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Old November 1st, 2010, 02:58 PM   #261
ashraf abdullah
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so that zaha hadid design had confirmed?
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Old November 1st, 2010, 03:29 PM   #262
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details are still very sketchy... The QS sent an enquiry to my company.
show us pls
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Old November 1st, 2010, 03:35 PM   #263
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not zaha hadid lah..... i predict normal design oni (typical of KL wan). hope I'm wrong.
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Old November 2nd, 2010, 01:20 AM   #264
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Pathay, my gut feeling tells me the same, it always comes down to a diluted design, plain and boring..
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Old November 2nd, 2010, 02:40 AM   #265
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Pathay, my gut feeling tells me the same, it always comes down to a diluted design, plain and boring..
That design is so cool. Hopefully they will build it. That will also put pressure on other developers in the future.
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Old November 2nd, 2010, 06:29 AM   #266
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That design is so cool. Hopefully they will build it. That will also put pressure on other developers in the future.
well said my love.. yes, iconic structure designed by Zaha Hadid could put big pressure on new structure design in KL.n
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Old November 3rd, 2010, 06:41 AM   #267
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Let's pray that the awesome lookin building would become a reality!!
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Old November 3rd, 2010, 06:55 AM   #268
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Its less than 200 meters away from the twin towers it will be an insult to put up another boring boxy building!!!!
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Old November 4th, 2010, 01:37 AM   #269
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Its less than 200 meters away from the twin towers it will be an insult to put up another boring boxy building!!!!
But they did build a boring boxy building next to PTT... remember Carigali tower??
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Old November 5th, 2010, 10:40 AM   #270
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UEM-SUNRISE TOWER


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


Sunrise-UEM merger to result in combined asset base of over RM5b
By Joseph Chin
Thursday, 04 November 2010 12:00
http://www.theedgeproperty.com/news-...sets-rm5b.html


KUALA LUMPUR: UEM Land Bhd has proposed a conditional takeover for all of Sunrise Bhd shares at RM2.80 per offer share via a share swap or an alternative offer by the issuance of redeemable convertible preference shares.

UEM Land announced on Thursday, Nov 4 the merger would result in the enlarged group benefiting from the stronger combined asset base of over RM5 billion.

"By leveraging on the Sunrise Group's robust financial strength and prospects, UEM Land is expected to be better positioned to accelerate its own business expansion and to secure new development projects," it said.

Under the corporate exercise, UEM Land had offered to acquire Sunrise shares (excluding treasury shares) at RM2.80 which would be via the issuance of UEM Land shares at an issue price of RM2.10 each. Sunrise shareholders would receive about 1.33 consideration shares for every one offer share.

The second option was through the issuance of redeemable convertible preference shares of one sen each in UEM Land ("RCPS") at an issue price of RM1 each. Sunrise shareholder would receive 2.80 RCPS for every one offer share.

The proposed offer is conditional upon UEM Land having received, before the close of the proposed offer, valid acceptances which would result in the offeror holding more than 50% of the voting shares of Sunrise.

UEM Land and parties acting in concert with it are UEM Group Bhd and Khazanah Nasional Bhd.

It said under the RCPS alternative, assuming all the Sunrise shareholders elect for the RCPS alternative, UEM Land would raise up to RM1.8 billion upon full conversion of the RCPS.

UEM Land said as at Thursday, it had obtained irrevocable undertakings from the shareholders, owning 199.81 million shares or 40.34% to accept the offer.

They are Casa Unggul Sdn Bhd (which owns 120.91 million shares or 24.4%), Phoenixflex Sdn Bhd (41,91 million shares or 8.46%), Datuk Allan Lim Kim Huat (35.85 million shares or 7.24%), Datuk Tong Kooi Ong (1.08 million shares or 0.22%) and Tan Sri Tan Chee Sing (52,000 shares or 0.01%). Tong is also executive chairman on Sunrise.

In a separate statement, Sunrise said: "The board has deliberated on the notice and does not intend to seek an alternative person to make a takeover offer for the offer shares."

Sunrise said in accordance with the Malaysian Code on Takeovers and Mergers 1998, the board will appoint an independent adviser to advise the independent directors and holders in relation to the offer.

Sunrise said the independent adviser would inform holders of their recommendation on the offer within 10 days from the posting of the offer document in relation to the offer.

Earlier, UEM Land said the group's vast land bank in Nusajaya is expected to be the engine for growth and sustainable income over the mid-long term time horizon.

However, as the UEM Land Group's property development activities in Nusajaya are still under various stages of development, the UEM Land Group's current/historical profitability is not reflective of the value potential of such land holdings.

The proposed offer is expected to provide immediate enhancement to the UEM Land Group's earnings as it would be able to consolidate the financial results of the Sunrise Group and leverage on its strong existing pipeline developments.

UEM Land said based on public announcements made by Sunrise, the company plans to launch four projects with a total gross development value of RM3.2 billion in its current FYE 30 June 2011 whilst as at June 30, 2010, the Sunrise Group had unbilled sales amounting to RM861 million.

UEM Land said the proposed offer will provide an opportunity to combine two synergistic and complementary property businesses, that is Sunrise's property development business and UEM Land's macro township development business, to create a stronger and larger property company which offers more comprehensive and diversified product range.

"With the proposed offer, the UEM Land Group is expected to benefit from the stronger combined asset base of over RM5 billion, positioning itself to be the largest listed property development company in Malaysia in terms of total asset. By achieving such critical mass, the enlarged UEM Land Group is well-equipped to implement its growth strategy and to achieve its aspirations of regional expansion," it said.




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Originally Posted by nazrey View Post
UEM Land to buy Sunrise for RM1.4b
By Shahriman Johari Published: 2010/11/04
http://www.btimes.com.my/Current_New...cle/index_html

Sources say the all-share offer values Sunrise at RM2.80 a share, 11 per cent higher than Tuesday's closing price of RM2.52

UEM Land Holdings Bhd (5148) plans to take over rival Sunrise Bhd in a deal valued at some RM1.4 billion to expand and develop the expertise to build and market luxury properties.

Sources said the all-share offer values Sunrise at RM2.80 a share. This is 11 per cent higher than its last closing price of RM2.52 on Tuesday.

Three major shareholders, including Datuk Tong Kooi Ong, who hold more than 40 per cent of Sunrise, have agreed to the deal, which is structured as a voluntary general offer.

"UEM Land needs the expertise in luxury development. They don't have the marketing capabilities," said one of the sources.
Sunrise, valued at RM1.25 billion currently, is well known for its high-end development at Mont'Kiara. Although its market value is half that of UEM Land, its net profit is bigger at RM134 million in the financial year to June 30 2010.

UEM Land is valued at RM2.45 billion and its net profit in the financial year to December 31 2009 was RM115 million.

Shares of both UEM Land and Sunrise have been suspended from yesterday until 5pm today. UEM Land is due to hold a press conference today to announce a mega corporate exercise.

The deal means that shareholders of Sunrise will still be able to profit from the potential future earnings of the combined group.

UEM Land is the developer of Nusajaya in Johor.

The company has 3,400ha of undeveloped land in Nusajaya, targeted to be developed by 2025.

It is also learnt that Tong will become a director of UEM Land and he will also chair the development committee of the group.
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Last edited by patchay; November 5th, 2010 at 10:48 AM.
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Old November 5th, 2010, 04:32 PM   #271
idiamindada
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aku tak percaya how could Sunrise wants to sell part of their success story to UEM Land? are they having financial problems?
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Old November 5th, 2010, 04:54 PM   #272
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aku tak percaya how could Sunrise wants to sell part of their success story to UEM Land? are they having financial problems?
absolutely nope... more like Dato Tong K.O. (not the condo king) retiring and getting the last KICK....

so i think many staffs resigning...... bear in mind Sunrise is a deep chinaman culture company ... hohoho
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Old November 5th, 2010, 07:26 PM   #273
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i don't think the deal could go through easily..
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Old November 6th, 2010, 03:37 AM   #274
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Originally Posted by patchay View Post
absolutely nope... more like Dato Tong K.O. (not the condo king) retiring and getting the last KICK....

so i think many staffs resigning...... bear in mind Sunrise is a deep chinaman culture company ... hohoho
"Sunrise is a deep chinaman culture company"

so it must be the lucky one.
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Old November 11th, 2010, 01:46 PM   #275
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DEMOLITION HAS STARTED???

Scaffolding spotted at the rooftop!!
image hosted on flickr

http://www.flickr.com/photos/zagadki/5165140751/
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Old November 11th, 2010, 05:38 PM   #276
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"Sunrise is a deep chinaman culture company"

so it must be the lucky one.
guess wat? the day after i said dat and it was reportedly a paragraph (Sunrise culture vs UEM culture) in TheEdge (last weekend)..........
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Old November 12th, 2010, 03:50 AM   #277
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Originally Posted by patchay View Post
guess wat? the day after i said dat and it was reportedly a paragraph (Sunrise culture vs UEM culture) in TheEdge (last weekend)..........
guess what? it was reported in the media (Bumi-Commerce Bank culture vs Southern Bank culture)...but things worked out fine...
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Old November 13th, 2010, 06:42 AM   #278
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i believe UEM culture is not a good thing to hear. it's a typical UMNO-style politic.

Pat, mind to share the article?
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Old November 14th, 2010, 02:02 AM   #279
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i believe UEM culture is not a good thing to hear. it's a typical UMNO-style politic.

Pat, mind to share the article?

"Izzadin adds that the underlying message that he is sending to UEM Group and its units is a change in the culture of doing things.

"Both Sunrise and UEM Land admit that the different cultures in the two companies were among the major issues contemplated by both sides before they decided on the merger deal.

"Izzadin says the cultural differences between the two companies - Sunrise being run by entrepreneurs and predominantly Chinese, while UEM Land, a government-linked company, is mainly run by Malay management and staff - has been acknowledged. However, according to some industry observers, that is merely scratching the surface of the different management styles in the two companies."

blah blah blah
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Old November 14th, 2010, 04:38 AM   #280
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Originally Posted by idiamindada View Post
i believe UEM culture is not a good thing to hear. it's a typical UMNO-style politic.

Pat, mind to share the article?
"Come writers and critics
Who prophesize with your pen
And keep your eyes wide
The chance wonít come again
And donít speak too soon
For the wheelís still in spin
And thereís no telliní who
That itís naminí.
For the loser now
Will be later to win
For the times they are a-changiní"
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