Emkay plans property trust

One property that could feature in the real estate investment trust is the RM100 million Bangunan Mustapha Kamal in Cyberjaya, says Emkay chief operating officer. THE Emkay Group of companies, which is controlled by Tan Sri Mustapha Kamal Abu Bakar, plans to set up a property trust.Mustapha is the chairman and dominant stakeholder of MK Land Holdings Bhd, a publicly-traded property developer listed on the main board of Bursa Malaysia.He holds a 48.7 per cent stake in MK Land via privately-held MKN Holdings Sdn Bhd. MKN in turn is one of Emkay's many subsidiaries.Emkay chief operating officer Peter Teh Heng Poh said that one of the properties that could feature in the real estate investment trust (REIT) is the RM100 million Bangunan Mustapha Kamal in Cyberjaya.The property is due to receive its certificate of fitness this month. Read more

(New Straits Times 5-3-2008)

S'pore REITs may merge as credit squeeze tightens

SINGAPORE: Singapore's once booming real estate investment trusts (REITs) may face a round of mergers to weed out the weak who find it increasingly tough to raise funds and refinance loans because of the global credit crisis. At least six of Singapore's 20 listed REITs are valued below what their properties are worth, as are many trusts in Japan and Australia, which means expansion is hampered by higher financing costs and investor returns are limited.Some of the trusts will face higher interest payments when they need to refinance their debts in coming months, leading to lower earnings and distribution to unitholders."I would expect consolidation to gather pace in the course of the next 6-12 months," said Tony Darwell, head of Asian equity research at Nomura. "The cost of debt has risen and it is impacting everyone, especially entities that are highly geared." Read more

(New Straits Times 5-3-2008)

UEM Land targets foreign property buyers

NUSAJAYA: UEM Land Sdn Bhd is eyeing international buyers for its high-end residential properties in Nusajaya city within the Iskandar Development Region (IDR). Managing director Wan Abdullah Wan Ibrahim said apart from Singaporeans and expatriates based in the republic, it was also targeting European and Middle Eastern buyers.He said the latter group would be courted under the Malaysia My Second Home programme due to the strong euro and petrodollar.“We will be taking part in property shows in Singapore next month and Dubai in October to promote our products in Nusajaya,” Wan Abdullah told StarBiz at the launch of East Ledang on Saturday.Read more

(The Star 5-3-2008)

Jeffrey Ng joins SunCity as exec director

PETALING JAYA: Datuk Jeffrey Ng, the immediate past president of the Real Estate and Housing Developers Association (Rehda), has joined the board of Sunway City Bhd (SunCity) as an executive director, effective Monday.Ng, 51, was managing director of Asia Pacific Land Bhd from 1994 to 2006.On his appointment, Ng said he looked forward to contribute positively to SunCity’s further achievements as a major property player in the country.“With its strong financial credentials now and its resilience in facing the market cycles in the past 20 years, it is certainly a very good company to be associated with.“Going forward, there are many exciting plans lined up for the company and I look forward to partaking in and adding value to these plans,” he said. Read more

(The Star 5-3-2008)