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Old September 24th, 2009, 11:45 PM   #1
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ASEAN Countries

ASSOCIATION OF SOUTH EAST ASIAN NATIONS
ASEAN Community



Member Countries
BRUNEI | INDONESIA | SINGAPORE | THAILAND
CAMBODIA | LAOS | MYANMAR | PHILIPPINES | VIETNAM
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Old September 25th, 2009, 12:36 AM   #2
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MALAYSIA





BRUNEI



INDONESIA



SINGAPORE



THAILAND



MYANMAR



LAOS



CAMBODIA



PHILIPPINES



VIETNAM



Photos from wikipedia/google
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Old September 25th, 2009, 12:38 AM   #3
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Gamuda's Hanoi project may take centrestage at AGM
December 15th, 2008

PETALING JAYA: The deteriorating global economic climate will likely cause worries among shareholders about the viability of Gamuda Bhd’s overseas projects at the company’s AGM tomorrow, among other key concerns.

Analysts expect the construction group’s investment in the Yen So Park project in Hanoi, Vietnam, to come under investors’ radar.

A senior analyst at a bank-backed research house told StarBiz that with the economy tumbling in Vietnam, he would not be surprised if Gamuda withdrew from that country.

“The Vietnamese stock market is softening and the economy is also currently in a downturn, so they (Gamuda) may reconsider the project,” he said.

Investors were not quite sure what the company was going to do and they might want to seek guidance from the management, he said.

As for the group’s massive double-track rail project in northern Malaysia, the analyst said there was talk it had been scaled down so shareholders would need to know the status of the project.

OSK Research analyst Jeremy Goh noted that part of the Hanoi project entailed Gamuda building a sewerage treatment plant for the Vietnamese government for which the company would be paid in-kind with development land.

“In the current negative global economic environment, it would be prudent to conserve cash,” he said, noting that while there was a possibility of Gamuda selling part of the land for cash, the current economic climate might make it hard for them to get a good price.

Gamuda’s 25 sen per share dividend policy is another major concern.

OSK’s Goh said: “The 25 sen dividend may not be sustainable by our estimates.”

“Maybe they could sustain the 25 sen payout this financial year (ending July 2009), given the special dividend received from (toll operator) LITRAK, a 44.8%-owned associate,” he said.

“However, there is less certainty on Gamuda’s dividend sustainability beyond that. We are more comfortable with a 12.5 sen dividend projection,” Goh added.
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Old September 25th, 2009, 12:39 AM   #4
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Resorts World at Sentosa to open in 2010
By EILEEN HEE January 6th, 2009

PETALING JAYA: Genting International plc’s unit Resorts World at Sentosa Pte Ltd will embark on an aggressive marketing campaign to build awareness about its integrated resort in Sentosa Island slated to open in 2010.

Assistant vice-president Robin Goh said the company would be “casting its net far” and aggressively promoting the resort to Malaysia, China, India, Indonesia and Thailand.

“It will be robust as we have one year to the opening of our doors,” he told StarBiz.

While he did not elaborate on the amount allocated for the awareness campaign, he said it would be a “sizeable amount running into the millions.”

He said the advertising blueprint was still being reviewed.

“We will be heavy on advertising, be it basic or supporting media. We will organise roadshows and take part in trade shows organised by ourselves or parent company Genting.

“Of course by the second half of 2009, we will reveal our hotel and ride rates,” he said.

Goh said the company was forging ahead with confidence despite the lacklustre economy. “We need good reason for people to come to this part of the world,” he said.

The 49ha mega resort is on track to welcoming 15 million visitors in its first year of operations. The S$6bil Resorts World at Sentosa, developed by Genting International, will boast the first and only Universal Studios theme park in South-East Asia, Marine Life Park, Maritime Xperiential Museum and six world-class hotels.

Goh said the first four hotels to open would be Hotel Michael, Maxims Tower, The Hard Rock Hotel and Festive Hotel.
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Old September 25th, 2009, 12:42 AM   #5
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Tune to open two hotels in Bali
By JACK WONG February 18th, 2009

KUCHING: Tune Hotels.com will open two hotels in Bali in November, in what will be the company’s first hotels outside Malaysia, said chief executive officer Mark Lankester.

Tune Hotels.com is also eyeing hotel markets in Thailand, China and India.

The two Bali hotels, a 170-room hotel in Legian Bali and a 139-room hotel in Kuta Bali, are now under construction, according to Lankester.
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Old September 25th, 2009, 12:43 AM   #6
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Genting International's Singapore casino face more cost overruns
Published: 2009/02/20

GENTING International, the overseas arm of Genting Bhd, and Las Vegas Sands are reportedly facing more cost overruns on their casino-resort projects in Singapore.

Genting International said late on Thursday that its Resorts World at Sentosa, which is scheduled to open early next year, will cost S$6.59 billion (US$4.32 billion) compared with the previous estimate of S$6 billion.

Genting had originally projected the cost of the project at S$5.2 billion.

Las Vegas Sands Corp has also been hit by spiralling construction costs in Singapore, The Straits Times newspaper said on Friday.

Sands recently revised the cost of its Marina Bay Sands casino-resort to US$5.4 billion versus the previous estimate of US$4.5 billion and an initial estimate of US$3.2 billion.

Singapore legalised casino gaming in 2005 and said it will allow two multi-billion-dollar casinos to be built as part of an ambitious plan to double annual visitor arrivals to 17 million by 2015.

Casino operators worldwide are being stung by a squeeze in credit markets and a drop in business as the global recession spreads.- REUTERS
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Old September 25th, 2009, 12:44 AM   #7
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Bina Puri bags RM693m Brunei housing contract
By Zaidi Isham IsmailPublished: 2009/03/04

CONSTRUCTION outfit Bina Puri Holdings Bhd (5932) has bagged a RM693 million contract in Brunei.

In a statement yesterday, the builder said it secured the contract to build 2,000 houses for the National Housing Scheme of Brunei from the Brunei Economic Development Board.

"The construction period is 24 months. With the new job, our current order book has increased to RM2.7 billion, enough to keep us busy for the next two years," it said.

Executive chairman Datuk Mohamed Feisal Ibrahim said the company gave the lowest tender bid price, adding that the award is a testament of its capability in venturing into the overseas construction market, especially Brunei.
"We are proud to be involved in construction of the largest number of housing to be built in Brunei and, for Bina Puri, the highest project value secured in one single contract," he said.

Bina Puri group managing director Tan Sri Tee Hock Seng said the houses and supporting infrastructure will take up 150ha in Kampung Pandan, Belait.

The development will comprise 1,200 terrace and 800 semi-detached houses.

Tee said that Bina Puri's maiden project in Brunei in October 2007 involved two contracts worth RM33.6 million for the Sungai Liang Industrial Park in Belait. The project was completed in August last year.

The group is also undertaking projects in Thailand, the United Arab Emirates and Pakistan, Tee said.

Bina Puri has more than 30 years building experience, mainly civil engineering and building works for diversified multi-million-ringgit construction projects.

They include mega infrastructural works like highways, airport works, waterworks, hospital, high-rise buildings and land reclamation projects, both locally and overseas.
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Old September 25th, 2009, 12:45 AM   #8
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Yen So Park project to kick off by year-end
By ANGIE NG March 5th, 2009



A artist's impression of the Yen So Park integrated
development in Hanoi, Vietnam. Inset Chow Chee Wah.


Delay caused by inflationary pressures and global financial crisis

PETALING JAYA: Gamuda Land Sdn Bhd’s maiden overseas project in Vietnam, the 500-acre Yen So Park integrated development in south Hanoi, will be launched later this year after a delay of about six months from its initial June launch.

The project was delayed after Vietnam succumbed to inflationary pressures and its currency fell last year, and more recently, the impact of the US-led global financial crisis.

Touted to be the most ambitious in Hanoi so far, the project has a gross development value of RM8bil. To be completed in 10 years, it comprises high-rise office towers, four-and-five-star international hotels, a convention centre and waterfront retail cum shop offices.

The initial launch will consist of the commercial components, including a high-rise office tower with retail podium, an international hotel and shop offices, complete with an urban park.

The first phase of landed residences comprising semi-detached houses, terrace houses and mid-range apartments will be launched in mid-2010.

“We are putting in the final touches for the project and are excited over what it can do to raise the profile and name of Gamuda Land in the regional market,” managing director Chow Chee Wah told StarBiz.

Work on the park and upgrading of the existing Yen So lake was underway, he said. According to Chow, the property market in Hanoi has stabilised from the impact of the global financial meltdown.

“Unlike Ho Chi Minh City, there is less property speculation in Hanoi and prices have not come off much. Having done the due feasibility studies, we are confident the project will go down well with the buyers there. It has been our focus from the very beginning to plan according to the actual stable demand of the market,” he added.

Gamuda Land will be investing up to RM1.4bil to design and build Vietnam’s largest modern sewage treatment plant capable of treating half of Hanoi’s wastewater; upgrade and clean the existing Yen So lake; and build a world class public park on the site.

These are in exchange for development rights on the project site. Chow said from 2010, the project would be able to contribute close to 50% of Gamuda Land’s earnings with the other half coming from projects in Malaysia.

“The project will offer the company a cushion to fall back on should our main traditional market in Malaysia go into low gear like what is happening now,” he said.

Gamuda Land’s local projects have not been spared from the weakening market sentiment caused by the global financial crisis that has resulted in weaker property sales since the third quarter of last year. The company’s monthly sales had slumped 30% since last August.

It recently launched the Gamuda Land Investment Scheme where buyers for selected products in Horizon Hills in Nusajaya, Johor and Jade Hills in Kajang need only to make a 10% deposit while the buyers’ banks will release the progressive payment to the developer during the construction period.

Gamuda will bear all legal fees, stamp duty on the sale and purchase agreement, fees on loan agreement and memorandum of transfer and also service the interest during the construction period.

Even after the property has been granted vacant possession, Gamuda will bear the payment of the loan principal and interest for 12 months. The other housing schemes available in the market now only cover up to the point of vacant possession.[/QUOTE]
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Old September 25th, 2009, 12:46 AM   #9
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Syarikat Malaysia dipelawa melabur di Vietnam
May 22nd, 2009

SYARIKAT Malaysia dipelawa meneroka pelbagai peluang dalam projek pembinaan, hartanah dan prasarana yang akan dilaksanakan di Vietnam, termasuk dua projek mega bernilai AS$75 bilion (RM262.5 bilion) yang akan dilaksanakan tahun ini, iaitu pembinaan Pusat Kewangan Antarabangsa di Ho Chi Minh dan Lapangan Terbang Long Thanh.

Pengarah Jabatan Strategi State Capital Investment Corporation (SCIC) Vietnam, Nguyen Chi Thanh, berkata projek lain ialah pembinaan Laluan Kereta Api Ekspres Utara-Selatan, Pelabuhan Antarabangsa Lach Huyen dan Lebuh Raya Ha Noi-Lao Cai yang akan dilaksanakan secara berperingkat sehingga 2020.

“Vietnam menerusi SCIC sentiasa mencari pelabur asing, khususnya dari Malaysia bagi melaksanakan projek pembinaan dan prasarana.

“Kerjasama modal pelaburan yang kukuh sudah lama terjalin antara kedua-dua negara, seperti dengan Khazanah Nasional Bhd,” katanya pada sidang media selepas Seminar Pembangunan Infrastruktur dan Sektor Pembinaan Vietnam di Kuala Lumpur, semalam.

Seminar anjuran Perbadanan Pembangunan Perdagangan Luar Malaysia (Matrade) itu dirasmikan Timbalan Ketua Eksekutifnya, Mohamad Kamarudin Hassan.

Thanh berkata, SCIC adalah cabang pelaburan kerajaan Vietnam yang diberi mandat untuk melabur dalam sektor strategik dengan penekanan khusus terhadap infrastruktur.

Sementara itu, Mohamad Kamarudin dalam ucapannya berkata, sehingga kini syarikat pembinaan Malaysia memperoleh 18 projek di Vietnam bernilai RM9.1 bilion dengan 16 daripadanya bernilai RM1.1 bilion sudah disiapkan.

Beliau menegaskan, dalam sektor perkhidmatan,

Malaysia dilihat kukuh dalam bidang pembinaan kerana banyak syarikat besar tempatan memperoleh projek di luar negara termasuk Asia Barat, India dan Asean.
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Old September 25th, 2009, 12:47 AM   #10
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Vietnam welcomes Malaysian investors
Published: 2009/05/22

OPPORTUNITIES are now available for Malaysian firms to participate in major construction and infrastructure projects being implemented in Vietnam up to 2020.

State Capital Investment Corporation of Vietnam (SCIC)'s strategy department director Nguyen Chi Thanh said the country was offering foreign investors a wide range of investment opportunities in areas like roads and bridges, power, seaports, railways and airports.

For this year, Vietnam planned to undertake two major projects worth US$75 billion (RM264.75 billion) to build the Long Thanh International Airport and Thu Thiem International Financial Centre, Thanh said.

Other projects such as North-South Express Railway, Lach Huyen International Port and Ha Noi-Lao Cai Highway will be implemented in stages up to 2020, he said.

Thanh, who was in Kuala Lumpur to meet Malaysian companies, said SCIC would like to discuss with investors about potential investment cooperation between both countries.

"We are here to introduce big projects to foreign investors, especially Malaysians due to the strong investment capital cooperation between both countries, such as with Khazanah Nasional Bhd," he said.

"Both countries have a strong relationship and we want to follow the Khazanah model and implement it in our country," he added.

Earlier, Malaysia External Trade Development Corp deputy chief executive officer Mohamad Kamarudin Hassan said 18 construction projects worth RM1.9 billion had been awarded to Malay sian firms in Vietnam. - Bernama
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Old September 25th, 2009, 12:52 AM   #11
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MIDA to open more overseas offices
Published: 2009/06/17

THE Malaysian Industrial Development Authority (MIDA) plans to expand its overseas network to seven other cities in due course.

Its senior deputy director (communication and media division) Benedict Lopez said that the seven locations being targeted are Dalian (China), Houston (United States), Ho Chi Minh City (Vietnam), Johannesburg (South Africa), Munich (Germany), Jakarta (Indonesia) and Bangkok (Thailand).

"We will also upgrade the existing overseas offices. Where there are no MIDA offices, we have sister agencies like Matrade and SMIDEC to help out," he told reporters during a networking session with the media in Kota Kinabalu today.

Currently the government agency has 19 overseas offices, five in the United States, five in Europe, and nine in the Asia Pacific region.

Meanwhile, on the upcoming Sabah Investment and Trade Dialogue and Seminar on the Manufacturing and Services Sectors here from June 23 to 24, he said there were 250 confirmed participants to date and the target was up to 600 participants as last year.

The dialgogue and seminar are organised by MIDA, the Ministry of Industrial Development Sabah and SMIDEC.

Among the objectives are to provide the latest updates on government policies and facilities, highlight investment opportunities for investors in Sabah and increase awareness of the functions of related government agencies.

The two-day event has set its focus on the business community from the manufacturing and services sectors in the state.
International Trade and Industry Deputy Minister Datuk Jacob Dungau Sagan will deliver the keynote address followed by a dialogue session with the seminar participants.

Eighteen working papers will be presented during the seminar from various government agencies and financial institutions.The seminar itself is free for participants. - Bernama
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Old September 25th, 2009, 12:53 AM   #12
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UEM Group mulls jobs in Vietnam, Cambodia
By Mustapha Kamil and Shahriman Johari
Published: 2009/07/09



UEM Group Bhd has been offered huge projects in Vietnam and is also mulling whether

to accept a contract to build a bridge in Phnom Penh, Cambodia.

The projects in Vietnam are worth a "few billion US dollars", chairman Tan Sri Dr Ahmad Tajuddin Ali said in an interview in Kuala Lumpur recently.

They are in Da Nang and Ho Chi Minh City, and work includes building an airport and a port.

"It's so big that we may have to rope in other Malaysian contractors," Tajuddin said.

The bridge project in Cambodia is worth about US$100 million (RM356 million) and UEM is in the final stages of evaluating the job.

Vietnam has been a favourite destination for Malaysian builders, with companies like SP Setia Bhd and Gamuda Bhd already having a presence as they seek to grow profits amid a slowing home market.

UEM Group has ventured abroad through its construction arm UEM Builders Bhd, mainly to countries like India and Qatar.

Tajuddin also said that UEM was confident of defending itself against a legal suit from the Qatar Public Works Organisation.

"We have received from the Qatari authorities the certificate of completion for the entire Salwa Road project. We have also got the extension of time for the job to January 31 2009," he said.

Because of this, UEM Group will not make provisions for the suit. At the same time, it also has a RM1 billion claim for work already done for the same project.

It is understood that the Qatar Public Works Organisation is seeking damages, reportedly about 878.3 million Qatari riyal (RM880 million), against design consulting engineer Parsons International Ltd, UEM and Qatar Insurance Co over work on the Salwa International Road.

UEM has been named as the second defendant in the suit, Tajuddin said.
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Old September 25th, 2009, 12:54 AM   #13
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CIMB Thai sees 2010 turnaround
Published: 2009/07/29

BANGKOK: CIMB Thai Bank, 94 per cent owned by Malaysia’s CIMB, hopes its recent restructuring and an expected recovery in Thailand’s economy will help it return to net profit next year, earlier than expected.

In 2008 it posted a net loss of nearly 2.0 billion baht, making it three consecutive annual losses. It also made a net loss of 502 million baht in the first six months of 2009.

“A return to net profit this year, that’s hard to predict,” President Subhak Siwaraksa said. “Even though we are already showing operating profits, the key variable is provisioning charges, which depend on economic conditions.”

“But we will surely make a net profit next year, after spending all this year on cleaning up the bank, ... things like controlling asset quality,” he said.

CIMB has previously said its Thai unit, the country’s eleventh-largest lender by assets, was unlikely to show a net profit in the next two or three year because of the global economic slump and the investment needed to revamp it.

CIMB Thai, formerly BankThai, maintained its aim of expanding lending by 15 per cent this year, adding 12 billion baht (US$353 million) in loans, even though lending shrank 9.6 per cent in the first six months, Subhak said.

“The target isn’t easy to meet, but it’s possible,” he said. “So far this year, we have been busy with restructuring, but now we are ready to run the business fully from the third quarter.”

“We see opportunities in exports, the construction sector, and property,” he added.

The bank, which has 150 billion baht in assets and 74 billion in loans, completed its restructuring in early July.

CIMB, controlled by Bumiputra-Commerce Holdings, bought a stake in BankThai from a Thai central bank unit in 2008 and completed its acquisition in the first quarter of 2009.

CIMB Thai operates 147 branches and runs a securities firm, an asset management company and a non-life insurance firm.

The bank set aside loan-loss provisions of 600-700 million baht in the first six months, Subhak said, adding it planned to reduce its non-performing loans to below 8 per cent of total lending from 9.79 per cent at the end of June.

Last week, the Bank of Thailand forecast the economy would shrink 3.0 to 4.5 per cent this year, then grow by 3.0 to 5.0 per cent in 2010.

CIMB Thai had no plans to expand through mergers or acquisitions, Subhak said.

Rival Thanachart Bank, 49 per cent owned by Canada’s Bank of Nova Scotia, has expressed interest in buying almost half of Siam City Bank. -- Reuters
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Old September 25th, 2009, 12:56 AM   #14
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Maybank opens 5th branch in Cambodia
Published: 2009/08/11

MALAYAN Banking Bhd has opened its fifth branch in Cambodia, as it seeks a greater share of the country's growing economy.

The branch will offer commercial and wholesale banking together with selected retail banking services.

It will also offer trade finance facilities, deposit and placement products, remittance and forex services as well as housing loans, Maybank said in a statement.

The bank’s operations in Cambodia, which began in 1993, has shown positive growth over the years.
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Old September 25th, 2009, 12:57 AM   #15
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Maybank Singapura lancar deposit Islam pertama
17 Julai 2009 / 24 Rejab 1430

SINGAPURA 16 Julai - Maybank Singapura akan melancarkan Term Deposit-i yang pertama disasarkan kepada para pelanggan runcit esok yang menjadikannya bank pertama di sini untuk menawarkan produk perbankan Islam kepada segmen pasaran tersebut.

Sebagai yang pertama seumpamanya di pasaran itu, Term Deposit-i akan membayar dahulu keuntungan, kata bank itu hari ini, yang menongkah arus aliran tempatan bagi deposit berjangka Islam bagi pelanggan bernilai bersih tinggi.

Satu produk yang sama, Profit Now Account-i telah dilancarkan oleh Maybank Islamic Bhd. di Malaysia pada Mei lepas dan ia diterima baik dengan jumlah deposit sehingga ini lebih RM1.3 bilion.

Bank itu dalam kenyataannya di sini berkata, produk perbankan Islam diminati oleh pelanggan tempatan yang mencari ruang pelaburan alternatif dengan adanya perubahan lanskap pelaburan semasa.

Bank itu kini menawarkan tempoh terhad, bagi kadar promosi 0.6 peratus, 1.0 peratus dan 1.4 peratus masing-masing bagi tempoh 3.0 bulan, 6.0 bulan dan 12 bulan.

Penempatan minimum ialah S$10,000 (RM24,200) bagi tempoh 12 bulan atau minimum S$25,000 (RM60,500) bagi tempoh 3.0 bulan dan 6.0 bulan.

Bank itu berkata, Term Deposit-i berdasarkan prinsip Murabahah komoditi, yang berkonsepkan jualan keuntungan dicampurkan kos.

Di bawah konsep ini, komoditi khusus yang mematuhi syariah akan dikenal pasti dan digunakan sebagai asas aset bagi transaksi jualan dan pembelian antara pelanggan dan bank.

Bank itu berkata, sejak pengenalan produk deposit Islam pada 2005, ia telah melihat peningkatan tahun ke tahun purata lebih 40 peratus deposit Islam.

Kenaikan itu sejajar dengan jangkaan pertumbuhan global lebih 40 peratus kepada AS$1 trilion menjelang 2012, kata Maybank.

Ketua Perbankan Islam Maybank Singapura, Mohd. Ismail Hussein berkata, perbankan Islam merupakan satu konsep yang agak baru di Singapura tetapi kian mendapat sambutan, yang termasuk dari kalangan pelanggan perbankan bukan Islam.

"Dengan menjadi peneraju pasaran di dalam perbankan Islam di Malaysia, operasi di Singapura berada pada kedudukan yang baik untuk menembusi pasaran runcit tempatan," katanya. - BERNAMA
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Old September 25th, 2009, 12:58 AM   #16
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Ekran to revive Davao resort project
By Joniston Bangkuai Published: 2009/08/18

The company headed by Sarawak businessman Tan Sri Ting Pek Khiing hopes to re-open the Samal Casino Resort

EKRAN Bhd (3085), a company headed by Sarawak businessman Tan Sri Ting Pek Khiing, is reviving an abandoned casino resort in Samal island in Davao del Norte in southern Philippines.

The company hopes to re-open the 1.5 billion peso (100 pesos = RM7.59) tourism complex in Samal's Kaputian District, which was closed in 2000 due to the Asian financial crisis.

Officials from Ekran and the Philippines government discussed the project's revival on the sidelines of the recent BIMP-EAGA Senior Officials and Ministers meeting in Bandar Seri Begawan, Brunei.

Ekran has also started talks with Malaysia Airlines about the possibility of reviving the Davao-Kota Kinabalu air link.
The national carrier used to ply the route in 1990s before it stopped due to low passenger load.

"As a result of the meeting, we're putting back on track the Samal Casino Resort," said Secretary Jesus Dureza, presidential adviser on Mindanao and the Philippine signing minister for BIMP-EAGA.

Dureza, along with Samal mayor Aniano Antalan, Tourism Undersecretary Oscar Palabyab and Davao Del Norte Congressman Anton Lagdameo, represented the Philippines in the discussion with Ekran officials.

"We have agreed on the most feasible arrangement that will facilitate the re-opening of the resort," he said.

Lagdameo, also chairperson of the House Committee on BIMP-EAGA Affairs, said the revival of the resort will boost tourism and create jobs.

"The revival of the casino resort is expected to generate 50 million pesos in various taxes annually," Lagdameo said.

Ekran is expected to initially invest about US$20 million (RM70.8 million).

"The plan to resume the casino operations by Ekran was based on sound business decision," said Trade Undersecretary Merly Cruz, the Philippine senior official for BIMP-EAGA.

Sitting on a 250ha site, the Samal Casino Resort is about 30 minutes by boat from Davao City, Mindanao's main economic hub.

The resort started operating as a hotel and casino in late 1997 with 300 rooms and a ballroom that could accommodate 3,000 people.

It is one of the large scale investments ushered by an agreement forged between the Philippines and Malaysia in the early 1990s under the BIMP-EAGA initiative.
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Old September 25th, 2009, 12:59 AM   #17
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Holiday Villa to open 2 more hotels in Cambodia, China
Published: 2009/08/17

HAVING made its presence felt in eight countries, Holiday Villa Hotels & Resorts, one of the leading hotel chains in Malaysia, expects to open two more properties in Cambodia and China by the end of the year.

In a statement made available to Business Times, Holiday Villa, a member the public-listed Advance Synergy group, said two more properties were in the pipeline, namely in Sihanoukville, Cambodia, and Kaifeng in Henan, China.

Holiday Villa opened its door to guests in Doha, Qatar, with the soft launch of the Holiday Villa Hotel and Residence City Centre on July 20.

With the launch, Holiday Villa now operates 18 quality hotels and resorts with a total of 4,000 rooms and suites.

Besides Malaysia and Qatar, Holiday Villa Hotels and Resorts are located in the UK, Indonesia, Australia, Sudan, Cambodia, Vietnam and China. Early this year, the hotel group expanded to Halong Bay in Vietnam and Shenzhen in China.

On its property in Doha, Holiday Villa said the hotel is strategically located at Al-Muntazah Signal, opposite the Muntazah Park.
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Old September 25th, 2009, 01:00 AM   #18
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Nomad strengthens regional foothold
By Vasantha GanesanPublished: 2009/08/24

The office space provider is now negotiating to buy an 80-room serviced apartment in Bangkok and is also eyeing Singapore for a suitable property there

THE Nomad Group Bhd, an office space provider, has allocated some RM100 million to expand its serviced apartment portfolio and is eyeing properties in Thailand and Singapore.

The group is now negotiating to buy an 80-room serviced apartment in Bangkok, Thailand, for up to RM60 million. Chief executive officer Hew Thin Chay said the deal could be completed as early as next year.

The average occupancy at this property is now only 40 per cent while its average room rate (ARR) is around RM200, providing ample room for improvement.

In an interview with Business Times, Hew said The Nomad was also eyeing Singapore but has yet to find a suitable property there.

In Malaysia, The Nomad was not keen to buy more hotels or serviced apartments but it was open to managing them instead.

It has been approached to convert a 200-unit condominium on Jalan Tun Razak into a serviced residence and manage it.

In other countries, it is looking at the possibility of operating serviced apartments in Chennai, India, and may consider Indonesia in the future.

Meanwhile, Hew said he expects the group to return to the black this year, as it sees the money coming in from the various investments it made last year.

For the financial year ended December 31 2008, The Nomad incurred a net loss of RM7.63 million on the back of RM25.85 million in revenue as a result of start-up costs.

"We have had eight openings, six of which are offices. It takes start-up businesses about 12 months to mature," Hew said.

Its investment last year include The Nomad Offices at Etiqa Twins, The Gardens Mid Valley and Pavilion Kuala Lumpur.

Together with its space in Menara Hap Seng (which opened in December 2007), it has 80,000 sq ft space, making it the largest serviced office provider in the capital.

The Nomad has ventured into the Gemadept Tower in Ho Chi Minh City, Vietnam, and Interchange 21 in Bangkok, Thailand. It also bought the iOffice and Menteng Office Park in Jakarta, Indonesia.

"In the first half of 2009, we will incur a loss but post positive earnings before interest, taxes, depreciation and amortisation. But I think, by end of the year, we should make profits," he said.

In the first quarter to March 31 2009, it posted revenue of RM7.44 million and net loss of RM235,000.

Its cash cow is the Raffles Place in Singapore, which provides it with RM1.6 million a year in operating profit. The group makes 60 per cent of its revenue from foreign markets.

It is eyeing Hong Kong, South Korea and Taiwan for the serviced office business.
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Old September 25th, 2009, 01:02 AM   #19
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SP Setia signs deal for Vietnam project
http://www.shtp.hochiminhcity.gov.vn/



Pham Dac Vinh (left), director of SHTP Co,
exchanging documents with Liew


S P Setia Bhd (S P Setia), through its wholly-owned subsidiary Setia Saigon East Ltd (SSEL), has formalised a cooperation agreement with Saigon Hi-Tech Park Development Company (SHTP Co) to jointly design and develop a mixed real estate development project on 79 acres of land in Ho Chi Minh City (HCMC), Vietnam.

The developer said in a statement yesterday the project caters principally to the expatriate and senior managements of multinational corporations operating in the Saigon Hi-Tech Park (SHTP).

The land is located in District 9, a suburban area of HCMC, about 1km from the SHTP. It is modelled after the technical economic zone concept to attract foreign investment and mobilise domestic high-technology resources.

Since 2003, the park has attracted many hightech names such as Jabil Circuit, Nidec, Sonion and the Intel Group, which has committed over US$1 billion (about RM3.3 billion) in investments. The presence of these multinational firms is expected to create a growing pool of expatriates and local managers and spur demand for good-quality properties in
the vicinity.

“Fresh from securing the investment certificate for our first Vietnam project, EcoLakes, in the industrialised province of Binh Duong, near HCMC, two months ago, we have inked this deal to embark on yet another project in Vietnam.

“This underscores S P Setia’s commitment towards expanding its presence in Vietnam, which is widely hailed as one of the most promising emerging real estate markets in Asia today,” said Tan Sri Liew Kee Sin, S P Setia chief executive officer and group managing director.

Liew added that the latest move was in line with S P Setia’s strategy to export its proven real estate expertise to regional markets with bright economic prospects.

Under the terms of the cooperation agreement, SSEL and SHTP Co will work towards fulfilling the conditions over a 12-month period, after which a jointventure company (JV Co) will be formed within three months to undertake the proposed development. S P Setia, through SSEL and another wholly-owned subsidiary, Setia D-Nine Ltd, will collectively own 67% of the JV Co while SHTP Co will hold the balance of 29%, with the remaining 4% owned by the staff company of SHTP Co.
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Old September 25th, 2009, 01:03 AM   #20
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Mudajaya unit gets US$56m Viet contract
Published: 2009/09/10

THE Mudajaya Group Bhd has received the Letter of Award for completion of the Internet New City Project in Ho Chi Minh City, Vietnam, valued at US$55.5 million (US$1=RM3.49).

The Mudajaya Corp Bhd on Tuesday entered into a Joint Venture Agreement with Quang Minh Trade & Construction Co Ltd (QMTC) to jointly undertake and complete the project.

The JV received a letter of award Wednesday from Bright Moon Group-Solomon Construction (BMG-Solomon), the project's main contractor, said Mudajaya Group to Bursa Malaysia today.

Mudajaya Corp is a wholly-owned subsidiary of Mudajaya Group while QMTC is a company registered in the republic.

The New Internet City Project comprises one basement, three office tower blocks, one shopping mall and one conference room and exhibition area located at the High-Tech Area, Ho Chi Minh City.

Mudajaya Corp will undertake US$8.56 million proportion of the project value while the remaining US$46.94 million will be taken up by QMTC.

QMTC will undertake, perform and execute construction work of the project and ensure timely completion while Mudajaya Corp will undertake, perform and execute the project management and advisory services for the project.

The project is expected to contribute positively to the company's future earnings and net assets. - Bernama
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