Amanah Raya To Triple REIT Assets to RM2b

PENANG: Amanah Raya Bhd (ARB) has set an ambitious target this year of tripling the size of its listed property trust AmanahRaya REIT to RM2 billion, from RM641 million as at December 2007. The REIT’s manager, AmanahRaya-JMF Asset Management Sdn Bhd, said it planned to acquire assets from local listed companies and was in talks with several parties for possible acquisitions. He also said the Amanah Raya REIT did not plan to acquire assets abroad, as most of its foreign unitholders insisted the REIT remained focused on the country, arguing that they already had global REIT exposure.

(7-1-2008 The Edge)

Suncity to bag major properties sale

Sunway City Bhd (Suncity) is set to bag a multi-million ringgit deal with an enbloc sale of its high-end sunway palazzio to a foreign buyer this week, according to a source.

(Malaysian Reserve 7-1-2008)

1 Shamelin Goes Into Unchartered Territory

IN A town that is buzzing with new malls, 1 Shamelin shopping mall hopes to stand out from the rest as it goes into unchartered territory.The mall will not have an anchor tenant but a whole lot of young entrepreneurs. Retail lots for sale are going at RM128,000 and above while, monthly rental for standard lots (ranging from 108 to 445 sq ft) are expected to be around RM1,200. 1 Shamelin is being developed by Lambang Ehsan Sdn Bhd, a subsidiary of Y & Y Group.

(5-1-2008 New Straits Times)

Increase In Ceiling Prices of Steel Bars, Billets Draws Protests

DEVELOPERS and contractors in the country are protesting against the 12 per cent increase in government-controlled ceiling prices of steel bars and billets, which took effect from December 1 last year. Both the Real Estate and Housing Developers Association Malaysia (Rehda) and the Master Builders Association Malaysia (MBAM) issued separate press statements yesterday to express their concerns and disappointment.They said the higher steel prices will put further pressure on housing and property prices. Ultimately, they added, it is the house buyers who will bear the brunt of the spiralling prices.

(5-1-2008 New Straits Times)

Queensbay Lure: CP Land project capitalizes on strategic location

CP LAND has lined up for launch this year three residential and commercial property schemes with an estimated gross sales value of RM1.7bil for the Queensbay project that would further enhance its reputation as one of the most prestigious addresses in Penang. Located on 73 acres freehold site in the south-eastern corridor of the island, the RM3bil Queensbay development comprises luxurious residential homes, shopoffices, signature office suites, corporate towers, serviced residences, business class hotels, a convention centre, a medical centre, marina, waterfront retail shops, and the largest and longest shopping mall in the northern region.

(5-1-2008 The Star)

Ringgit at 10 year high against US Dollar

The ringgit advanced to its highest level against the US dollar in more than a decade yesterday following increased demand for the local currency and in line with the bullish market sentiment.

(5-1-2008 The Star)

RM25m set aside for KL visual arts village

A 2.83 ha village dedicated to the visual arts will be built near the Lake Garden here. The minister said there was no official name for the place as yet.

(5-1-2008 The Star)

Grand Plan For Kelantan

The federal Government has promised to make Kelantan an Islamic civilization centre of distinction if the Barisan Nasional is returned to power in state in the next election.

(5-1-2008 The Star)

Discount for Kepong Sentral condos

KUALA LUMPUR: Mega Mall Development Sdn Bhd is offering a 10% discount for the second batch of the Kepong Sentral Condominium that it launched on Dec 15. The 648-unit three-block condominium, completed late last year, represents the last phase of the leasehold Kepong Sentral development sited off Jalan Kepong. Priced from RM176,800 to RM250,800 with a maintenance fee of 16.5 sen per sq ft inclusive of sinking fund, the condominium units have built-up areas of 962 to 1,098 sq ft and each comes with a parking bay.

(4-1-2008 The Star)

Mah Sing to expand in IDR

KUALA LUMPUR: Mah Sing Group Bhd wants to further strengthen its foothold in the southern tip of the Iskandar Development Region (IDR) by developing a mixed development project with gross development value (GDV) of RM157.8mil, group managing director Datuk Seri Leong Hoy Kum said. Mah Sing currently has 15 projects with a remaining gross development value of RM3.199bil. It has unbilled sales of RM1.077bil, representing a total GDV of RM4.276bil, which will ensure earnings visibility for seven years.

(4-1-2008 The Star)

SP Setia formalises project in Vietnam

PETALING JAYA: SP Setia Bhd, through wholly-owned subsidiary Setia Saigon East Ltd, has formalised an agreement with Saigon Hi-Tech Park Development Co to jointly design and develop a mixed project on 79 acres in Ho Chi Minh City. A statement released here yesterday said the project in Vietnam would cater principally to expatriates and senior managers of multinational corporations operating in the Saigon Hi-Tech Park. Since 2003, the park has attracted many high-tech names, such as Jabil Circuit, Nidec Group, Sonion and the Intel Group, which have committed over US$1bil in investments.

(4-1-2008 The Star)

Ceiling price of steel bars and billets up 12%

PETALING JAYA: The Government has raised the ceiling price of steel bars and billets, which are price-controlled items, by 12% across the board effective Dec 1. The price hike, however, won't be a windfall for steel millers, who have incurred higher raw material costs due to rising international scrap prices. The latest price adjustment was the third last year following two revisions in April and June. The increase would help narrow the gap between the local and international selling prices of long steel products, which are widely used in construction. However, international prices are still higher than domestic prices.

(4-1-2008 New Straits Times)

Mah Sing to build properties in Johor

DEVELOPER Mah Sing Group Bhd plans to build properties worth some RM157.8 million on a piece of land that it is buying in Johor. Mah Sing is buying 24 hectares of land in Skudai, Johor, for RM21 million, it said in a statement.The land is located near the Iskandar Development Region and is less than two kilometres away from its township, Sri Pulai Perdana. Mah Sing will call the new township Sri Pulai Perdana 2. With this new project, the group currently has 15 projects with a total gross development value of RM3.2 billion.

(4-1-2008 New Straits Times)

Ringgit hits 10-year high against dollar

THE ringgit touched a 10-year high today, hitting 3.2885/2915 against the US dollar since late 1997, taking advantage of the weaker dollar in the global markets, dealers said. The rising crude oil prices and gold price had also provided an impetus to the ringgit, a dealer said.

(4-1-2008 New Straits Times)

SP Setia secures another deal in Vietnam

PROPERTY developer SP Setia Bhd has clinched a deal to jointly build a 32ha mixed development project in Ho Chi Minh City which caters to expatriates and senior staff working in the Saigon Hi-Tech Park. The project marks SP Setia's second venture in Vietnam, after it secured the investment certificate for its first project there, EcoLakes in the industrialised province of Binh Duong near the capital city two months ago.

(4-1-2008 New Straits Times)

SP Setia to build homes in Ho Chi Minh City

KUALA LUMPUR: SP Setia Bhd is teaming up with Vietnam state-owned enterprise Saigon Hi-Tech Park Development Company (SHTP) to jointly design and develop a mixed use real estate development project on a 32ha piece of land in Ho Chi Minh City. According to SP Setia, the development site is strategically located next to the Vietnam Golf and Country Club and would benefit from the green open space and services of the golf course.

(4-1-2008 The Edge)

Mideast fund snaps up Sunway City condo

SUNWAY City Bhd has concluded its second en bloc sale - the Sunway Pallazzio Block B for an estimated RM220 million to a firm linked to a Middle Eastern fund. The buyer for the property, which is under construction, is Radiant Splendor Sdn Bhd, a special purpose vehicle affiliated to the fund, sources say.Sunway Pallazzio, an 80-unit super luxury condominium in Sri Hartamas, was sold at around RM750 per sq ft. The building is due to be completed in 2010.

(4-1-2008 New Straits Times)

Mah Sing buys IDR land for RM21m

KUALA LUMPUR: Mah Sing Group Bhd will undertake a mixed development project with a gross development value of RM157.8 million on 24.1ha of land at the southern tip of Iskandar Development Region (IDR) in Johor as it bets on rising real estate demand spurred by increased economic activity in the state. The company, with projects in the Klang Valley, Johor and Penang, paid RM21.1 million to several vendors for the land, intended for its upcoming Sri Pulai Perdana 2 development, which would replicate its Sri Pulai Perdana project comprising link homes and shop offices, the developer said in an announcement.

(4-1-2008 The Edge)

SP Setia formaliese Vietnam Deal

SP Setia Bhd, through its wholly owned subsidiary, setia Saigon bhd (SSEL), has formalized a cooperation agreement with Saigon hitech Park Development Company (SHTP Co).

(Malaysian Reserve 4-1-2008)

Second building devoted to SME technopreneurs ready

Cyberview sdn bhd, the landowner of cyberjaya, is stepping up its role in assiting small and medium enterprise technopreneurs with a new RM28 million building located adjacent to the original sme1 in cyberjaya.

(Malaysian Reserve 4-1-2008)

Tiong Nam Buying Land From UEM Land

Tiong Nam Logistics Holdings Bhd said its wholly-owned unit, Tiong Nam Logistics Sdn Bhd (TNL), is buying a 7.7 ha in Nusajaya, Johor, from UEM Land Sdn Bhd for RM17.7 million. The land is located in the southern industrial and logistics clusters in Nusajaya.

(3-1-2008, New Straits Times)

Official Nod For Gamuda To Develop Viet Project

Gamuda Bhd has received an investment certificate that officially allows it to develop Vietnam’s Yen So Park project, worth almost RM1 billion. Gamuda will design and build a RM1.5 billion sewerage treatment plant, which will be the biggest in Vietnam.

(3-1-2008, New Straits Times)

Genting Highlands Resort named world’s top casino resort

KUALA LUMPUR: Genting Highlands Resort defeated many a familiar name in the casino business to win the prestigious International Travel Award — The 2007 World Travel Award for the World’s Leading Casino Resort at the 14th Annual World Travel Awards Gala ceremony. The local resort was nominated along with world renowned Ceasars Palace Las Vegas (USA), D’oreale Grande, Emperor Palace (South Africa), MGM Grand Hotel & Casino, Vegas (USA), Park Hyatt Mendoza (Argentina), Star City Hotel & Casino, Sydney (Australia) and The Venetian (Macau).

(3-1-2008 The Edge)

ARREIT Drops proposed plan to inject foreign assets

Amanah Raya has dropped plans to inject foreign assets into its existing pofolio as tis institutional investors were concerned abount uncertainties in the global market, including the decline of the us dollar, and want it to focus on the untapped growth domestically

(Malaysian Reserve 3-1-2008)

Green Packet buys new office at RM39 million

KUALA LUMPUR: Green Packet Bhd is acquiring a 12 storey purpose-built office building in Petaling Jaya for RM39 million to house its new corporate headquarters, the company said.Green Packet’s headquarters are currently located in Technology Park Malaysia, Bukit Jalil. The property is located at Section 8, Petaling Jaya and has two basement car park levels with 126,676 sq ft floor area and 100,000 sq ft of lettable area.

(3-1-2008 The Edge)

TM To Complete RM1.1 b sale lease back of properties soon

Telekom Malaysia Bhd (TM) is expected to complete the RM1.1 bilion proposed Islamic sale and leaseback of its properties by the end of this month.

(Malaysian Reserve 3-01-2008)

Rising construction costs a challenge

Sunrise Bhd managing director Datuk Michael Yam views the rise in construction costs as a major challenge. As for challenges, the rising costs are a major concern. Construction costs will continue to increase in tandem with the escalating costs of building materials. Rising oil prices and logistics will also impact the industry. As land, particularly those in prime location, is gradually depleted, prices of remaining pieces of land escalate with decreasing supply, exacerbated by increasing demand from developers. Also, the increase in cost of not only replacing labour but professional and technical personnel as they seek employment in lucrative markets, such as the Gulf Cooperation Council countries, Singapore and Vietnam, would drive costs up.

(2-1-2008 The Edge)

Promising developments in MAHB

MALAYSIA Airports Holdings Bhd (MAHB), which is likely to miss its restructuring deadline, still has many promising developments including retail expansion in Kuala Lumpur International Airport (KLIA), international airport management contracts, growing prominence of the low-cost carrier (LCC) hub and enhancement of facilities in Subang.

(2-1-2008 The Edge)

Builders cast wary eye on prices of building materials

KUALA LUMPUR: The abundance of 9MP and economic corridor projects will not distract the local construction industry players from casting a wary look on building material prices, partly due to the introduction this month of the hotly contested automated pricing mechanism (APM). Industry observers are expecting steel and cement prices to spike in the wake of the APM, pinching the margins of construction players already burdened with rising fuel prices. Escalating building material prices will put a dent in margins

(2-1-2008 The Edge)

UEM: Nusajaya poised to ‘come alive’ by 2011

KUALA LUMPUR: The Nusajaya regional city in Johor, boosted by a substantial population of 100,000 now, is on track to “come alive” with commercial activities by 2011 and further development via partnerships, said UEM Group. According to reports, the residential projects in Nusajaya — Horizon Hills, Nusa Idaman and Puteri Harbour — have a gross development value (GDV) of RM4.55 billion. Horizon Hills has a GDV of RM2.6 billion, Nusa Idaman RM450 million and Residential North precinct of Puteri Harbour RM1.5 billion. Wan Abdullah said Nusa Indaman, which comprise medium cost housing, had been completed.

(2-1-2008 The Edge)