Thursday, February 14, 2008
MRT service to IDR being studied
COMMUTERS might be able to take the MRT to Johor one day. Singapore and Malaysia have formed a working group to look at ways of improving transport links between the two countries. One option being considered is to run Singapore’s MRT network into Johor, Singapore’s Ministry of Transport revealed on Tuesday. If that gets the green light, The Straits Times understands the cross-border MRT service could start at the Woodlands station here and end at the Iskandar Development Region (IDR). The area is a special economic zone spanning 2,200 sq km in south-west Johor – where a monorail system is proposed. Read more
(The Star 14-2-2008)
TSR in deal to acquire Negri Sembilan land
KUALA LUMPUR: TSR Capital Bhd wholly-owned subsidiary TSR Medic Land Sdn Bhd (TML) has signed a conditional sale and purchase agreement with TH-NSTC Sdn Bhd to acquire 142 acres freehold land for RM52.58mil cash. The land was part of the 162 acres in Bandar Baru Enstek, Negri Sembilan, which TSR planned to develop into a medical city, it said in a filing with Bursa Malaysia yesterday.
(The Star 14-2-2008)
Bina Darulaman JV gets SPN housing job
KUALA LUMPUR: Bina Darulaman Bhd said Syarikat Perumahan Negara Bhd (SPN) has issued a conditional letter of acceptance to Bina Kuari-Konsortium Waza Maju JV to build “Perumahan Mampu Milik” in Kedah for a total cost of RM100.5mil. It told Bursa Malaysia the contract was for 36 months from the date of site possession, which had yet to be confirmed. – Bernama
(The Star 14-2-2008)
UEM World to streamline ops
PETALING JAYA: UEM World Bhd is expected to announce in the next few days a major corporate exercise that could possibly involve the streamlining of the group's business structure to turn it into a pure property play, sources said. The sources said the four listed companies in the UEM World stable – UEM Builders Bhd, Opus Group Bhd, Pharmaniaga Bhd and Cement Industries of Malaysia Bhd (Cima) – were expected to be transferred to UEM Group Bhd. UEM Group controls UEM World. How the transfer would be structured is not known as those involved in the crafting of the deal are still looking at various options. One option is for all the shares held by UEM World in the four companies to be distributed to shareholders as dividends. The other option is for UEM Group to buy UEM World’s stakes in those companies. UEM World has a 51.7% stake in listed construction firm UEM Builders, 62.4% in Opus, an asset management consultant, 72.5% in Pharmaniaga and 51.2% in Cima. Read More
(The Star 14-2-2008)
Metropolitan Square’s appeal
PETALING JAYA: There has been a significant increase in foreign interest for Saujana Triangle Sdn Bhd's Metropolitan Square mixed development in Damansara Perdana. According to the developer’s operations senior manager Preetie Boler, the development’s properties are attracting buyers and tenants from Korea, Singapore, Japan and Europe. Currently, about 30% to 35% of the buyers for units in Metropolitan Square are foreigners but Boler expects the figure to increase in the future. “We have some foreign purchasers coming from theMont’Kiara area who are attracted to our reasonable prices and the environment of the development,” she said. The developer is a subsidiary of MK Land Holdings Bhd. “Located on a 17-acre leasehold tract in the self-contained Damansara Perdana township, residents have access to a wide variety of commercial facilities, which are supported by nearby amenities including major shopping centres, private and international schools, hotels, and medical institutions,” she said. Read More
(The Sun 14-2-2008)
Emkay forest resort may open doors next month
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THE Emkay Group of companies, controlled by property tycoon Tan Sri Mustapha Kamal Abu Bakar, may open the doors of its Belum Rainforest Resort in Pulau Banding, Gerik, Perak, by as early as next month.Mustapha is the chairman and dominant stakeholder of MK Land Holdings Bhd, a publicly traded property developer listed on the main board of Bursa Malaysia.He holds the stake in MK Land via Emkay Group.Meanwhile, Emkay Group's senior general manager, Yusof Abu Othman, said the resort is the first of two. The company is building it at a total cost of RM77 million."We will open 70 rooms in March and another 50 rooms next year. We will go all out this year on promotional activities such as participating in eco tourism shows and work closely with travel agents on offering travel packages."We expect mainly European or American tourists because they are the ones who appreciate nature," Yusof told reporters at the company's headquarters in Selangor last week.The company bought Pulau Banding in 2005 after the Perak state government called on Emkay to develop the 260ha island as the premier destination gateway of international ecotourism into Malaysia. Read More(New Straits Times 14-2-2008)
Genting should take Resorts private: AmResearch
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GENTING Bhd should take its 49 per cent unit Resorts World Bhd private in a deal that could cost Asia's largest publicly traded casino operator some RM14 billion, AmResearch said in a report this week.The report echoed a similar suggestion made six months ago by J P Morgan Chase & Co.AmResearch said taking it private would help the Genting group's growing funding requirements and eliminate earnings leakage, as it would be able to fully consolidate Resorts earnings and gain access to its cashflows.It rates Resorts as a buy with a target price of RM4.65. The stock closed up 10 sen to RM4.00 yesterday. Read More
(New Straits Times 14-2-2008)
The Store to pay MD’s firm RM130mil for shopping mall
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PETALING JAYA: The Store Corp Bhd managing director Datuk Seri Tang Yeam Soon is expected to pocket at least RM130mil cash as shareholders passed a resolution to acquire a shopping mall from him at yesterday’s EGM. In addition, Tang may also receive debt repayments soon since The Store will assume the inter-company loan totalling RM43.9mil when the retail group buys out Jurus Kota SdnBhd (JKSB), the investment holding company of Alor Star Mall. The liabilities are owed to Y.S. Tang Holdings Sdn Bhd, whose major shareholders are Tang and his wife Datin Seri Khor Gaik Lee. The couple own JKSB as well. According to the circular to shareholders, The Store will settle the liabilities undertaken upon completion of the acquisition. Read More(The Star 14-2-2008)
Putrajaya Holdings in talks to sell building
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PUTRAJAYA: Putrajaya Holdings Sdn Bhd (PJH) has identified three investors for the en bloc sale of its 26 Boulevard office building in Putrajaya's Precint 3, said chief executive officer Azlan Abdul Karim. The investors comprised two local parties and one foreign purchaser, he said. “We will give the first option (to purchase) to the local investors but we will, of course, consider the best offer,” Azlan told reporters at a seminar yesterday. The 12-storey building has 48,000 sq m gross floor space and is valued at more than RM200mil. Read More(The Star 14-2-2008)
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