New landmark for Kuching

An artist's impression of the Batu Lintang project that will change the skyline of Kuching.

KUCHING: Kuching skyline is set to change with the construction of a 36-storey office tower in the prime area of Batu Lintang.

The proposed tower will beat the city's tallest building, the 22-storey Wisma Bapa Malaysia in Petra Jaya which now houses the Chief Minister's office, several ministries and the state secretariat.

The tower is part of Sarawak's biggest mixed-development project jointly undertaken by Naim Holdings Bhd with Lembaga Amanah Kebajikan Masjid Negeri Sarawak (LAKMNS) and Tabung Baitulmal Sarawak (TBS), both state charitable trusts.

Naim has a 70% stake in the joint venture while LAKMNS and TBS each holds a 15% equity interest. A memorandum of understanding (MoU) on the project was signed recently.

Naim managing director Datuk Hasmi Hasnan said other components of the 13.6ha project were a 27-storey apartment, 18-storey condominium, a second office-tower block, hotel tower, a four-storey shopping mall, a 17,000-sq-ft showroom and multi-storey car parks.

'We will incorporate a water theme park, roof garden and plenty of green areas to make the development environment friendly and one that the local population can enjoy,'' he added.

The project site was previously occupied by government quarters. The land has been cleared and earth-filling works was completed recently.

Hasmi said the project would be carried out in phases over 20 years, with the apartments to be built first. The apartment block will have 115 units and the condominium 216 units.

“For each phase, we will do in-depth study on market demand and supply to take cognition of any changes in the economic climate to ensure the project's success,'' he said.

Hasmi said the development was expected to create 2,000 jobs and would provide business opportunities to retailers and wholesalers.

By The Star

Equine-JPSB project agreement

KUALA LUMPUR: Equine Capital Bhd’s wholly-owned subsidiary, Taman Equine (M) Sdn Bhd (TEM), has entered into a joint-development agreement with Jelang Puncak Sdn Bhd (JPSB) for a proposed project in Selangor worth RM198.1mil.

Equine Cap said the proposed development was expected to comprise of 177 units of properties comprising 138 units of two-, three- and five-storey shop offices and 39 units of low-cost shops within a multi-storey car park.

The project is expected to commence in early 2011 and completed in 2013.

By The Star

Supply of office space in the city to considerably exceed demand

PETALING JAYA: The supply of new office space in Kuala Lumpur will be overwhelming this year making the market soft and competitive as tenants will get to pick and choose the best deals.

DTZ Nawawi Tie Leung executive director Brian Koh said an additional 2.3 million sq ft in new office space this year will put more pressure on the market.

He estimated that the average rental rate for office space in the city would ease by 5% to RM5.90 per sq ft compared with last year's figure.

“Demand will not grow as fast as supply and this will result in a vacancy rate of 12.5% this year. With the increase in new office space, the rate of unoccupied space is expected to go up to 15% by next year,” he told StarBiz.

Koh said an estimated 13.2 million sq ft of new office space was in the pipeline in the city between this year and 2013.

He said the target to have 100 multinational companies based in Malaysia and the proposed growth of the services sector would augur well for office space demand.

In its latest market report, DTZ Research said the overall occupancy rate of office buildings in Kuala Lumpur decreased from 87.1% in the third quarter of 2010 to 86.4% in the fourth quarter due to weak demand.

Total office space in the city stood at 63.1 million sq ft of net lettable area. It added that office rentals continued to be under pressure in thefourth quarter of 2010 due to competition with average prime office rent going at RM5.97 per sq ft per month in the fourth quarter of 2010.

Knight Frank executive director Sarkunan Subramaniam said office rates were expected to come under pressure and rentals would trend downwards as “completion coming onstream from new and refurbished buildings is expected to overshadow tenants' demand.”

Last year, 2.495 million sq ft were added to the market.

The new buildings included Menara PJD (414,00 sq ft), HSBC new headquarters (175,000 sq ft), Cap Square Tower (600,00 sq ft) CCM headquarters (281,000 sq ft), MIDA Building (283,000 sq ft) and BRDB Tower (221,000 sq ft).

He said the buildings, coupled with those completed in 2009 which were still being leased out, gave existing buildings stiff competition.

Sarkunan said the average rental and occupancy as of the fourth quarter of 2010 have dipped slightly to RM5.09 per sq ft and 92% respectively. Prime office rentals in the city were between RM6.50 to RM10.00 per sq ft.

“The tenant-favoured market environment will continue to prevail. There could be more incentives other than rent-free periods for negotiations,” Sarkunan said.

It would be tough to retain tenants and attract new ones, he said. “Tenant rapport is key. It is important to understand the geographical location and service type concentration in the area and target such tenants,” Sarkunan said.

He said good grade office buildings in good locations, supported by amenities and public transportation would continue to be favoured by tenants.

Offices within integrated developments that offer complementary support components such as retail and hotel facilities as well as MSC-status are expected to perform well.

CB Richard Ellis executive chairman Christopher Boyd was optimistic that the market would be balanced this year with very little hangover from last year.

“Since the end of last year we have been hearing of more multinational companies, financial institutions and oil and gas companies looking to expand their operations here.”

Boyd said rentals in most prime buildings in city's golden triangle were from RM6.50 to RM7.50 per sq ft and from RM5 to RM5.50 for secondary buildings.

“However, from the middle of next year supply will considerably exceed demand while rentals and occupancy rates are expected to weaken.”

He said a total of 4.21 million sq ft in new office office space will be completed in Kuala Lumpur this year and 5.46 million sq ft more will come onstream in 2012.

By The Star

Oversea Enterprise To Sell Shop Offices For RM5.65 Million

KUALA LUMPUR -- Oversea Enterprise Bhd's wholly-owned subsidiary, Restaurant Oversea (Imbi) Sdn Bhd, has proposed to dispose off four units of two-storey shop offices located in Kuchai Business Park here for RM5.65 million.

The sale and purchase agreement was entered into with Yayasan Dazhi Monday, Oversea Enterprise said in a filing to Bursa Malaysia.

It said the properties were acquired on Feb 21, 2006 and its disposal would result in a loss of RM3,000 to Restaurant Oversea.

"The proceeds arising from the disposal is intended to be used for the working capital of Restaurant Oversea and is expected to be utilized within a period of 24 months from the date of the sale and purchase agreement," it said.

As for the rationale for the disposal, it said: "The location of these properties were found to be unsuitable for the intended business activities of Oversea and its subsidiaries and the current rental income derived from these properties was low.

"The disposal would generate additional cash reserves for Restaurant Oversea's working capital purposes."

By Bernama

Naim to develop RM300m mixed project in Kuching

SARAWAK-based Naim Holdings Bhd (Naim), a property developer and construction group, will develop prime land in Batu Lintang, Kuching, into the state's biggest comprehensive mixed development project, costing more than RM300 million.

Managing director Datuk Hasmi Hasnan said the proposed development would be sprawled over 13.597ha and be completed over 20 years.

The project will comprise a four-storey shopping mall with basement car park, office tower block, hotel tower, a 36-storey office tower with basement and elevated carpark, showroom, 18-storey condominium block and a 27-storey high-rise apartment.

"We will incorporate a water theme park, a roof garden and incorporate plenty of greeneries so as to come out with a development that is eviromental friendly and one that the local populace can enjoy and benefit from," he said.
The project will be developed on a joint venture basis between Naim, Sarawak Mosque Welfare Trust Board and Tabung Baitulmal Sarawak.

The three parties signed a memorandum of understanding to facilitate the venture witnessed by Chief Minister Tan Sri Abdul Taib Mahmud.

Hasmi said Sarawak Mosque and Tabung Baitulmal will each have a 15 per cent equity in the project venture while Naim would hold the remaining 70 per cent.

"We estimate employment for more than 2,000 people in the project," he said, without disclosing, when the construction will begin.

By Bernama

Property transactions to top RM100b in 2011

Property transactions are expected to exceed RM100 billion in worth this year from RM96.77 billion in the first 11 months of last year, said Director General of Valuation and Property Services Department, Datuk Abdullah Thalith Md Thani.

He also said the recovery of the economy has reinvigorated the overall property market with the residential property sub-sector remaining the main mover of the property market.

The value of transactions in the residential sector between January and November last year rose 7.6 per cent to RM222.29 billion taking up 60.2 per cent share of the volume of property transactions, he said during a press conference here today on the upcoming 4th Malaysian Property Summit 2011.

The transactions of commercial properties rose 21.3 per cent while that of industrial properties went up 25.6 per cent, agriculture 17.9 per cent and development land 24 per cent.

In the residential property sub-market, the major states recorded positive growth with the city of Pulau Pinang recording the highest rate of 9.7 per cent followed by Kuala Lumpur at 8.2 per cent and the state of Selangor with 7.2 per cent growth.

By Bernama

Good outlook despite soft rental market for property

KUALA LUMPUR: The overall property sector is expected to enjoy an uptrend this year, buoyed by the various economic transformation programmes announced by the Government and expansion in the manufacturing and services sectors, a property real estate consultancy said.

Rahim & Co Chartered Surveyors Sdn Bhd, one of the largest property consultancy firms, said at a press conference that the outlook was good despite a soft market in the rental of high-end condominiums. Executive chairman Datuk Abdul Rahim Rahman said average prices in the secondary high-end condominium market fell by 29% between the second quarter of 2008 and the second quarter of 2009 but this sub-segment of the residential market had been on the uptrend since the third quarter of 2010, increasing by 13%. Prices of new launches range between RM750 and RM2,500 per sq ft (psf).

“The leasing market has not fully recovered. Rental rate has remained low at about RM4.30 psf compared with its high in 2008 at RM4.90 psf. With the various projects to be implemented under the ETP to make city living more vibrant, we expect the market to be on the uptrend by 2012,” said Abdul Rahim.

In locations like Shah Alam, landed units by the more reputable developers are snapped up within six months. “People are buying because for RM2mil or so, they can buy the same type of houses which cost RM6.5mil to RM7mil in the city. That is why the launches outside KL are doing well, coupled with the fact that there is no landed launches within KL itself because of the scarcity of land. In locations like Bangsar and Sri Hartamas, only condominiums are launched,” he said.

In view of this, Shah Alam, Rawang, Selayang and Sg Buloh have become the hot spots today. The effects of the 2008 financial crisis also put pressure on the rental rate in the office sector, which enjoyed a peak of between RM6.50 and RM8 psf in 2007/2008.

He said there were limited transactions in 2010 but capital values rose to an average of RM775 psf after a sharp decline of 19% in 2008/09. Net yield is estimated to be between 6% and 7%.

Abdul Rahim cautioned that in the next five years, an estimated 14.5 million sq ft of new office space would be completed, of which about 27% would be located in the suburbs.

He added that with selling prices of between RM500 and RM1,000 psf, some companies in the city centre were relocating to new office buildings in the suburbs due to lower rental rates, opportunity to own their own space, and convenience which helps recruitment and retention of staff.

“With the recovery in the economy expected to continue in the second half of 2011 and the effects of the ETP being felt, the office market may stabilise in the short term but will continue to be challenging in the long term,” he said.

In the retail property market, Abdul Rahim was upbeat about this sector, noting that retail sales were forecast to increase from RM137bil in 2010 to RM227bil in 2014.

For this year, 13 new malls are expected to be opened offering a total of 4.5 million sq ft of retail space, including two malls that are being refurbished and rebranded, Intermark (previously City Square) and Viva Mall (previously UE3 Mall).

By The Star

Guocoland to launch Damansara City 2 by Q3

GUOCOLAND (Malaysia) Bhd hopes to launch its RM1.9 billion flagship development, known as Damansara City 2, in the third quarter of this year, an official said.

The property arm of the Hong Leong group will build the integrated development in Kuala Lumpur's Pusat Bandar Damansara, over a 2.2 million-sq-ft area.

It will comprise two office blocks, a 300-room hotel, a 260-unit serviced apartment block and a retail centre.

"We hope to launch it, hopefully, in the third quarter. The gross development value is not really firmed up yet, but it could be between RM2 billion to RM2.5 billion. We're selling only the serviced apartments," managing director Yeow Wai Siaw told Business Times yesterday.
He said work on the project could start immediately once all approvals were obtained. He is targeting for the project to be completed in about 30 to 36 months.

The project by Guocoland was first announced by Prime Minister Datuk Seri Najib Razak yesterday. It was one of 19 projects he unveiled under the government's Economic Transformation Programme.

Guocoland's share price gained 11 sen to RM1.35 in the stock market yesterday.

By Business Times

Sunway City launches RM500mil development

KUALA LUMPUR: Sunway City Bhd has launched its latest integrated mixed development – Sunway Nexis at Dataran Sunway, Petaling Jaya.

In a statement yesterday, the company said the development covered 5.83 acres with a gross development value of RM500mil. The development is being undertaken by Sunway Damansara Sdn Bhd.


Ho Hon Sang ... ‘Sunway Nexis is a complete lifestyle centre.’

Sunway City managing director of property development Ho Hon Sang said: “Sunway Nexis is a complete lifestyle centre encompassing leisure, entertainment, recreation and work facilities. Following the success of Sunway Giza, this development offers modern retail shops, office suites and SoHo with a promising potential for growth.”

The commercial development at Sunway Nexis comprises three-storey retail shops with sizes ranging from 4,133 sq ft to 8,718 sq ft and priced at RM4mil and above.

The 13-storey office suites range from 925 sq ft to 1,722 sq ft and are priced at more than RM700,000, while the 20-storey flexi office block range from 850 sq ft to 1,980 sq ft.

By Bernama

Launched -- Sunway Nexis with RM500m GDV

Sunway City Bhd has launched its latest integrated mixed development, Sunway Nexis, located at Dataran Sunway, Petaling Jaya.

In a statement today, the company said the development covers 5.83 acres (2.36 hectares) with a gross development value (GDV) of RM500 million.

The development is being undertaken by Sunway Damansara Sdn Bhd.

Sunway City managing director property development Malaysia, Ho Hon Sang said: "Sunway Nexis is a complete lifestyle centre encompassing leisure, entertainment, recreation and work facilities right at the doorstep.

"Following the success of Sunway Giza, this innovative development offers modern retail shops, office suites and SoHo with a promising potential for growth."

The commercial development at Sunway Nexis comprises three-storey retail shops with sizes ranging from 4,133 - 8,718 sq. ft and priced at RM4 million and above.

The 13-storey office suites range in size from 925-1,722 sq. ft and are available at more than RM 700,000 while the 20-storey flexi office block is from 850 to 1,980 sq. ft.

By Bernama

RM800mil projects in Klang Valley and Ipoh next year

Artist's impression of the RM100mil Taipan@Ipoh Cybercentre project.

GEORGE TOWN: Andaman Property Group, which is based in Kuala Lumpur, will develop six property projects with a gross sales value (GSV) of RM800mil in the Klang Valley and Ipoh next year.

Andaman Property Management Sdn Bhd head of sales and marketing Vincent Tiew said of the six projects, one would be in Ipoh.

In Ipoh, the plan is to develop landed commercial and residential properties while in the Klang Valley, the plan is to develop a mixture of high-rise and landed commercial and residential properties.

The pricing, which is yet to be determined, will be attractive to lure investors, Tiew said.


Potential buyers viewing a model of Andaman’s RM100mil Taipan@Ipoh Cybercentre project during its soft launch recently.

This year, the group launched four projects two in the Klang Valley, one in Johor Baru and one in Ipoh with an estimated GSV of RM350mil.

Ipoh is the group's focus as we have just unveiled the RM100mil Taipan@Ipoh Cybercentre in Bandar Meru Raya, he said.

The project is a 1,600-acre integrated, self-contained township in North Ipoh Growth Corridor, which is being developed by Perak government.

Tiew said the landed commercial and residential project planned for next year in Ipoh would also be in Bandar Meru Raya.

The residential component will be priced affordably to attract first-time home buyers while the commercial components will be marketed to local and outstation investors with competitive pricing, he said.

On the RM100mil Taipan@Ipoh Cybercentre, Tiew said the project saw 50% of its 102 retail lots sold during a three-day preview that started on Nov 26.

The three-storey retail lots, with a built-up area of 4,500 sq ft, are priced from RM688,000 while the four-storey retail lots, with built-up areas between 6,000 sq ft and 11,000 sq ft, are priced from RM1.5mil.

Tiew said there were two key reasons for the brisk sales the features of the retail lots and the location of the project, which is close to the Perak MSC Cybercentre in Bandar Meru Raya.

He said some 30 units had dual-frontage, which meant that they were accessible from front and back.

There are 24 retail lots with 770-sq-ft to 1,200-sq-ft land in front of them that can be used for al fresco dining and other business activities. These units cost RM50,000 extra, he said.

By The Star

Ireka secures RM232m office, hotel project in KL

KUALA LUMPUR: IREKA CORPORATION BHD has secured a RM232.74 million contract for the proposed offices and hotel development in Kuala Lumpur.

It said on Friday, Nov 26 its unit Ireka Engineering & Construction Sdn Bhd had received a letter of intent from Transmission Technology Sdn Bhd for the project.

Ireka said the project involved architectural and mechanical and electrical works for basements and the 13-level podium and also the 27-storey and 37-storey office towers.

Earlier, it announced net loss of RM87,000 in the second quarter ended Sept 30, 2010 compared with net profit of RM2.13 million a year ago after accounting for the share of loss in Aseana Properties Limited.

Revenue rose 21% to RM108.02 million from RM89 million and it recorded loss per share of 0.08 sen compared with earnings per share of 1.87 sen.

For the first half, revenue rose 11.5% to RM209.736 million from RM174.610 million mainly due to higher volume of construction works being completed during the period.

At the pre-tax level, it recorded a pre-tax loss of RM2.868 million, as compared to a pre-tax profit of RM5.789 million in the previous corresponding period.

“The loss is after accounting for the share of loss in Aseana Properties of RM7.503 million and also a mark-to-market loss for share investment in Kinh Bac City Development Shareholding Corporation of RM1.986 million. Excluding these two items, the Group’s pre-tax results would be positive at RM6.613 million,” it said.

By The EDGE Malaysia

Bina Puri to build office lots in Jalan Pasar

Bina Puri Holdings Bhd today signed an agreement with the Selangor and Federal Territory Chha Yong Fay Choon Kuan to invest in the construction of two shop office blocks in Jalan Pasar, here.

The development of 24 units of 4-storey shop offices and one unit of 3-storey office on a two-acre (0.8 hectare) site would cost RM16 million.

"We are very pleased to have the opportunity to work with the association, which is a reputable association representing the Chinese Hakka clan in the Klang Valley.

"We are very optimistic that the development will be well received as it is strategically located at Jalan Pasar, which is a well known commercial hub amongst the Chinese community," Bina Puri Group Managing Director Tan Sri Tee Hock Seng said at the signing ceremony.

The agreement was signed between Bina Puri's subsidiary, Bina Puri Properties Sdn Bhd, and the association which owns the land.
Development is expected to commence in the first quarter of next year and completed within 15 months.

"Upon completion, this investment will contribute positively to our earnings stream.

"Moving forward, we are committed to further maximise our shareholders value and continue to explore new business opportunities which provide us with recurring income," Tee said.

According to the company, the investment will guarantee a return of RM40.6 million in 14 years derived from rental income of the development.

By Bernama

I-Berhad in talks to revive mall project

PROPERTY developer I-Berhad is currently in talks with relevant parties to revive its shopping mall project in Shah Alam, Selangor, said its top executive.

The i-City mall project was halted last year due to the global financial crisis. It was initially reported that the mall will span about one million square feet, almost equivalent to Mid Valley Megamall in Kuala Lumpur.

"We are currently in discussion stage and we will announce the plans when appropriate," chief executive officer Eu Hong Chew said but declined to elaborate further.

Earlier reports speculated that Singapore's CapitaLand Ltd would be I-Berhad's foreign partner to help develop the mall.
There are currently about four main shopping malls in Shah Alam - Shah Alam City Centre, Plaza Masalam, Kompleks PKNS and Alam Sentral mall.

i-City is an estimated RM2 billion project on 29ha that boasts a broadband speed of 20Mbps with fibre optics network and a back-up power supply.

The first phase, comprising 6.1ha with 500,000 sq ft of office space, is now 60 per cent occupied.

Yesterday, I-Berhad launched a 10,000 sq ft outdoor convention area known as i-Walk. The convention arena is an indoor-type air conditioned environment that is designed with 1,000 programmable LED lights making it an ideal avenue for corporate events or private functions.

The i-Walk can accommodate up to 33,000 people at one time and is expected to be ready by the end of December. The project is part of its phase two development covering 3.64ha with a gross development value of over RM150 million.

Also present at the event was Minister of Housing and Local Government Datuk Wira Chor Chee Heung.

In his speech, Chor praised i-Berhad for providing township services such as landscaping, security, rubbish collection and traffic management within its i-City development.

"This is in line with ministry's mission of having human settlements with integral facilities, social and recreational services," he said.

By Business Times

Skudai to get new RM500mil hub

Datuk Lim Kang Hoo (right) with Teras Hijaujaya Sdn Bhd director Lim Chern Herng looking at the model of the Danga Utama project.

Danga Utama commercial project is latest development in growth corridor

JOHOR BARU: Teras Hijaujaya Sdn Bhd, the developer of commercial project Danga Utama, wants to position the development as the new business hub in the Skudai growth corridor.

Chief executive officer Datuk Lim Kang Hoo said the Skudai growth corridor would derive immense benefits from its close proximity to Nusajaya and Danga Bay, the two main growth components in Iskandar Malaysia.

Spanning over 9,307ha, Nusajaya is one of the five flagship development zones in Iskandar Malaysia, the country's first economic growth corridor launched in 2006.

Our project is located just a few kilometres away from the Skudai exit of the North-South Expressway and Second Link to Singapore and also from Danga Bay, Lim said at the project's launch recently.

He said the company had, under phase one, sold 85% of the 129 three-storey shop offices with mezzanine floors priced from RM1.35mil.

Other components in phase one include six six-storey corporate office towers with selling prices from RM6.1mil.

Lim said the project on a 7.3ha site along Jalan Skudai and Jalan Sutera Danga would be completed in the next four to five years with gross development value of RM500mil.

He said phase two would have high-end condominium towers and retail outlets overlooking Sungai Skudai which would be rehabilitated under the 10th Malaysia Plan.

The Federal Government has allocated about RM300mil for a comprehensive river beautification programme which include dredging, widening and complete clean-up of filthy rivers in the country.

We want to repeat the success of Danga Bay in our Danga Utama project. Phase two will also see us introducing water taxi services from Danga Bay to the project here, said Lim, who is also Danga Bay Sdn Bhd CEO.

Located along Jalan Skudai, Danga Bay is now one of the most sought after addresses for waterfront development properties in Johor Baru, with Lim as one of the players behind the transformation of Danga Bay.

Upcoming projects in Danga Bay include three hotels, high-end condominiums, a marina, an international convention and exhibition centre, and office towers.

Iskandar Regional Development Authority has also chosen a waterfront area in Danga Bay for the wellness township development project in Iskandar.

Khazanah Nasional Bhd and Temasek Holdings Ltd will be jointly developing the project on the 202ha site.

By The Star

KL to get first vertical car park

PETALING JAYA: Kuala Lumpur see the city's first multi-storey automated car parking system in Times Avenue, a new 15-storey building to be developed by Takashimaya Construction & Development Sdn Bhd.

The company has no ties with Japan's Takashimaya Co Ltd, which is known for its chain of department stores.

The automated car parking system was based on South Korean technology and being used in Japan, South Korea and the United States, said the company's project director Kelvin Lee Seong Seng.


Kelvin Lee ... ‘We may replicate the project to give us recurring revenue.’

About 140 parking bays will be available in the project that also comprises 20 retail units on its first three floors and 36 office suites from the fourth to the nine floors. There will be two penthouse offices.

The narrow strip of land of about 13,000 sq ft along Jalan Imbi next to Berjaya Times Square was purchased a few years ago. Work on the project will begin by the year-end.

We wanted to go into property development. When that small piece of land came up for sale, we decided to buy it.

At 13,000 sq ft, it is a small piece of land. We wanted to have office suites and some basic retail facilities to serve the office units.

But with the size constraint and the need for parking facilities, we decided to put in an automated system to maximise the efficiency of the land and enable more cars to be stored, Lee said.

The system stacks up the cars vertically.

All the office and retail units will be sold but the company will operate and manage the car parking facilities.

This is a pilot project. We will see how it goes and may replicate it to give us a recurring revenue. The branding will be important, Lee said.

The plan is to fix parking charges at RM5 for the first hour and RM1 for every subsequent hour.

The project will have a gross development value of about RM130mil. Construction cost will total about RM70mil.

By The Star

Developer offers greener living experience in Putra Nilai

NILAI: GD Development Sdn Bhd is undertaking a mixed development, Green Beverly Hills in Putra Nilai, that could potentially generate a total of RM5.3bil in gross development value (GDV) when completed in eight years.


Datuk Yeat Sew Chuong

Its joint chairman Datuk Yeat Sew Chuong said the project, which comprises residential properties and commercial properties as well as a hotel, would be developed in seven phases.

“The first phase comprises the development of 334 condominium units and 61 bungalows.

“Our condominium project is over 75% taken up even before the official launch today and we plan to launch our bungalows in two months,” he told StarBizWeek yesterday at the launch of Green Beverly Hills.

The condominiums were priced from RM380 to RM580 per sq ft and piling work started last month, he said, adding that the first phase development would generate a total GDV of RM315mil.

“Green Beverly Hills is located on 350 acres freehold land in Putra Nilai, which is the new name for Bandar Baru Nilai, a distinct and well-planned integrated township with modern infrastructure and amenities,” he said.

He added that Green Beverly Hills offered a greener living experience.

Located 15 minutes from Putrajaya and the KL International Airport, and 30 minutes to Kuala Lumpur city centre, Putra Nilai is already known for its up and coming biotech hub, regional education hub and trading/commercial hub.

Yeat, who is also chief executive officer of Bursa Malaysia-listed INS Bioscience Bhd, said GD Development was a joint venture between him and Tan Sri Gan Kong Seng, chairman of Nilai Resources Group Bhd in their personal capacity. The project did not involve INS, said Yeat.

Gan is also joint chairman for GD Development.

“This is my personal investment and I will responsible for the property development while Gan is the land owner,” Yeat said.

By The Star

'80pc SetiaWalk occupancy by Q1 2012'

SP Setia Bhd expects the occupancy rate at its boutique lifestyle development project, SetiaWalk, to increase to 80 per cent from 60 per cent when it opens its doors by the first quarter of 2012.

Spanning 8.32 hectares of prime land fronting Jalan Puchong, SetiaWalk offers an eclectic mix of retail offices, serviced apartments, dining delights, a boutique hotel and entertainment centre.

SetiaWalk, with a gross development value of RM1 billion, has a gross floor area of 2.3 million sq ft and a net lettable area of 2.4 million sq ft.

"There will be more exciting things to look forward to at SetiaWalk, one of them being the proposed light rail transit station opposite our project," said its divisional general manager, Wong Tuck Wai, at the ceremony to welcome three anchor retailers of its entertainment centre.

"We welcome TGV Cinemas, Celebrity Fitness and Superstar Karaoke as our business partners," he said.

Wong said the last anchor tenant would be the Chinese restaurant chain and the name was expected to be revealed soon.

SetiaWalk targets its retail offices to open for business in April next year with the entertainment centre operational by December 2011.

Meanwhile, the company said as part of its continuing efforts to ensure the success and vibrancy of SetiaWalk, it would provide pre-leasing services to match owners of the retail offices with the right tenants.

"A dedicated pre-leasing team has identified a list of potential suitors and matched with the buyers to ensure an exciting tenancy mix and add value to the entire development," it said.

Superstar Karaoke's consultant-cum-operations manager, Richard Law, said the outlet at SetiaWalk would be its fourth nationwide and it would occupy about 12,000 sq ft and offer a touch screen song-selection system.

TGV Cinemas chief operating officer, Kenny Wong, said the cinema would have nine cineplexes with 1,900 seats.

Celebrity Fitness would occupy two levels of 22,000 sq ft in total, said its managing director of Malaysia Kwangho Choi.

SetiaWalk, which can be access via Lebuhraya Damansara-Puchong and Persiaran Wawasan, has also managed to attract retailers such as Starbucks, BMS Organics, STADT German Cuisine, Ponytail Salon, Hock Hua Tonic, Bata and La Primavera.

By Bernama

Times Avenue units 70pc snapped up before Nov launch

TIMES Avenue, a RM160 million office and retail project on Jalan Imbi, Kuala Lumpur, has been 70 per cent sold, one month ahead of its launch in November.

The space was bought mainly by a Hong Kong private equity group, said Datuk Lennon Tan, founder and chairman of developer Takashimaya Construction & Development Sdn Bhd.

Times Avenue is located next to Berjaya Times Square. The 15-storey building has nine levels of executive office suites, three floors of retail lots, two levels of penthouse offices and a sky lounge. Construction will start in December and is due for completion by end-2013.

Tan plans to sell the remaining space to local investors.

"I am bullish on the market for office space and expect the whole project to be sold by the end of this year," Tan said yesterday in Kuala Lumpur, after unveiling the project.

Times Avenue is the first commercial building to feature a high-tech multi-level automated valet car parking system. This is its selling point.

The RM10 million system uses technology from South Korea and is widely used in Europe.

It allows customers to initiate their vehicle retrieval simply by scanning their bar coded valet parking ticket at the built-in reader. Their vehicle is automatically stacked vertically alongside the building, saving them time to look for parking.

"We hope to set a new benchmark in office space where security and safety is concerned. We hope land owners and developers will look into the system, which is a high selling point for their projects," Tan said.

Takashimaya was set up in 2004 by Tan and Fanny Foo Youe Moi, an entrepreneur.

Tan said Takashimaya has no links to Berjaya Group, or its founder Tan Sri Vincent Tan.

By Business Times

Naza's Dualis snapped up at launch

NAZA TTDI's Dualis Business Centre units in Seri Kembangan were snapped up barely two hours after its launch over the weekend.

The 32 units of two and two-and-a-half storey semi-detached shop offices are located within the prime residential and commercial area of Equine Park.

They are part of an 8.7 acre mixed development which will also include other components that will be announced and launched at a later date.

Naza TTDI's group managing director, SM Faliq SM Nasimuddin who was present at the launch said, he was encouraged by the response for the shop offices and assured purchasers that apart from living to the company's tagline of delivering the project ahead of schedule, quality will not be compromised.

He said TTDI Dualis Business Centre will be a new lifestyle hub in the area with its modern architecture concept and open space.

The development is an ideal location for offices, banks, showrooms and F&B outlets, he added.

Faliq expects the launch on Saturday to attract a lot interest from buyers with the project's well-planned layout, strategic location and alluring design.

The two-storey shop office built-up starts from 3,472 sq ft with the land area from 2,866 sq ft with prices starting from RM1.5 million.

For the two and half storey shop offices, built-up starts from 4,733 sq ft with land area from 3,587 sq ft. Price for the two and a half storey shop offices starts from RM2 million. The project is expected to be completed in October 2013.

By Business Times