Possible scenarios for UEM World revamp

UEM World Bhd, which is set to announce a change in its business direction today, may say it plans to take its listed units private via share swaps, says JPMorgan."Such an exercise could be aimed at upstreaming all the cash within the subsidiaries to finance the working capital needs for Iskandar Development Region (Iskandar)," the foreign research house told clients in a note outlining two possible scenarios for UEM World's restructuring.Gross cash from UEM World's four listed units - UEM Builders, Cement Industries of Malaysia, Opus Group and Pharmaniaga - is estimated at around RM837 million.UEM World owns 71.5 per cent of UEM Land, which is the master developer of Iskandar's Bandar Nusajaya, Malaysia's biggest property project.The other scenario, which JPMorgan believes is less likely to happen, is for UEM World to raise the cash it needs by disposing of or paring down its stakes in the listed units, possibly to Middle Eastern investors. This way, the only asset remaining in the company would be UEM Land. "This could then lead to a backdoor listing of UEM Land, and achieves the objectives of 'ring-fencing' the IDR (Iskandar) investment case away from the remaining businesses," JPMorgan said.It however believes that this scenario would be counter-intuitive to Khazanah Nasional Bhd's restructuring thrusts for the government-linked company. Khazanah owns 51.9 per cent of UEM World.

(New Straits Times 15-2-2008)

Spa Village Tanjong Jara wins award

SPA Village Tanjong Jara, part of the YTL group of luxury resorts, has been voted Best Hotel Spa in Asia Pacific and the Indian Subcontinent by the UK’s Condé Nast Traveller Annual 2008 Readers’ Spa Awards.It was also ranked second in the prestigious “Best of the Best” list of the World’s Top 26 Spas, it said in a statement. Resort manager Adrian Chung (pic) received the award in London earlier this month.Condé Nast Traveller is widely regarded as the most influential magazine in its field and seen as a bible for the discerning traveller. The Readers’ Spa Awards, now in their fifth year, are based on votes for spa facilities and services, individual approach, ambience and decor, body and facial treatments, amenities and products, exercise programmes, cuisine and quality of service and staff.Over 14,000 readers voted for their favourite hotel spas, day spas and medical spas.

(New Straits Times 15-2-2008)

Green light for KL Grand Hyatt

THE Brunei Investment Agency, one of the world's largest sovereign wealth funds with assets of US$30 billion (RM97.2 billion), has finally been given the green light to develop the Grand Hyatt hotel on Jalan Pinang, Kuala Lumpur.Business Times was informed that the proposal, which was submitted in 2005, was approved in late November 2007, after several amendments to its original proposal had been made.Brunei Investment Agency official Suharafadzil Yusof when contacted said the project had been approved.However, he declined to say when work will start or when the project will be ready. Apart from a 40-storey five-star hotel, the building will also house service apartments and offices.The hotel alone may cost about RM360 million, industry executives estimated, if it sticks to a plan to have 450 rooms.There was also no response to Business Times' query from Hyatt International's office in Singapore.Industry experts say that if construction begins immediately, it could take anything between 30 and 36 months to be ready. This means that the hotel may be operational in 2010. Read more

(New Straits Times 15-2-2008)

UEM Land’s profit catalyst

PETALING JAYA: UEM Land Sdn Bhd expects record sales and profit by 2012 when development of its Bandar Nusajaya in the Iskandar Development Region (IDR) picks up momentum. Managing director Wan Abdullah Wan Ibrahim said the development of Nusajaya should reach its “tipping” point by 2011 as new activities and projects were being launched. Targeted for completion in 30 years, Nusajaya is expected to incur a total gross development cost of RM55bil. UEM Land is currently working on 11,000 acres in Nusajaya. The sale of 4,500 acres to Khazanah in 2006–2007 for RM1.9bil has reduced the company's gearing to 0.48 time from 17.38 times before. Read more

(The Star 15-2-2008)

Three phases of stalled Palm Springs Resort to be launched this year

KUALA LUMPUR: Resorts operator and property developer Tanco Holdings Bhd will, for the first time in 10 years, be launching this year three phases of a previously stalled major project, Palm Springs Resort, in Port Dickson. The company had been launching several small phases of its Bandar Country Homes development in Rawang in the past few years, but these had been slow, business development director Andrew Tan told StarBiz. For Palm Springs Resort which comprises 15 phases, Tanco aims to launch Duta Grande comprising 800 units of 410 to 830 sq ft resort suites with a gross development value (GDV) of about RM260mil ; SPA Village with 70 chalets ranging from 1,200 to 1,400 sq ft worth RM70mil in GDV; and Palm Springs Boulevard consisting of 24 shop lots with built-up areas of 1,200 sq ft with a GDV of RM15mil. Read More

(The Star 15-2-2008)

New Development: Glenmarie Cove - Riverfront Resort Living

Glenmarie Cove - Riverfront Resort Living

New Development: Jana Towers

Welcome to Jana Towers

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

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

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

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

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)

Company Announcement:TSR CAPITAL BERHAD

Proposed acquisition of a piece of freehold land measuring approximately 142 acres in area and being part of a piece of freehold land held measuring approximately 402.911 hectares in area under Title H.S.(D) 174814 PT 29074, Bandar Baru Enstek in the District of Seremban, State of Negeri Sembilan for a total cash consideration of approximately RM52.577 million.

Under the SPA, TML has agreed to acquire a piece of freehold land measuring approximately 142 acres in area (“142 Acre Land”), being part of a piece of freehold land measuring approximately 403 hectares in area held under Title H.S.(D) 174814 PT 29074, Bandar Baru Enstek in the District of Seremban, State of Negeri Sembilan (“Enstek Land”), for a total cash consideration of approximately RM52.577 million, or RM8.50 per square foot (“Purchase Consideration”) for the 142 Acre Land (“Proposed 142 Acre Land Acquisition”). Read more

(KLSE 13-2-2008)

Karambunai to sell properties

DEVELOPER and resort operator Karambunai Corp Bhd plans to sell 8,201.9 sq m of land complete with a four-storey office building, a warehouse and ancillary building in Petaling Jaya to PTB Horticulture Farm Sdn Bhd for RM12 million. Karambunai said that PTB, a unit of Petaling Tin Bhd, has made a notification to the Foreign Investment Committee for the proposed acquisition.

(New Straits Times 13-2-2008)

Benefits of Sarawak master plan wide

PETALING JAYA: The development master plan for Sarawak is expected to benefit not only Sarawak Energy Bhd but also several companies already established there and those originating from the Land of the Hornbills. The Sarawak Corridor of Renewable Energy (Score), which was launched on Monday, would be a major boost for companies such as Cahya Mata Sarawak Bhd (CMS), TRC Synergy Bhd, Hock Seng Lee Bhd, Naim Cendera Holdings Bhd, WCT Engineering Bhd and Loh & Loh Corp Bhd. "We are looking to participate in other developments in and around the Similajau area" - DATUK RICHARD CURTISAseambankers said in a research note yesterday that UBG Bhd and Putrajaya Perdana Bhd might also play significant roles following the proposed change in the core business direction for UBG and ownership of the latter. Read More

(The Star 13-2-2008)

Epic buys 8.7ha site in Terengganu

DEVELOPER Eastern Pacific Industrial Corp (EPIC) Bhd and its unit Pangkalan Bekalan Kemaman (PBK) Sdn Bhd have acquired 8.67ha land in Terengganu from Perbadanan Memajukan Iktisad Negeri Terengganu for RM6.32 million. In a statement to Bursa Malaysia, EPIC said the land has been earmarked for a new fabrication yard and for PBK's future expansion.

(New Straits Times 13-2-2008)

DRB-HICOM gets offer for mall

The S$150 million offer is unlikely to sway the management team to sell the Tekka Mall in Singapore's Little India anytime soon, sources say DRB-HICOM Bhd, the country's largest integrated automotive concern, has received a S$150 million (about RM344 million) offer for a shopping mall it owns in Singapore's Little India, people familiar with the matter said yesterday.The offer is some 50 per cent more than what it received in 2006. However, it is unlikely to sway the management team to sell the Singapore asset anytime soon."It is believed that DRB-HICOM intends to pump in between RM10 million and RM20 million to refurbish and rebrand the six-storey Tekka Mall, which sits on 6,332 sq m of commercial land in between Serangoon and Sungei Road.Read more

(New Straits Times 13-2-2008 )

Naim studying foreign JV offers

KUCHING: Naim Cendera Holdings Bhd is evaluating several joint venture offers for property developments or construction projects overseas. Deputy managing director Dr Sharifuddin Wahab said one proposal was from the government of a northern African nation for a RM300mil walk-up apartment project. “We are in discussion on this apartment project and expect a decision towards the third-quarter this year,” he told StarBiz yesterday. Read more

(The Star 13-2-2008)

Company Announcement: KARAMBUNAI CORP BHD

Proposed Disposal to PTB Horticulture Farm Sdn Bhd, a wholly-owned subsidiary company of Petaling Tin Berhad, of approximately 8,201.86 square metres of leasehold land in Petaling Jaya together with a four storey office building with an annexed single storey warehouse and ancillary building (“Property”) for a cash consideration of RM12.0 million ("Proposed Disposal")

Further to our announcement on 7 December 2007, the Board of Directors of Karambunai Corp Bhd wishes to announce that PTB Horticulture Farm Sdn Bhd (“PHFSB” or “Purchaser”) has made a notification to the Foreign Investment Committee on 12 February 2008 for the Proposed Disposal. This announcement is dated 12 February 2008.

(KLSE 12-2-2008)

Company Announcement PERBADANAN MEMAJUKAN IKTISAD NEGERI TERENGGANU

PROPOSED ACQUISITION OF TWO PIECES OF LAND FROM PERBADANAN MEMAJUKAN IKTISAD NEGERI TERENGGANU (“PROPOSED LAND ACQUISITION”)

Eastern Pacific Industrial Corporation Berhad and its subsidiary, namely Pangkalan Bekalan Kemaman Sdn Bhd had on 12 February 2008 entered into two separate Sale and Purchase Agreement (“Agreements”) with Perbadanan Memajukan Iktisad Negeri Terengganu (“PMINT” or “Vendor”) to acquire two pieces of land (collectively “the Land”) Read More

(KLSE 12-2-2008)

GIL secures RM9.6b loan for S’pore resort

KUALA LUMPUR: Genting International PLC (GIL), the foreign investment arm of Genting Bhd, has secured close to S$4.2 billion (RM9.6 billion) for its S$6 billion integrated resort in Singapore’s Sentosa Island. In an announcemment to the Stock Exchange of Singapore yesterday, GIL said the syndicated senior secured credit facilities obtained via its indirect wholly owned Resorts World at Sentosa Pte Ltd (RWS) comprised S$4 billion in loans, and a S$192.5 million banker’s guarantee scheme. DBS Bank, Oversea-Chinese Banking Corp, Hongkong and Shanghai Banking Corp, Royal Bank of Scotland, and Sumitomo Mitsui Banking Corp are the lead arrangers, underwriters and bookrunners for the facilities sponsored by GIL. “The facilities are not expected to have any material effect on the earnings per share and net tangible assets per share of the company (Genting International) and its subsidiaries for the current financial year,” GIL managing director Justin Tan Wah Joo said.

(The Edge 12-2-2008)

Tasco buys warehouse for RM2.5m

KUALA LUMPUR: Trans-Asia Shipping Corporation Bhd (Tasco) has bought a warehouse/ factory building on a freehold land in Sungai Way Industrial Free Trade Zone, Selangor for RM2.5 million cash. Tasco said yesterday it had acquired two shares of RM1 each representing a 100% interest in the property’s owner Maya Kekal Sdn Bhd. It said the purchase would not have any effect on its earnings for the financial year ending Dec 31, 2008. Read More

(The Edge 12-2-2008)

Malaysia launches billion$ Sarawak development plan

MALAYSIAN Prime Minister Datuk Seri Abdullah Ahmad Badawi has launched a development project worth nearly US$100 billion to fuel growth in resource-rich Sarawak.Abdullah said the government would spend an initial RM5 billion (US$1.54 billion) to kickstart the Sarawak Corridor of Renewable Energy, with private investment targeted at RM300 billion (US$93 billion).The Sarawak plan — the last of five regional economic blueprints being rolled out — focuses on developing the state’s energy resources of hydropower, coal, natural gas and petroleum.“The development, distribution and consumption of energy is a core element leading to the success of the Sarawak Corridor,” Abdullah said at the launch.The premier said the project aims to bring economic growth and eradicate poverty in the predominantly rural state by 2030, by creating some 800,000 jobs and luring billons in private investment.“It’s not going to be less than RM300 billion (ringgit). It’s a huge amount but it involves large developments in various fields ... in Sarawak, which is a very large (state),” he said. Read More

(New Straits Times 12-2-2008)

IOI Properties set to unveil project in IDR

JOHOR BARU: IOI Properties Bhd will launch a mixed property development along the North-South Expressway (NSE) in Kempas. General manager (property division) Simon Heng said Taman Kempas Utama would be launched by the second quarter of the year. We plan to offer high-end doublestorey link houses with gated and guarded and smarthome concepts« SIMON HENGHe said the project, on a 101.171ha, would have 2,000 residential and commercial units. Of the land, 20.2ha will be allocated for light industrial buildings. “It is timely for us to have a project in the Johor Baru district after our success in the ongoing Bandar Putra Kulai project,’’ Heng told StarBiz in a telephone interview. Read More

(The Star 12-2-2008)

Plan for biggest property IPO

The property arm of the Naza Group, TTDI Development, plans to list its shares on the main board of Bursa Malaysia in the third quarter of 2008 TTDI Development Sdn Bhd, well-known for its Taman Tun Dr Ismail township in Kuala Lumpur, is set to launch Malaysia's biggest property initial public offering (IPO) this year, its top official says. The property arm of the Naza Group, TTDI has hired CIMB Investment Bank Bhd to arrange the IPO and listing. "The IPO targets a market capitalisation of at least RM850 million," TTDI group managing director Datuk Johan Ariffin told Business Times in an interview recently. Read More

(New Straits Times, 12-2-2008)

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)