Original posted by rizalhakim
Big upgrade on Komtar
By ZAZALI MUSA
TheStar (http://biz.thestar.com.my/news/story.asp?file=/2007/11/27/business/19583155&sec=business)

http://biz.thestar.com.my/archives/2007/11/27/business/b_9ali.jpg

Tan Sri Muhammad Ali Hashim showing artist’s impressions
of Komtar after the upgrading work.

JOHOR BARU: Johor Corp (JCorp) is allocating RM55mil to upgrade the retail area of Komtar, one of the earliest commercial buildings in the central business district, in a move to attract more shoppers back to the 29-year-old building.

A well-known shopping centre in the 1980s and early 90s, Komtar started losing its shine with the opening of Johor Baru City Square mall next door and Plaza Angsana about 5km away.

“We have to keep up with the times if Komtar wants to steal the limelight again,” JCorp chief executive officer Tan Sri Muhammad Ali Hashim said at the launch of the upgrading work recently.

Renovation work on the retail area has started and will take 18 months to complete.

Tan Sri Muhammad Ali Hashim showing artist’s impressions of Komtar after the upgrading work.
The retail area will be expanded to 15,280 sq m from 12,056 sq m currently and the podium area will have an “eco-centric” theme.

“We have started marketing the 'new Komtar' and are currently talking with a few potential anchor tenants,” said Ali, adding that 27 of the 58 tenants had agreed to return in 2009.

He said shoppers could expect big names in the retail industry to open outlets here.

Also in the pipeline were plans to develop the 1.2ha open car park area beside the building into a shopping mall and an office tower.

Ali said the upgrading work and the new development plan would boost the image of Komtar again in view of its strategic location in the Iskandar Development Region.

City Square, JB
by savalior

http://farm3.static.flickr.com/2171/1874090372_e6aaf39e69_o.jpg

http://www.ne.jp/asahi/r.yamana/homepage/malaysia/Malaysia_CloseUp/Malaysia_002st.jpg

http://img91.imageshack.us/img91/6392/11nw7.jpg

http://www.skyscrapercity.com/photopost/data/2/9jhr90.jpg

ceh! i tot penangs komtar is gettin a upgrade.. got excited for nothing.. :lol:

ceh! i tot penangs komtar is gettin a upgrade.. got excited for nothing.. :lol:

oh hoho..pity to KOMTAR penang..very sad...:ohno:

it is about time they do something... location is strategic already... modify here and there...spice up a bit..spruce it up....bring it good brands/stores....of course customers will come....penang komtar, hope you be the one next!!!

ceh! i tot penangs komtar is gettin a upgrade.. got excited for nothing.. :lol:

Ya, me too.

by ace4

http://img99.imageshack.us/img99/8359/imgp3998fa7.jpg

that komtar tall building just got to go.....it just spoils the city's image..
reallly do hope that the new komtar would be better interms of its outlets and design..

ahyooo the caltex is still there!!!

It's about time :cool:

http://i6.photobucket.com/albums/y210/vsgan/Johor%20Bahru/mymalaya23.jpg

I dont know under the Komtar building is a shopping mall untill i read this article:lol::lol:

my mom used to do shopping there when she was a teenager.. hahaa.. hopefully after the refurbish of the mall they will do a facelift on the building. ^^

by yunir

http://img37.picoodle.com/img/img37/4/3/9/f_23099713279m_829f673.jpg

i seriosuly hope the interior of the new KOMTAR JB will be something like jusco tebrau city..

Hopefully there will be a link bridge connected from citysquare to Komtar in the future... Or, both shopping malls can be "merged", to become a bigger mall. Good idea?

Hopefully there will be a link bridge connected from citysquare to Komtar in the future... Or, both shopping malls can be "merged", to become a bigger mall. Good idea?

Not possible to join the 2 malls as there is a parkade in the middle...well, unless they pull down the parkade. Even then, KOMTAR mall is too small and a merge would look strange. There should be a pedestrian link, an underground mall link (maybe with a food court) would be perfect.

Not possible to join the 2 malls as there is a parkade in the middle...well, unless they pull down the parkade. Even then, KOMTAR mall is too small and a merge would look strange. There should be a pedestrian link, an underground mall link (maybe with a food court) would be perfect.

They r not going to tear down the car park? :ohno: Hmmmm... Then an underground mall will be a better choice. :)
It's been a long time since i went back to JB... Ha

wow underground mall.....just suntec city singapore..

by ~pT~

http://img34.picoodle.com/img/img34/4/4/8/f_09m_8844efc.jpg

So that's KOMTAR in JB...I think it is very impressive in its simplicity. I like the way the podium is square and approaches the street. It looks very pedestrian friendly which is hard to find in Malaysian cities anymore.

I suppose they are working on renovating the podium. The tower has been redone already? It does not look like the original design. Again, simple and effective. Let other buildings have the grand architecture and interesting designs...this is KOMTAR and it should represent stability and simplicity...just what we would want in our government.

Penang's KOMTAR on the other hand...oh my, what were they thinking????????

m

by Sekolah Men Keb Seri Medan

http://img27.picoodle.com/img/img27/4/7/2/f_01m_2721bb4.jpg

http://gsb.jkr.gov.my/en/images/db_progress/2008-03/011.jpg

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http://a640.ac-images.myspacecdn.com/images01/8/l_82d5230e90923c38e364339e1b3906af.jpg

http://a218.ac-images.myspacecdn.com/images01/108/l_e22dbe0161d4876c07efca9890c10ad1.jpg

tskumar

http://lh3.ggpht.com/_2aw-0BMjjpg/SE6e1HqAHQI/AAAAAAAAA6E/vyGxe5E-gAg/s640/04062008(003)CIQ.jpg

by ikopi_eric

http://img33.picoodle.com/img/img33/3/12/19/f_80m_746b982.jpg

by demund

http://farm4.static.flickr.com/3015/3117608986_4877ea08fd_b.jpg

From flickr

http://img33.picoodle.com/img/img33/3/12/24/f_05m_5ca4eb5.jpg

by Ceass

http://img227.imageshack.us/img227/9256/dsc00685xn3.jpg

http://img.photobucket.com/albums/v235/weijie/IMAGE_049.jpg

http://img.photobucket.com/albums/v235/weijie/IMAGE_050-Copy.jpg

http://img.photobucket.com/albums/v235/weijie/IMAGE_051-Copy.jpg

i wonder how it will look like when it is finish its good they finally doing something to jb even merlin tower is changing hehe

http://farm3.static.flickr.com/2482/3740967995_f46e02db97_o.jpg

http://farm3.static.flickr.com/2454/3740967171_b04254e098_o.jpg

http://farm3.static.flickr.com/2544/3740966221_2259c78c0e_o.jpg

Nice. JB needs more quality developments like this one

Yes...JB need more buildings to make vibrant!!!!

How about the old komtar tower? demolish? or facelift?

Finally some modern-looking towers for JB!

Sometimes I think those are not artis impression of Komtar JB upgrade...but it's the new proposal towers project...maybe in competition stage or just the old proposal or the new proposal!
because the real work is this >>

Original posted by rizalhakim


http://biz.thestar.com.my/archives/2007/11/27/business/b_9ali.jpg

[SIZE="1"]Tan Sri Muhammad Ali Hashim showing artist’s impressions
of Komtar after the upgrading work.


This picture is clearly good describe of the real supposed site!!! Ya, There is another space here! :cheers:

http://img140.imageshack.us/img140/4126/32792880.jpg



http://farm3.static.flickr.com/2482/3740967995_f46e02db97_o.jpg

Johor Baru Komtar undergoes RM55m facelift
By ZAZALI MUSA TheStar

JOHOR BARU: One of the earliest commercial buildings built in the Johor Baru central business district – Komtar - is currently undergoing a facelift job.

Its owner Johor Corp (JCorp) is investing RM55mil to upgrade the retail area as part of its strategy to attract more shoppers to the 29-year old building.

A well known shopping centre in the 80s and early 90s, Komtar started loosing its shine with the opening of Johor Baru City Square mall next door and Plaza Angsana about five kilometer away.

“We have to keep up with the times if Komtar wants to steal the limelight again,’’ said JCorp chief executive officer Tan Sri Muhammad Ali Hashim.

He was speaking at the launch of the upgrading work on Tuesday; present at the event was JCorp chief operating officer Kamaruzzaman Abu Kasim who is also chairman of Damansara Assets Sdn Bhd (DASB).

Renovation work of the retail area started middle of this month and will take some 18 months to complete.

The retail area will be expanded from the existing 12,056 sq metre to 15,280 sq metre and the podium area will have the “eco-centric” theme.

JB Komtar upgrade
By BEH YUEN HUI TheStar

JOHOR BARU: The two-storey shopping bazaar of Tun Abdul Razak Complex (Komtar) in Jalan Wong Ah Fook here will be closed for renovations.

Works to upgrade and refurbish the 28-year-old complex will take two years.

Over 100 tenants of Komtar have been given notice to move out of the bazaar by today.

However, its adjacent 26-storey office tower is not affected by the project.

Kamaruzzaman Abu Kassim, chief operating officer of Johor Corporation that owns Komtar, said the building would have a new image when it reopens in 2009.

He said the project, estimated to cost RM55mil, was in line with the rapid growth of the city as well as the Iskandar Development Region.

Being the first retail complex to open in the downtown area, Komtar was a place that catered to all levels of Johoreans and Singaporeans.

However, it has slowly lost its shine with the opening of other shopping malls.

Kamaruzzaman said the new bazaar would provide a bigger retail space of 15,280 sq m, compared to the current 12,056 sq m.

“The variety of outlets will be improved to attract more shoppers,” he said.

Kamaruzzaman said a sky-bridge would connect Komtar JB with the new Customs, Immigration and Quarantine Complex in Bukit Chagar for the convenience of travellers.

He said the bazaar would be equipped with modern surveillance devices such as CCTVs and 24-hour security.

I just found out that there will be 4 towers (including the old tower which is undergoing facelift now) in the new Komtar project. Am i right?

Absolutely!

http://img140.imageshack.us/img140/4126/32792880.jpg



http://farm3.static.flickr.com/2482/3740967995_f46e02db97_o.jpg

Hoax? Hopefully not!

http://www.kosmo.com.my/kosmo/pix/2009/1002/Kosmo/Negara/ne_01.1.jpg

http://img.photobucket.com/albums/v235/weijie/DSC_8307.jpg

0% occupany at the tower...
http://img.photobucket.com/albums/v235/weijie/DSC_8310.jpg

The multistorey carpark will be demolished...
http://img.photobucket.com/albums/v235/weijie/DSC_8314.jpg

Thanks for the picture! This thread was made in 2007..made us know that till now not complete! Just like another stalled project in JB like Pacific Mall...want to know also that how they gonna do to these projects under Iskandar Malaysia!! Hope new KSL City project is OK!

http://farm1.static.flickr.com/45/121626955_bad7393206_b.jpg

http://farm1.static.flickr.com/42/121627514_06df7d73cb_b.jpg

2 mobile cranes and forklifts there.... They are demolishing this multistorey carpark...

http://img.photobucket.com/albums/v235/weijie/DSC_8862_1.jpg

http://img.photobucket.com/albums/v235/weijie/DSC_8863_1.jpg

^^good but slow huh!!

the progress is quite slow...

^^ What do you expect? KOMTAR is owned by JCorp, or previously known as JSEDC. It is a Johor Government company, a by-product of NEP or affirmative program. I wouldn't expect this company to be efficient when it comes to upgrading KOMTAR JB. This is such a shame when a state corporation is supposed to shine at this time in order to boost trust and confidence from foreigners keen on investing in the Iskandar project.

From flickr
http://www.flickr.com/photos/lin_jixiang/4114810930/in/photostream/

http://farm3.static.flickr.com/2699/4114810930_c0891f1662_b.jpg

i wonder if the residential tower of the city square will be REVIVED...

Sakit mata hati lagi sakitlah.

Sakit mata hati lagi sakitlah.

Relax bro... just wait for the unthinkable to happen...:cheers:

Sakit mata hati lagi sakitlah.

hehehe kenapa bro?which part made u sakit hati?

Just look at the location of it to the new checkpoint!The potential of this building is unlimited!I would letTune hotel take it over:lol:They sibuk with nusajayalah,iskandarlah bla bla but this starring them in their face they drag it,I dont think many of u guys remember komtar was the only happening joint in JB:lol:

Just look at the location of it to the new checkpoint!The potential of this building is unlimited!I would letTune hotel take it over:lol:They sibuk with nusajayalah,iskandarlah bla bla but this starring them in their face they drag it,I dont think many of u guys remember komtar was the only happening joint in JB:lol:

oic...ya la..thats very true..should sort out the check point problem first...its embarrassing to hv such overwhelm new CIQ but cannot function as it supposed to.government is like that la...always bla bla bla..oh yes i remember komtar during the 80's..the one n only hang out spot for the youngsters(especially mat rock)..komtar jb is equivalent to pertama komplex in kl.

The carpark was completely demoloshed...

http://img.photobucket.com/albums/v235/weijie/DSC_9646.jpg

http://img.photobucket.com/albums/v235/weijie/DSC_9643.jpg

Impossible! I was closing one of my eyes when i drove past 4 months ago.

Impossible! I was closing one of my eyes when i drove past 4 months ago.

Be careful when you close your eyes next time. You don't want to smash into something. :lol:

This thread should be called KOMTAR JB DOWNGRADE........

LOL

http://img.photobucket.com/albums/v235/weijie/IMG_20100808_122234.jpg

http://img.photobucket.com/albums/v235/weijie/IMG_20100808_122249.jpg

http://img.photobucket.com/albums/v235/weijie/IMG_20100808_132932.jpg

Absolutely!

http://img140.imageshack.us/img140/4126/32792880.jpg

Haiz, until now even the basement also not finish yet....

Dont know have to wait until when.....

^^
Just wait some more until we get extremely mad.... :drunk:

Just call tony !!!Turned it into a Tune Hotel!!!Such a good location!!!What the f__k is the state govn thinking?

^^

someone is on fire.... :lol:

Some photos taken today...
http://img.photobucket.com/albums/v235/weijie/Untitled-4.jpg

View from location 1:
http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184035-1.jpg

http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184104.jpg

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http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184052.jpg

View from location 2:
http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184814.jpg

View from location 3:
http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184552.jpg

View from location 4:
see the BIG HOLE??!?!
http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184528.jpg

http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184500.jpg

http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184428.jpg

See the HOLE and is that tower crane?!?!?!
http://img.photobucket.com/albums/v235/weijie/IMG_20100823_184436.jpg

^^

someone is on fire.... :lol:

:lol:Geramlah boss for years and years of nothing such a waste:bash:

http://img.photobucket.com/albums/v235/weijie/IMG_0042.jpg

http://img.photobucket.com/albums/v235/weijie/IMG_0041.jpg

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very slow progress:ohno:.

Komtar JB looks like an archeology site now.... The cranes are digging for a possible new pharoah corpses I guest.... :nuts:

^^ haha.. hope they find gold or something precious to help speed up their slow pace!

-deleted-

Taken on 06/02/2011

http://img.photobucket.com/albums/v235/weijie/IMG_0897.jpg

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http://img.photobucket.com/albums/v235/weijie/IMG_0893-1.jpg

and new track under construction at JB Sentral???
http://img.photobucket.com/albums/v235/weijie/IMG_0892-1.jpg

^^any signboard or rederin?

Current Progress :

- Found the lost skull of King Tut the 13th (pharoah)
- Found the City of Gold beneath the Komtar
- Found the undergroud tunnel straight to America

I guess..... :dunno:

This piece of land is a goldmine coz of the strategic location. Unfortunately, the authority and/or developer failed to execute and instead, it's more like a rubbish dam to me...

JCorp dont have enough money lah. thats why they build this komtar project slow2....huurrrggghhh..:bash:

Monday February 21, 2011
JCorp selling land to repay part of debt
By ZAZALI MUSA
zaza@thestar.com.my


JOHOR BARU: Johor Corp will sell a parcel of land it owns in Johor as part payment for the RM3.6bil debt that is due in July 2012, says president and chief executive officer Kamaruzzaman Abu Kassim.

He also said the land had a market value of more than RM2bil.

The land was located within parts of Johor Baru that were earmarked for development under the RM1.8bil Johor Baru city centre transformation plan, he told Starbiz after the recent EGM of Kulim (M) Bhd - the main listed company under the JCorp stable.

It was reported that Johor will unveil the master plan for the Johor Baru city centre transformation project in the second quarter of this year.

JCorp also owns 3,237.48ha land in Sungai Belungkor, Kota Tinggi. It plans to sell 404.68ha, which is close to the Pengerang oil and gas hub, to the state government.

Petronas has been tasked by the Government to develop Penggerang and Teluk Ramunia into a new oil and gas hub in the region.

“We are hoping to get good prices for our land in the Johor Baru city area and in Sungai Belungkor,'' he said.

Sources said JCorp's land in Johor Baru was located near the Bukit Chagar and Lumba Kuda low cost flats as well as the Persada Johor International Convention Centre.

JCorp is also the land owner of the 1,698.87ha Tanjung Langsat industrial area in Pasir Gudang.

JCorp's unit Tanjung Langsat Port Sdn Bhd manages Johor's third port the Tanjung Langsat Port which handles bulk cargo such as liquefied petroleum gas and hazardous chemicals.

Kamaruzzaman's statement about the sale of land indicated a change in strategy by JCorp. Late last year, Kamaruzzaman had said that JCorp would not be selling any of its assets to repay bondholders' RM3.6bil when the papers are due on July 31, 2012. He had then said the plan was to refinance the debt.

But sources familiar with the situation said Kamaruzzaman was referring to speculation that JCorp would be selling its other key assets, such as QSR Brands Bhd (that owns KFC Holdings (M) Bhd and London-listed New Britain Palm Oil Ltd.

“The proposed sale of JCorp's land does fit into the strategy of refinancing its debt. In situations where the debt is huge, it only makes sense that the borrower shows some commitment by making some payments as part of the refinancing plan. The sale could help JCorp pay off a portion of the RM3.6bil debt and refinance the balance,” an investment banker said.

Kamaruzzaman had explained that the RM3.6bil debt was due to some JCorp investment projects since 2000, mainly in landed and industrial properties.

JCorp is one of the country's largest state economic development authorities and it has 250 companies.

According to JCorp's 2009 annual report, it had RM705mil cash but RM6.62bil in debt.

It had also paid RM500mil in interests and RM1.7bil in loan repayments. Despite being perceived as asset-rich, it only booked RM5mil in dividend receipts in the financial year 2009.

JCorp dont have enough money lah. thats why they build this komtar project slow2....huurrrggghhh..:bash:

No money why bother demolishing the old KOMTAR shopping centre right? Bunch of no brainers working for JCorp and the Johor government. Next to die a slow death: Nusajaya and Medini.

Should just let Pakatan come and run this sorry state......

Nusajaya and medini is being develop by UEM and others reputable company (WCT, UM Land, Berjaya Group, Sunway,Bina Puri and etc..). so maybe i can have some faith on those projects plan in that area...

No money why bother demolishing the old KOMTAR shopping centre right? Bunch of no brainers working for JCorp and the Johor government. Next to die a slow death: Nusajaya and Medini.

Should just let Pakatan come and run this sorry state......

Oh no.... It will become worst if Pakatan run this state... Sorry.... :)

But if the govt keep on delaying projects in this state, especially in JB, I wonder what will happen in the next election...

I think most of projects in JB are progressing very very slow....

Poor JB residents... JB is getting older..... it got no status anymore... oh no...

JB = FAIL CITY...

For all the ambitious projects being launched and constructed all over the Iskandar Malaysia region, looks like poor JB has been neglected... No wonder it is only known as a stopover for Singaporeans to do their shopping; what touristy-sights are there to keep people here for more than a night, on leisure?

If I were a Singaporean, might as well just stop by JB for gasoline and cheap + tasty food before heading north towards Malacca / KL / Kuantan!

Sad but thats the truth ha!Even me if i driving down to singapore i cant find a good enough reason to stop by jb,i rather take the 2nd link.I think its been a good 10 yrs since i last was there!

Looks like our great-grandchildren only will see this project completed, or much worse... topped-out...

Sad but thats the truth ha!Even me if i driving down to singapore i cant find a good enough reason to stop by jb,i rather take the 2nd link.I think its been a good 10 yrs since i last was there!

pergila pandan city...cheapest DVD pirate collection in malaysia haha... or makan chilis crab & the famez nasi lemak at Kg.Sanibong...:nuts::nuts:

-delete-

They sure are digging forever but good to see more activities at site

Here are some pics I took of the site. There seems to be some progress but very slow.

http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc6/216799_10150225327127040_671067039_8930379_7409725_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc6/216799_10150225327127040_671067039_8930379_7409725_n.jpg
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/218075_10150225327197040_671067039_8930380_8250006_n.jpg
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/218075_10150225327197040_671067039_8930380_8250006_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc6/207396_10150225327307040_671067039_8930382_656692_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc6/207396_10150225327307040_671067039_8930382_656692_n.jpg

http://www.upislam.com/images/01860177296787950633.jpg
http://www.panoramio.com/photo/50649411

no renderin or project board?

They actually take years just to reconstruct a building's four-storey podium? At this type of progress, I think it will take 100 years for the entire Iskandar project to be fully completed!

They actually take years just to reconstruct a building's four-storey podium? At this type of progress, I think it will take 100 years for the entire Iskandar project to be fully completed!

Not all projects in IM slow like this la bro... Haiyaa.... :bash:

Not all projects in IM slow like this la bro... Haiyaa.... :bash:
Then that's good news, at least Legoland is progressing smoothly and will open next year... Too bad about this KOMTAR though, what a big difference from the now-alive namesake in Penang! :)

^^

Very well... :)

Not all projects in IM slow like this la bro... Haiyaa.... :bash:

Agree with you :)... JB is huge!..

Having not visited JB in years, it still looks and feels...hmmm...depressed. The backwater of Singapore and cowboy town of Malaysia...YEEHAW! :lol:

The sad truth!The new CIQ complex have split the JB CBD into 2 parts.Its also sad to see them building the new coastal highway towards lido beach.Till today i especially hate seeing that stupid abandon mall.Trying to get to the CIQ during peak hours/weekend via jalan teberau is a disaster .I could see the causeway from my hotel room and yet i took the second link thats a good 60 km detour rather than getting stuck in traffic.JB is a ghost town in the making(old part of it)Not to mention komtar the biggest joke!Hey Khaw how far are u from Disneyland?:)Thank god its not "legoland":lol:

.........!Hey Khaw how far are u from Disneyland?:)Thank god its not "legoland":lol:

~12 miles. ideally, 10 mins. freeway entrance ramp to exit ramp w/o traffic. as it is, 30 mins. with traffic (an all-day affair) is typical.

yeah, check out the beautiful city of irvine, the largest master-planned city in the US. it's still growing (pop. 220K and increasing) but has mostly residential, and light industrial with some mid-rises, so that's a non-attraction in this forum. singapore probably plagiarized the concept...:)

but amenities and quality of life is 2nd to none. ok, i may be a little biased here since it's home. but really, do check out our great shopping experience at Irvine Spectrum, Fashion Island as well as South Coast Plaza. i think KL should have something like these places to differentiate itself from singapore and bangkok.

developers in malaysia should think outside the box, and not keep replicating the same-old, same-old.

Some pics I took today from City Square overhead bridge. Seriously, I can't see any difference as compared to a few months back.

http://a1.sphotos.ak.fbcdn.net/hphotos-ak-snc6/285396_10150321340417040_671067039_9827707_242293_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-snc6/285396_10150321340417040_671067039_9827707_242293_n.jpg
http://a2.sphotos.ak.fbcdn.net/hphotos-ak-snc6/267448_10150321340512040_671067039_9827708_633307_n.jpg
http://a2.sphotos.ak.fbcdn.net/hphotos-ak-snc6/267448_10150321340512040_671067039_9827708_633307_n.jpg
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-ash4/269475_10150321340582040_671067039_9827709_4387042_n.jpg
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-ash4/269475_10150321340582040_671067039_9827709_4387042_n.jpg

^^

What a joke by JCorp
Love the old and dusty KOMTAR :lol:

:oho:Give them a few more years:lol:They just so fu____g blind with JB Sentral and that huge shopping center as its neighbor ,what can go wrong with this project?:bash:

-del-

Some pics I took today from City Square overhead bridge. Seriously, I can't see any difference as compared to a few months back.

http://a1.sphotos.ak.fbcdn.net/hphotos-ak-snc6/285396_10150321340417040_671067039_9827707_242293_n.jpg


seriously, does anyone know what it is?

^^
OMG... It's a "skate park" :nuts:

This is not upgrading. This is madness!!!

:lol: The result of corruption: JCorp is broke!

delete

Hey if they cant make up their mind might as well put a pasar malam there !Its a beeter location compared to the one near the police station,
May be eventually they will put another medical center/KFC cheap labour source college:lol:

This is the other side of Komtar Tower, seems to have some activities going on there....

http://img853.imageshack.us/img853/3594/dsc08263v.jpg (http://imageshack.us/photo/my-images/853/dsc08263v.jpg/)

^^ It seems they are doing a step by step approach. I think they are finishing the first floor first.

^^ It seems they are doing a step by step approach. I think they are finishing the first floor first.

WHY??

^^ Err, that seems to be the case. Once they have done one side, they continue work on the other side. The only question now is whether they would continue to the next floor once the first floor is completely done.

if the contractor is awarded a complete structure package which include superstructure work (above grade structure), then both sides would start concurrently. there is no valid reason to leave one side on hold unless the owner JCorp instructed.

in this case, i suspect the current contractor is awarded for substructure work (basement until ground floor). this explain why there is no activity on the other completed side.

^^ Wow, is there such a thing? Usually it is all done by the same contractor. This is the first time I hear of such a case.

this is very common in practice. perhaps in JB, there is an exception.

btw, my understanding is JB City Square is adding new tower to its existing mall podium? Taisei from japan seemed has gotten the job.

this is very common in practice. perhaps in JB, there is an exception.

btw, my understanding is JB City Square is adding new tower to its existing mall podium? Taisei from japan seemed has gotten the job.

That has always been in the original plan for JB City Square: second tower is supposed to be a condo. Well, I guess it is about time developers try to bring in something exciting in downtown JB. It would be a huge embarrassment to the JCorp and the Johor government if the second City Square tower is completed before KOMTAR's second floor slab is poured. :lol:

^^ Wow, is there such a thing? Usually it is all done by the same contractor. This is the first time I hear of such a case.

My project Lumina Kiara (http://www.skyscrapercity.com/showthread.php?t=462457&page=10), too, had different substructure and superstructure contractors.

My project Lumina Kiara (http://www.skyscrapercity.com/showthread.php?t=462457&page=10), too, had different substructure and superstructure contractors.

Does it take years like KOMTAR to put in a basement structure/foundation too?

Does it take years like KOMTAR to put in a basement structure/foundation too?

Fcuk you.

This is what you get when you wanna cari gaduh.

hopefully the second tower for City Square will be materialized, also with the UMLand plan, to develop office tower juz infront of the komtar, which will make jb cbd skyline more dense..

Fcuk you.

This is what you get when you wanna cari gaduh.

:lol: Funny, not interested in fighting you at all, especially for a foul-mouthed person. Can't you see I'm trying to show how KOMTAR's long construction doesn't make a lot of sense....not referring to what you do.

:lol: Funny, not interested in fighting you at all, especially for a foul-mouthed person. Can't you see I'm trying to show how KOMTAR's long construction doesn't make a lot of sense....not referring to what you do.
Talk is cheap. There's no need for you to show anybody anything. You are not in their shoes, you have no idea what is happening. You think every project will be smooth sailing all the way? Then there will be no abandoned projects. So please stop concluding that Jcorp is broke because of corruption. That is called big-mouth, which is worst than foul-mouth.

And BTW, your question shoulda been put this way:

"DID it take years like KOMTAR to put in a basement structure/foundation too?"

Then I woulda answered, "No, it didn't".

So please don't open your big mouth when there's no need for you to do so.

Now, people, be nice. Anything related to politics, please discuss it at you-know-where and not here.

Anyway, thanks for the info, logorithm. Usually, in Singapore, there would be one main contractor for the entire project. So, this is the first time for me hearing this. :)

Fcuk you.

This is what you get when you wanna cari gaduh.

You could’ve said no it didn’t and gone on to how long approx. that stage took to finish. Since you had a project and is well versed on it, readers lacking your good experience can gain more from your insight to the construction side of things instead of “F U”… But seriously, that place really look like a skateboarder’s ring to me too for quite a long time. Patience have its limits, we can only show concerns as outsider that’s all but can’t do anything to stop them from giving the plc. a bad impression. Their inactivity does provide a not so upbeat impression and implication to the market, despite what they planned for the site.

Talk is cheap. There's no need for you to show anybody anything. You are not in their shoes, you have no idea what is happening. You think every project will be smooth sailing all the way? Then there will be no abandoned projects. So please stop concluding that Jcorp is broke because of corruption. That is called big-mouth, which is worst than foul-mouth.

And BTW, your question shoulda been put this way:

"DID it take years like KOMTAR to put in a basement structure/foundation too?"

Then I woulda answered, "No, it didn't".

So please don't open your big mouth when there's no need for you to do so.

Abandoned projects are only created when there is bad planning and developers have insufficient capital. When there is sufficient funds, project would slow down to a crawl. Do you see lots of abandoned projects in Penang, Petaling Jaya, Kuching or Singapore? They have prudent planning, simple as that, period.

So with my quesiton, why didn't you just answer "No, it didn't"...and laugh it off? Swearing makes you feel all macho and stuff huh? :lol: That "fcuk you" was totally unwarranted. But that's fine, people here can see what kind of person you are.

:ohno:You could’ve said no it didn’t and gone on to how long approx. that stage took to finish. Since you had a project and is well versed on it, readers lacking your good experience can gain more from your insight to the construction side of things instead of “F U”… But seriously, that place really look like a skateboarder’s ring to me too for quite a long time. Patience have its limits, we can only show concerns as outsider that’s all but can’t do anything to stop them from giving the plc. a bad impression. Their inactivity does provide a not so upbeat impression and implication to the market, despite what they planned for the site.

It took 3.5 years to build that skateboard ring and we have someone here being so defensive about it. Makes no sense.... :ohno:

Abandoned projects are only created when there is bad planning and developers have insufficient capital. When there is sufficient funds, project would slow down to a crawl. Do you see lots of abandoned projects in Penang, Petaling Jaya, Kuching or Singapore? They have prudent planning, simple as that, period.

So with my quesiton, why didn't you just answer "No, it didn't"...and laugh it off? Swearing makes you feel all macho and stuff huh? :lol: That "fcuk you" was totally unwarranted. But that's fine, people here can see what kind of person you are.

Uhuh... and that's why you concluded that JCorp was broke because of corruption? And are you sure that's all that will cause a project to stall? Clearly you assumed too much.

I did not answer "No' I didn't", because wrong question gets wrong answer. As simple as that. Wrong question because it didn't even appear as a question, but rather a sarcastic remark implying that Lumina Kiara too had the same problem for employing the same strategy.

Although you appear to speak perfect English, it makes a huge difference between 'did' and does'. Think about it.

Nope, my swearing is reserved for big-mouthed people only.

Abandoned projects are only created when there is bad planning and developers have insufficient capital. When there is sufficient funds, project would slow down to a crawl. Do you see lots of abandoned projects in Penang, Petaling Jaya, Kuching or Singapore? They have prudent planning, simple as that, period.

So with my quesiton, why didn't you just answer "No, it didn't"...and laugh it off? Swearing makes you feel all macho and stuff huh? :lol: That "fcuk you" was totally unwarranted. But that's fine, people here can see what kind of person you are.

1st u attack jcorp, a company
then u uphold ur argument by giving example of city council:nuts::nuts:

oh theres a big project thats been crawling for years call sport hub at kallang
ever heard of that??

so by ur logic singapore goverment are corrupt? is that right?

delete

1st u attack jcorp, a company
then u uphold ur argument by giving example of city council:nuts::nuts:

oh theres a big project thats been crawling for years call sport hub at kallang
ever heard of that??

so by ur logic singapore goverment are corrupt? is that right?

Wiki:
Singapore Sports Hub
The Singapore Sports Hub is a proposed sports complex located in Kallang, Singapore to be built on the present site of the National Stadium, which was officially closed on 30 June 2007 and demolition started on 29 September 2010. Construction will begin in 2011, with the foundations laid by February 2011, and is expected to be opened by April 2014.[2]

--------------------------------------------------------------------------------------------------------------------------

JB KOMTAR

Original posted by rizalhakim
Big upgrade on Komtar
By ZAZALI MUSA
December 2007
TheStar

JOHOR BARU: Johor Corp (JCorp) is allocating RM55mil to upgrade the retail area of Komtar, one of the earliest commercial buildings in the central business district, in a move to attract more shoppers back to the 29-year-old building.

A well-known shopping centre in the 1980s and early 90s, Komtar started losing its shine with the opening of Johor Baru City Square mall next door and Plaza Angsana about 5km away.

“We have to keep up with the times if Komtar wants to steal the limelight again,” JCorp chief executive officer Tan Sri Muhammad Ali Hashim said at the launch of the upgrading work recently.

Renovation work on the retail area has started and will take 18 months to complete.

Tan Sri Muhammad Ali Hashim showing artist’s impressions of Komtar after the upgrading work.
The retail area will be expanded to 15,280 sq m from 12,056 sq m currently and the podium area will have an “eco-centric” theme.

“We have started marketing the 'new Komtar' and are currently talking with a few potential anchor tenants,” said Ali, adding that 27 of the 58 tenants had agreed to return in 2009.

He said shoppers could expect big names in the retail industry to open outlets here.

Also in the pipeline were plans to develop the 1.2ha open car park area beside the building into a shopping mall and an office tower.

Ali said the upgrading work and the new development plan would boost the image of Komtar again in view of its strategic location in the Iskandar Development Region.

---------------------------------------------------------------------------------------------------------------------------



On JCorp's RM6 bil debt
Dec 2010

Will Johor Corp sell KFC?
By RISEN JAYASEELAN
risen@thestar.com.my


IT'S not just finger-licking fried chicken that KFC Holdings (M) Bhd serves up in Malaysia. You can always count on it for a good corporate story. Every now and then, some parties will start fighting for control over it, or more accurately, for the free cash flows the retailer churns out.

In that sense, nothing's new this time around. A number of parties have made competing bids to buy QSR Brands Bhd, the parent of KFC. But interestingly, Kulim (M) Bhd (that owns 58% of QSR) has rejected all bids, saying that it is not interested in selling QSR and that it believes in the long-term value of KFC.

The million-dollar question then is this: how did the bids come about if Kulim or in effect, Johor Corp (JCorp), Kulim's parent (and therefore the ultimate shareholder of KFC) is not interested in selling? Rarely do unsolicited bids of this size come about.

This is why the one unique spin-off from this KFC saga is the attention it has drawn on JCorp. Firstly, JCorp is saddled with more than RM6bil in debt, out of which RM3.6bil is due to be repaid by July 2012.



--------------------------------------------------------------------------------------------------------------------------

My Questions:

If JCorp has to repay RM3.6 bil by 2012. do you think banks would loan the corporation more money to complete KOMTAR? Think about it. JCorp has so many businesses: in property development, commodities (oil palm, rubber etc), KFC, etc. A lot of Property development and almost all commodity-based companies are doing very well, but why is JCorp losing so much money? Now with good commodity prices etc, this state government company should be doing even better. But why are they saddled with so much debt? If it isn't corruption, what is it? With so much debt, isn't it fair to say that JCorp is essentially broke?


Daengjal, Logo: care to give all of us here a satisfactory answer?

Uhuh... and that's why you concluded that JCorp was broke because of corruption? And are you sure that's all that will cause a project to stall? Clearly you assumed too much.

I did not answer "No' I didn't", because wrong question gets wrong answer. As simple as that. Wrong question because it didn't even appear as a question, but rather a sarcastic remark implying that Lumina Kiara too had the same problem for employing the same strategy.

Although you appear to speak perfect English, it makes a huge difference between 'did' and does'. Think about it.

Nope, my swearing is reserved for big-mouthed people only.

Nope, I've always admired all the projects happening in Mont Kiara. In fact, developers like Sunrise, with their experience in KL, are even venturing aborad to places like Vancouver, Canada, to build condos. When I made that remark, it was a sarcasm, yes, but it was directed at JCorp, and certainly not Lumina Kiara. Employing the same stragedy is by no means an excuse for why the project at KOMTAR is taking so long: it has to be because of funding.

As for calling me a big-mouth, why don't you refer to my post above? Please read what I said about JCorp.

Next time, don't be so quick to swear....it does reflect badly on you.

Wiki:
Singapore Sports Hub
The Singapore Sports Hub is a proposed sports complex located in Kallang, Singapore to be built on the present site of the National Stadium, which was officially closed on 30 June 2007 and demolition started on 29 September 2010. Construction will begin in 2011, with the foundations laid by February 2011, and is expected to be opened by April 2014.[2]

--------------------------------------------------------------------------------------------------------------------------

JB KOMTAR

Original posted by rizalhakim
Big upgrade on Komtar
By ZAZALI MUSA
December 2007
TheStar

JOHOR BARU: Johor Corp (JCorp) is allocating RM55mil to upgrade the retail area of Komtar, one of the earliest commercial buildings in the central business district, in a move to attract more shoppers back to the 29-year-old building.

A well-known shopping centre in the 1980s and early 90s, Komtar started losing its shine with the opening of Johor Baru City Square mall next door and Plaza Angsana about 5km away.

"We have to keep up with the times if Komtar wants to steal the limelight again," JCorp chief executive officer Tan Sri Muhammad Ali Hashim said at the launch of the upgrading work recently.

Renovation work on the retail area has started and will take 18 months to complete.

Tan Sri Muhammad Ali Hashim showing artist's impressions of Komtar after the upgrading work.
The retail area will be expanded to 15,280 sq m from 12,056 sq m currently and the podium area will have an "eco-centric" theme.

"We have started marketing the 'new Komtar' and are currently talking with a few potential anchor tenants," said Ali, adding that 27 of the 58 tenants had agreed to return in 2009.

He said shoppers could expect big names in the retail industry to open outlets here.

Also in the pipeline were plans to develop the 1.2ha open car park area beside the building into a shopping mall and an office tower.

Ali said the upgrading work and the new development plan would boost the image of Komtar again in view of its strategic location in the Iskandar Development Region.

---------------------------------------------------------------------------------------------------------------------------

On JCorp's RM6 bil debt
Dec 2010

Will Johor Corp sell KFC?
By RISEN JAYASEELAN
risen@thestar.com.my

IT'S not just finger-licking fried chicken that KFC Holdings (M) Bhd serves up in Malaysia. You can always count on it for a good corporate story. Every now and then, some parties will start fighting for control over it, or more accurately, for the free cash flows the retailer churns out.

In that sense, nothing's new this time around. A number of parties have made competing bids to buy QSR Brands Bhd, the parent of KFC. But interestingly, Kulim (M) Bhd (that owns 58% of QSR) has rejected all bids, saying that it is not interested in selling QSR and that it believes in the long-term value of KFC.

The million-dollar question then is this: how did the bids come about if Kulim or in effect, Johor Corp (JCorp), Kulim's parent (and therefore the ultimate shareholder of KFC) is not interested in selling? Rarely do unsolicited bids of this size come about.

This is why the one unique spin-off from this KFC saga is the attention it has drawn on JCorp. Firstly, JCorp is saddled with more than RM6bil in debt, out of which RM3.6bil is due to be repaid by July 2012.

--------------------------------------------------------------------------------------------------------------------------

My Questions:

If JCorp has to repay RM3.6 bil by 2012. do you think banks would loan the corporation more money to complete KOMTAR? Think about it. JCorp has so many businesses: in property development, commodities (oil palm, rubber etc), KFC, etc. A lot of Property development and almost all commodity-based companies are doing very well, but why is JCorp losing so much money? Now with good commodity prices etc, this state government company should be doing even better. But why are they saddled with so much debt? If it isn't corruption, what is it? With so much debt, isn't it fair to say that JCorp is essentially broke?

Daengjal, Logo: care to give all of us here a satisfactory answer?

who say they are making losses?
do u know how much assets jcorp owned?

u dont prove anything other than crearing suspicion when nothin is actually happening.4 that i congratulate u

debt financing is nothing unusual 4 company,do u care to google airasia total debt?

great job with ur wikiing ability..except ur miss out that the hub suppose to open b4 the youth Olympic n it now just started demolishing it aftrr thr games finished..so by ur logic Singapore's gov dhould b corrupt isn't it, yet ur denial of ur logic must not bcoz of ur so call evidence but it motivated by something else right?

who say they are making losses?
do u know how much assets jcorp owned?

u dont prove anything other than crearing suspicion when nothin is actually happening.4 that i congratulate u

debt financing is nothing unusual 4 company,do u care to google airasia total debt?

great job with ur wikiing ability..except ur miss out that the hub suppose to open b4 the youth Olympic n it now just started demolishing it aftrr thr games finished..so by ur logic Singapore's gov dhould b corrupt isn't it, yet ur denial of ur logic must not bcoz of ur so call evidence but it motivated by something else right?

You can't compare this to Air Asia as it is still a relatively new private company (the ordinary rakyat has no stake in it). An airline company needs huge initial investments (airport equipment, planes etc). If you look at the financial reports of Air Asia, the net gearing ratio (debt/asset) started out huge at 3.5 in 2009 but is down to 1.57 now. This means the company is actually making money and able to pay off its debt, or even expand.


Look at the financial report (2009-latest) of JCorp:

http://www.jcorp.com.my/Publication/File/annualreport2009/SECTION6.pdf

For example let's look at "Group":
Total current Assets - RM3.4bil (2009)
Total current liabilities = RM3.7bil (2009)

Also, the non-current liability (borrowings) at that time was around 5.7 bil, now it has shot up to 12bil.

Even if all assets are sold, this company is still in red. We are now in 2011, and with ballooning debt, I am quite sure it is deeper in red. This is a state corporation, meaning it is set up by the people of Johor. My motivation: JCorp not even getting the rebuilding of KOMTAR right: they shouldn't start it in the first place.....The company should not to waste more of rakyat's money.

I guess you are one of those that just take things without any concern and even when the Federal government has to bail out the company with billions of ringgit, you'd be like "so what!?"

Why do you keep taking Singapore as an example? Can you show me that the company in charge of building the Kallang Sports Hub has 12bil to repay too?

Time OUT guys take it elsewhere:bash:

Time OUT guys take it elsewhere:bash:

Yes sirrrr! Gladly. :)

mari lari lari sebelum referee bagi kad merah..

:lol:

Meanwhile, Komtar remains the same...

http://img.photobucket.com/albums/v235/weijie/IMG_0779.jpg

http://img.photobucket.com/albums/v235/weijie/IMG_0774.jpg

http://img.photobucket.com/albums/v235/weijie/IMG_0773.jpg

Meanwhile, Komtar remains the same...

yeah what a doldrum... theres good chance that meanwhile could be all the while the next time you post again. no pun intended

Wow, what a waste of that prime plot of land... While the place remains semi-abandoned, I'm guessing the office tower is still occupied but standing by itself?

And off-topic a bit ya? Heard about the former Kemayan City that is about to be revitalized into some B8 Mall... Good start for those dead and abandoned construction sites in JB, now on to others like Pacific Mall and that huge Waterfront City eyesore!

http://www.thinkscapegroup.com/images/projects_gallery/bc8f6b1e40ccad312276a57ba6c22512.jpg

http://www.thinkscapegroup.com/images/projects_gallery/fe596999c8896ed5880961a9e563bea4.jpg

http://www.thinkscapegroup.com/images/projects_gallery/5b9f240dff07dfe93183837f26324307.jpg

http://www.thinkscapegroup.com/images/projects_gallery/fd3a7dacb7dcf0e019c3a38db0f55d0e.jpg

http://www.thinkscapegroup.com/images/projects_gallery/fd3a7dacb7dcf0e019c3a38db0f55d0e.jpg

http://www.thinkscapegroup.com/project.php?id=69&type=architecture
The new design is developed to leapfrog the complex into a competitive positioning for the next few decades. The proposal aims to redevelop the podium into a three-storey retail complex with a four-storey parking lot, while the existing 26-storey office tower will be complemented by another 35-storey tower, a 27-storey tower, a roof-top recreational deck, an iconic mosque and a link bridge that connects with the neighbouring Persada Johor International Convention Centre.

could this be the reason for the delay?

^^ hopefully....

Wow, now that's really something... This new KOMTAR will surely be an iconic landmark in JB City when completed!

^^ when it will be completed? JCorp project...arrghhhh:ohno::bash:

The conclusion is, we still don't know what is going on with the project. But a certain someone is so sure the project got stalled because JCorp is broke due to massive corruption. :lol:

I hope they are still re-designing it coz the 'new' design is too much... too chaotic... too fancy.

The conclusion is, we still don't know what is going on with the project. But a certain someone is so sure the project got stalled because JCorp is broke due to massive corruption. :lol:

I hope they are still re-designing it coz the 'new' design is too much... too chaotic... too fancy.

Oh the "certain someone" means Vince right? :lol: Just say it out loud, I don't mind.

We know why this project is delayed: JCorp is cash-strapped and is finding a way out of its financial woes and lousy management.....JCorp is a state company, so bailing it out means Johoreans are at stake. But Logorithm, if you think that JCorp is not what it is now due to corruption, then think again, and you should do your homework first. Read on......


Finally, a solution for JCorp

Behind the News - By Fintan Ng
The Star, Wed, August 17, 2011


Is this the beginning of the end of its debt woes?


AT long last, a solution seems to have surfaced to address Johor Corp's (JCorp) debt woes. But there are still questions on whether this is the best option for the asset-rich but cash-strapped JCorp whose total debt as at the end of 2009 stood at RM6.62bil with only RM705mil in cash reserves.

Kulim (M) Bhd yesterday signed several sales and purchase agreements with its parent JCorp to acquire over 33,800 acres of estate land in Johor for RM700mil cash.

In another announcement, Kulim said it was offering RM3 cash per share for the 21.6 million shares or 22.5% of Sindora Bhd that it did not already own.

Sindora's shares were last traded at RM2.65. Trading on Sindora and Kulim counters was suspended from 2.30pm on Monday until yesterday.

JCorp has a 53% stake in Kulim, a plantation firm with a 50% stake in London-listed New Britain Palm Oil Ltd, 77.5% stake in Sindora and 57.8% of QSR Brands Bhd, which in turn owns a 51.2% stake in KFC Holdings (M) Bhd.

Other listed entities in which JCorp has substantial stakes include a 42% stake in KPJ Healthcare Bhd and 55.1% stake in Damansara Realty Bhd besides wide-ranging interests in over 200 companies.

For JCorp, this could be the beginning of a restructuring of the state investment corporation's debt, of which RM3.6bil falls due end July 2012. It is this tranche of debt that is most worrying, given JCorp's financial status. While there is the option to refinance the debt, its lenders CIMB Bank Bhd and Malayan Banking Bhd could insist that the debtor cough up money to partly repay the oustanding debt.

After rebuffing three bids for Kulim's QSR stake last December, which could have beefed up its cash reserves, many wondered how JCorp would finance its massive pile of debt. This was despite the reassurance by JCorp's then newly appointed president-cum-chief executive officer Kamaruzzaman Abu Kassim that the group was committed to completing a corporate restructuring programme by 2012.

In February, he had said that JCorp would sell land located in Johor Baru worth over RM2bil earmarked for development under the RM1.8bil city centre transformation plan as part payment for the RM3.6bil debt. Kamaruzzaman added that there were also plans to sell about 1,000 acres out of nearly 8,000 acres in Kota Tinggi to the state government for Petroliam Nasional Bhd's development of an oil and gas hub in Pengerang.

All these plans came to naught. Then in April, banking sources said a new investment committee made up of five members of JCorp's board and headed by its chairman Johor Mentri Besar Datuk Abdul Ghani Othman had been appointed.

The sale of the plantation land by JCorp to Kulim, although bringing in a good sum of money to the former, raises the question of whether the state investment corporation could have gotten more from the land if it had been tendered out to the highest bidder. (THIS IS CORRUPTION, AND I AM VERY SURE SELLING STATE ASSETS OUT CHEAP TO CRONIES IS NOT THE FIRST TIME!!)

The deal is also a related party transaction, a factor which the group has often been criticised for in the past.

However, in this instance, the cash goes up to JCorp level instead of among the group's listed companies, where JCorp would have seen little benefit.

This, of course, goes back to the group's complicated shareholding structure, which observers said were due to legacy issues created by the past management.

In a statement issued yesterday, Abdul Ghani said the two exercises marked the start of the group's restructuring exercise and were in line with the strategic recommendation of the investment committee to streamline JCorp's businesses and assets into distinct business units.

“I strongly believe the rationalisation of JCorp's and Sindora's plantation landbank under Kulim will reinforce Kulim's position as a significant player in the palm oil industry, and a main contributor within JCorp's stable of companies,” he said.

Abdul Ghani said the debts of JCorp would also be addressed as part of this restructuring.

“The group will review and restructure its debt position to ensure that all core businesses are adequately funded and our debt capital is efficiently employed. Specific initiatives will be announced in due course,” he added.

SPSetia or NAZA or BRDB just buy those plot over...common...common...it is a not-so-hidden-gem right smack in the middle of JB and next to JB Sentral!!!

Oh the "certain someone" means Vince right? :lol: Just say it out loud, I don't mind.

We know why this project is delayed: JCorp is cash-strapped and is finding a way out of its financial woes and lousy management.....JCorp is a state company, so bailing it out means Johoreans are at stake. But Logorithm, if you think that JCorp is not what it is now due to corruption, then think again, and you should do your homework first. Read on......


Finally, a solution for JCorp

Behind the News - By Fintan Ng
The Star, Wed, August 17, 2011


Is this the beginning of the end of its debt woes?


AT long last, a solution seems to have surfaced to address Johor Corp's (JCorp) debt woes. But there are still questions on whether this is the best option for the asset-rich but cash-strapped JCorp whose total debt as at the end of 2009 stood at RM6.62bil with only RM705mil in cash reserves.

Kulim (M) Bhd yesterday signed several sales and purchase agreements with its parent JCorp to acquire over 33,800 acres of estate land in Johor for RM700mil cash.

In another announcement, Kulim said it was offering RM3 cash per share for the 21.6 million shares or 22.5% of Sindora Bhd that it did not already own.

Sindora's shares were last traded at RM2.65. Trading on Sindora and Kulim counters was suspended from 2.30pm on Monday until yesterday.

JCorp has a 53% stake in Kulim, a plantation firm with a 50% stake in London-listed New Britain Palm Oil Ltd, 77.5% stake in Sindora and 57.8% of QSR Brands Bhd, which in turn owns a 51.2% stake in KFC Holdings (M) Bhd.

Other listed entities in which JCorp has substantial stakes include a 42% stake in KPJ Healthcare Bhd and 55.1% stake in Damansara Realty Bhd besides wide-ranging interests in over 200 companies.

For JCorp, this could be the beginning of a restructuring of the state investment corporation's debt, of which RM3.6bil falls due end July 2012. It is this tranche of debt that is most worrying, given JCorp's financial status. While there is the option to refinance the debt, its lenders CIMB Bank Bhd and Malayan Banking Bhd could insist that the debtor cough up money to partly repay the oustanding debt.

After rebuffing three bids for Kulim's QSR stake last December, which could have beefed up its cash reserves, many wondered how JCorp would finance its massive pile of debt. This was despite the reassurance by JCorp's then newly appointed president-cum-chief executive officer Kamaruzzaman Abu Kassim that the group was committed to completing a corporate restructuring programme by 2012.

In February, he had said that JCorp would sell land located in Johor Baru worth over RM2bil earmarked for development under the RM1.8bil city centre transformation plan as part payment for the RM3.6bil debt. Kamaruzzaman added that there were also plans to sell about 1,000 acres out of nearly 8,000 acres in Kota Tinggi to the state government for Petroliam Nasional Bhd's development of an oil and gas hub in Pengerang.

All these plans came to naught. Then in April, banking sources said a new investment committee made up of five members of JCorp's board and headed by its chairman Johor Mentri Besar Datuk Abdul Ghani Othman had been appointed.

The sale of the plantation land by JCorp to Kulim, although bringing in a good sum of money to the former, raises the question of whether the state investment corporation could have gotten more from the land if it had been tendered out to the highest bidder. (THIS IS CORRUPTION, AND I AM VERY SURE SELLING OUT STATE ASSETS OUT CHEAP TO CRONIES IS NOT THE FIRST TIME!!)

The deal is also a related party transaction, a factor which the group has often been criticised for in the past.

However, in this instance, the cash goes up to JCorp level instead of among the group's listed companies, where JCorp would have seen little benefit.

This, of course, goes back to the group's complicated shareholding structure, which observers said were due to legacy issues created by the past management.

In a statement issued yesterday, Abdul Ghani said the two exercises marked the start of the group's restructuring exercise and were in line with the strategic recommendation of the investment committee to streamline JCorp's businesses and assets into distinct business units.

“I strongly believe the rationalisation of JCorp's and Sindora's plantation landbank under Kulim will reinforce Kulim's position as a significant player in the palm oil industry, and a main contributor within JCorp's stable of companies,” he said.

Abdul Ghani said the debts of JCorp would also be addressed as part of this restructuring.

“The group will review and restructure its debt position to ensure that all core businesses are adequately funded and our debt capital is efficiently employed. Specific initiatives will be announced in due course,” he added.
Yeah, corruption happens everywhere, but does that explain why this project got delayed? You're too clever. Vince. :lol:

Yeah, corruption happens everywhere, but does that explain why this project got delayed? You're too clever. Vince. :lol:

Nope, massive corruption happens when the society and people tolerate it.

If the project is not delayed so so much (years!) due to insufficient funding, pray tell why? Remember, Johor is a resource-rich state and used to be one of the richest in Malaysia. Shouldn't JCORP be loaded and can afford at least one spanking new skyscraper in JB....and build it fast? JCorp has been silent about the delay...if there are technical difficulties in constructing the towers, they would have announced it long ago. Their silence only means one thing: NO MONEY and too malu to announce! :lol:

Come on, you are a smart guy, tell us at least one reason for the delay?

Nope, massive corruption happens when the society and people tolerate it.

If the project is not delayed so so much (years!) due to insufficient funding, pray tell why? Remember, Johor is a resource-rich country and used to be one of the richest in Malaysia. Shouldn't JCORP be loaded and can afford at least one spanking new skyscraper in JB....and build it fast? JCorp has been silent about the delay...if there are technical difficulties in constructing the towers, they would have announced it long ago. Their silence only means one thing: NO MONEY and too malu to announce! :lol:

Come on, you are a smart guy, tell us at least one reason for the delay?
How about there's been a change of plan?

You still don't get what I'm saying -- We don't know for sure what is going on!

So, when they are 'too malu' to tell the true story, you step in to tell yours on their behalf? And even be so sure about it? :lol:

How about there's been a change of plan?

You still don't get what I'm saying -- We don't know for sure what is going on!

So, when they are 'too malu' to tell the true story, you step in to tell yours on their behalf? And even be so sure about it? :lol:

LOL...change of plan. This must be the worst joke ever. You don't have to find such a lame excuse for JCorp right? They pay you to say good things for them, or you work for JCorp?

How about there's been a change of plan?

You still don't get what I'm saying -- We don't know for sure what is going on!

So, when they are 'too malu' to tell the true story, you step in to tell yours on their behalf? And even be so sure about it? :lol:

:lol: hippo is right....you don't make sense anymore.

:lol: hippo is right....you don't make sense anymore.

I just hope this is not the kind of mentality he has towards our Malaysia growth. Finding lame excuse for all those who don't even deserve an excuse at all.

However, is sad to say most of Malaysians buy these kind of tales. Else we won't have such a slow growth. If we had utilized our resources efficiently, we should be in much better position now.

^^ it took them years to announce a change of plans??? What architecture firm are they using? If they're trying to be a laughing stocking they sure succeed in doing so, but i'm not laughing! They tarnish JB image with such prime spot!

^^ yeahh..what a waste...better ask petronas ke, maybank ke, cimb ke, or just give to SP Setia ar that such prime land. so they can build office tower, hotel or condo/apartment...byk sakit mata n ati wo!!...since 2006 or 2007 kompleks komtar tu dah roboh... :bash:

^^ yeahh..what a waste...better ask petronas ke, maybank ke, cimb ke, or just give to SP Setia ar that such prime land. so they can build office tower, hotel or condo/apartment...byk sakit mata n ati wo!!...since 2006 or 2007 kompleks komtar tu dah roboh... :bash:

This is one of the biggest problems that I see in Iskandar. If the feds had really been concerned about the economy of this place, they would have stepped in and develop JB and its city centre instead of far-off places like Nusa/Medini. With better infrastructure/transportation system in JB, there would be many local and international developers who would bid for that piece of KOMTAR to purchase from JCorp. However, currently I don't think JCorp is able to sell it with such low demand in JB city centre. FYI, you can't just "hand over" a piece of property to Petronas, SP Setia, etc, but the land would have already been sold long time ago if developers saw huge potential in JB city centre's real estate. Sadly, this is not so, and I blame it on the Fed and state government.

Hi, just came back from JB. Took some pics with my handphone. Not very clear. The 1st floor is done but other than that, no progress....

http://a3.sphotos.ak.fbcdn.net/hphotos-ak-ash4/s720x720/388885_10150520989522040_671067039_11041990_1260619153_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-ash4/s720x720/388885_10150520989522040_671067039_11041990_1260619153_n.jpg
http://a7.sphotos.ak.fbcdn.net/hphotos-ak-ash4/381683_10150520989567040_671067039_11041992_1169873448_n.jpg
http://a7.sphotos.ak.fbcdn.net/hphotos-ak-ash4/381683_10150520989567040_671067039_11041992_1169873448_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-ash4/386503_10150520989607040_671067039_11041993_1171916730_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-ash4/386503_10150520989607040_671067039_11041993_1171916730_n.jpg

^^:ohno: sad

From an old useful shopping complex to a highly dangerous "SKATE PARK"...???? urrrgghhh.... Tony Hawk, please skate here... please....

I hereby officially open the "FATAL SKATE PARK" @ Komtar JB... Yeaahhhh....

From an old useful shopping complex to a highly dangerous "SKATE PARK"...???? urrrgghhh.... Tony Hawk, please skate here... please....

I hereby officially open the "FATAL SKATE PARK" @ Komtar JB... Yeaahhhh....

I'm afraid even the great Tony Hawk will fail miserably in this Komtar JB Fatal Skate Park... But I really hope that this Skate Park will be put in the next installment of Tony Hawk series. Cant wait to put execute my hard-to-do 100 million point combo. My finger got twisted badly trying to do that in Tony Hawk Underground 2 in PSP :nuts:

^^

Can't wait to see Ghani Othman do the "Kick Flip"....

How long to wait huh for this project to settle??? aiiyoooo... :bash:

how come so empty !!?? no construction going !!