IJM’s new unbilled sales in Penang at RM160mil

PENANG: IJM Properties Sdn Bhd has about RM160mil of unbilled sales from its new property launches in Penang since November 2007. The amount was part of its total unbilled sales of some RM580mil, managing director Teh Kean Ming told StarBiz. “In Penang the contribution comes from Nautilus Bay, a landed residential scheme located off the Jelutong Expressway, and Platino, a luxurious condominium project in the MetroEast mixed-development scheme next to the Penang Bridge,” he said. Read more>>

(15-3-2008 The Star)

Concubine Lane Ipoh, Perak

(14-3-2008 The Sun)

Hospitality industry grows with tourism

(14-3-2008 The Sun)

East Ledang homes see good sales

IN less than a month, UEM Land Sdn Bhd’s (UEM) latest property development, East Ledang at Nusajaya, Johor has sold almost half (48%) of its first phase that was launched late February.“Fifty percent of our buyers are locals, mostly from Johor and are high income professionals while the other 50% are foreigners, mostly from Singapore,” said Wan Abdullah Wan Ibrahim, managing director of UEM Land.The RM1.2 billion development takes up 275 freehold acres in Nusajaya and will be developed in seven phases comprising a total of 861 homes. The first phase offers a total of 139 units comprising 52 twin villas and 87 link duplexes.The twin villas have built-up areas ranging between 3,700 sq ft and 4,400 sq ft while the link duplexes have builtups of between 2,600 sq ft and 3,000 sq ft. The homes are priced at RM870,000 and above and RM458,000 and above respectively. Read more

(14-3-2008 The Sun)

Enhancing professionalism among real estate agents

(14-3-2008 The Sun)

New Development:Taman Desa Bukit Indah, Sungai Buloh

LOOKING for an affordable terraced property in the Sungai Buloh- Kepong area? More 2-storeyterraced homes will be offered at the upcoming launch of the leasehold 200-acre Taman Desa Bukit Indah in Sungai Buloh, Selangor by Magilds Park Sdn Bhd, a subsidiary of Petaling Tin Bhd.Following the successful take-up of its Camellia designed 2-storey terraces that was launched last month, the developer plans to introduce more of such terraced homes in June, Petaling Tin CEO Leong Choong Wah (pix) told PropertyPlus. Read more

(14-3-2008 The Sun)

Hospitally Boost

AS the government continues to promote foreign direct investments into the country, a growing number of commercial properties’ transactions led by foreign buyers can be seen particularly in the Klang Valley.While these foreign investors, such as those from the Middle East and Hong Kong, have interests in office buildings and shopping centres, much growth has been seen in the number of hotel acquisitions too. It was reported that the country recorded hotel transactions worth about US$376 million (about RM1.2 billion) last year, or 3.5 % of the total US$10.8 billion (RM34.5 billion) made across Asia.Global hotel investment services firm Jones Lang LaSalle Hotels said the Asian hotel market witnessed 83 major transactions, valued above US$5 million (about RM15.98 million) last year and that it was more than double the previous high of US$5 billion (RM15.98 billion) transacted in 2006. It attributed strong local economies and expanding leisure markets as the factors of Asia’s well-performing hotel sector.Read more

(14-3-2008 The Sun)

Auction Caution

Properties sold at an auction may appear to be cheap. But buyers need to understand the various aspects that could indirectly hike up the price. LOOKING at the advertisements in the daily newspapers, it would appear that a large number of properties are being auctioned off every weekend. The indicated prices appear to be way below the market price, making it appear like an attractive purchase. A reader wanted to know whether it is safe to buy a property at an auction, and whether the buyer is adequately-protected by the law. He also asked if properties could be auctioned off without a court order. Read more

(13-3-2008 The Star)

New residential development in Mont' Kiara

(13-3-2008 The Sun)

Are changes in store post-election?

PETALING JAYA: Is further volatility in store for the main stock index as business confidence takes a beating in view of not only a change in the makeup of the 12th Parliament but also in the legislatures of the more economically important states and in the Federal Territory? On Monday, following the general election of March 8, the KL Composite Index (KLCI) fell 123.11 points, or 9.5%, to close at 1,173.22, wiping out RM86bil, or 8.7%, from the bourse's total market capitalisation of RM984bil as at March 7. The selling also saw a temporary halt in trading mid-afternoon when the circuit breaker installed by Bursa Malaysia in March 2002 was triggered after the KLCI fell 10% from its previous close on March 7. Big-cap stocks with high foreign shareholding as well as plantation and construction stocks were among those that saw their share price fall on that day. Read more

(13-3-2008 The Star)

Foreign investors may wait and see

PETALING JAYA: Foreign investors may take a wait and see approach following the dismal performance of the ruling coalition Barisan Nasional in the 12th general election, until the state and federal governments are well established, said local property consultants. In the polls, Selangor, Penang, Kedah and Perak fell to the opposition.However, they said investments in the property sector and in other sectors would improve in the long run if there are signs of better corporate governance and transparency in doing business here.Zerin Properties CEO Previndran Singhe expects an overall positive impact as real estate is a long-term investment."The outcome of the elections proved that the country is democratic and its citizens, politically matured. I do not foresee any negative affect on foreign investments, as investors will notice thatMalaysia is democratic and practises good corporate governance," he said. Read more

(12-3-2008 The Sun)

Guocoland: KFH option on Singapore apartments lapses

PETALING JAYA: Kuwait Finance House (M) Bhd (KFH) is believed to have decided not to exercise the option on 97 apartments at the 210-unit Goodwood Residence development in downtown Singapore, given the softening in the city-state's private residential property market. The apartments were supposed to be sold to a fund managed by KFH for US$818.4mil, or at S$3,000 per sq ft. Goodwood Residence, developed by Guocoland Ltd, is a premier residential development on a 24,845-sq-m freehold plot fronting Goodwood Hill. A Guocoland statement issued on Monday said the options were not exercised and had lapsed. “Both parties are presently in discussions, with a view to granting fresh options for units in the development,” it said, adding that the private residential property market in Singapore was currently cautious. KFH did not respond to StarBiz's queries. Read more

(12-3-2008 The Star)

Lee to quit as Country Heights MD

TAN SRI Lee Kim Yew said he will quit his post as group managing director of Country Heights Holdings Bhd, but denied that he was selling his shares in the property company. "That is not true. I'm not leaving. I'm not selling off my shares. In fact, I have been accumulating shares of Country Heights," he told Business Times in a telephone interview yesterday.Lee, who founded Country Heights, was responding to a recent news report that said he may relinquish his executive role in the group following an internal restructuring exercise that is under way. Read more

(12-3-2008 New Straits Times)

Quill Capita gets 'outperform' rating

Alliance Research says Quill Capita Trust's tenancy profile which includes the likes of DHL, IBM, HSBC, BMW and Technip as its anchors proves its earnings quality. ALLIANCE Research Sdn Bhd initiated coverage of Quill Capita Trust (QCT) with an "outperform" rating, saying it has a defensive blue-chip tenancy profile and a strong parent in CapitaLand Ltd."With its tenants locked in for a long term on master lease agreements with step up agreements, the real estate investment trust (REIT) provides stable earnings with mild growth even without acquisitions," the local research firm said in a report yesterday. Read more

(12-3-2008 New Straits Times)

Morubina's Kinta Riverfront Project ready by Sept 2009

(The Sun 11-3-2008)

Firms with overseas jobs more resilient

PETALING JAYA: Construction firms that rely mostly on government jobs would be the most vulnerable to political changes but some companies will be better positioned to weather the uncertainties. OSK Research analyst Jeremy Goh said earnings of companies such as Hock Seng Lee Bhd, whose projects are mainly in Sarawak, should remain resilient. “We also remain positive on companies like IJM Corp Bhd and Zelan Bhd, whose operations are focused mainly in the oil-rich Middle East.” he said. Read more

(11-3-2008 The Star)