Development anarchy in KL

IF only the rules are followed, there would not be such a mess in the nation’s capital city. True? Khan: ‘Now everything is topsyturvy’This is the question on the minds of city folks each time they see developments encroaching into green areas in their neighbourhoods. The rules in question are the ones contained in the Kuala Lumpur Structure Plan 2020 and the Federal Territory (Planning) Act 1982. The mess? The unlawful hillside developments taking shape in areas like Bukit Sri Persekutuan (Federal Hill), Jalan Gallagher and Bukit Tunku. Despite having the rules, the Kuala Lumpur City Hall (DBKL) has continued to totally disregard them by going ahead to approve ad-hoc developments in the city. Ratepayers and residents are extremely unhappy with the way planning decisions are being made and projects approved in the city. But what irked the city denizens most is the fact that despite being major taxpayers, they have absolutely no say in the way their city is being run. In the case of Federal Hill, the question puzzling the residents is how an area designated as “institutional” (police reserve) has suddenly become commercial overnight? What piqued the residents most is the fact that they have never been told by the local authorities concerned, in this case the DBKL, about what is happening there. Read more

Fabricator plans to buy more land, expand capacity

FABRICATOR and design engineering company APB Resources Bhd is looking to utilise between RM40 million and RM50 million cash in hand to buy more land and expand its capacity, chief operating officer Alex Tan Teng Khuan said yesterday."Preferably, we want to acquire land near our existing facilities in Shah Alam and Gebeng, Pahang, or the seafront so that we would not encounter logistics problems," he told reporters after APB Resources' annual general meeting in Kuala Lumpur.In its annual report, APB Resources said there is strong demand for process equipment in the oil and gas, energy, petrochemcial and oleo-chemical sectors. However, the group's operations continue to be constrained by production capacity. Read more

(New Straits Times 26-3-2008)

Klse Announcement: PARAMOUNT CORPORATION BERHAD (“PARAMOUNT” OR “THE COMPANY”)

PROPOSED ACQUISITION BY JANAHASIL SDN BHD (“JSB” OR “THE PURCHASER”), A WHOLLY-OWNED SUBSIDIARY OF KDU COLLEGE SDN BHD, WHICH IS, IN TURN, A 85% OWNED SUBSIDIARY OF THE COMPANY, OF A 10-ACRE FREEHOLD AGRICULTURAL LAND FORMING PART OF THE LAND HELD UNDER H.S. (D) 450559 NO. LOT PTD 153275 IN MUKIM PULAI, DAERAH JOHOR BAHRU, JOHOR DARUL TAKZIM FROM NUSAJAYA RISE SDN BHD AND UEM LAND SDN BHD AT A TOTAL CASH CONSIDERATION OF RM13,068,000.00
Contents:
JSB, a wholly-owned subsidiary of KDU College Sdn Bhd, which is, in turn, a 85% owned subsidiary of Paramount, has on even date entered into a Sale and Purchase Agreement (“SPA”) with Nusajaya Rise Sdn Bhd (Nusajaya Rise) and UEM Land Sdn Bhd (UEM Land), a wholly-owned subsidiary of UEM World Berhad, for the acquisition of a 10-acre freehold agricultural land forming part of the land held under H.S. (D) 450559 No. Lot PTD 153275 in Mukim Pulai, Daerah Johor Bahru, Johor Darul Takzim at a total cash consideration of RM13,068,000.00.

(KLSE 24-3-2008)

Paos disposes of land in Klang

PAOS Holdings Bhd's unit, Paos Industries Sdn Bhd, is disposing of a leasehold industrial land in Klang, Selangor, to KYS Enterprise Sdn Bhd for RM20.5 million. Proceeds from the disposal will be utilised towards working capital of the company, it said in a filing to Bursa Malaysia.

(New Straits Times 26-3-2008)

New Development: KDU Smart School, Nusajaya (Part II)

The school, which is targeted to open its doors on January 1, 2011, will cater to the current and future population of Nusajaya as well as the Johor population. It will have a slightly smaller capacity compared to its Sekolah Sri KDU in Kota Damansara, which has a full capacity of more than 2,500 students. Other established names under the KDU banner include KDU College in Damansara Utama, Sekolah Sri KDU in Kota Damansara, KDU Management Development Centre (KMDC) in Kuala Lumpur and Petaling Jaya, as well as KDU International Language Training School (KILTS) in Chongqing, China. According to Wan Abdullah, the school will be fronting the Coastal Highway connecting the Johor city to Nusajaya. The highway project is being spearheaded by South Johor Investment Corporation and is funded by the federal government to improve connectivity.East Ledang, a 365-acre development launched about four weeks ago, has had its first phase 50% taken up and expects to be 100% sold in a matter of three to four months, said Wan Abdullah. He reveals that its second phase, comprising terraced homes, semidees and bungalows will be launched in 4Q2008. UEM Land is the master developer of Nusajaya, a 24,000-acre regional city located in South Johor touted to be the largest fully-integrated urban development in South-East Asia. The group is currently undergoing a restructuring exercise which will be completed in September, said Wan Abdullah. “There have been no setbacks,” he said.

(The Sun 26-3-2008)

Sri KDU Smart School coming up in Nusajaya, johor

PETALING JAYA: Janahasil Sdn Bhd, a wholly-owned subsidiary of Paramount Corporation Bhd (Paramount) has signed a sale and purchase agreement with UEM Land Sdn Bhd (UEM Land) yesterday for the acquisition of 10 acres of land in Nusajaya, Johor. Sold for a total consideration of RM13.068 million, the land is located within UEM Land’s latest development known as East Ledang. Paramount, with a track record in the educational services sector under the KDU brand, will construct and operate the proposed Sekolah Sri KDU Smart School on the 10-acre plot. “Paramount will be the first private education operator in Nusajaya. The setting up of a private school of this stature is in line with our plans to develop an integrated community with world class infrastructure in Nusajaya. I am confident that the school, when completed and ready for enrolment in 2011, will be welcomed by young families looking for quality yet affordable education for their children,” said Wan Abdullah Wan Ibrahim, managing director of UEM Land. Datuk Teo Chiang Quan, group managing director and group CEO of Paramount, said another RM40 million would be allocated for the construction of the school’s first phase. Paramount also has an option to acquire another 15 acres of land from UEM Land for future expansion. According to Teo, the group has three years to exercise the option, which it is considering. “We are committed to doing something there; we are now doing a market study to find out why should we do another school there,” he added. According to Teo, the company is in the midst of planning the blueprint, which could take about three months after which relevant submissions will be done. “We aim to begin piling works seven months from now, perhaps in October. It will take one and half years to build the school,” he said.

(The Sun 26-3-2008)

Berjaya Land expands landbank

BERJAYA Land Bhd is acquiring a freehold vacant land in Johor from MOL.com Bhd for RM10.5 million. The deal is between its unit, Berjaya Land Development Bhd, and LKH Wires & Cable Sdn Bhd, which in turn is wholly-owned by MOL.com. The acquisition will increase the company's landbank amid the robust property market in the southern part of Peninsular Malaysia.

(New Straits Times 26-3-2008)

Paramount to build RM53m private school in Nusajaya

PROPERTY developer Paramount Corp Bhd will invest over RM53 million to develop a private school, the Sri KDU Smart School, in Nusajaya township, Johor. Main board-listed Paramount is buying a four-hectare piece of land in East Ledang, Nusajaya from UEM Land Sdn Bhd for RM13.1 million.Group managing director and chief executive officer Datuk Teo Chiang Quan said the company will be spending another RM40 million on the school building, school equipment and fixtures and fittings. "We have an option to acquire another six hectares of land from UEM Land for the extension of Sri KDU School. "We may go for an international school," he said at the signing of the sales and purchase agreement in Petaling Jaya yesterday.Also present were Paramount chairman Datuk Md Taib Abdul Hamid, Bandar Nusajaya Development Sdn Bhd director Tan Sri Mohd Sheriff Mohd Kassim and UEM Land Sdn Bhd managing director Wan Abdullah Wan Ibrahim.Sri KDU Smart School in Nusajaya is targeted to open its doors on January 1 2011. This will be the company's second smart school after Sri KDU Smart School in Kota Damansara, Selangor.Education contributes about a third to Paramount's revenue.Wan Abdullah said the school will be strategically located within UEM Land's new development, the 146ha East Ledang. Read more

(New Straits Times 26-3-2008)

UEM Land sees good response

PETALING JAYA: UEM Land Sdn Bhd expects the first phase of its 365-acre East Ledang high-end residential property development in south Johor to be sold out in four months. Managing director Wan Abdullah Wan Ibrahim said 50% of the first phase had been sold since the project was launched four weeks ago. “We had very good response from Singaporean and Johorean buyers. “Judging from the response, we expect to launch the second phase in the fourth quarter,” he told a press conference after Paramount Corp Bhd’s wholly owned subsidiary, Janahasil Sdn Bhd, inked a sale and purchase agreement with UEM Land for 10 acres in East Ledang. Wan Abdullah Wan Ibrahim (right) and Datuk Teo Chiang Quan at the press conferenceUnder the agreement, Paramount will purchase the land from UEM Land for RM13.07mil and construct and operate a private school called Sri KDU Smart School. The first phase of the East Ledang development on 40 acres comprises 140 terrace and semi-detached units with a total gross development value (GDV) of RM97mil. The project’s total GDV is about RM1.3bil. Read more

(The Star 26-3-2008)