Oilcorp unit to raise up to RM300m via AIM listing

PETALING JAYA: Oilcorp Bhd’s property unit, D’Tiara Corp Sdn Bhd, is looking to raise RM250mil to RM300mil in proceeds from its proposed Alternative Investment Market (AIM) listing on the London Stock Exchange. Oilcorp executive director Pua Yow Liang said it was still finalising the actual amount with its advisor in London, but that was the target it planned to raise. “The proceeds will only be used for the development of the four projects that we currently have,” he told a press conference after the company EGM yesterday. Oilcorp’s shareholders unanimously approved the company’s proposal to list its property arm on the AIM. The listing is slated to take place in May. D’Tiara Corp owns D’Tiara Beach Resort in Port Dickson and has three ongoing developments – D’Tiara Office & Hotel Suites in Kuala Lumpur, D’Tiara Waterfront Resort in Pulau Indah and D’Tiara Leisure & Health Resort in Genting. While there are no plans to undertake additional projects at present, Pua said D’Tiara Corp’s post-listing plans would be to expand its business to neighbouring countries by franchising the D’Tiara brand and resort-operation concept. “We are in the process of identifying potential joint partners in Thailand, Indonesia and Cambodia. Perhaps we will formalise our partnerships by year-end,” he said. Read more

(The Star 22-3-2008)

Hap Seng Land to stamp mark in Peninsular Malaysia

(The Star 3-3-2008)

Bina Puri Unit Wins Condo Job In Thailand

Bina Puri Holdings Bhd said its Thai subsidiary Bina Puri (Thailand) Ltd has been awarded a RM81mil contract to build two condominium blocks comprising 810 units in Bangkok.The construction period was 21 months, the group said in a statement. The group's total book order in Thailand currently.

(2-02-2008 The Star)

AP Land Plans RM680mil Projects In Malaysia, China

PETALING JAYA: Asia Pacific Land Bhd (AP Land), which finalised the RM680mil sale of City Square Centre to Macquarie Global Property Advisors last year, will be launching RM680mil worth of properties this year in Malaysia and China.The launches include a mixed development in Changshu, China with a gross development value (GDV) of RM420mil, MyHabitat Tower 2, a 38-storey tower with 215 units with a GDV of RM220mil in Kuala Lumpur and 80 high-end villas with a GDV of RM40mil in Bandar Tasik Puteri near Rawang. Joint managing director Low Su Ming said the Changshu project would take off in the middle of the year, if everything went according to plan.She said the venture into China was part of the company's diversification policy for its property development division.Low told StarBiz that further announcements would be made in March on AP Land's two acquisitions of oil palm plantation land totalling 36,000ha in late November last year and January this year.

(2-02-2008 The Star)

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)

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)

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)

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)

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)

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)

M'sian property developers to showcase products abroad

THE profile of Malaysian properties in the overseas property market will be further raised this year, as local property developers begin showcasing their products in a series of exhibitions abroad. Henry Butcher Malaysia (Penang) Sdn Bhd is spearheading an investment delegation to the UK in April, which will see the participation of 10 Malaysian developers. The property consultant will be collaborating with Malaysia Airlines (MAS) and Kuala Lumpur-based The Expat Group.

(9-1-2008 New Straits Times)