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)

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)

HK-Base Tycoon Bullish On Malaysian Property Market

HONG Kong-based hotelier and property tycoon Tan Sri David Chiu is bullish on Malaysia's property market, saying there is plenty of room for residential property prices to move upwards. He was speaking after the launch of The Regalia, a three-block 38-storey luxury serviced apartment located off Jalan Kuching, behind The Mall in Kuala Lumpur. Chiu expects the salary scale in Malaysia to rise further as more foreign companies set up office in the country.

(11-1-2008 New Straits Times)