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

SP Setia to develop govt complex

PETALING JAYA: SP Setia Bhd's 50% owned associate Sentosa Jitra Sdn Bhd has received the Government's approval-in-principle to negotiate over terms to develop a new integrated health and research complex for the Health Ministry in Setia Alam, Selangor.

In a filing with Bursa Malaysia yesterday, SP Setia said the approval-in-principle was subject to terms and conditions to be agreed between Sentosa, the Public Private Partnership Unit (UKAS) in the Prime Minister's Department and the Health Ministry.

The proposed complex, to be known as the 1National Institute of Health (1NIH) Complex, is expected to be developed on 55.33 acres owned by SP Setia's wholly-owned unit, Bandar Setia Alam Sdn Bhd, in Setia Alam.

The complex will house the various national health institutes and relevant supporting offices and research centres under the ministry's purview which are currently situated on 40.22 acres along Jalan Bangsar and other parts of Kuala Lumpur.

In exchange, SP Setia will get the 40.22-acre Government land which it will redevelop into an integrated mixed residential and commercial project.

It will provide the Health Ministry and the Government with a 20% share of the net profits from the redevelopment.

“The land swap nature of the deal means that the ministry and the Government will not have to fund any part of the cost for the construction of the new 1NIH Complex,” the company said.

SP Setia was responding to a report over the weekend that it would build the complex at a cost of RM600mil to RM700mil.

The statement to Bursa did not mention the estimated cost of the complex or the estimated value of the proposed development in Bangsar.

In a separate statement, SP Setia announced a proposed placement of new shares of 75 sen in the company, representing up to 15% of its paid-up capital and a proposed 1-for-2 bonus issue.

The proposed placement would enable the company to raise funds to finance some existing projects, for future expansion plans as well as for general working capital requirements.

By The Star

Sime plans 15 property launches by June

KUALA LUMPUR: The Sime Darby group is preparing for at least 15 property launches for the six months ending June when the group's financial year comes to an end.

Sime Darby Property Bhd head of marketing development Henri Young said these 15 launches would cover different locations. Young was speaking to reporters at the launch of the Certificate of Real Estate Investment Finance programme in Malaysia, which will be sponsored by the Sime Darby group for the first time.

The eight-month course was first launched in 2007, and Malaysia is the fifth market to offer the programme.

The programme is promoted by the Asia Pacific Real Estate Association, which is partnering with the Malaysia Property Inc and Sime Darby Property, to offer the programme.

Young said the property market had been very buoyant the last year with units being sold the first two months after launch.

“Demand is very strong for landed units. We are now seeing a demand for service apartments and condominiums in the suburban areas. Buyers are looking for more value and they see room for capital appreciation in future years. The KLCC and Mont'Kiara areas have reached their peak and the rental market is struggling.”

In the next two months, the company will be launching The Glades in Putra Heights, Subang Jaya, a 53-acre development with bungalows, semi-detached, link and condominium units.

This will take place in May where as the Denai Alam in Shah Alam development will be offering Mulberry Grove linked houses while the Bandar Bukit Raja project will also offer linked houses.

In USJ Heights, it will offer zero-lot bungalows, where the compound is either small or limited.

In Melawati, the company launched super-linked terraces in Casa Rimba priced at RM1.5mil and retail and condominium units at its Quartza development in Desa Melawati.

By The Star

Sime to launch 15 property projects

SIME Darby, through Sime Darby Property Bhd, will be launching 15 projects across 10 townships in the first half of this year.

Its head of marketing development, Henri Young said, the townships include Putra Height and USJ Heights in Subang Jaya, Denai Alam (Shah Alam) and Bandar Bukit Raja (Klang).

"There is still strong demand for landed and residential properties in Malaysia," he said before the launch of the Certified Real Estate Investment Finance programme in Kuala Lumpur yesterday.

He highlighted that the company's previous projects in Denai Alam, Bandar Bukit Raja and the USJ Heights townships was sold out within two months.

By Bernama

Mammoth Empire buyer of Damansara Perdana land

The Mammoth Empire Group was the recent buyer of two pieces of land in Damansara Perdana, Selangor, from MK Land Holdings Bhd.

It is learnt that Datuk Sean Y.T. Ng, founder of the Empire Group, had made the offer via Foster Estate Sdn Bhd.



This is the fourth piece of land the Empire Group is buying from MK Land.

MK Land announced on January 4 that Foster Estate plans to buy two pieces of land in Damansara Perdana, comprising 7.4ha and 3.3ha for RM100.8 million and RM29.2 million respectively.

According to Mammoth Empire group executive director Danny J.Y.Cheah, Foster Estate aims to set up an integrated property development, comprising commercial and residential towers, and retail.

"There is a lot of synergy in Damansara Perdana. We already have three developments. If we do not buy it, MK Land would sell it to other developers.

"There is a lot of economies of scale for us to do another project in Damansara Perdana," Cheah told Business Times.

The group's current projects in Damansara Perdana includes Empire City, an integrated lifestyle commercial development on a 9.2ha site; Empire Damansara, a mixed development; and Empire Residence.

Empire Residence, a high-end gated and guarded development on 19.2ha of land, is a joint venture with MK Land.

Damansara Perdana sits next to the thriving Kota Damansara township and it is also close to the new planned development of the Rubber Research Institute Land in Sungai Buloh.

By Business Times

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

Tambun Indah mulls Klang Valley project

PROPERTY developer Tambun Indah Land Bhd is looking to expand to the Klang Valley to tap into the growing demand for residential properties.



Tambun Indah, which has some RM60 million in cash reserves, has not decided on any particular land yet but is on the lookout for suitable landbank.

"We are eyeing for landbank in the Klang Valley and have viewed some land in Shah Alam and Kajang, but we have not finalised anything yet," said managing director Teh Kiak Seng in Kuala Lumpur.

The company also plans to invest some RM178 million to purchase two more parcles of land of about 1.62ha each in Penang next year.

Currently, Tambun Indah owns 86ha of land in Penang, with a gross development value (GDV) of about RM1 billion which should keep it busy for the next six years.

Last year, it also had some 10 per cent of the residential property market in Seberang Perai, namely through its Tambun Indah development project.

"Seberang Perai is one of the fastest growing districts in Penang due to the rise of working class population as a result of rapid industrialisation," he said at the company's prospectus launch yesterday.

Tambun Indah is seeking to raise RM22.4 milion from its initial public offering exercise, of which RM12.7 million will be allocated for working capital, RM7.1 million to repay bank borrowings and RM2.6 million for the listing exercise.

Of the 32 million new ordinary shares under the public issue, 11.05 million share will be allocated to the public at 70 sen a share.

Applications for Tambun Indah's shares close on January 6 2011 and subsequently, the company will be listed on the Main Market of Bursa Malaysia on January 18.

Established in 1994, Tambun Indah has completed eight projects, selling more than 2,800 units with a total GDV of more than RM800 million.

Its ongoing projects include Pearl Garden, a gated residential project located in Simpang Ampat which is set to be completed in 2016 and Juru Heights in Seberang Perai, a gated residential project that is expected to be completed early next year.

By Business Times

MRT project poised to boost Aman Putri profile

PPC GLOMAC Sdn Bhd's newest development in the 6.76ha of Aman Putri prime freehold land in Sungai Buloh, Selangor is located within what renowned property researcher Ho Chin Soon has designated as "first-tier locations".

These are property hot spots that lie within a 15km radius from the centre of gravity in Petaling Jaya New Town and include Kuala Lumpur, Cheras, Puchong, Sungai Buloh, Shah Alam, Subang Jaya and Ampang.



"The first-tier locations will remain the focus and it's difficult to imagine a downside for (such) properties which, in general, have no bubble whatsoever," Ho, master mapmaker and principal of Ho Chin Soon Research Sdn Bhd, had said last year at an investment forum on real estate.

Aman Putri is going to be one of the main beneficiaries of the upcoming mass rapid transit (MRT) system.

With two main lines starting from and connecting to Sungai Buloh, Aman Putri will be wellconnected to the whole of Klang Valley.

But before that, it is already conveniently accessible via the New Klang Valley Expressway, LDP, and the Guthrie Corridor, all of which provide residents easy access to Kuala Lumpur city centre and Petaling Jaya.

It is also surrounded by mature and well-developed neighbouring estates like Valencia, Sierramas, Bandar Baru Sungai Buloh and Bukit Rahman Putra.

Nestled at the edge of tropical palms at the heart of Sungai Buloh, it is said that Aman Putri is "the only freehold landed property" still available in the vicinity.

With gorgeous gardens and the "longest linear parks" in Malaysia, Aman Putri's greens are designed by award-winning landscape architect, Malik Lip and Associates, while the houses are designed by another award-winner, NRY Architects.

Those with enquiries can call PPC Glomac at 03-9173-6877 or email sales@ppc-glomac.com.my.

By Business Times

UEM Land Buys Two Parcels of Land

KUALA LUMPUR:UEM Land Holdings Bhd is buying two parcels of agricultural land from Inch Kenneth Kajang Rubber Plc for RM268.5mil to be developed into a township in Bangi, Selangor.

It told Bursa Malaysia today it was buying the 463.51 acres of land in Semenyih, Selangor for a cash consideration of RM13.30 per sq ft.

It said the indicative market valuation of the land as appraised by Messrs Raine and Horne International Zaki + Partners Sdn Bhd was of RM248.3mil or RM12.30 per sq ft.

The group had stated "the scale of the Bangi land, with a total land area in excess of 450 acres, would provide the opportunity for UEM Land to develop a comprehensive and integrated township".

The group said it had surplus cash of RM351.5mil as at Sept 30, 2010 and the board intends to fund the requirements through internally generated funds and/or bank borrowings.

The Bangi land is adjacent to the Alam Sari township and Universiti Kebangsaan Malaysia, and is within the vicinity of Bandar Baru Bangi.

Whilst the Bangi land is currently classified for agricultural land use and is an oil palm plantation estate, approval for conversion to mixed development status was obtained by IncKen in 2007.

It added that the proposed acquisition was part of its strategic plan where one of the objectives was to secure at least one new township development outside Nusajaya by 2015.

This was to enable the group to diversify its development portfolio and revenue sources outside Nusajaya in order to achieve its long term growth strategy.

The scale of the Bangi Land, with a total land area in excess of 450 acres, would provide the opportunity for UEM Land to develop a comprehensive and integrated township, it said.

By The Star

Freehold status a plus for Glenmarie Gardens

GLENMARIE Properties Sdn Bhd is confident that its latest project Glenmarie Gardens will be a hit among locals and foreigners.

This is largely because it is among a very few freehold developments in Shah Alam, Glenmarie Properties chief executive officer Mohd Radzman Othman said.

The development is unique with only 70 units of two-and-a-half-storey bungalows with a gross development value of RM380 million, Mohd Radzman said.

"We will launch the project in stages starting with the first 14 units while the second phase with the remaining units will be launched next March," he said at a press conference yesterday.

Mohd Radzman said although there are many similar developments in the area, Glenmarie Gardens stands out as it offers freehold land.

"Our location is great and prime which is why we can safely say that our product will definitely be a good buy. Even before the launch, we have had 261 people indicating firm interest to buy the units with some even wanting to put the downpayment before the launch," he claimed.

On the new ruling on loans for third home purchases, Mohd Radzman claimed that it had not dampened homeowners' interest to buy its properties.

"We had one or two calls after Bank Negara Malaysia made the announcement (on 70 per cent cap for house loans on third purchases and beyond) but the rest don't seem to be affected by this change at all," he added.

On its landbank, Mohd Radzman said Glenmarie Properties still has a sizeable landbank in Shah Alam and plans to develop it in time.

The company is not shopping for new plots, he added.

"For now, our concentration is to develop the land that we have, which also includes in Johor and Malacca," he said.

By Business Times

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

Bandar Raya plans RM652m project

PETALING JAYA: Bandar Raya Development Bhd has formed a joint venture with Country Heights Land Sdn Bhd (CHLSB) to undertake a development at a 47.6-acre site in Seri Kembangan, Selangor.

The joint venture firm, Earth Pavilion Sdn Bhd, will be 75% owned by Bandar Raya and the rest held by CHLSB.

An integral part of the JV is the acqusition of 66 parcels of leasehold land in Seri Kembangan from Bluwater Developments Bhd for RM160mil cash.

“The proposed development of the Bluwater land comprises 310 semi-detached homes and 13 bungalows,” Bandar Raya told Bursa Malaysia yesterday.

The gross development value of the project is estimated at RM652mil, while total project cost was RM481mil. The projected gross development profit is RM170mil, giving it a margin of 26.1%. The project is scheduled to start in the last quarter of 2011, to be completed within five years.

By The Star