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Sunday, March 2, 2008

Regenerating Petaling Jaya

SOON to become a prominent landmark fronting Jalan Universiti, Petaling Jaya, Jaya One will be among one of the larger development in Section 13, says developer Tetap Tiara Sdn Bhd. Its executive director Charles Wong says Section 13 is expected to have among the first run of new commercial projects under the “ongoing regeneration of Petaling Jaya”. The other areas that will be undergoing various changes include SS2, Kelana Jaya, and Section 52, commonly known as PJ New Town.(There are plans to convert some of the industrial pockets into commercial title by the local authorities.)“The term 'regeneration' encompasses a host of changes. This include a change in the buildings in the area, a change in identity from industrial to commercial, for example, all of which boils down to a change in lifestyle for the people in that area,” Wong says.Wong says Section 13 comprises 200 acres and Jaya One will occupy just over 11 acres of it. The first phase is now complete and is expected to be fully tenanted by the middle of this year.

Boustead nets RM179m in Q4

DIVERSIFIED Boustead Holdings Bhd said its fourth quarter net profit rose eight per cent as better sales were offset by higher interest and tax charges. It is bullish of its performance this year, which will be driven by strong palm oil prices and better demand for its properties.Boustead also expects its banking arm, Affin Holdings Bhd, to do better this year."Property Division will continue to be a major profit contributor, with profit deriving mainly from the Mutiara Damansara and Mutiara Rini Johor projects."Affin Group is expected to produce better results for the coming year," it said in a statement to Bursa Malaysia yesterday. Read more
(New Straits Times 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.” “Sustainability” was the key theme for establishing the group's KPI targets for FY08, which was a revenue growth of 13% and a return on equity of 13%. Read more