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)
Sunday, January 27, 2008
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)
IGB Corp Open To Micasa Sale if Price is Good
Hotel and hospitality group IGB Corp Bhd says it will consider selling its Micasa All Suite Hotel in Kuala Lumpur if the price is good. Micasa, a hotel described as performing “extremely well”, closed yesterday after a 20 year existence, giving rise to speculation that the group had sold the property.
(2-1-2008, New Straits Times)
Foreign Buyers For Twins At Damansara Heights
Twins at Damansara heights, a luxury high-rise residential project, has secured investors from Europe while strong interest are seen coming for Singapore and the middle east.
(Malaysian Reserve 1-1-2008)
Government to Buy, Lease Shopping Complex Lots to Aid Entrepreneurs
KUALA LUMPUR: The Ministry of Entrepreneurs and Co-operative Development (MeCD) is setting up a unit to purchase and lease lots in shopping complexes to be rented to entrepreneurs, said its minister Datuk Seri Mohamed Khaled Nordin. To be placed under the purview of the Urban Development Authority (UDA), the ministry’s Premise Development Unit will be allocated RM20 million to rent or purchase lots in shopping complexes throughout Malaysia.
(01-01-2008 The Edge)
BRDB to Sell Office Tower for RM439m
KUALA LUMPUR: Bandar Raya Developments Bhd (BRDB) is selling its “CapSquare” office Tower 2 (OT2) to Germany-based Union Investment Real Estate Aktiengesellschaft (UIRE) for RM439.3 million to unlock the value of the asset. At RM439.3 million, the 41-storey building with a net saleable area of 600,000 sq ft changed hands at about RM732 per sq ft. The tower is due for completion by 2010.
(01-01-2008 The Edge)
MPAJ to meet Alam Flora and Contractors On Operations
THE Ampang Jaya Municipal Council (MPAJ) will set up a special meeting with Alam Flora Sdn Bhd and the contractors involved on their operations in the area. Allocation for Alam Flora alone in the 2008 budget is about RM37mil of the overall amount of RM101.3mil. For next year, MPAJ would be reverting to basics in its services. There is an allocation of RM2.5mil for roads, RM3.5mil for drainage and RM 2.5mil for street lamps while another RM2mil would be spent on playground maintenance and facilities.
(1-1-2008 The Star)
40ha of Forest Earmarked for Development
THE recently published PJ Local Draft Plan 2 (RTPJ2) has stated that about 40ha of forested area in Kota Damansara, which is part of the Sungai Buloh Forest Reserve, will be turned into a recreational area. This includes the land that has been developed into a Muslim cemetery. It leaves only 26.9ha as the forest reserve. The rest would make way for development, including residential housing. Residents' group Friends of Kota Damansara (FOKD) chairman Leong Kam Heng, who has been living in Kota Damansara for six years, said the development plans were robbing the public of an important green area in the Klang Valley.
(1-1-2008 The Star)
Kota Damansara Folks Say No to Development
IT looks like it could be a bleak new year for Kota Damansara residents but they are going all out to ensure their voices are heard. The group, calling themselves Friends of Kota Damansara (FOKD) together with representatives from the Malaysian Nature Society (MNS), have submitted their appeal to Petaling Jaya City Council (MBPJ) against the decision to zone the remnants of the forest reserve for commercial or residential development as proposed in the PJ Local Draft Plan 2 (RTPJ2). They also urged the local authority to abandon any plans connected with such development.
(1-1-2008 The Star)
Ara Hill’s Final Phase Gets RM50m Sales
PETALING JAYA: Sime Darby Bhd’s property division, which launched the final phase of the RM300mil Ara Hill in November, has seen sales of RM50mil over a one-week period for the remaining resort villas and condominium units. The 16-acre Ara Hill is located within the 762-acre Ara Damansara development. The final phase comprises 182 resort condominiums and resort villas.
(1-1-2008 The Star)
Builders Say Automatic Price Mechanism Will Raise Costs
PETALING JAYA: Two bodies representing builders are worried that the automatic price mechanism (APM) for setting cement prices, due to take effect today, would further increase their cost burden and in turn affect new property launches. The Real Estate and Housing Developers Association of Malaysia (Rehda) and Master Builders Association Malaysia (MBAM) said in joint statement that any attempt to further increase the price of cement will definitely affect project costs. Inevitably, this will result in upward revision of prices of new housing and property launches.
(1-1-2008 The Star)
12 projects in IDR this year: Nusajaya
JOHOR BARU: Twelve mega projects totalling billions of ringgit are expected to kick off this year under the Iskandar Development Region (IDR), said Johor Mentri Besar Datuk Abdul Ghani Othman.
Among the projects scheduled for implementation are:
● The RM4.2bil Node 1 project in Nusajaya;
● RM1bil Eastern Dispersal Link (EDL);
● The 15km, RM1bil coastal highway linking Johor Baru with Nusajaya;
● RM900mil clean up of Sungai Skudai, Segget and Tebrau; and,
● RM500mil MSC Cyber City project in Kulai.
(1-1-2008 The Star)
Big Changes: Mega Projects and New Plans to Improve Lives of People
KUALA LUMPUR: The new year will usher in plenty of changes, both in development of infrastructure and in the improvements in people's lives.
Among the significant things taking place are:-
●The Iskandar Development Region in Johor will see 12 mega projects worth at least RM7bil kicking off,
● Amendments to the Youth Associations and Youth Development Act, effective today, will ensure only young people head youth associations, thereby nurturing young leadership
● Kuala Terengganu will be declared a city today, the first in the East Coast, and ● Proton will be launching a new model.
Other changes that will take place include: ● All school students will get free text books, ● The Employee's Provident Fund will allow monthly withdrawals for house loan repayments. ● Single tier income tax regime for companies.
(1-1-2008 The Star)
Good resp to Panareno Luxury Suits
Twins at Damansara Heights, a project which offers 318 luxury residential suites, has achieved 50 per cent sales during its recent preview, marketing agent Knight Frank Malaysia said yesterday.
(1-1-2008 Bernama )
Iskandar Projects to Start In April
Johor Bahru: The execution of mega projects announced under the Iskandar Development Region last year will begin in April, with RM7.63 billion worth of construction investments. These include property developments in and around Nusajaya where the state government’s new headquarters will be located.
(1-1-2008 New Stratis Times)
Malaysia Among Top Choices For Property Investments
Malaysia, alongside Singapore and Thailand, features among investors’ top choices for property investments, according to a survey by the iProperty.com Group. The survey interviewed 2,066 local and overseas property buyers looking for investment opportunities in Asia. Grove said 55 percent of the foreign respondents indicated that they were hunting for high-end or luxury properties between US$100,000 and US$500,000 price range.
(1-1-2008 Bernama)
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