of semidees and bungalows as well as shoplots named Serba Sentosa, is approximately 30% taken up.Meanwhile, its 700-acre ongoing township development, the freehold Bandar Teknologi Kajang, will see the launch of a new phase comprising bungalows and semidees in nine months’ time.“The bungalows would be 6,000 sq ft and above, while the semidees would be 3,200 sq ft and above,” Chong said. Prices have yet to be confirmed.

(The Sun 27-2-2008)

Metro Kajang plans two new projects for 2008

KAJANG: Metro Kajang Holdings Bhd (Metro Kajang) will launch two new projects by the end of 2008, one in Desa Melawati in Kuala Lumpur and the other in Kajang’s town centre.Chong Yong Han, group senior general manager of the Metro Kajang Group, told theSun that the Desa Melawati project would comprise 500 units of serviced apartments with a gross development value (GDV) of RM120 million. According to him, the medium high-end project would take up 2.6 freehold acres located opposite Tunku Abdul Rahman College.“The larger units would be approximately 1,000 sq ft while the smaller units would be 800 sq ft. There will also be studio units sized at 700 sq ft,” said Chong after the company’s AGM yesterday.Complete with full apartment facilities, the units are priced at RM250 psf and above. Due to its location, Chong expects the buyers to comprise investors as well as the people who work at the institutions nearby, which include an Islamic university located in the vicinity.

(The Sun 27-2-2008)

Melati Ehsan seeks to expand its property development

KUALA LUMPUR: Melati Ehsan Holdings Bhd, with construction as its core business and main revenue contributor, is expanding its earnings base to include more property development.“Melati Ehsan’s independent non-executive chairman Datuk Dr Ku Abd Rahman Ku Ismail.Listed last March on the Main Board, Melati Ehsan is set to commence the development of its sole plot of land in Pandamaran, Klang in two months. The almost 100-acre tract was purchased for RM32 million, or approximately RM7.40 per sq ft.“Our project in Pandamaran is scheduled for completion in five years, with a gross development value of RM500 million. This will provide us with a continuous source of income,” Melati Ehsan’s managing director Datuk Yap Suan Chee told reporters after its AGM yesterday. He added it is the last plot of land left in Pandamaran.The gated development is adjacent to Bukit Tinggi and would consist of medium range residential and commercial units, with estimated selling prices from RM200,000 to RM350,000. The 2-storey link houses will have built-ups of 2,000 sq ft onwards while the commercial development will comprise 2- to 3-storey shop offices.The developer is also currently looking for a parcel of land to build a hypermarket on.

(The Sun 27-2-2008)

IOI Properties to raise RM932m

PROPERTY developer IOI Properties Bhd plans to raise up to RM932 million from a rights issue to part-fund its projects in Singapore.It will also use part of the money to refinance existing debt, it said in a statement to Bursa Malaysia yesterday. IOI Properties has total debt of RM225 million.In January, the company, a unit of IOI Corp Bhd, won a bid with its partner to buy land on the resort island of Sentosa, Singapore, for S$1.097 billion (RM2.5 billion).This followed its first successful bid in March last year. Then, it won a tender to buy land on the island for RM1.1 billion."IOI Corp, being the controlling shareholder of IOI Properties, will give its irrevocable and unconditional written undertakings to subscribe in full for its entitlement," IOI Properties said.

(New Straits Times 27-2-2008)

Gamuda mulls share buyback as market value plummets

GAMUDA Bhd, the country's second biggest builder, may buy its own shares after the company lost nearly RM2.6 billion in market value over the past six trading days."We are weighing our options," a Gamuda official said in a telephone conversation recently.Gamuda has not started buying back its shares, it said in an e-mail reply to Business Times.Last year, Gamuda's shareholders approved a share buyback plan. It could buy up to a tenth of its shares or spend not more than its retained profits.As at August 2006, Gamuda had retained profits of RM1.15 billion.Gamuda closed 20 sen higher at RM3.80 yesterday after DBS Vickers changed its recommendation on the stock to "buy" from "hold".But DBS Vickers slashed its share price target from RM5 to RM4.50.However, the single largest shareholder continued to buy more shares.FMR LLC & Fidelity International Ltd yesterday said it bought 40,300 Gamuda shares last week, bringing its shareholding to 11.87 per cent.The builder has been under siege since last week, after its group managing director for the past 26 years, revealed last week that he is no longer a substantial shareholder.Datuk Lin Yun Ling sold 70 million.

(New Straits Times 27-2-2008)

Gamuda’s Lin staying on

PETALING JAYA: Gamuda Bhd managing director Datuk Lin Yun Ling has given foreign fund managers an assurance that he will stay on to lead the construction group he founded for at least five more years. StarBiz understands that Lin spoke to foreign institutional investors via teleconference on Monday and told them that his move in selling his stake was not a signal that he was exiting Gamuda. He also told them that the fact that he was still heading Gamuda after trimming his equity interest in the company in April 2002 demonstrated his intention to remain in his post. Read more>

(The Star 27-2-2008)

BLand unit buys more stake in Piccolo owner

PETALING JAYA: Berjaya Land Bhd (BLand), via subsidiary Berjaya Vacation Club Bhd (BVC), will increase its stake in Absolute Prestige Sdn Bhd to 51% from 20%. Absolute Prestige owns the Piccolo Hotel and Piccolo Galleria in Jalan Bukit Bintang, Kuala Lumpur. BVC unit Sinar Merdu Sdn Bhd had recently acquired 20% of the company's stake from Piccolo Corp Sdn Bhd for RM6mil and the latest acquisition for RM9.3mil was from another shareholder of Absolute Prestige, Abdul Samad Ramli. BLand said in a statement yesterday that both the acquisitions were subject to approval from the Foreign Investment Committee and other authorities. “The acquisition represents an opportunity for the BLand group to add another 239 rooms in a boutique hotel in Kuala Lumpur's Golden Triangle to its portfolio of hotels and resorts. “It will complement our existing investments in 12 hotel properties, located in Malaysia, Seychelles, London, Sri Lanka, Singapore and, recently, in Vietnam,” it added. Read more>

(The Star 27-2-2008)

Company Announcement: MAGNA PRIMA BERHAD

PROPOSED ACQUISITION BY MAGNA CITY DEVELOPMENT SDN BHD (FORMERLY KNOWN AS MAGNA QUARRY SERVICES SDN BHD), A WHOLLY OWNED SUBSIDIARY OF MAGNA PRIMA CONSTRUCTION SDN BHD WHICH IS IN TURN A WHOLLY OWNED SUBSIDIARY OF MAGNA PRIMA BERHAD OF TWO (2) PARCELS OF FREEHOLD LAND HELD UNDER GERAN MUKIM NO. HAKMILIK 1343 AND 1344 WITH LOT 1075 AND 1073 RESPECTIVELY ALL IN THE MUKIM OF BATU AND TEMPAT BANGKONG AND DISTRICT OF KUALA LUMPUR AND STATE OF WILAYAH PERSEKUTUAN OF A TOTAL AREA MEASURING APPROXIMATELY 10.23 ACRES FOR A TOTAL CASH CONSIDERATION OF RM57,930,444 (“Proposed Acquisition”)

(KLSE 26-2-2008)

Company Annoucement: PAOS HOLDINGS BERHAD

PROPOSED ACQUISITION OF A 3-STOREY RETAIL PODIUM, A 13-STOREY OFFICE BLOCK, A 16-STOREY HOTEL BLOCK AND PARKING BAYS (“PROPOSED ACQUISITION”)

Further to the announcement dated 15 November 2007 in respect of the Proposed Acquisition, HwangDBS Investment Bank Berhad (formerly known as Hwang-DBS Investment Bank Berhad), on behalf of the Board of Directors of PAOS, is pleased to announce that the Proposed Acquisition has been completed on 26 February 2008.

(KLSE 26-2-2008)

Company Announcement: AL-'AQAR KPJ REIT

PROPOSED ACQUISITIONS OF FIVE (5) HOSPITAL BUILDINGS BY AMANAH RAYA BERHAD (“TRUSTEE”), (ON BEHALF OF AL-‘AQAR KPJ REIT) NAMELY PERDANA SPECIALIST HOSPITAL BUILDING, KUANTAN SPECIALIST HOSPITAL BUILDING, SENTOSA MEDICAL CENTRE BUILDING, KPJ KAJANG SPECIALIST HOSPITAL BUILDING AND KEDAH MEDICAL CENTRE BUILDING (COLLECTIVELY KNOWN AS THE “PROPERTIES”) FOR A TOTAL PURCHASE CONSIDERATION OF RM170,040,000 TO BE SATISFIED PARTLY BY CASH CONSIDERATION OF RM85,755,050 AND PARTLY BY ISSUANCE OF 88,721,000 NEW UNITS IN AL-`AQAR KPJ REIT AT AN ISSUE PRICE OF RM0.95 PER UNIT (“PROPOSED ACQUISITION”)

(KLSE 25-2-2008)

Berjaya Land to build financial centre in Vietnam

BERJAYA Land Bhd will start work on the multi-billion-ringgit Vietnam Financial Centre project in Ho Chi Minh City, Vietnam, later this year, after receiving the go-ahead from the licensing authorities there.The company said in a statement yesterday that the project, to be undertaken by its wholly-owned subsidiary, Berjaya Leisure (Cayman) Ltd, is scheduled for completion in stages from 2010 to 2013.

The project located at Ba Thang Hai Street, District 10, will comprise three blocks of 48- storey grade “A” offi ce tower, a multi-storey high-end shopping mall, one tower of 48-storey five-star international hotel with ballroom and convention facilities and one tower of 48- storey luxury service suites.Based on the latest development plans, the project will have an estimated total gross floor area of about 698,554 square metres with an estimated gross development value and costs of about US$1.3 billion (RM4.2 billion) and US$930 million (about RM3 billion) respectively.The estimated total gross development site is 102,703 sq m, of which about 66,388 sq m will be developed.

(The Sun 26-2-2008)

Bliss Avenue buys Putrajaya land for RM24m

PUTRAJAYA Holdings Sdn Bhd, the master developer of Malaysia's administrative capital, has sold a parcel of land in Putrajaya to Bliss Avenue Property Development Sdn Bhd for RM23.7 million to develop into a business, residential and office centre.Bliss Avenue is a wholly-owned unit of Malaysia Land Properties Sdn Bhd, which specialises in developing condominiums, service apartments and office buildings.Malaysia Land Properties in turn is the Malaysian unit of Hong Kong Stock Exchange-listed Far East Consortium, a property developer in Hong Kong and owner of the Sheraton Subang, Sheraton Labuan, Dorsett Regency Kuala Lumpur hotels and the Hartamas shopping centre.Malaysia Land Properties vice-chairman Tan Sri David Chiu said the company will build 14-storey office towers and commercial lots on the land with construction due to begin in four months at a construction cost of RM100 million.

(New Straits Times 26-2-2008)

Millionaire Havens

Where are the country’s most expensive deals being made? The answer is literally at your feet … if you happen to live in the rich, fully developed state of Selangor. This is according to statistics gathered from the Ministry of Finance’s latest “Million Ringgit Property Deals” report covering the 2005/2006 period.Prepared by the Valuation and Property Services Department (VPSD), it found out that 812 transactions, each worth at least RM1 million, were made in the state during the period to the tune of RM2.38 billion.

Given the fact that 2,023 big-time residential, commercial, industrial, development land and agricultural deals worth RM7 billion were signed during the two years, it means Selangor was responsible for 40 per cent of the transactions by volume and 34 per cent by value.In second spot was Kuala Lumpur, with 442 deals worth RM1.97 billion, followed by Penang with 208 deals (RM897.67 million) and Johor with 163 deals (RM441.91 million).The other states that also saw million-ringgit transactions were Sabah (72 deals, RM177.19 million), Kedah (66 deals,RM304.21 million), Perak (64 deals, RM282.92 million), Negeri Sembilan (59 deals, RM109.73 million), Malacca (49 deals, RM169.35 million), Sarawak (39 deals, RM59.97 million), Pahang (26 deals, RM176.96 million), Terengganu (18 deals, RM24.19 million) and Kelantan (five deals, RM13.87 million).

(New Straits Times 26-2-2008)

Plenitude launches Tebrau City Residences

MIXED development firm Plenitude Bhd has launched Tebrau City Residences, the first serviced apartments project in Johor Baru, which is integrated in a "city within a city" concept at Tebrau City.Tebrau City Residences, comprising 1,088 units, is designed for modern city living adjacent to three international retail malls - AEON Jusco mall and the upcoming Tesco and IKEA outlets.The company said in a statement that the launch is for the first parcel with 472 units and the rental yield is projected at 8 per cent, according to executive chairman Chua Elsie.She said it is expected to continue to increase in value due to land appreciation in the area and within the Iskandar Development Region.

(Bernama 26-2-2008)

Bio Big Valley set for second phase

KUALA LUMPUR: Bio Big Valley Lojing, a mega development in Gua Musang, is gearing towards its second phase, which would involve a development cost of about RM10bil. This phase, due to be completed by 2013, will be undertaken jointly by a local consortium comprising Mofaz group of companies, Solarin Holdings (M) Sdn Bhd and Telemont Sdn Bhd. Mofaz group president Mohamed Fauzy Abdul Hamid said the development was the first in the region to adopt the carbonless and total renewable energy concept. Read more>

Company Announcement: IRIS CORPORATION BERHAD (MESDAQ Market)

PROPOSED DISPOSAL AND LEASEBACK OF TWO PLOTS OF LEASEHOLD LAND LOCATED WITHIN TECHNOLOGY PARK MALAYSIA, KUALA LUMPUR TOGETHER WITH A FOUR AND A HALF (4 ½) STOREY OFFICE AND MANUFACTURING BUILDING TO MAPLETREE INDUSTRIAL FUND LTD (“PROPOSED DISPOSAL AND LEASEBACK”)

We refer to the announcements made on 11 July 2007, 20 September 2007, 5 October 2007, 31 October 2007 and 3 January 2008 in relation to the abovementioned Proposed Disposal and Leaseback. On behalf of the Board of Directors of ICB, OSK Investment Bank Berhad wishes to announce that ICB and Mapletree Industrial Fund Ltd had on 25 February 2008 mutually agreed to extend the period to negotiate on the terms of the definitive Sale and Purchase Agreement for a further two (2) months from 5 March 2008 to 4 May 2008.

(KLSE 26-2-2008)

Company Announcement :HAI-O ENTERPRISE BERHAD

PROPOSED ACQUISITION OF LAND AND BUILDINGS MEASURING AN AGGREGATE AREA OF APPROXIMATELY 1,245,746 SQUARE FEET LOCATED IN THE MUKIM OF KAPAR, DAERAH KLANG, NEGERI SELANGOR BY HAI-O FROM BATA (MALAYSIA) SDN BHD (“BATA” OR THE “VENDOR”) FOR A TOTAL CASH CONSIDERATION OF RM45,000,000 (“PROPOSED ACQUISITION”)

(KLSE 26-2-2008)

Gamuda share sale by MD sends out wrong signals, says CLSA

KUALA LUMPUR: CLSA Asia-Pacific Markets said the placing out of shares by Gamuda Bhd founder and managing director Datuk Lin Yun Ling of two-thirds of his stake at a time when prospects for the company had never been better sends the wrong signal to the market. “This raises concerns as to whether he knows something that the market does not know as yet,” it said, adding that Lin was on leave and not available for comment. In a report following Lin placing out 70 million shares or a 3.5% stake in the company last Wednesday, CLSA said the corporate deal raised a few concerns. The official reason given for the disposal was estate planning, and that Lin has agreed to a lock-up period of 18 months for his remaining 1.6% stake, said CLSA. Read more>

(The Edge 25-2-2008)

Real estate sector challenging but sustainable

KUALA LUMPUR: A challenging industry landscape, triggered by costlier fuel and building materials, has not dampened sentiment among Malaysian real estate players who believe property demand in the country will continue to be sustainable as long as banks are prepared to dish out loans to buyers and investors. This comes amid anticipation of more property transactions as new players continue to jump onto the real estate bandwagon, and introduce more products into the market at prices deemed competitive among regional peers. However, property purchasers and investors, analysts cautioned, should be well informed of the dynamics of the sector where different market segments across various locations nationwide had their own stories to tell. “Malaysia’s property sector is good and sustainable,” Real Estate and Housing Developers’ Association (Rehda) president Ng Seing Liong told The Edge Financial Daily recently. Rehda represents some 1,000 developers in Peninsular Malaysia. Read more>

(The Edge 25-2-2008)

Taman Impiana Putra: Part II

Tan said the group has about 300 undeveloped acres in its landbank but is constantly on the lookout for potential tracts for development. “Being a small developer, we usually go for land the bigger players may forego. This way, we do not have too much competition in the market and can cash in and cash out quickly,” she said. Purcon has land in Sungai Petani, Kedah; Jasin, Melaka; Kuala Pilah and Gemas, Negri Sembilan; and Tangkak, Johor. She also said that having its own construction arm benefits the group, as they would be able to save on construction costs and price their properties lower by up to 10%. “We are be able to save on building time while offering better products and maintaining quality control,” she added.On the property outlook for this year, Tan said the demand for medium-end properties is still there but the high-end property market might be slightly slower due to economic uncertainty.“However, it also depends on the location of the project, as highend developments located in affluent areas do well because of steady demand,” she explained.

(The Sun 25-2-2008)

Taman Impian Putra :Part I

The group recently completed 53 units of 3 ½-storey shop offices in Serdang Raya and is currently developing Taman Impian Putra, its flagship project in Bangi, Selangor.The113-acre Taman Impian Putra has been receiving a good response since the leasehold township’s first phase, which consists of 1 ½- and 2-storey link houses, was first launched in 2005. Since then, the developer has also introduced 1-storey and 2-storey shop lots and recently launched 365 units of 2-storey terraces and 58 units of 2-storey semi-dees in its latest phase.Priced at RM178,988 onwards, the terraces have built-ups from 1,658 sq ft while the semi-dees with built-ups of between 2,653 sq ft and 2,690 sq ft are priced from RM358,888. About 60% of the units have been sold to date and the developer is planning to launch low- and medium-cost apartments in future phases. The township has a GDV of some RM200 million.

(The Sun 25-2-2008)

Purcon banks on its construction experience

PETALING JAYA: With more than 30 years of experience in the construction industry, Purcon Group is confident of doing well with its maiden highend project in Bukit Segambut, its general manager Angie Tan said.“Despite it being our first such project, we have already been involved in the construction of several high-end properties, including semi-dees and bungalows in Glomac Bhd’s Aman Suria and the show unit in Changkat Kiara by Plenitude Kiara Bhd,” she told theSun. The freehold development, known as Laman Damansari, will comprise 16 units of 3- storey semi-dees and two units of 3-storey bungalows, priced between RM1.6 million and RM3.8 million, with built-ups from 3,800 sq ft to 5,800 sq ft.Scheduled for launching by the end of this year, the project has a gross development value (GDV) of RM40 million.Tan said the properties would be built based on a zero-defect concept, where purchasers would require minimal renovations. “Although we aim to launch the project in November, we expect the show house to be ready for viewing in August,” she added.

(The Sun 25-2-2008)

The Paradigm to be WCT Land’s first high-rise project

WCT Land Bhd ushered in the New Year with a bang: it recently gave an exclusive preview of its first high-rise development called The Paradigm, billed as “The rising icon of Petaling Jaya”.
The Paradigm, with a gross development value (GDV) of about RM1.26bil, comprises The Escalade Corporate Office Towers, The Ascent Corporate Office Suites and The Paradigm Mall.
The Escalade will have four blocks of office towers with a net lettable area of 1.4 million sq ft. It will feature column-free floor plates, full-height glass panels for natural light ventilation, energy-saving devices, quality finishes and ample parking bays. The Ascent is a 30-storey office suite with 350,000 sq ft net lettable area while The Paradigm Mall, with 700,000 sq ft net lettable area, will showcase the latest in fashion and retail. There will be a unique shady walkway designed for alfresco dining and entertainment that are in vogue in trendy cities all over the world. The Klang-based company has traditionally been a township developer with projects such as Bandar Bukit Tinggi 1, 2 and 3, the luxury golf-front residences of d'Banyan Residency in Kota Kinabalu and the new AEON Bukit Tinggi shopping centre, which is Malaysia's largest AEON shopping centre with about 200 tenants and over 5,000 car parking bays. Read more>

(The Star 25-2-2008)

REITs confident of 6% growth

MOST real estate investment trust (REIT) managers are confident that the Malaysian REIT industry will remain resilient and a minimum yield of 6% is achievable this year despite a looming recession in the United States. The REIT managers believe properties under trusts are generally more protected in terms of value compared with properties held by individual owners, as they were mostly locked-in or leased to established clients or multinationals which normally would not default on their rentals. Axis REIT Managers Sdn Bhd chief operating officer Stewart LaBrooy said the target of 6% yield was not a problem for Axis REIT as it had a strong clientele base and that the trust was managed well. Read more>

(The Star 25-2-2008)

Gamuda Land wows visitors with Jade Hills

GAMUDA Land held a “sneak preview” of its latest high-end residential development, Jade Hills in Kajang, during the recent Chinese New Year festive period. It was a pleasant surprise for those who attended the “Spring Festival” event on Feb 16. The renowned property developer had quietly but efficiently built four splendid show bungalows, an Oriental-style clubhouse, and big entrance statement with the usual water features. It also put up a large air-conditioned tent to welcome prospective buyers and other visitors. Read more>

(The Star 25-2-2008)

Nusajaya vibrant city by year 2011

BANDAR Nusajaya in the Iskandar Development Region (IDR) will come alive in 2011 when the projects and activities planned for the township takes shape. UEM Land Sdn Bhd, through its subsidiary Bandar Nusajaya Development Sdn Bhd, is the master developer of the sprawling 24,000-acre integrated urban development of Nusajaya. Wan Abdullah Wan Ibrahim,With Nusajaya being one of the five key flagship zones of the IDR, UEM Land is in an advantageous position to reap the fruits of the development of IDR into a major regional economic hub under the Ninth Malaysia Plan. According to UEM Land managing director Wan Abdullah Wan Ibrahim, the company has become more active in the last three years and implemented various changes to its plans for the township. “We have been successful in putting Nusajaya back on the map with new activities and branding. We expect the momentum to pick up these two to three years,” he told StarBiz. Read more>

(The Star 25-2-2008)

UEM Land plans to enter regional market in three years

UEM Land Sdn Bhd aims to have a regional presence by 2011 when it expands its wings offshore to other emerging markets such as Vietnam, Indonesia and India. “With our key development, Nusajaya in Johor, reaching the tipping point by that time, the company will have the capability to venture into new markets to widen its earnings base,” said managing director Wan Abdullah Wan Ibrahim. “Going by our parent company UEM Group Bhd's long list of developments and track record, we have consistently delivered our projects on time and with great quality. “The group has also established an international presence, which the company can leverage on in its offshore aspirations.” Locally, UEM Land is looking at adding new profit centres to achieve geographical diversity in areas of focus, including several opportunities in the Klang Valley, which should be revenue-generating in 2009 if they materialise. Read more>>

(The Star 25-2-2008)

Impiana KLCC Hotel & Spa to get RM100m annexe

KLCC Property Holdings (KLCCP) Bhd, which owns Impiana KLCC Hotel & Spa at Jalan Pinang in Kuala Lumpur, plans to invest around RM100 million to build a 20-storey building adjacent to the property."This is the hotel's second phase of development. The L-shaped building will be constructed on the rooftop of the existing carpark, starting from level six."We hope it will be operational by 2010," said Impiana Hotels & Resorts Management Sdn Bhd (IHRM) group general manager Mohamad Halim Merican.IHRM, founded by Datuk Seri Ismail Farouk Abdullah of the KAB Group, is managing the four-star 335-room hotel, which opened in December 2005.Under the development plan for the new building, KLCCP is planning to include business suites and residential-type accommodation or service apartment facilities.It will also add an additional 180 rooms, which will be larger in size, a club floor and double volume private lounge, and a specialty roof-top restaurant.

(New Straits Times 25-2-2008)

UEM Land to raise RM875m

The company is in the midst of arranging a syndicated term loan and six banks have expressed interest, most of them Malaysians, says its senior general manager of finance. UEM Land Sdn Bhd is looking to raise RM875 million through a five-year syndicated term loan facility to finance its projects at Nusajaya in Johor, its top executive said.The soon-to-be-listed property unit of UEM World Bhd is the master developer of Nusajaya, Malaysia's biggest property project."We're going to the market to seek some funding for working capital requirements," managing director Wan Abdullah Wan Ibrahim told Business Times in an interview. Read more>

(New Straits Times 25-2-2008)

MTD Capital units to be bought out

MALAYSIAN engineering and construction firm MTD Capital Bhd signalled today a buyout bid for its two listed property and toll-road units.MTD Capital suspended its shares from trade, saying it would soon announce a large deal that would involve a buyout of property and infrastructure firm Metacorp Bhd and tollroad company MTD Infraperdana Bhd.MTD Capital owns 72.3 per cent of MTD Infraperdana, the country’s second-largest toll-road concessionaire, and 75 per cent of Metacorp, which specialises in property development and waste management, according to Reuters data. MTD Infraperdana has a market value of almost RM800 million (US$250 million), while Metacorp is valued at RM295 million. The shares in both these firms have also been suspended.MTD Capital said today its shares would be halted from trade pending “announcement of a material transaction which involves its two public-listed subsidiaries, namely Metacorp Bhd and MTD Infraperdana Bhd, being taken private”.

(Reuters 23-2-2008)