Malaysia Property News Today: Jan 28, 2008

Monday, January 28, 2008

Crest Builder to sustain robust earnings in FY08

PETALING JAYA: Crest Builder Holdings Bhd expects to sustain its strong earnings performance in 2008 on the back of RM920 million worth of construction projects in hand and significant contribution from its property development projects, its managing director Yong Soon Chow said. The company plans to build service apartments with a gross development value (GDV) of RM80 million in Alam Hijau’s Phase 3 and commercial development comprising shops and an office tower worth RM120 million in Phase 4. Both phases are pending the authority’s approval and are expected to be launched in the second half of this year. Phase 5 of Alam Hijau, a commercial development, is still in the early design stages. Crest Builder is also undertaking a commercial development project, Tierra Crest, in Kelana Jaya and a high-end condominium project in Mont’ Kiara.

(28-1-2008 The Edge)

Genting to gain from Landmarks’ gaming foray

KUALA LUMPUR: Landmarks Bhd’s possible venture into gaming operations in Indonesia’s Bintan Island has put its parent Genting Bhd in the spotlight as analysts believe it would enable the latter to expand its clientele base amid a wider regional presence. Moreover, the presence of a gaming unit within Landmarks’ RM4.07 billion “Bintan Treasure Bay” mixed development in Bintan Island’s Treasure Bay enclave is also seen as a catalyst for potential upsides in the value of real estates in the integrated resort, analysts said. Speaking to The Edge Financial Daily, a Landmarks official said the company would study the feasibility of running a gaming unit in Bintan after the green light from the Indonesian authorities.

(28-1-2008 The Edge)

SDB to launch properties worth RM1.6b

KUALA LUMPUR: Property developer Selangor Dredging Bhd (SDB) plans to launch RM1.6 billion worth of real estate locally and abroad in the next three years, with overseas projects expected to contribute about 30% of turnover in fiscal year 2010. The former mining company, which started building properties in 2002 and owns Hotel Maya here, hopes to unveil the first of its overseas real estate developments — two projects in Singapore collectively valued at some RM410 million — within the next few months. Earnings for the current financial year to March 31, 2008, and for FY09 would be largely underpinned by property development income, helped by some RM230 million of unbilled real estate sales, SDB managing director Teh Lip Kim said.

(28-1-2008 The Edge)

More projects ahead of listing

TTDI Development Sdn Bhd (TTDI) is all set to launch several projects this year in its run-up to its proposed listing on Bursa Malaysia, expected to be one of the largest property initial public offerings (IPO) slated for 2008. The upcoming developments include the newly launched Platinum Park and at least four more: TTDI Alam Impian, TTDI Kajang, The Valley in Ampang and Laman Seri Business Park in Shah Alam.TTDI Alam Impian, a 200-acre mixed development of 1,600 residential units in Alam Impian, Shah Alam, would be launched later this year. The houses would be priced between RM300,000 andRM500,000 for corner units. TTDI Kajang, a 113-acre freehold residential development comprising terraced and semi-detached houses would also be launched later this year. The 35-acre The Valley is a 143-unit upmarket gated and guarded bungalow project in Bukit Indah, Ampang. The semi-detached houses called linked villas would be priced from RM2.5mil while the bungalows would be priced from RM3mil to RM4.5mil.

(28-1-2008 The Star)

Developer counts on Southgate

MAH SING Group Bhd foresees good response for its contemporary European-designed Southgate commercial properties in view of the high demand and short supply of commercial properties in Kuala Lumpur.Deputy chief operating officer Andy Chua said the commercial market is facing a shortage of supply and the demand for good office space, especially in Kuala Lumpur, was “very high”.“For example, he said, Menara YNH was sold for RM1,230 per sq ft, Glomac tower for RM1,120 per sq ft and Bumiputra Commerce building for over RM700 per sq ft.

(28-1-2008 The Star)

Mah Sing project draws foreign interest

MAH Sing Group Bhd, which is actively involved in commercial developments, is in talks with three potential foreign buyers for en bloc sale of two of the five blocks in its Southgate Commercial Centre in Kuala Lumpur.It has begun talks early this month with buyers from London, Singapore and the Middle East, who are keen to purchase the seven-storey 900,000 sq ft Apex Block.The company has also started to approach buyers for the en bloc sale of the main block called Corporate Building, an eight-storey building with 218,000 sq ft built-up area. It fronts Jalan Tun Razak/Jalan Sungei Besi.The Corporate Building and Apex have a floor plate of about 26,000 sq ft and 16,000 sq ft respectivelyThe freehold development's five blocks are called Corporate Building, Apex, Vox, Vivo and Verves.

(28-1-2008 The Star)

Platinum Park to push TTDI into big league

TTDI Development Sdn Bhd's newly launched Platinum Park, a world-class RM3.5bil high-end integrated residential and commercial development in Kuala Lumpur's Golden Triangle, has catapulted the company into the big league of property development.The sale of the 50-storey Menara Felda, the tallest of seven iconic towers in Platinum Park, to the Federal Land Development Authority (Felda) for RM640.7mil last week is a major achievement, not only for the company but also for the whole industry that needs this kind of “fireworks” to brighten the “gloom and doom” of a US and possibly global recession. ith the launch of Platinum Park, about 700 metres from the Petronas Twin Towers and Suria KLCC shopping centre, TTDI is poised to regain its former glory not only as an industry leader but also as a major player to be reckoned with.

(28-1-2008 The Star)

Mah Sing: All components in Southgate for sale

PROPERTY developer Mah Sing Group Bhd says all components of its RM256 million Southgate Commercial Centre on Jalan Tun Razak, Kuala Lumpur, are for sale. The three remaining blocks of the development, namely Vox, Vivo, and Verve, will offer 226 office suites and 63 retail lots. Prices for office suites (range from 592 to 1704 sq) start at RM430 per sq ft, while prices for retail lots (535 to 2095 sq ft) begin from RM800 per sq ft.

(28-1-2008 New Straits Times)

Project to be 'Mid Valley of Petaling Jaya'

PJCC Development Sdn Bhd has sold RM50 million of properties under the first phase of its Petaling Jaya Commercial City (PJCC) development project. The first phase, which is only 45 per cent complete, comprises the retail city precinct that offers three-, five- and eight-storey shop-lots. The book value of the retail city is RM80 million, while the gross development value of the whole project is RM500 million. The overall development, scheduled for completion in 2014, houses four precincts over 13ha and will be developed in three phases. PJCC Development is the owner and developer of the PJCC project.

(28-1-2008 New Straits Times)

Buyers snap up Gaya Bangsar units

NATIONAL property development agency UDA Holdings Bhd has sold 95 per cent of Gaya Bangsar, its latest high-end development in Kuala Lumpur, within a week of the pre-launch. Gaya Bangsar is a 34-storey full-service luxury condominium tower that comprises 285 residential units ranging in size from 671 sq ft to 1,610 sq ft. The units are priced between RM350,000 and RM900,000 each. UDA expects to begin construction on the 0.5ha site next to Dataran Maybank in July.

(28-1-2008 New Straits Times)

Belleview plans 8 new projects

PENANG: The Belleview group plans to launch eight commercial and residential projects here with an estimated gross sales value of RM1.2bil in the first half. The shopping mall, located in the heart of Georgetown, would have total lettable area of 600,000 sq ft, he said. The other big project for 2008 is Season Park, comprising 800 condominium units in Air Itam. Other projects lined up include the Palmyra Residences in Balik Pulau comprising terrace and semi-detached houses, 6 Western Avenue in Jalan Utama comprising solely bungalows, Seasons Place in Air Itam, comprising solely commercial properties, Melody Homes in Air Itam, comprising apartments with recreational facilities, Bukit Dumbar Residences in Bukit Dumbar, a landed residential project, and Moulmein Rise in Pulau Tikus, a luxurious commercial-cum-residential project.

(26-1-2008 The Star)

Crest Builder Bags KL Condo Contract

CREST Builder Holdings Bhd's wholly-owned subsidiary Crest Builder Sdn Bhd has been awarded a contract worth RM285 million for the completion of a condominium in Kuala Lumpur. The contract by Starpuri Development Sdn Bhd. was for the execution and completion of the proposed condominium development on Lot 1315, Seksyen 57, Jalan Ceylon. The contract for 34 months, begins from the site possession date set for February 1 2008 and should be completed by December 1 2010, the company told Bursa Malaysia yesterday.

(26-1-2008 New Straits Times)

KFH In Talks To Finance Two Sabah Projects

PENANG: Kuwait Finance House (M) Bhd (KFH) is negotiating to finance two projects in the Sabah Development Corridor. Managing director and chief executive officer Datuk K. Salman Younis said the projects were related to the infrastructure and real estate sectors.

(26-1-2008 The Star)

Iskandar Seen Attracting RM10b This Year

THE Iskandar Development Region, the major southern economic growth corridor, expects to receive more than RM10 billion in investment projects this year. Datuk Ikmal Hijaz Hashim, chief of Iskandar Regional Development Authority, said of the total more than RM8 billion would come from manufacturing sector. The region received about RM17 billion worth of investments last year and they included RM4.2 billion from Kuwait Finance House, Mubadala Development Company and Millennium Development International Company.

(25-1-2008 New Straits Times)

Treasure Bay Designated As Intergrated Tourism Zone

PETALING JAYA: Landmarks Bhd, which is developing the 835.56-acre Treasure Bay on Indonesia's Bintan Island, has signed an agreement with PT Wisata Hiburia to designate the land owned by the former as an international Exclusive Integrated Tourism Zone (EITZ). Landmarks said in an announcement yesterday that the land would be zoned for medical tourism, gaming and information technology hosting and would comprise an integrated resort, commercial and residential properties.

(25-1-2008 The Star)

Starhill REIT Q2 Pre-Tax Profit Up

KUALA LUMPUR: Starhill Real Estate Investment Trust's pre-tax profit for the second quarter ended Dec 31, 2007 rose to RM20mil from RM17mil in the previous corresponding period. Revenue rose to RM26mil from RM24mil previously.

(25-1-2008 Bernama)

Sunrise Q2 Net Profit Down 19%

KUALA LUMPUR: Sunrise Bhd said its second-quarter to December net profit dropped 19% from a year earlier to RM19.38mil, weighed down by higher operating costs. Revenue in the quarter rose 18.4% to RM140.07mil. The cost of sales jumped 25% to RM92.51mil, while other operating expenses more than doubled to RM17.01mil.

(25-1-2008 The Star)

Crest Gets RM285m Job

KUALA LUMPUR: Crest Builder Holdings Bhd subsidiary Crest Builder Sdn Bhd has been appointed main contractor for a proposed 43-storey condominium development in Kuala Lumpur in a deal worth RM285mil.The contract, the biggest secured by Crest Builder so far, was awarded by developer Starpuri Development Sdn Bhd, a subsidiary of DNP Holdings Bhd. The latter is an outfit of Singapore's Wing Tai Asia. Crest Builder business development director Eric S.M. Yong said with the latest contract, the company's current order book had risen to RM1.21bil.

(25-1-2008 The Star)

Tanco marketing PD resorts to foreign investors

PETALING JAYA: Tanco Holdings Bhd, which came out of the PN17 classification on Jan 17, is taking steps to revive its financial condition and this would see it marketing the 200ha Palm Springs Resorts City in Port Dickson to foreign investors. To promote the resorts and leisure business, Tanco had appointed resorts operation and management company Compass Hospitality — which had turned around many resorts in Thailand — to manage six of Tanco’s resorts in Malaysia.

(25-1-2008 The Edge)

Sunrise 1H08 net profit doubles to RM95m

KUALA LUMPUR: Sunrise Bhd’s net profit in the first half to Dec 31, 2007 (1HFY08) has more than doubled to RM94.54 million from RM44.81 million a year earlier, anchored by sales of existing commercial and residential properties, and some RM1.2 billion of unbilled sales. Revenue jumped 63% to RM360.69 million from RM221.41 million in the previous corresponding period. It said Phase 2 of Solaris Mont’Kiara, comprising office suites, and two floors of retail units on four levels of a 1,700-bay carpark, was recently handed over to buyers. Construction of other current projects is on schedule, it added.

(25-1-2008 The Edge)

One Stop Garment Centre

KUALA LUMPUR: Kenanga Wholesale City Sdn Bhd is establishing a one-stop garment wholesale centre at a development cost of RM300mil. The 22-storey Kenanga Wholesale City to be completed in three years, was located in the heart of the established Kenanga area well known for its wholesale fashion business, said group chief executive Yee Ia Howe. The proposed development with a total gross built-up area of 1.8 million sq ft and net lettable retail area of 500,000 sq ft would offer 790 new business lots, double the current number of shop lots, thus providing more business opportunities, Yee said.

(24-1-2008 The Star)

One Stop Garment Centre

(24-1-2008 The Star)

Putrajaya Perdana Unit Wins RM50m Contract

KUALA LUMPUR: Putrajaya Perdana Bhd's wholly owned subsidiary Putra Perdana Construction Sdn Bhd has won a RM49.9mil contract to build an information and communications technology centre in Sepang, Selangor from a statutory body. Putrajaya Perdana told Bursa Malaysia the project had a contract period of 11 months and was due for completion by year-end.

(24-1-2008 The Star)

Glomac Projects Value To Hit RM1bil

KUALA LUMPUR: Glomac Bhd said the proposed acquisition of freehold land in Sepang, Selangor will increase the value of its development projects to RM1bil in the financial year ending April. It will also bring the group's total number of projects to 14. The acquisition would be financed through a combination of internally generated funds and bank borrowings, the company said in a statement.

(24-1-2008 Bernama)

More Mega Projects Slated For IDR

JOHOR BARU: The outlook for the Iskandar Development Region (IDR) is set to change with work on several mega projects scheduled to commence over the next three to five years. The latest property launches indicate that luxury houses are priced between RM1mil and RM15mil while a new price benchmark has been set with condominiums fetching more than RM1,000 per sq ft. Ghani, who is a co-chairman of the Iskandar Regional Development Authority (IRDA), is optimistic the continuous inflow of foreign investment into the IDR would jumpstart slow-moving projects.

(24-1-2008 The Star)

Iskandar Sparks Flurry of High-end Property Projects in South Johor

THE launch of the Iskandar Development Region in November 2006 has spurred a new market segment for high-end properties in south Johor. Menteri Besar Datuk Abdul Ghani Othman said 25 major developers had submitted plans for housing, commercial and mixed-development projects in the coming months. Many of these offer upmarket lifestyle developments featuring exclusive bungalows, luxury apartments and commercial complexes.

(24-1-2008 New Straits Times)

BSN Home Loans May Hit RM3.1b This Year

BANK Simpanan Nasional (BSN) expects home financing, the second largest contributor to its total loan portfolio, to increase to RM3.1 billion by the end of this year from RM2.6 billion now. BSN chairman Datuk Seri Abdul Azim Mohd Zabidi said the increase will be partly due to contribution from the public housing loan scheme, which will add growth to its housing loans by 20 to 30 per cent. BSN is one of the banks that have signed agreements with Syarikat Jaminan Kredit Perumahan Bhd, a subsidiary of the Finance Ministry, to provide guarantee to financial institutions that disburse the loans under the scheme.

(24-1-2008 New Straits Times)

Kenanga Plans RM300 Million Fashion Wholesale Mall

PRIVATELY-held Kenanga Wholesale City Sdn Bhd is spending RM300 million to build a 1.8 million sq ft fashion wholesale mall at Jalan Kenanga near Pudu Jail. When completed three years from now, the 22-storey development will help ease congestion at the busy Kenanga area, where garment wholesalers have been operating from multi-level shoplots since the 1990s. Kenanga Wholesale City chief executive officer Yee Ia Howe said the 790 units are between 300 and 600 sq ft, selling at RM1,980 to RM3,300 per sq ft. Demand is so great that the mall is already 70 per cent sold before yesterday's soft launch, and some buyers were foreign garment makers.

(24-1-2008 New Straits Times)

Malaysian developers attracted to Singapore real estate

KUALA LUMPUR: Malaysian property developers are scrambling for a slice of the Singaporean real estate pie to maximise global exposure albeit near home, when geographical diversification is deemed crucial for home-grown firms to sustain long-term earnings. Malaysian firms including IOI Properties Bhd (IOIP), YTL Corp Bhd, and Selangor Dredging Bhd (SDB) have made headlines for their ventures into the Singaporean luxury property market.

(24-1-2008 The Edge)

Mapletree buys four properties in Tampoi

SINGAPORE: Mapletree Industrial Fund Ltd (MIF) is acquiring four properties at the Tampoi Industrial Estate from two related Malaysian investment and construction companies, Tangkai Jaya Sdn Bhd and Setegap Jaya Sdn Bhd, for RM61.5 million on a sale and leaseback arrangement. It said the properties consisted of four double-storey purpose-built detached factory buildings with a total gross floor area (GFA) of about 406,250 sq feet. Each of the four properties is subleased to individual tenants, Enplas Precision (M) Sdn Bhd, MCE Technologies Sdn Bhd and Celestica Electronics (M) Sdn Bhd, with Celestica Electronics occupying two buildings.

(24-1-2008 The Edge)

Promising Outlook For Johor Property Landscape

KUALA LUMPUR: The south Johor property landscape looks promising with the launch of several large-scale projects, including housing, in the Iskandar Development Region (IDR) over the next three to five years, said Mentri Besar Datuk Abdul Ghani Othman He said yesterday 25 developers had submitted plans for housing, commercial and mixed-development projects in the coming months. The projects included exclusive bungalows, luxury apartments amd commercial complexes. The latest property launches were Central Malaysian Properties Sdn Bhd’s Lido Boulevard, Danga Bay Sdn Bhd’s Danga Island Villas and Gamuda Bhd’s Horizon Hills. These projects were expected to lift Johor’s construction sector out of the three-year recession since 2004.

(24-1-2008 The Edge)

KFH to finance The One cyber city

PENANG: Kuwait Finance House (M) Bhd (KFH) is providing finance for Ideal Capital Intelligence Sdn Bhd's RM500mil The One, Penang Cyber City commercial project in Bayan Baru. The One, located on a 5.2ha leasehold site, comprises smart serviced suites, corporate office suites, corporate retail units, terraced shophouses and bungalows. Besides commercial properties, The One would also house Malaysia's first technology museum.Some 57 bungalows and terraced shophouses, priced between RM281,000 and RM2mil, were launched recently, Ooi said, adding that over 80% of them had been sold.

(23-1-2008 The Star)

MRCB in JV to build mall

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) signed an agreement with Pelaburan Hartanah Bumiputera Bhd (PHBB) to set up joint-venture company to develop a retail complex on Lot G at Kuala Lumpur Sentral owned by Promising Quality Sdn Bhd (PQSB). Jewel Surprises Sdn Bhd, the joint-venture company, had entered into an agreement with PQSB to lease the retail complex for 99 years, MRCB said in a statement.

(23-1-2008 Bernama)

Genting, Chelsea sign MoU

KUALA LUMPUR: Genting Bhd has signed a memorandum of understanding (MoU) with Chelsea Property Group to jointly study the setting up of Premium Outlets shopping centres in Malaysia. They will undertake a feasibility study in the first half of this year, specifically with respect to a proposed site in Kulai, Johor, owned by a subsidiary of Genting. Genting and Chelsea, a division of US-based Simon Property Group, had formed a working group and would share resources in conducting the study, a Genting statement said.

(23-1-2008 Bernama)

Felda Signs Agreement To Buy More Office From TTDI

KUALA LUMPUR: Federal Land Development Authority (Felda) yesterday signed a sales and purchase agreement with TTDI Development Sdn Bhd for the purchase of a 50-storey office tower for RM640.77mil.The office tower to be called Menara Felda is the tallest of seven towers in TTDI Development?s RM3.5bil Platinum Park, in Kuala Lumpur City Centre (KLCC). Construction will start this year and is scheduled for completion in four years.

(23-1-2008 The Star)

MRCB Set Up Joint Venture To Develop KL Sentral Land

MALAYSIAN Resources Corp Bhd (MRCB) and Pelaburan Hartanah Bumiputera Bhd (PHBB) have set up a joint-venture company, Jewel Surprises Sdn Bhd, to develop a retail complex and associated car park bays at Kuala Lumpur Sentral. The plot of land, known as Lot G, is owned by PHBB's wholly-owned subsidiary Promising Quality Sdn Bhd, which has entered into a lease agreement with Jewel Surprise to lease the retail complex and the car park bays for 99 years. This venture allows both parties to pool their resources and expertise to develop an integrated retail and office complex of 1.5 million gross floor area. The proposed retail complex is expected to add vibrancy to the overall development of Kuala Lumpur Sentral.

(23-1-2008 New Straits Times)

Genting Works On Premium Outlet Deal

GAMING group Genting Bhd is working on a deal to bring Premium Outlet Centres to Malaysia, a project that would become another attraction in the Iskandar Development Region. It signed an exclusive memorandum of understanding (MOU) with Chelsea Property Group, a subsidiary of US retail giant Simon Property Group Inc, to jointly study the establishment of Premium Outlets branded centres in Malaysia. Chelsea is the world's largest developer, owner and operator of outlet shopping centres, with interests in 46 Premium Outlet Centres located in the US, Japan, South Korea and Mexico.

(23-1-2008 New Straits Times)

Genting Works On Premium Outlet Deal

(23-1-2008 New Straits Times)

Technip Plans RM500 Johor Port

FRANCE-BASED oil and gas engineering company Technip Group will build a RM500 million plant to make flexible pipes in Johor, says its president and chief operating officer Bernard de Tullio.The plant will be built on a 20ha seafront site in the Tanjung Langsat industrial area. Construction will start in the second quarter of the year and be completed in 2010. The manufacturing facility will have annual production capacity of 200km of eight-inch normalised flexible pipes, and be able to handle and load on vessels for product on reels weighing up to 300 tonnes.

(23-1-2008 New Straits Times)

TTDI Development Mulls More En Bloc Sales

TTDI Development Sdn Bhd, the property arm of the Naza Group, may do more en bloc sales of its development due to strong interest from Middle East and Singapore investors.TTDI is building seven iconic towers in Platinum Park, its first high-end integrated residential and commercial project on a 3.64ha site. TTDI on Monday agreed to sell a 50-storey office tower, dubbed the Felda Tower, to the Federal Land Development Authority (Felda) for RM640.7 million.

(23-1-2008 New Straits Times)

TTDI Selling Tower To Felda

KUALA LUMPUR: TTDI Development Sdn Bhd (a member of the Naza group) will sell a 50-storey office tower to the Federal Land Development Authority (Felda) for RM640.7mil. The proposed tower to be called Menara Felda is the tallest of seven iconic towers in TTDI Development’s RM3.5bil Platinum Park, a world-class high-end integrated residential and commercial development in the prestigious Kuala Lumpur City Centre (KLCC). Menara Felda will have a nett lettable area of 689,000 sq ft and a floor plate of 15,000 sq ft. It will have, among others, a large banquet hall that can seat 1,500 people at the basement level. Platinum Park, sited on a 3.68ha freehold land, is surrounded by new high-end condominiums like The Avare, Binjai, Stonor Park and Suria Stonor. Platinum Park comprises three high-end condos with a total of 287 units, three Grade A office towers and a five-star serviced apartment tower.

(21-1-2008 The Star)

Bayer Opens RM3m Office

BAYER AG said it does not foresee significant impact from the possible US recession on its Malaysian operations, and is reinforcing its commitment in the country by investing in a new office. The German company, which has been in Malaysia for over 35 years, has invested RM3 million in the new office to consolidate its various businesses under one roof. Bayer’s operations are represented by three divisions, namely Healthcare, MaterialScience and CropScience. In 2006, backed with a workforce of 200 people, Bayer group of companies in Malaysia registered over RM400 million in revenue.

(21-1-2008 New Straits Times)

Glomac buys land in Cyberjaya Flagship Zone

KUALA LUMPUR: Glomac Bhd subsidiary Glomac Jaya Sdn Bhd is buying a 3.29-hectare parcel of freehold land, which forms part of Cyberjaya Flagship Zone, in Sepang for RM21.24 million. “Fronting the main road, the lot shares its neighbourhood with other prestigious buildings such as HSBC, IBM, DHL, BMW, Ericsson, NTT, Fujitsu and MDeC HQ. “It is situated within a stone’s throw away from the Multimedia University and is adjacent to Putrajaya. The surrounding area is a popular address for international IT companies and local MSC status companies,” it said.

(21-1-2008 The Edge)

Sunrise zooms in on quality

The premium developer is well known for its high-end residential properties such as Mont'Kiara Aman, Mont'Kiara Damai, 10Mont'Kiara and 11Mont'Kiara nestled in the prestigious Mont'Kiara enclave. To date, Sunrise properties have consistently outperformed others with capital appreciation of about 60% and rental yields of between 8% and 12%. Late last year, Sunrise and its supplier, GC Building Technologies (M) Sdn Bhd (GCBT), took six valued purchasers and the media on a tour of the Donbracht as well as Villeroy & Boch (V&B) plants in Germany to get an insight on the manufacture of high quality faucet fittings and sanitary ware used in Sunrise's high-end condominiums since 2000.

(21-1-2008 The Star)

Mideast investor keen on project

Negotiations are under way with a Middle Eastern investor for the en bloc sale of the two remaining blocks of the upmarket D’Rapport Condominium project along Jalan Ampang here, said Acmar International group chairman Datuk Abdul Samad Maharuddin.The project, jointly undertaken by Permodalan Negeri Selangor Bhd and Perspektif Masa Sdn Bhd, a member of Acmar International, comprises five blocks offering a total of 1,099 units.The current selling price for D’Rapport averages RM700 per sq ft, and the units are priced from RM700,000 each.

(21-1-2008 The Star)

Mideast investor keen on project

(21-1-2008 The Star)

Ong: Stricter rules make a better market

This is the view of Housing and Local Government Minister Datuk Seri Ong Ka Ting, who said "stricter rules, regulations and fines imposed under recent amendments to the Housing Development (Control and Licensing) Act has led to a better market". This now incurs a fine of up to RM20,000 and/or five years’ jail as opposed to a fine of RM5,000 and/or three years’ jail previously. Other major changes with the amendments include a fine of not more than RM10,000 for developers who omit any requirement stipulated by the Act in their Sale and Purchase Agreements (SPAs); purchasers no longer need the consent of developers for sub-sale if the purchase price has been fully settled; and separate terms and conditions for SPAs under the 10:90 mode of housing delivery.

(21-1-2008 New Straits Times)

On track to begin afresh

Beleagured Talam Corp Bhd is all primed to begin anew with a range of developments to put it back into the game. In the first package, the six projects being rehabilitated are Taman Puncak Jalil (2,929 units), Putra Perdana (752 units), Ukay Perdana (1,481 units), Lagoon Perdana (1,927 units), Kinrara Section 3 (1,158 units) and Bukit Beruntung (192 units). Now, with the awarding of the second package to complete the remaining five projects – Taman Lestari Puchong (1,114 units), Saujana Puchong (420 units), Saujana Putra (531 units), Lestari Permai (568 units) and Jalil Heights (100 units) – Talam will have sorted out all of its delayed developments, she said. With a landbank of some 8,000 acres in the Klang Valley, of which a quarter is in choice locations, Talam is eager to get back in the game. However, Chua said, it will now “focus on premium homes” instead of mass housing it had done in the past.

(21-1-2008 New Straits Times)

Construction cost to soar this year

Prices of building materials have surged the past year, causing construction cost to rise by 12 per cent in 2007 alone. All industry players are affected, but the small-timers are hardest hit, especially if they do not have the capacity to cushion such cost increases. For this year, Master Builders Association Malaysia (MBAM) president Patrick Wong said construction cost is expected to rise 20 per cent, though if fuel prices go up, the hike may be 25 per cent. The government raised the ceiling price of steel bars and billets by 12 per cent across the board effective Dec 1, 2007. Despite the rise, which has taken steel bar prices to RM2,419 a tonne from RM1,817, contractors said they still face difficulties in getting supplies and sometimes have to make under-the-counter payments of RM150 to RM200 a tonne.

(21-1-2008 New Straits Times)

Tune Hotels targets 100 hotels by 2011

KUALA LUMPUR: Tune Hotels Sdn Bhd aims to have about 100 hotels under its management, with an estimated total value of RM2 billion, under development or fully operational within the next three years. Tapping into the “visiting friends and relatives” segment, which is one of the fastest growing areas in the hospitality business, Lankester said Tune Hotels planned to own and develop at least 25 sites by March. Out of the 25, five are in Bali, Phuket, Jakarta and Bandung. The hotel in Bali, which is expected to be operational in 2009, will mark Tune Hotels’ first international presence.

(21-1-2008 The Edge)

Equine to emulate other cities

PENANG: Property developer Equine Capital Bhd, criticised for its development of the Penang Global City Centre (PGCC), wants to employ strategies used by successful cities to overcome sustainability issues in its development. Lim was responding to Chief Minister Tan Sri Dr Koh Tsu Koon’s statement last week that the developer must review the project’s proposed density, the construction of low-rise properties directly beside the Jesselton area, and its affordable housing policy.

(21-1-2008 The Edge)

Amanah Raya to up rental yield 50 bp

PETALING JAYA: AmanahRaya REIT is aiming to increase the rental income yield of some properties by up to 50 basis points to 9% by expanding their lettable areas, its manager AmanahRaya-JMF Asset Management Sdn Bhd said. He said AmanahRaya-JMF had structured agreements with the property owners in a way that enabled the REIT assets to generate yields of 8.5% against the market average of 7.5%. According to its website, AmanahRaya-JMF manages eight assets — Wisma Amanah Raya Bhd, Wisma Amanah Raya, Wisma UEP, Holiday Villa Langkawi, Holiday Villa Alor Star, Permanis factory, SEGI Collage, and Black A&B South City Plaza.

(21-1-2008 The Edge)

RM300m commercial centre to enliven Lahad Datu

A RM300 million commercial centre, called Palm City Centre, will be built on 23.5ha just outside the Lahad Datu town centre in Sabah. It is a joint venture between the Sabah Housing and Town Development Authority and Renofajar Sdn Bhd. Renofajar managing director Chris Pang said the project will complement Lahad Datu's image as a rising economic region once the state's Palm Oil Industrial Cluster (POIC) is fully operational.

(19-1-2008 New Straits Times)

Selangor Dredging To Buy Penang Land

Selangor Dredginf Bhd plans to acquire three parcels of land in Bandar Batu Feringghi, Penang from Alphine Accord (M) Sdn Bhd for RM24.568 mil. The proposed acquisition was in line with the group’s ongoing idenfication of suitable land to add to the group’s land bank, it said in a statement to Bursa Malaysia

(19-1-2008 The Star)

New Carrefour Store In Klang

Carrefour has opened a store in Klang, boosting the number of hypermarkets to 12 nationwide, the company said statement yesterday. The one-storey building has a gross built up area of 159,843 sq.ft. a company statement said.

(19-1-2008 The Star)

Shortage Hurts Builders

Real Estate and Housing Developers Association Malaysia president Ng Seing Liong concurred that the government must allow contractors and builders to import steel from Thailand, China and the Philippines, which were 10% to 15% cheaper than domestic steel. He claimed that despite the recent 12% hike in the price-controlled items, builders and contractors still needed to pay RM250 to RM300 above the new control price for steel bars at RM2,400 to RM2,500 per tonne, given the shortage.

(19-1-2008 The Star)

New CIMB Bank Branch at Solaris Mont’Kiara

The CIMB group said in a statement the new branch offered a completed range of conventional and Islamic products to meet the banking needs of residents and business owners in the vicinity. Occupying 8,100 sq.ft, The Solaris Mont’Kiara branch is the first of eight CIMB will open this year.

(18-1-2008 The Star)

Malton Sees Robust Growth

Sales and marketing director Tracey Lai sees major earnings contribution from new projects such as V Square at PJ City Centre, Pearl Villas at Section 16, Petaling Jaya and Amaya Saujana at Saujana Subang. Malton, which has a land bank of more than 1,000 acres, plans to acquire more land in areas such as Petaling Jaya, Penang and Johor.

(18-1-2008 The Star)

AAR Moving Into New Office Complex

Applied Agricultural Resources Sdn Bhd (AAR) plans to move into a new office complex costing between RM18 bil and RM20 mil in Kota Damansara by early 2010. Occupying over 1.9 ha, the office complex will house AAR’s main office, chemistry laboratory, microbiology laboratory, soil survey section, small hall and cafeteria.

(18-1-2008 The Star)

SunCity To Launch RM3.7bil REIT

SunCity Bhd is on track to list the country’s first integrated resort real estate investment trust (REIT) this year but is still undecided between Malaysia and Singapore. Among the assets to be injected are the Sunway Pyramid Mall and its annexe- totaling 1.7million sq.ft of net lettable space; the 4.8 ha Monash University campus, Sunway Unversity College, Sunway Carnival Mall in Penang and Tambun Hypermarket in Ipoh.

(18-1-2008 The Star)

Malton Plans RM2b Property Launches

Malton Bhd plans to launch residential and commercial projects worth RM2.1 billion in gross development value (GDV) over the next three years. On the domestic front, Malton expects to come up with sales previews for residential and mixed development projects in the Klang Valley by middle of this year.

(18-1-2008 New Straits Times)

SunCity Hires Advisers For REIT

Sunway City Bhd (SunCity) has hired four investment banks, including RHB Investment Bank Bhd, to help the company set up and list a property trust that has been touted to be the country’s biggest. It also appointed CIMB Investment Bank Bhd, US bank Goldman Sachs and Swiss lender UBS, SunCity said in a statement yesterday.

(18-1-2008 New Straits Times)

Sunway University College expands to Sarawak

SUNWAY University College has opened a new branch campus in Kuching, Sarawak, bringing the total number of campuses to four. The setting up of the branch campus was made easier after Sunway took a majority stake in Cades Business School, which has been renamed Sunway College Kuching.

(18-1-2008 New Straits Times)

Quill Capita Trust distributable income higher than forecast

REAL Estate Investment Trust (REIT) Quill Capita Trust (QCT) has reported a RM19.27 million distributable income for the financial year ended December 31 2007, 34.5 per cent higher than its initial public offer (IPO) forecast of RM14.32 million.This translates to a distribution per unit of 6.46 sen, 7.7 per cent higher than 6 sen projected. For the period under review, the trust registered an RM31.38 million gross revenue, 31.6 per cent more than its IPO estimate of RM23.85 million.Quill Capita Management Sdn Bhd chief executive officer Chan Say Yeong said the higher distributable income was mainly due to rental from Wisma Technip and commercial units of Plaza Mont' Kiara, and lower interest expense.

(18-1-2008 New Straits Times)

Grand Hotels Upgrading Properties

Grand Hotels International Asia Pacific is investing about RM13mil to upgrade all its nine hotel properties under the Grand Continental brand in the country. Hotel Grand Continental (Penang) manager Dennis Cheng said the hotels were now in various stages of refurbishment that would be completed within six months.

(17-1-2008 The Star)

AR-REIT 3rd Income Distribution At 0.2 Sen

AMANAHRAYA Real Estate Investment Trust (AR-REIT) has announced its third interim income distribution of 0.2563 sen per AR-REIT unit for the financial year 2007, making the total net income being distributed to unit holders at RM10,646,287.

(17-1-2008 New Straits Times)

OSK Plans to Inject UOA Pantai Into Property Trust

OSK Trustees Bhd plans to inject UOA Pantai into the UOA Real Estate Investment Trust (REIT) at a cost of RM86 million. UOA Pantai, located in JALan Pantai Jaya in Kuala Lumpur, is a five storey office building with two mezzanine floors, on 0.36 hectare freehold land. OSK Trustees will buy the property from Magna Tiara Development Sdn Bhd , a subsidiary of UOA Holdings Sdn Bhd.

(17-1-2008 New Straits Times)

Shopping Mall Acquisition

HEKTAR Asset Management plans to inject a third shopping mall into the Hektar real estate investment trust (REIT) that it manages, by the first quarter of the year. It is in the midst of finalizing a deal to acquire a neighbourhood shopping mall, located outside of the Klang Valley, from a third party, its director and chief financial officer Zalila Mohd Toon.

(17-1-2008 New Straits Times)

Government targets RM1b home loans in 2008

PUTRAJAYA: The government expects local financial institutions to disburse RM1 billion in home loans this year to low-income groups in the agriculture and fisheries sectors under the guaranteed housing loan scheme (Skim Pinjaman Perumahan Berjamin). Second Finance Minister Tan Sri Nor Mohamed Yakcop said yesterday the loans, under an initial RM50 million guaranteed fund, would be disbursed by Bank Islam Malaysia Bhd (BIMB) and Bank Simpanan Nasional (BSN). Syarikat Jaminan Kredit Perumahan Bhd (SJKP), a unit of the Finance Ministry, would guarantee the industry. About 20,000 borrowers with monthly income of RM1,500 would be able to own low- and medium-cost housing, he said. He added that 1,713 applications worth RM29 million were approved over 15 days.

(16-1-2008 The Edge)

YNH sells 50% of Menara YNH for RM920m

KUALA LUMPUR: YNH Property Bhd’s sub-subsidiary, YNH Land Sdn Bhd, is selling 50% of Menara YNH to Kuwait Finance House (Malaysia) Bhd (KFHMB) for RM920 million, YNH said yesterday. In a statement, YNH said YNH Land had accepted an offer from KFHMB to purchase the en-bloc interest of 50% of the proposed 45-storey office tower. It said the sale and purchase agreement would be formalised at a later date. Sited on a three-acre land in the Golden Triangle here, Menara YNH is a 45 storey-single iconic office tower with two wings that sit on a premier retail podium.

(16-1-2008 The Edge)

Government caps inflation at 2.5%

PUTRAJAYA: Malaysia’s inflation rate will be contained at about 2% to 2.5% for the next six to 12 months, as the price situation was still under control, Second Finance Minister Tan Sri Nor Mohamed Yakcop said. “I personally think the earlier range of 2% to 2.5% is still valid for the next six months to a year. I certainly don’t see 4%. I don’t see inflation moving up for the year,” he said, adding, however, the government would continue to monitor the price situation. Standard Chartered Plc had forecast in its research note on Jan 10 that Malaysia’s inflation rate would increase to an average of 4% this year from 2% previously due to higher food and fuel prices and escalating construction costs, after consumer prices rose 2.3% last November, the fastest pace in nine months.

(16-1-2008 The Edge)

Government caps inflation at 2.5%

(16-1-2008 The Edge)

Grand Hotels enhances corporate image

PENANG: Grand Hotels International Asia Pacific, the operator of the Hotel Grand Continental chain, wants to continue enhancing its corporate image in its efforts to remain competitive in the hotel industry. Hotel Grand Continental Penang manager Dennis Cheng said the chain had invested about RM12 million to refurbish its nine hotels throughout the country. He said it had invested about RM2 million in refurbishment works at its hotel in Penang, while upgrading works at its Kuala Lumpur hotel cost some RM2.5 million. He said more refurbishment works costing between RM500,000 and RM1 million were currently ongoing at its other hotels in different cities, including Kuching, Kuantan and Kuala Terengganu.

(16-1-2008 The Edge)

Nagamas in JV to market properties

KUALA LUMPUR: Nagamas International Bhd has teamed up with Chinese construction firm Zhiangxu Zhenda Construction Co Ltd to market and sell upcoming commercial and residential units in Huizhou city, China. Nagamas’ wholly-owned subsidiary Nagamas International (HK) Ltd (NIHK) signed the marketing joint venture (JV) agreement with Zhiangxu Zhenda to market the Longji Blue Bay project currently being developed on a 0.74ha parcel of land, with built-up area of 3.73ha. Its fixed asset totals 40 million renminbi (RM18 million). Construction projects in hand that are expected to be completed in 2008 have a total gross development value of more than RMB200 million.

(16-1-2008 The Edge)

LBS disposes of 22 properties for RM3.9m

KUALA LUMPUR: LBS Bina Group Bhd is selling 22 of its properties in its Bandar Putera Indah mixed housing development in Batu Pahat, Johor to Bebas Bakti Sdn Bhd (BBSB) for RM3.92 million cash. In an announcement to Bursa Malaysia yesterday, it said it had entered into the sale and purchase agreements via its property development unit LBS Bina Holdings Sdn Bhd yesterday. The properties comprise 20 units of double-storey shop offices and two units of three-storey shops, all of which are reserved as bumiputera units.

(16-1-2008 The Edge)

YNH in talks to sell remaining proposed tower

PENANG: YNH Property Bhd will soon be selling the other 50% of the proposed 45-storey Menara YNH at Kuala Lumpur's Jalan Sultan Ismail, group corporate services head Daniel Chan said. Another reputable overseas buyer was currently considering purchasing the balance 50% of the tower block and an announcement would be made once the sale was concluded, he told StarBiz yesterday. In an announcement to Bursa Malaysia on Tuesday, YNH said the group had accepted an offer from Kuwait Finance House (Ma) Bhd to purchase an en bloc interest equal to 50% of the proposed building comprising two wings on a luxurious retail podium for RM920mil.

(16-1-2008 The Star)

Selayang market completed but not ready

THE new market block at Selayang, next to the Selayang City Point, is completed but the market traders are still waiting for the green light to move in. The Selayang City Point apartment block also looks like it is completed but the unit buyers are still unable to move into their apartments. The Selayang City Point has about 160 units of apartments, with shoplot units on the lower level. Rawang assemblyman Datuk Tang See Hang had visited the new market twice last year but he did not say when would the traders would be able to start their business in the new market.

(16-1-2008 The Star)

RM600mil factory for new township in Perak

IPOH: A RM600mil polysilicon factory will be built at the Bandar Seri Iskandar, about 40km from here. Perak Mentri Besar Datuk Seri Mohamad Tajol Rosli Ghazali said the state had approved a plot of 243ha plot of land in the new township for UCI Corporation, a Taiwanese company. The factory, believed to be the first of its kind in the country, was expected to create 1,000 jobs for locals, he added. The plant, he said, would produce wafers and electronic components.

(16-1-2008 The Star)

Quill Capita plans to buy three assets

KUALA LUMPUR: Quill Capita Management Sdn Bhd (QCM), the manager of Quill Capita Trust (QCT), has proposed to acquire three assets for RM94.5mil. According to QCM chief executive officer Chan Say Yeong, QCT targets to increase its property portfolio to RM750mil by end-2008 from RM549mil as at Dec 31, 2007. The properties to be injected will be acquired from the Quill group, one of the two main sponsors of the property trust along with CapitaLand group. On the property outlook in Malaysia, Chan said the KL office market was expected to improve due to strong demand from business expansion, coupled with tight supply of quality office spaces.

(16-1-2008 The Star)

Housing Tribunal weeds out rogue developers

SUBANG JAYA: The Housing Tribunal has served as a deterrent against irresponsible developers, said Housing and Local Government Minister Datuk Seri Ong Ka Ting. He said the number of complaints lodged at the tribunal had halved from 6,524 cases in 2004 to 3,000 last year. “Of this, 6,506 cases in 2004 have been solved while last year, 2,363 cases were settled,” he said at a press conference after opening the briefing on the Housing Development (Control & Licensing) (Amendment) Act and Regulations 2007 here yesterday.

(16-1-2008 The Star)

CIMB now in Mont'Kiara

KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd now have a new branch at Solaris Mont'Kiara, a premier commercial development. The new branch of the banks was opened on Tuesday. In a statement Wednesday, CIMB Group said the new branch offered a complete range of conventional and Islamic products to meet the banking needs of residents and business owners in the vicinity. Occupying 8,100 sq ft, the full service branch will be open from Mondays to Fridays from 9.15am to 4.45pm, and offers a variety of transactions, including opening accounts, investing in structured and wealth management products and applying for loans.

(16-1-2008 The Star)

UM Land to build more high-end properties

JOHOR BARU: United Malayan Land Bhd (UM Land) plans to introduce more high-end residential properties for future launches at its Seri Austin township. The move would cater for local home up-graders and Singaporean buyers, sales and marketing senior manager Ivan Chooi Kin Pheng said. In the pipeline were bungalows priced from RM1mil each, he said, adding there were potential buyers here and from Singapore.

(16-1-2008 The Star)

Nusa Cemerlang to complement the IDR

JOHOR BARU: The new Nusa Cemerlang Industrial Park (NCIP), with a total gross development value of about RM1bil, will cater to the needs of investors wanting to set up companies within the Iskandar Development Region. Crescendo Corp Bhd managing director Gooi Seong Lim said the project, to be developed by its subsidiary Panoramic Industrial Development Sdn Bhd, would comprise 352 factories, targeting small and medium industries.

(16-1-2008 The Star)

No plans to take property unit private: IOI Corp

SHARES of IOI Properties Bhd rose as much as 8.3 per cent or RM1.10 yesterday, fuelled by a privatisation rumour which was promptly denied by the company.There was speculation that IOI Corp Bhd, which holds about 70 per cent of IOI Properties, could take its subsidiary private, offering RM15 a share. At that price, it would cost IOI Corp about RM1.5 billion to buy the remaining shares it does not own. Recently, IOI Prop and Ho Bee Investment Ltd won a bid to buy land on the resort island of Sentosa, Singapore, for S$1.097 billion (RM2.5 billion).

(16-1-2008 New Straits Times)

Subang project seen boosting Bandar Raya earnings

BANDAR Raya Developments Bhd's (BRDB) recent purchase of a 10.1ha site in Subang Jaya will provide another catalyst for sustainable earnings growth for the property developer post-2009. OSK Research Sdn Bhd analyst Mervin Chow Yan Hoong said this project is able to leverage on its prime location of Subang, with easy accessibility from the Federal Highway. "And with the apartments priced in the region of RM250,000 to RM350,000, they will be affordable to most Klang Valley households with monthly income of more than RM5,200," he wrote in a note on Monday.

(16-1-2008 New Straits Times)

YNH sells 50pc stake in office tower

YNH Property Bhd is selling a 50 per cent stake in its commercial development to be located in the "Golden Triangle" of Kuala Lumpur to Kuwait Finance House (Malaysia) Bhd for RM920 million. YNH Property told Bursa Malaysia yesterday that the development will be a 45-storey single office tower with two wings in a premier and luxury retail platform or podium. The commercial development sits on a 1.2ha (three-acre) site along Jalan Sultan Ismail. The land is to be developed by YNH Land Sdn Bhd, a subsidiary of YNH Property.

(16-1-2008 New Straits Times)

YNH sells 50pc stake in office tower

(16-1-2008 New Straits Times)

LBS Bina to sell properties

LBS Bina Holdings Sdn Bhd has entered into 22 sales and purchase agreements with Bebas Bakti Sdn Bhd to dispose of 22 units of completed properties in Bandar Putera Indah project in Batu Pahat, Johor for RM3.921 million. LBS Bina Holdings is a wholly-owned subsidiary of LBS Bina Group Bhd. The proposed disposal is expected to be completed within three years.

(16-1-2008 New Straits Times)

LBS Bina to sell properties

(16-1-2008 New Straits Times)

Talam to cut debts to RM300m, eyes high-end properties

KUALA LUMPUR: Talam Corporation Bhd targets to reduce its existing RM1.1 billion debt to a manageable RM300 million under its revamp, which it hopes to be approved by the Securities Commission by month-end. Talam has awarded IJM Construction Sdn Bhd as principal contractor for its existing projects which include Taman Lestari Puchong, Saujana Puchong, Saujana Putra, Lestari Permai and Jalil Heights which will begin work in February. Other projects include Puncak Jalil, Ukay Perdana, Putra Perdana, Kinrara Section 3, Bukit Beruntung and Lagoon Perdana. Chua said Talam has about 3,200ha of land in the Klang Valley that are yet to be developed, with some 25% in prime locations.

(15-1-2008 The Edge)

Guocoland to acquire land in Changkat Kia Peng for RM55.5m

KUALA LUMPUR: Guocoland (Malaysia) Bhd has entered into a conditional sale and purchase agreement to acquire a 3,030-sq m piece of freehold land with two residential buildings in Changkat Kia Peng, Kuala Lumpur, for RM55.5 million cash. Goucoland said the purchase of the land in Changkat Kia Peng, acquired on an “as-is-where-is” basis, would be financed internally and from bank borrowings, and was expected to increase the company’s gearing to 13% from 7% based on its audited accounts as at June 30, 2007. Under the agreement, Sabna would pay a RM5.5 million deposit for the purchase, with the RM49.9 million balance to be paid no later than two months from the date on which all conditions precedent were fulfilled, it said. The residential buildings located on the land comprised two bungalows which were currently owner-occupied, it added.

(15-1-2008 The Edge)

AP Land eyes education

KUALA LUMPUR: Asia Pacific Land Bhd (AP Land), one of the oldest property groups in Malaysia, is diversifying into the education sector in a move to enhance its earnings base. The group yesterday announced that its wholly owned subsidiary Khas Cergas Sdn Bhd had entered into a conditional sale of business agreement with Dynamic Master (M) Sdn Bhd to acquire Victoria International College in Klang and Kuala Lumpur. Khas Cergas will buy Victoria International for RM2.5 million, to be settled by RM1.35 million cash and properties in Bandar Tasik Puteri worth RM1.15 million, it said.

(15-1-2008 The Edge)

Talam to focus on premium housing projects

TALAM Corp Bhd aims to move away from developing low- and mid-cost housing and instead focus on premium products in the Klang Valley once it shakes off its Practice Note 17 (PN17) status. The property developer has close to 8,000 acres of undeveloped landbank, of which 2,000 acres are in good locations, executive director Chua Kim Lan said at a media briefing. Talam is currently waiting for the Securities Commission (SC) to approve its revised financial restructuring plan so that it can move out of its troubled PN17 status. The new plan addresses all concerns that the SC had raised about an earlier plan.

(15-1-2008 New Straits Times)

YNH to sell tower

PENANG: YNH Property Bhd is finalising the sale of the proposed 45-storey iconic Menara YNH at Kuala Lumpur's Jalan Sultan Ismail for RM1.5bil. Sources said investors from Australia, Singapore and a Middle-Eastern country were likely to form a consortium to purchase the building, which is scheduled for completion in 2012. Earlier this month, YNH Property announced the commencement of earthworks for the project and the allocation of RM4.2mil to relocate the water pipes and manholes at Jalan Sultan Ismail to make way for the tower project.

(15-1-2008 The Star)

YTL Land gets 90% take-up for d6 offices

KUALA LUMPUR: YTL Land & Development Bhd recorded 90% take-up for d6, the latest edition of boutique offices at Sentul West & Sentul East, in just one day during a weekend preview. The achievement mirrored the sell-out success of d7, Sentul’s first commercial project launched four months ago, YTL Land said in a statement. The 80-unit d6 boutique offices are interlinked to d7 through a sky bridge that stretches over Jalan Sentul. The RM100mil freehold d6 development features cutting-edge duplex offices, boutique offices with retail and food and beverage outlets, lush landscaping, water features and artistic sculptures in the atrium area.

(15-1-2008 The Star)

Talam on track to deliver homes to buyers

KUALA LUMPUR: Talam Corp Bhd has handed over 547 double-storey houses in Taman Puncak Jalil to buyers in the past two months. Executive director Chua Kim Lan said the remaining 7,892 units of various types of houses at six housing schemes were being built by principal contractor IJM Construction Sdn Bhd (IJMC) and were expected to be delivered in six to 18 months. The total 8,439 units form the first package valued at RM700mil which was awarded to IJMC in 2006. A second package, involving 2,733 units worth RM125mil, was awarded last month to IJMC, she told a press briefing yesterday. The second package involves projects at Taman Lestari Puchong, Saujana Puchong, Saujana Putra, Lestari Permai and Jalil Heights.

(15-1-2008 The Star)

PwC expects NPL sale to grow

KUALA LUMPUR: PricewaterhouseCoopers Malaysia (PwC) expects the sale of non-performing loans (NPLs) to grow further as more banks realise the benefits of such transactions, its senior executive director Lee Chui Sum said. She said currently, loans that had been non-performing for more than seven years and that were collateralised by real estate were fully provisioned in the banks’ books as a matter of prudence.

(14-01-2008 The Edge)

Malaysian trust funds gain 21% in 2007

KUALA LUMPUR: Trust fund net assets in Malaysia rose an average 1.42% in December 2007, raising the cumulative gains for the year to 21.33%, as soaring commodity prices bolstered the Kuala Lumpur Composite Index, according to the Lipper Malaysia Fund Market Insight Report. Money market and bond funds rose 0.17% and 0.11% respectively, during the month. The KLCI, comprising 100 blue-chip stocks, gained 32% in 2007, making it the world’s third-best performer, after the Shanghai Composite Index and Bombay Stock Exchange Sensitive Index (Sensex), which rose 96.66% and 47.15% respectively.

(14-01-2008 The Edge)

Recently Upgraded Pangkor Resort

HAVING done quite a bit of globetrotting for most of 2007, I ended the year with a three-day visit last month to one of the best resorts in Malaysia, Pangkor Laut Resort. This multiple award-winning resort is a privately owned island and the gem in the crown of the YTL group. The late Luciano Pavarotti sang there and there is a suite named after him.

(14-01-2008 The Star)

Tan & Tan Expanding Niche Development

TAN & Tan Developments Bhd, a wholly owned unit of IGB Corp Bhd, is expanding in the niche residential property market with the launch of new lifestyle products in the Kuala Lumpur city centre and the suburbs in the Klang Valley. Over the next two years, the company will launch 11 upmarket projects in the Klang Valley worth a total gross development value (GDV) of RM2.5bil. These projects will keep the company busy for the next five to six years.

(14-01-2008 The Star)

Quill Capital To Manage Assets Worth RM750m

QUILL Capita Trust (QCT), a property trust that has been listed on Bursa Malaysia for a year, is going on an expansion trail that is projected to increase its portfolio of assets under management to at least RM750mil by year end. QCT was listed on Jan 8, 2007, with four properties worth RM276mil under the Real Estate Investment Trust (REIT). All the properties are located in Cyberjaya with a combined net lettable area of 493,118 sq ft. The REIT's manager, Quill Capita Management Sdn Bhd (QCM), recently placed two more properties into the trust, making it six properties in its stable.

(14-01-2008 The Star)

Bandar Raya Expand Land Bank

Bandar Raya Developments Bhd (BRDB) has expanded its land bank in the Klang Valley with the acquisition of 10.1ha of freehold land fronting the Federal Highway in Subang Jaya. Chief executive officer Datuk Jagan Sabapathy said the company planned integrated development comprising retail, street retail, designer suites, office suites and apartment blocks.

(14-01-2008 The Star)

90% uptake for Sentul's d6 boutique offices

KUALA LUMPUR: YTL Land & Development Bhd’s Sentul West & Sentul East continued to captivate the market as buyers rushed to stake a claim on d6, the projects’s latest edition of boutique offices, during its preview last weekend. By the end of the first day, the project had recorded a remarkable 90% uptake, mirroring the sell-out success of d7, Sentul s first commercial project launched four months ago. The 80-unit d6 boutique offices are linked to d7 through a sky bridge that stretches over Jalan Sentul. The RM100mil freehold d6 development features cutting-edge duplex offices, boutique offices with retail and F&B outlets encased in lush landscaping, water features and artistic sculptures in the atrium area.

(14-01-2008 The Star)

Locked- In Profits

THERE was renewed interest from investors in property stocks last week, enthusiasm not seen since a sell-off of these stocks in the region when the subprime loan crisis erupted in the US in October last year. One of the factors for this re-discovered interest is the trend of en bloc sales of commercial and condominium properties projects to institutional investors. Mah Sing Group Bhd's sale of The Icon@Mont Kiara and the East Wing of The Icon@Tun Razak late last year, for instance, produced revenue to be booked of about RM540mil. This is equivalent to the revenue of half of a RM1bil township that generally takes at least a few years to develop.

(14-01-2008 The Star)

Mid Quake Jolts Bukit Tinggi

Mild quake jolts Bukit Tinggi. The Malaysian Meteorological Department said it caused weak tremors in Bukit Tinggi and surrounding areas. There is no cause for alarm as it is only a mild earthquake, it said in a statement.

(14-01-2008 The Star)

YTL boutique offices enjoy brisk sales

YTL Land & Development Bhd's latest boutique offices at its Sentul West & Sentul East project in Kuala Lumpur was 90 per cent sold by the end of the first preview day last week. The d6 office units are priced from RM450 per sq ft, with sizes ranging from 1,091 sq ft to 3,758 sq ft. The RM100 million freehold d6 development features three office layouts - Sky Offices, which are duplex units with glass skylights and an internal courtyard; Garden Offices with a landscaped garden terrace; and Office Suites with its own pantry, store and a spacious interior. The office-building will be fully broadband-enabled, equipped with 24-hour state-of-the-art security systems and accompanied by retail and food and beverages outlets.

(14-1-2008 New Straits Times)

Property uptrend expected to continue

MALAYSIA'S real estate sector is expected to remain on the upside for the next few years, backed by positive interest in the market. Malaysian Annual Real Estate Convention 2008 (Marec) organising chairman Siva Shankar said the scenario is likely to continue despite the escalating prices of houses in the country, especially in prime locations.Siva noted that since January last year, demand for properties has shifted to the high-end and this has helped increase their value by 30-40 per cent."High-end properties within the vicinity of the Kuala Lumpur City Centre (KLCC), Mont'Kiara, Bangsar and Damansara are doing well.

(14-1-2008 New Straits Times)

'Domestic activities, building boom main growth drivers'

DOMESTIC activities and a strong multiplier effect from the construction sector following the rollout of projects under the Ninth Malaysia Plan will be the main drivers for growth this year, said a local research house. It has projected the real economy to expand by 5.7 per cent in 2008, from six per cent in 2007, with private expenditure expected to outweigh public expenditure. Supported by strong domestic fundamentals and further downside risk to the US dollar, Inter-Pacific Research also expects the ringgit to appreciate to between RM3.22 and RM3.25 in 2008, from RM3.35 to RM3.37 in 2007.Inflation is expected to be a cause of concern in 2008, emanating from demand-pull in view of stronger domestic activities, it added. It also expects inflation to hover between 2.5 per cent and 2.8 per cent in 2008, from two per cent in 2007.

(14-1-2008 New Straits Times)

RM5m Bus Terminal Ready Next Month

BUTTERWORTH: The RM5 million temporary bus terminal at Pengkalan Sultan Abdul Halim here is expected to be operational before the end of next month. It will replace the terminal, under a flyover, after a fire gutted the three-storey bus complex belonging to the Penang Port Commission in 2001. The new terminal would have 34 ticketing booths, 28 bays for express buses, a surau, a police booth and a spacious waiting area.It is expected to be operational for the next two years until a multi-storey complex, known as the Penang Sentral, is ready. Prime Minister Datuk Seri Abdullah Ahmad Badawi performed the ground-breaking for the RM100 million Penang Sentral last August.

(12-1-2008 New Straits Times)

Sunway Pallazzion Bkock Sold For RM220 Million

On the heels of the en-bloc sale of its 249 unit Sunway South Quay, it is now believed that Sunway City Bhd (SunCity) has done a second large-scale deal with the disposal of Block B of Sunway Pallazzion in Kuala Lumpur for RM220 million. Located in the upmarket Sri Hartamas area, the 80-unit high end project that is expected to be completed by 2010 is understood to have been sold to a Middle Eastern fund for RM750 psf.