Dijaya's Tana buys more sunrise shares

TAN Sri Danny Tan Chee Sing, a major shareholder of property developer Dijaya Corp Bhd, has been buying more shares of Sunrise Bhd.Tan bought another eight million shares on March 26, bringing his total stake to 6.91 per cent of rival Sunrise.Tan's interest in Sunrise is via Phoenixflex Sdn Bhd.Tan emerged a substantial shareholder in Sunrise in October 2004 and has since been accumulating shares. Yesterday, Sunrise's shares fell three sen to close at RM2.07.

(New Straits Times 4-2-2008)

Menara Stanchart up for sale?

The Government of Singapore Investment Corp Real Estate is believed to have approached several Malaysian property agents for the possible sale. SINGAPORE's real estate investment arm plans to sell Menara Standard Chartered at Jalan Sultan Ismail here for about RM300 million, seven years after it bought the property, sources said.The Government of Singapore Investment Corp Real Estate (GIC RE) is believed to have approached several local property agents for the possible sale."They are looking for a yield of about six per cent which works out to about RM950 per sq ft. They should not settle for any less than RM900 per sq ft for the building and in that location," a property agent said.Based on a nett lettable area of 321,000 sq ft, the building could be sold for between RM289 million and RM305 million. Read more

(New Straits Times 2-4-2008)

KUB to sell KUB.com building for RM86.5 mil

PETALING JAYA: KUB Malaysia Bhd is selling its KUB.com building in Kuala Lumpur to Park Residence Development Sdn Bhd for RM86.5mil as it seeks to unlock the value of the asset and also use the proceeds to repay its borrowings.KUB said yesterday its unit KUB Realty (PJ) Sdn Bhd had signed the sale purchase agreement with Park Residence to dispose of the office tower at Megan Phileo Avenue, which includes shoplots and car parking bays.It said the property had 20 shoplots/offices with total lettable space of 198,000 sq ft. KUB and tenants occupy the tower and the total rental income is about RM6.17mil annually.“The property is currently charged to CIMB Bank Bhd, the vendor’s financier as security for a loan granted to the vendor,” it said.KUB said an independent professional valuer, Messrs CH Williams Talhar & Wong, had assessed the market value of the building at RM85mil in May 2006 based on comparison method.KUB Realty acquired the property on Dec 17, 1999 at RM62.37mil. The net book value of the property, including renovation, as at Dec 31, 2006 was RM70.72mil.It said based on the audited consolidated financial statement as at Dec 31, 2006, the proposed disposal was expected to improve the KUB group’s net assets per share by about two sen.KUB is involved in information and communications technology, the energy sector and also the fast-food business.

(The Star 1-4-2008)