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

Equine unit to develop land

EQUINE Capital Bhd’s wholly-owned subsidiary, Equine Park Country Resort Sdn Bhd, has signed a joint development agreement with Revenue Concept Sdn Bhd to develop a 3.6ha in Subang Jaya, Selangor, into a RM1 billion mixed commercial and residential development.

The project will be carried out in phases over seven years, Equine said in a filing to Bursa Malaysia yesterday.

By Business Times

Naim to develop Batu Lintang land

Sarawak-based Naim Holdings Berhad (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 13.597 hectares and be completed over 20 years.

By Bernama

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

Guocoland to spend RM1.9b on KL project

Guocoland (Malaysia) Bhd, the property arm of Hong Leong Group, will invest RM1.9 billion on a mixed development in Kuala Lumpur, Prime Minister Najib Razak said in a statement today.

The project will include offices, retail space, a hotel and apartments, Najib said.

By Bloomberg

Boustead in talks to buy army base land for RM8b project

Boustead Holdings Bhd may build mixed commercial and residential properties worth more than RM8 billion on the 98ha Batu Cantonment army base at Jalan Ipoh, Kuala Lumpur.



The group's main shareholder Lembaga Tabung Angkatan Tentera (LTAT), which holds a 59 per cent stake, is in talks with the government to buy the land and is close to sealing the deal.

Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin is hopeful that it will be involved in the land development.

"Hopefully the deal could be secured soon. Everyone is working hard to make it happen. If LTAT can buy the land, we will do a feasibility study to decide on the most viable properties to build," he said.

"It is a good site for a mixed development. It would be the kind of project that one would want to pursue on this prime land," Lodin told Business Times.
He said Boustead may build medium to high-end houses, commercial and residential towers, shophouses, small office/home office and a mall.

The government is selling some of its prized land bank around Kuala Lumpur and the Klang Valley at current market value for redevelopment.

These include the Batu Cantonment land, 24ha at Jalan Cochrane, the 1,320ha Rubber Research Institute land in Sungai Buloh, and smaller parcels at Jalan Stonor, Brickfields, and Bukit Ledang, off Jalan Duta.

It is unclear how much the Batu Cantonment land is worth but according to Previn Singhe, founder and chief executive officer of Zerin Properties, the market value for unconverted land at Jalan Ipoh is now between RM40 and RM80 per sq ft.

Previn said the development will attract foreign investments as it is closely located near the KLCC.

"The shear size of the development offers a lot of promises. Prices of real estate along Jalan Ipoh have always been stable with good movement ... it's not as docile as how one thinks.

"This project will have a positive impact on Jalan Ipoh if done well and if the developer can tap on the commuter line nearby, and the proposed Kepong-Kajang line," Previn said.

The Batu Cantonment army base, which has been there for over 40 years, will be relocated.

In 2002, the Perak state government had earmarked a 680ha site in Batu Gajah for the relocation.

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

JV to develop RM700m township

KUALA LUMPUR: Syarikat Majuperak Bhd, a wholly-owned unit of Majuperak Holdings Bhd, has teamed up with Xtreme New Sdn Bhd to develop a mixed township worth RM700mil in Batu Gajah, Perak.

Its chairman, Datuk Seri Raja Ahmad Zainuddin Raja Omar, said the project, involving about 240 ha, was expected to be completed within 10-15 years.

For a start, the company plans to develop a theme park with foreign companies, he said at the joint-venture signing ceremony between both companies here yesterday.

He said currently, the company was in talks with several foreign companies from Australia and China to develop the theme park.

The talks are expected to be concluded in a couple of weeks, he said.

Raja Ahmad Zainuddin said the ground-breaking ceremony was expected to be held early next year.

By Bernama

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

Ukay Bistari project to be ready soon

The Ukay Bistari mixed development project delayed for five years is expected to be completed by July 2011, state housing, building management and squatter affairs committee chairman Iskandar Abdul Samad said.

He said three blocks of Ukay Bistari service apartment and management office, namely A, D and E were expected to be completed by next month. Only the external electrical, firefighting, architectural and piping works remain to be done.

“The handing over of the units in three blocks to the buyers should be carried out by early next year,” said Iskandar, adding that Block B and C were expected to be completed by February 2011 while Block F was scheduled to be ready by July next year.

Iskandar, who visited the project site yesterday, said the 256 low-cost flats units would be completed by January 2011.

As for the 60 medium low-cost units and 120 medium-cost units, Iskandar said the sale and purchase agreements for these units would be terminated and the buyers would get a refund.

“Buyers will get their refunds plus compensation which comes up to RM5mil,” he said.

He said they would be discussing with the Ampang Jaya Municipal Council (MPAJ) to provide the certificate of fitness (CF) for the completed blocks.

He said the safety of the buyers will not be compromised.

“We will check on the access and hazards,” he said.

In response to a question on Ukay Bistari Land Owners’ (PHUKB) intention to vote en bloc for the coalition which successfully resolved their stalled housing woes, Iskandar said the state government’s priority was to complete the project.

“We will do our part to ensure the work is completed as it is our responsibility. We are not doing this to secure votes,” he said.

According to Block A contractor Abdul Rahman Abdul Manaf, only 20% of works are left to be done.

He said if all payments were on schedule, buyers should be able to move in by January next year.

“Internally everything is done and we are just left with some external electrical and piping works,” he said.

Meanwhile, PHUKB committee chairman Dr Mohamed Rafick Khan Abdul Rahman said he was not keen on the idea of sectional CF for the completed block.

“There is no water supply currently and a water tank would be placed to provide water temporarily.

He added that on an official level, the committee would have to discuss further with the local authorities and state conditions with regards to the CF.

Ukay Bistari in Ampang consists of 2,214 mixed-development units with double and two-and-a-half storey houses, low-cost apartments, service apartments as well as shops and office lots.

It was reported that the project was launched in August 2003 with scheduled completion between August 2005 and June 2007.

A total of 353 units of the double-storey houses were completed in October 2006 while another 103 units were completed in May 2008.

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

Plenitude to launch seven projects in FY11

KUALA LUMPUR: Property developer Plenitude Bhd plans to launch seven projects in the financial year ending June 30, 2011, which could generate a total gross development value of about RM400mil.

Its executive chairman Chua Elsie said these projects - mix development with a combination of residential and commercial properties - were located in Johor, Penang, Sungai Petani and Selangor.

“We are upbeat on our future projects in Penang and will be launching our next condominium projects in Tanjung Bungah and Batu Ferringhi,” she said at a press conference after the company’s AGM and EGM today.

By The Star