Foreign investors keen on Encorp

PETALING JAYA: Talk has surfaced in the market that foreign investors are eying Encorp Bhd for either a strategic stake in the company or to purchase from the company its prized assets. A source told StarBiz that negotiations were under way and that the parties interested in taking up a block of shares in Encorp were linked to Middle Eastern investors. Another proposition was foreign interest to purchase Encorp's properties, the source added. Encorp group chief executive officer Yeoh Soo Ann, when contacted, said he was “not aware” of any Middle Eastern interest in the company. Read More

(The Star 12-2-2008)

Company Announcement DIJAYA CORPORATION BERHAD

PROPOSED ACQUISITION OF FREEHOLD LANDS COMPRISED WITHIN MASTER TITLE HS(D) 27278 LOT PT 137, PEKAN JENJAROM, DAERAH KUALA LANGAT, SELANGOR

The Board of Directors of DIC wishes to announce that its indirect wholly-owned subsidiary, Nadi Jelita Sdn Bhd ("NJSB") had on 6 February 2008 entered into a Sale and Purchase Agreement ("SPA") with Beta Fame Sdn Bhd ("Vendor") to acquire four (4) parcels of freehold agricultural lands comprised within master title HS(D) 27278 Lot PT 137, Pekan Jenjarom, Daerah Kuala Langat, Selangor (formerly Geran 26615 Lot 3977, Mukim Tanjung Duabelas, Kuala Langat, Selangor), measuring an aggregate land area of approximately 4,069,288 square feet or 93.418 acres (“Properties”) from the Vendor for a total cash consideration of RM29,502,339.00 (“Purchase Price”)(“Proposed Acquisition”).

(11-2-2008 KLSE)

Fiamma diversifies into property development

KUALA LUMPUR: Electrical home appliance maker Fiamma Holdings Bhd is diversifying into property development business with purchase of two property firms in Kota Tinggi, Johor, for RM16.58 million. The company entered into conditional share sale and purchase agreements on Feb 6 to acquire the entire equity interest in Uniphoenix Jaya Sdn Bhd for RM12.81 million and Oaksvilla Sdn Bhd for RM3.77 million. Uniphoenix owns 7.7 acres of freehold land and 34 completed units of shop houses in Taman Kota Jaya, while Oaksvilla owns 11.3 acres of freehold land adjacent to Taman Kota Jaya, 85.7 acres of leasehold land about 4km from Kota Tinggi town and 16 completed units of single and double storey terrace houses. Fiamma also proposed a renounceable two-call rights issue of up to 42.92 million shares together with up to 57.23 million free detachable warrants on the basis of three rights shares together with four warrants for every six existing shares to finance the acquisitions and part repayment of RM13.52 million in advances to Oakvilla by its shareholder Tiaraview (M) Sdn Bhd.

(11-2-2008 The Edge)

The Store Corp EGM on RM130m mall purchase

PETALING JAYA: The Store Corporation Bhd will seek shareholders’ approval at an EGM this Wednesday for its proposed acquisition of Jurus Kota Sdn Bhd, which owns the Alor Star Mall in Kedah, from YS Tang Holdings Sdn Bhd for RM130 million cash. The company had, on Jan 31, received the Foreign Investment Committee’s approval for the proposed acquisition. Under the agreement, The Store will also assume the liabilities of RM43.91 million which Jurus Kota owed YS Tang as at Dec 31, 2006. The two-storey commercial complex, with a mezzanine floor and basement car park, has net lettable area of about 296,532sq ft with 386 car park bays. The mall started operations in 2004 and The Store’s subsidiary, Pacific Hypermarket and Departmental Store Sdn Bhd, is a major tenant.

(11-2-2008 The Edge)

LTH eyeing real estate in holy cities

KUALA LUMPUR: Haj operator Lembaga Tabung Haji (LTH) wants to acquire more properties in the two holy cities of Mecca and Madinah in Saudi Arabia as part of its strategic investment in the Middle East. Its chief executive officer Datuk Ismee Ismail said LTH last year acquired five floors of the Hajjar Tower located near the holy mosque in Mecca, for a 25-year period. The floors have 42 rooms each. Saudi Arabian law prohibits land ownership in the holy land and all properties are acquired on a leasehold basis only.

(11-2-2008 The Edge)

SC’s new policies will spawn niche property players

KUALA LUMPUR: The Securities Commission’s (SC) recent easing of listing requirements for property firms is expected to encourage the creation of more small scale, high-end niche developers within Malaysia’s property hotspots. Real estate experts said niche property players would be attracted by the accomodative policies to go public with a view to benefitting from the flexibility of fund raising in the capital market. The SC, in a series of liberalisation measures announced recently to attract more local and foreign firms to list on Bursa Malaysia, has allowed private developers to be listed on the exchange without fulfilling the minimum 500-acre (20ha) landbank requirement. The regulator had also subjected companies with foreign-based assets and operations to similar listing criteria as those with domestic operations, and removed mandatory requirements for the submission of financial forecasts, except for those facing financial constraints.

(11-2-2008 The Edge)

Kha Seng to ride on niche retail sector

KHA SENG Corp Sdn Bhd is keen to tap into the growing niche retail developments, including lifestyle shopping malls, concept stores and wholesale complexes, especially in the garment and fashion trade in the Klang Valley. The company has several retail projects in the planning stages, which will commence in a few months. Managing director Bernard Bong said Kha Seng would concentrate its resources on the Klang Valley's niche retail, wholesale and commercial projects in the next two years. Kha Seng, a garment manufacturer and wholesaler, diversified into real estate investment 15 years ago and eager to “ride the waves” of the growing commercial property market. Within three years of taking over the management of Kuala Lumpur Central Market, it has successfully turned around the building into a vibrant culture, arts and craft centre. In 2004, the company paid RM38mil for the building's remaining 60 years lease in an open tender by Pengurusan Danaharta Nasional Bhd.

(11-02-2008 The Star)

Kenanga Wholesale City hub for fashion products

The Kenanga Wholesale City, which is earmarked for completion by early 2010, is poised to be a landmark hub for Kuala Lumpur's wholesale fashion and apparel business. The complex, located on a 3.2-acre site in Jalan Kenanga off Jalan Loke Yew, will be the wholesale centre for fashion, costume jewellery and leather products. “Besides raising the profile of Kuala Lumpur's wholesale business, the complex offers a destination for international buyers to buy the country's fashion products in bulk from local wholesalers,” Kenanga Wholesale City Sdn Bhd group chief executive Yee Ia Howe said. Malaysia's total annual trade in garment and textile totalled some RM2bil. The country also exports over RM4bil worth of designer apparels.

(11-02-2008 The Star)

Bandar Raya to launch RM2bil projects this year

BANDAR Raya Development Bhd (BRDB) will launch projects with gross development value (GDV) of RM2bil locally this year while keeping its eyes open for opportunities abroad. CapSquare Residences II, an integrated commercial, retail and residential enclave, was expected to be launched in the second quarter 2008, he said. Jagan said BRDB also targeted a series of launches aimed at introducing exclusive lifestyle living concept in Johor this year. The company's high-end One Menerung in Bangsar and The Troika projects, which were launched in 2006, were doing well, with about 85% and 75% of the units sold respectively, he said. BRDB recently expanded its land bank in the Klang Valley with the acquisition of 10.1ha freehold land fronting the Federal Highway in Subang Jaya. The RM125.9mil purchase is for a mixed development featuring retail, office suites and apartments. The project has a potential GDV of RM1.5bil

(11-02-2008 The Star)

Hijauan Kiara in own class

It boasts of several “firsts”. It is the first and only completed condominium in Mont' Kiara with private lift lobbies. It is also the first condo to have granite pools; the first to have a “Spa Island”, the first to use the German-imported Dedon garden furniture, not to mention the unique trampoline. There are seven blocks surrounding a large recreational area with steps leading to a tennis court. From the top deck, one can have a sweeping view of several existing condominiums in Mont' Kiara and right below are colourful bougainvilleas, planted on terraces right down to the 25-metre adult pool, children's pool, children's playground, four cosy reading pavilions and a jacuzzi sundeck. There is also a squash court, viewing deck, hot and cold pool and indoor and outdoor gymnasium. For example, there is a meditation garden with two reading pavilions at a corner of the upper deck of the recreational area. At the other corner of this deck is the “Spa Island”, another special feature of Hijauan Kiara.

(11-02-2008 The Star)

Damansara Heights landscape changing

KUALA LUMPUR: The newly launched high-end residential suites, The Twins, by Panareno Sdn Bhd is setting a new landscape for Damansara Heights, a predominantly landed property residential area. Panareno is a joint venture between Malaysia's Lion Group and the real estate investment arm of American International Group Inc, Singapore-based Koh Maju, and Heeton Holdings Ltd. The Twins features two identical towers built on a 2.17-acre site next to Pusat Bandar Damansara. They offer 318 luxury residential suites. The standard units range from 766 to 2,078 sq ft, while the size of the penthouse suites is from 2,171 to 5,261 sq ft. It currently commands an average selling price of RM850 per sq ft.

(11-02-2008 The Star)

Penang island draws luxury home builders

The most expensive landed residential properties on the Penang island today are located in Tanjung Bungah, Tanjung Tokong and Batu Ferringhi in the North-East district, and Sungai Ara in the South-West district. These properties are three-storey terraced, three-storey semi-detached and three-storey bungalows, which are priced between RM800,000 and RM3mil. The builders are reputable developers from Kuala Lumpur and Penang. Henry Butcher Malaysia (Penang) Sdn Bhd director Dr Teoh Poh Huat said: “Generally, the value of landed residential properties in these areas have appreciated by about 10% yearly since the dawn of the new millenium.”

(11-02-2008 The Star)

Casa Del Mar plans RM300m expansion

The Casa Del Mar Group plans to invest some RM300 million to build four to five new boutique hotels and to buy more land to develop resorts in Malaysia. Casa Del Mar, owned by Syed Yusof and Sultan Sharafuddin Idris Shah, the Selangor state ruler, owns the 34-room Casa Del Mar boutique hotel in Langkawi. The hotel is managed by Singapore's HPL Hotel & Resorts Pte Ltd, which is controlled by Ong Beng Seng, a close associate of Syed Yusof and the Sultan. Casa Del Mar is building its second property, dubbed Casa Del Rio boutique hotel and serviced apartments, in Malacca, for RM85 million. It is due to be ready by September 2009. It also plans to develop 40 hectares at Terengganu's Perhentian Island. The land is owned by the Sultan.

(11-02-2008 New Straits Times)

733 high-end homes to be launched by June

SOME 733 units of three-storey landed residential properties with gross sales value totalling over RM700mil will be launched by June on the Penang island. The developers launching the properties include SP Setia Bhd, E&O Property Development Bhd and Chong Co Sdn Bhd. SP Setia Property Division (North) general manager S. Rajoo said SP Setia was ready to launch 392 units of three-storey terraced and three-storey semi-detached houses with a gross sales value of RM362mil before mid-2008.

(11-02-2008 The Star)

Suria Stonor Pays Off For Glomac

Glomac’s crown jewel in KLCC and first luxury condo development, Suria Stonor is an exclusive condo development that combines the space and ambience of a bungalow with all the conveniences of modern living. The two blocks of 25 storey towers offer residents generous living spaces. With a total of 138 units, its comprises triplex penthouses, duplexs and condos with built-up ranging from 3,300 to 8,000 sq.ft. The environment is enhanced by a unique garden in the sky concept with a 100ft cantilevered swimming pool complementing this.

(11-02-2008 The Edge)

Malaysia REIT Watch

1. Atrium REIT Interim Income Distribution: Its shares will go ex-dividend from Feb 11 (final income distribution of 2.3 sen per share tax exempt).
2. Starhill REIT Interim Income Distribution: Its shares will go ex-dividend from Feb 11 (final income distribution of 3.4 sen per share tax exempt).
3. Al-Hadharah Boustead REIT Final Distribution: Its shares will go ex-dividend from Feb 13 (final income distribution of 7.22 sen per share tax exempt).

(11-02-2008 The Edge)

New Power Plant In Sabah

The Cabinet has awarded the planting up of a new 100mw power plant in Sabah to a little known company called SPR Energy Sdn Bhd, say sources. The gas-fired power plant will be built in Kota Belud to cater for industries that are expected to mushroom in the area as a result of the Sabah Economic Corridor.

(11-02-2008 The Edge)

QCT sees property acquisition by June

KUALA LUMPUR: Quill Capita Management Sdn Bhd (QCM), manager of the Quill Capita Trust (QCT) real estate investment trust (REIT), expects to announce a new property acquisition by June this year. “We are in quite advanced negotiations with one party and will make an announcement once we are ready to sign something. If everything goes well, we can announce something by June,” QCM chief executive officer, Chan Say Yeong told The Edge Financial Daily. Chan added the company was confident of acquiring assets from third parties and not just from its sponsors, the Quill Group of Companies and Singapore’s CapitaLand Ltd. Read More

(6-2-2008 The Edge)

Landmarks to take full control of Treasure Bay development

KUALA LUMPUR: Landmarks Bhd, which is exploring a gaming venture on Indonesia’s Bintan Island, has proposed to assume full control of the development company Bintan Treasury Bay Pte Ltd (BTB) by acquiring the remaining 26% of the latter, which will result in it becoming a wholly-owned subsidiary. A Landmarks official had earlier told The Edge Financial Daily that the company would study the possibility of running a gaming operations in Bintan after BTB had obtained the greenlight from the Indonesian authorities to run such an operation within the proposed integrated resort in the Treasure Bay enclave. In a statement yesterday, Landmarks said its wholly-owned subsidiary Primary Gateway Sdn Bhd had entered into a conditional sale and purchase agreement with Castle Knight Investments Ltd and Complete Win Group Ltd to acquire the remaining 26% it did not already own in BTB for S$156.88 million (RM360.83 million) cash. Read more

(6-2-2008 The Edge)

Aeon still weighing REIT options

RETAILER Aeon Co (M) Bhd is in no rush to set up its planned real estate investment trust (REIT), comprising seven properties valued at about RM700 million, as it views the local REIT market to be still at its infancy."We are still watching and evaluating the industry. We are doing our own study on the REIT," an official from Aeon who declined to be named said.He added that Aeon, which operates the Jusco department store-cum-supermarket chain, felt that since the Malaysian REIT industry was only about three years old, his company preferred to take the wait-and-see stand."We feel the REIT industry is still new," he said.On whether Aeon would consider listing the trust vehicle elsewhere, the official said: "We will consider all options ... but at this stage it is still too early to say." Read More

(9-2-2008 New Straits Times)

PJ Dev to expand overseas

PJ DEVELOPMENT Holdings Bhd (PJD) plans to build sizeable properties in Vietnam and Thailand with reputable local partners to further expand its real-estate operations."We have a few plans to grow but we will do it carefully to seize the best opportunities. This will be the first time we are going overseas to build properties," chief operating officer Lim Lian Seng told Business Times in an interview.PJD will also launch new properties in Kuala Lumpur and Johor in the first half of the year, worth RM810 million, Lim said.The first project it is planning is Swiss-Garden Residences along Jalan Galloway in Kuala Lumpur.The project, to be launched in April, comprises two blocks of serviced apartments with 478 units. The units, with built-up areas of 550 to 2,700 sq ft each, have yet to be priced. Read More

(09--02-2008 New Straits Times)

Company Announcement: LCTH CORPORATION BERHAD

On behalf of the Board of Directors of LCTH, Aseambankers Malaysia Berhad is pleased to announce that the Pejabat Pengarah Tanah Dan Galian Johor has, vide its letter dated 29 January 2008, given its consent for the lease of the Property from MMM2 to CASB for a period of twelve (12) years (“Approval”), subject to the condition that the lease agreement for the purpose of the lease of the Property be submitted to the Pejabat Tanah Dan Galian Johor/Pejabat Tanah Daerah within six (6) months from the date of the aforesaid Approval.This announcement is dated 4 February 2008. Read More

(7-2-2008 KLSE)

Supply raw materials at competitive prices, steel mills urged

THE Steel Wire Association of Malaysia (SWAM) is calling for support from local steel mills for the supply of competitively-priced raw materials to the downstream sector."This is to offset mounting pressures on price hikes from scrap, iron ore, energy and freight," it said in a statement. Over the past 12 months, the cost of wire rods has increased eight times, or as much as 35 per cent to RM2,700 per tonne from RM1,659 previously, it said.As wire rods constitute almost 85 per cent of the total price of the finished products, SWAM said, there is no choice but to pass down the frequent high price of the finished product to consumers."Due to the high price of raw materials, our members are now facing intense competition to export their finished products," it said.SWAM said statistics from Malaysia External Trade Development Corp (Matrade) show that for 2006, of the RM8 billion worth of steel products exported, only 45 per cent, or RM360 million, come from steel wire and wire products. Read more

(7-2-2008 New Straits Times)

Islamic healthcare REIT wins Euromoney award

AL-'AQAR KPJ REIT, the first Islamic healthcare REIT in Malaysia, has won the Islamic Finance Award for the Most Innovative Deal Category from Euromoney magazine.Euromoney is a leading capital markets magazine for professionals around the globe involved in the world of banking.Its managing director Simon Brady presented the award to KPJ Healthcare Bhd managing director Datin Paduka Siti Sa'diah Sheikh Bakir in London on Tuesday.The award was for the issuance of up to RM300 million Sukuk Ijarah Programme by Al-'Aqar Capital Sdn Bhd, a wholly-owned subsidiary and funding vehicle of Al-'Aqar KPJ REIT. Read more

(7-2-2008 New Straits Times)

Company Announcement: IBRACO BERHAD:PROPOSED DISPOSAL OF LANDED PROPERTIES BY IBRACO SHINE SDN. BHD.

The Board of Directors of Ibraco ("Board"), wishes to announce that ISSB had on 5 February 2008, entered into the following conditional sale and purchase agreements ("CSPAs"):-

(i) a conditional sale and purchase agreement (“CSPA1”) with Siverdrum Corporation Sdn Bhd (“SCSB”) for the disposal of mixed-zone lands of an aggregate land area of approximately 46.3 acres (“Her Chuan North Land”) located at Muara Tebas Land District, Kuching, Sarawak for a total cash consideration of RM40.3 million ("Proposed Disposal 1"); and

(ii) a conditional sale and purchase agreement (“CSPA 2”) with Coramax Sdn Bhd (“CSB”) for the disposal of mixed-zone lands of an aggregate land area of approximately 12.8 acres (“Her Chuan South Land”) located at Muara Tebas Land District, Kuching, Sarawak for a total cash consideration of RM11.2 million (“Proposed Disposal 2”). Read More

(5-2-2008 KLSE)

Company Announcement: SP Setia

PROPOSED DISPOSAL BY AMBLESIDE SDN BHD ("AMBLESIDE"), A SUBSIDIARY COMPANY OF S P SETIA BERHAD ("S P SETIA"), OF A PIECE OF LEASEHOLD COMMERCIAL LAND MEASURING APPROXIMATELY 14.5 ACRES ("LAND") HELD UNDER H.S.(D) 83614, LOT PTD 1019, MUKIM OF ULU KELANG, DISTRICT OF KUALA LUMPUR TO AEON CO. (M) BHD ("AEON") FOR A CASH CONSIDERATION OF RM53,687,700 ("DISPOSAL CONSIDERATION") ("PROPOSED DISPOSAL")

(5-2-2008 KLSE)

Company Announcement: S P SETIA BERHAD

(I) ACQUISITION BY KESAS KENANGAN SDN BHD ("KESAS KENANGAN"), A WHOLLY OWNED SUBSIDIARY OF S P SETIA'S WHOLLY OWNED SUBSIDIARY, FUTURECREST (M) SDN BHD ("FUTURECREST"), OF A PIECE OF FREEHOLD LAND MEASURING APPROXIMATELY 948.703 ACRES AND HELD UNDER VARIOUS TITLES SITUATED IN MUKIM OF PULAI, DISTRICT OF JOHOR BAHRU FROM KAWASAN MESTIKA SDN BHD AS VENDOR AND GAN THENG ENTERPRISE SDN BHD AS PROPRIETOR FOR A TOTAL CASH CONSIDERATION OF RM227,290,264.74 ("ACQUISITION"); AND

(II) PROPOSED ISSUANCE BY KESAS KENANGAN OF 29,999,998 ORDINARY SHARES OF RM1.00 EACH ("SHARES") AT AN ISSUE PRICE OF RM1.00 PER SHARE AND 70,000,000 CUMULATIVE REDEEMABLE PREFERENCE SHARES OF RM0.01 EACH ("RPS") AT AN ISSUE PRICE OF RM1.00 PER RPS TO FUTURECREST AND TOPASIA PROJECTS SDN BHD ("PROPOSED JOINT VENTURE") Read More

(5-2-2008 KLSE)

Company Annoucement:Proposed Acquisitions By Seleksi Megah Sdn Bhd

In compliance with paragraph 10.11(2)(a) and (c) of the Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Paramount wishes to announce that SMSB, a wholly-owned subsidiary, had entered into the following Agreements (“SPA’s”) for the purchase of the contiguous lands from parties connected with one another:

i) SPA dated 21 September 2007 for the acquisition of a piece of leasehold vacant industrial land known as Lot 7, Jalan Teknologi 3/1, Taman Sains Selangor 1, Kota Damansara, Petaling Jaya, Selangor Darul Ehsan measuring 5.12 acres or 223,027 square feet (“Lot 7”) from Oji Screens Sdn Bhd (“OJI”) for a total cash consideration of RM20,518,484/-; and

ii) SPA dated 5 February 2008 for the acquisition of a piece of leasehold vacant industrial land known as Lot 9, Jalan Teknologi 3/1, Taman Sains Selangor 1, Kota Damansara, Petaling Jaya, Selangor Darul Ehsan measuring 4.33 acres or 188,615 square feet (“Lot 9”) from Sunhom Sdn Bhd (“SSB”) for a total cash consideration of RM19,410,790/-. Read More

(5-2-2008 KLSE)

Hektar REIT Pays Higher Dividends

KUALA LUMPUR: Hektar Real Estate Investment Trust has announced that the dividend per unit for the 13-month period ended Dec 31, 2007 would be 10.71 sen, 11.2% higher than it had forecast in its prospectus. In a statement, it said gross revenue for the year reached RM78.3mil, which was 5% above forecast and net income (realised) stood at RM36.7mil. Hektar REIT, managed by Hektar Asset Management Sdn Bhd, reported net income per unit of 11.46 sen, which was 19% higher than forecast when the REIT was launched in December 2006. Read More

(6-2-2008 The Star)

Brisk Sales At Nam Fatt's Gallery@U-Thant

KUALA LUMPUR: Nam Fatt Corp Bhd has sold over 80% of the condominium units of the recently launched Gallery@U-Thant.In a statement, it said Gallery@U-Thant, which is located in the upscale embassy residential area, was the company's maiden foray into the super high-end residential market.Gallery is a niche 50-unit development with a gross development value of over RM200mil. Most of the units were sold within 90 days of the sales launch, largely through private invitation in collaboration with Colliers International Property Consultants, it said. Read More

(6-2-2008 The Star)