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Old December 24th, 2009, 10:28 PM   #121
rizalhakim
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after YNH Tower, now The Icon

Quote:
KFH aborts deal to buy The Icon
By Zuraimi AbdullahPublished: 2009/12/25



Kuwait Finance House (Malaysia) Bhd (KFHMB) has pulled out of a RM237 million deal to buy recently-completed The Icon, Jalan Tun Razak (East Wing) from Mah Sing Group Bhd.

The failed deal was announced by Mah Sing yesterday, which means that the RM42.67 million, being an 18 per cent upfront cost KFHMB paid earlier, has been forfeited.

Mah Sing also said that it has found a new buyer for the property in the form of T.S. Law Realty Sdn Bhd.

This is the second property deal that KFHMB has pulled out from. Last week, it had aborted its pact with YNH Property Bhd to buy the proposed 45-storey Menara YNH for RM920 million.

The property, which is yet to be built, is located on Jalan Sultan Ismail, Kuala Lumpur.

YNH had said that it was seeking legal recourse against KFHMB for backing out of the deal but the latter refuted, saying that their pact "was not legally binding".

Mah Sing, in its filing to Bursa Malaysia, said the deal was terminated after Prompt Symphony Sdn Bhd, a special purpose vehicle (SPV) set up by KFHMB and an Australian firm, failed to pay the balance of the agreed price.

Mah Sing, through wholly-owned Star Residence Sdn Bhd, had signed the sale and purchase agrement with Prompt Symphony in late November 2007.

Prompt Symphony is an 80:20 SPV set up by KFHMB unit and Autron Corp Ltd. It originally planned to buy The Icon, which measures 278,182 sq ft and will have 301 car park bays.

Prompt Symphony also signed with Maxim Heights Sdn Bhd, another Mah Sing subsidiary, to buy The Icon Mont' Kiara for RM285.4 million.

Mah Sing said that T.S Law Realty will pay RM226 million for The Icon Jalan Tun Razak's 20-storey East Wing.

"The Icon Jalan Tun Razak is the first purpose built grade 'A' office building in the vicinity of Kuala Lumpur City Centre to be completed with certificate for occupancy issued in 2009," it said.

Overall, the office building has more than 500,000 sq ft of lettable office space.





Mah Sing finds new buyer for its Grade A office block

By Au Foong Yee
Thursday, 24 December 2009 18:26

KUALA LUMPUR: Mah Sing Group Bhd, via its wholly owned subsidiary Star Residence Sdn Bhd entered into a sale and purchase agreement (SPA) with investment holding company T.S. Law Realty Sdn Bhd for the en bloc sale of the East Wing of The [email protected] Razak for RM226.5 million cash Dec 24.

The 20-storey Grade A freehold commercial building located within the city's Golden Triangle has a total floor area of 278,182 sq ft. Included in the sale are 301 parking bays located at the podium and basement level.

Mah Sing is giving to T. S Law Realty a monthly rental guarantee of RM1.3 million for three years from the actual date of vacant possession, or a yield of 7% per annum. The building, Mah Sing said in a statement, will be in turn leased to offset the rental guarantee.

The sale has come on the heels of a termination of a sales and purchase agreement signed in 2007 between Star Residence Sdn Bhd and Prompt Symphony Sdn Bhd for the building. The termination was due to the default in payment of the balance purchase consideration by Prompt Symphony Sdn Bhd, Mah Sing said. Star Residence Sdn Bhd issued a termination notice to Prompt Symphony Sdn Bhd and forfeited the deposit of RM42.67million.

Mah Sing has on Nov 27, 2007 entered into the sale and purchase agreement with Prompt Symphony Sdn Bhd for the en bloc sale of East Wing for RM237 million.

A put & call option agreement between the parties was signed on Nov 27, 2007 for the sale of not less than 301 car parking bays in The [email protected] Razak for a total of RM18 million cash.

East Wing and West Wing make up The [email protected] Razak, a purpose-built Grade A office building with more than 500,000 sq ft of lettable space in the vicinity of Kuala Lumpur City Centre (KLCC). Its design boasts large floor plates of about 30,000 sq ft per floor.

The certificate for occupation of The [email protected] Razak has been issued and it is now vacant. With the proposed sale of East Wing, the project is fully sold, Mah Sing said.

Star Residence has in 2006 paid RM53 million for the about 39,461 sq ft commercial plot on which the project sits.

Last edited by rizalhakim; December 24th, 2009 at 10:37 PM.
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Old December 26th, 2009, 01:49 PM   #122
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Emm lets make a deal with the arabs emm NOOOOOOOT
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Old December 28th, 2009, 04:06 AM   #123
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KFH, not KFHMB, pulled out of Icon deal
Published: 2009/12/28





KUWAIT Finance House (Malaysia) Bhd (KFHMB) has clarified that it is not a party to an aborted deal to buy a building in Kuala Lumpur.

Rather, it was Prompt Symphony Sdn Bhd (PSSB), a special purpose vehicle created by Kuwait Finance House KSC and a subsidiary of Autron Corp Ltd, that pulled out of a deal to buy The Icon building from Mah Sing Group Bhd for RM237 million.

KFH is the parent company of KFHMB. KFH would take up 80 per cent of PSSB while Autron would subscribe for the rest of the shares, according to Mah Sing's initial announcement on the deal in 2007.

"As far as KFHMB is concerned, it maintains a positive outlook in conducting business in the country and continues to seek potential investment opportunities," KFHMB said in a statement released last week.
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Old January 21st, 2010, 08:21 AM   #124
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Old February 8th, 2010, 07:34 AM   #125
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Surprise sale of The Icon’s East Wing
By Racheal Lee
Sunday, 07 February 2010 00:00



On Christmas eve, Mah Sing Group Bhd announced that it was selling en bloc the East Wing of The [email protected] Razak, this time for RM226.5 million or RM860 psf (based on net lettable area of 263,435 sq ft), to TS Law Realty Sdn Bhd.

Under the deal, TS Law Realty, an investment holding company, will enjoy a monthly rental guarantee of RM1.3 million, which works out to RM46.8 million or 7% yield for three years.

Some 301 parking bays located at the podium and basement levels are included in the sale.

East Wing and West Wing make up The [email protected] Razak, a purpose-built Grade A office building with more than 500,000 sq ft of lettable space in the vicinity of the prime Kuala Lumpur City Centre. Its design boasts large floor plates of about 30,000 sq ft for each floor. The certificate for occupation has been issued. With the proposed sale of East Wing, the project is fully sold.

West Wing had been sold en bloc to Koperasi Permodalan Felda in July 2007 for RM174.4 million or RM715 psf based on a net lettable area of 243,830 sq ft. This deal also comes with a 4-storey basement car park plus a 7% guaranteed rental yield for three years from the date of possession.

East Wing has a total floor area of 278,182 sq ft. Mah Sing said the space will be leased out to offset the rental guarantee it is giving TS Law Realty.

The latest proposed transaction of East Wing comes on the heels of Mah Sing's forfeiture of a RM42.67 million deposit from Prompt Symphony Sdn Bhd. In 2007, Prompt Symphony signed a sale and purchase agreement with Mah Sing's wholly-owned subsidiary Star Residence to buy East Wing for RM237 million or RM900 psf. This excludes a “put” and “call” option agreement signed between the parties for the sale of not less than 301 car parking bays in The [email protected] Razak for RM18 million.

Mah Sing did not provide any rental guarantee to Prompt Symphony. It said on Dec 24 that Prompt Symphony has defaulted on paying the balance of the purchase price.

Prompt Symphony is an 80:20 special purpose vehicle set up by Kuwait Finance House KSC and Autron Corp Ltd. Meanwhile, Kuwait Finance House Malaysia Bhd (KFHMB), in responding to a recent newspaper report on the aborted deal, has clarified that it was not a contractual party to the aborted purchase of the East Wing. KFHMB also said it did not have any interest in the transaction and that it continues to seek potential investment opportunities in line with the government's objective of making Malaysia an international Islamic financial centre.

At press time, there has been no reply to queries sent to KFH in Kuwait through KFHMB on the aborted deal. According to KFHMB, it could not reach the manager in Kuwait. At the same time, questions directed at KFHMB on whether it had any role in the cancelled transaction were also not answered.
When contacted, Mah Sing Group declined to elaborate on the details of the forfeiture clause or whether a similar clause is included in the deal with TS Law Realty.

Mah Sing also would not say how the deal with TS Law Realty was struck or how long the negotiations have taken.

Who is behind TS Law Realty? A search with the Companies Commission of Malaysia website revealed that the investment holding company, formerly known as Senadi Pesona Sdn Bhd, was registered in 1995 and has a paid-up share capital of RM150,000 comprising 150,000 shares of RM1 each. These shares are equally held by its directors Saw Geok Ngor and Datuk Law Tien Seng.

According to the website of Chuai Heng Group of Restaurants (a subsidiary of TS Law Group), the 57-year-old Law is the founder of the TS Law Group. The group is engaged in a wide variety of businesses ranging from food and beverages, investment and development of land and properties to production and trading of steel materials, development of iron ore and pellets logging, services, travel, consumer products and media production.

These are operated through the group’s subsidiaries, which include TS Law Holding Sdn Bhd, Chuai Heng Restaurant Sdn Bhd, JK Ji Seng Marketing Sdn Bhd, Prince Café & Bistro, Six Happiness Restaurants Sdn Bhd, ZG Nan Fang Holidays (M) Sdn Bhd and LTS Properties (M) Sdn Bhd. Employing 1,500 people, the group has revenues exceeding RM1 billion.

Law, also known as David Law, ranked 36 in 2009 Forbes Asia Malaysia rich list with a net worth of US$105 million (RM355 million). He made it to the list in 2008 after cashing out his 12% stake in Australian iron ore mining company Midwest Corp Ltd to Sinosteel Corp — one of China’s biggest suppliers of raw materials to Chinese steel mills — in the same year. Law was the deputy chairman prior to the takeover exercise. Midwest Corp was taken private in September 2008.

The entire property investment portfolio of TS Law Realty is not immediately known, nor are the group's property-related plans. Calls made to Law's office were taken by Law's personal assistant who said both Law and the group's property division CEO were not in Malaysia and hence could not be reached for comment.

It could not be determined if Law and Mah Sing's Tan Sri Leong Hoy Kum knew each other before the deal was sealed or whether they have other business interests together.

Property consultants say Mah Sing obtained a good deal for East Wing compared to the sale of Menara Citibank, located within the vicinity of Jalan Ampang.

Last August, Menara Citibank was part-sold to Hap Seng Consolidated Bhd at RM828 psf based on the building’s net lettable area of 733,634 sq ft.

Menara Citibank sits on a freehold site of about 136,637 sq ft. Hap Seng Consolidated bought the 50% stake from CapitaLand Ltd and Amsteel Corp Bhd — the remaining 50% equity stake of Inverfin is held by Menara Citi Holding Co Sdn Bhd.

“It is a good price for Mah Sing in today’s market, and it [the group] has done well to sell it [The Icon’s East Wing] quickly,” DTZ Debenham Tie Leung (Malaysia) Sdn Bhd executive director Brian Koh tells City & Country.

Star Residence had in 2006 paid RM53 million for the about 39,461-sq-ft commercial plot on which The Icon sits.
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Old March 21st, 2010, 05:39 AM   #126
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International oil and gas engineering company Mustang (a member of Wood Group PLC) is one of the major tenant of The Icon.


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Old June 21st, 2010, 01:12 PM   #127
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image hosted on flickr
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Old December 7th, 2010, 04:01 AM   #128
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A big SAMSUNG logo has been spotted at the far end wing.

A check online shows SAMSUNG ELECTRONICS MALAYSIA (SME) SDN BHD has moved in here.
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Old May 11th, 2012, 10:07 AM   #129
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Old May 11th, 2012, 03:38 PM   #130
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I really love the cladding but not the shape
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Old May 27th, 2012, 03:07 PM   #131
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Old May 28th, 2012, 10:17 PM   #132
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I spotted sumthing wrong with the curvy side of the roof..
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Old May 25th, 2013, 09:42 AM   #133
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Icon Tower Jalan Tun Razak

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Old June 30th, 2013, 11:45 AM   #134
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M Suites , Jalan Ampang..

Completed.


http://www.southgate.com.my/
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Old June 30th, 2013, 11:50 AM   #135
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Old June 30th, 2013, 11:52 AM   #136
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quite terrible haha
hopefully their ICON projects wont be like this..
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Old August 10th, 2017, 10:22 AM   #137
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