NAZA MATRADE DEVELOPMENTS | Kuala Lumpur ( Jalan Duta ) | General News & Updates

[dengilo]

I noticed only after the late father died the kiddos dare venture into property!Like their project near KLCC if they had not being able to sell that one block to felda i wonder if they would have went ahead with it

[nazrey]

MATRADE building @ Jalan Duta
Mungkin ini adalah lokasi yg boleh perhati dari KL Tower...

image hosted on flickr

[James Foong]

Originally Posted by dengilo

I noticed only after the late father died the kiddos dare venture into property!

someone bought them azizi ali book and the rest is history.

[rizalhakim]

naza wil present their matrade megaproject master plan dis july n dis will including the proposed 100storey tower....cant wait 4 dis.....

[patchay]

As a matter of continuity (truthfulness of the development), it was mentioned again at http://www.theedgeproperty.com/news-...0-million.html.

Naza TTDI is currently undertaking a RM15 billion development project, which comprises the Matrade Centre, residences, offices, a shopping mall and a hotel, on a 65-acre plot of land in Jalan Duta, under a privatisation deal with the government.

Naza TTDI known for its residential township Taman Tun Dr Ismail in Kuala Lumpur is also developing the RM4 billion Platinum Park, a high-end integrated residential and commercial development in the KLCC area in Kuala Lumpur. It is also developing The Valley TTDI Ampang project, which consists of 66 link villas, 56 bungalows and 12 exclusive bungalows on a 35.5-acre leasehold land. It is scheduled for completion in July. About 90% of the project has been taken up.

[patchay]

Breaking News: Jetson unit in JV with China company

KUMPULAN Jetson Bhd announced today that wholly-owned subsidiary Jetson Construction Sdn Bhd (JCSB) has entered into a joint venture agreement with China State Construction Engineering (Hong Kong) Limited (CSCHK) to form a joint venture entity.

The Jetson-CSCHK joint venture is to jointly prepare and submit a tender invited by Naza TTDI Sdn Bhd for the proposed development of a 38-storey building for Platinum Park in Kuala Lumpur, it said in a statement.

The joint venture is to jointly participate in the project by pooling and sharing the resources in technical and management skills, finance and equipment, it added.

BERNAMA

Read more: Jetson unit in JV with China company http://www.btimes.com.my/Current_New...#ixzz0n9wzWU2O

[rizalhakim]

Matrade Centre

The project in Jalan Duta is expected to include a 100-storey tower — probably the tallest building in the country. The project will also comprise residential and commercial components, a hotel, a mall as well as the Matrade Centre.

The developer hopes to build the Matrade Centre, the country’s largest exhibition and convention centre, by 3Q2010. “We are still in the planning stage for the remaining components. It will be a very exciting project and we are looking to announce the master plan by 3Q2010 or the end of this year,” Faliq says.

The 13.1-acre Matrade Centre site will be linked to the existing Menara Matrade. It will have three floors to house 12 exhibition halls for large-space exhibitions, such as those for heavy industries and advanced technology.

It will also house a 1,230-seat auditorium, a multi-purpose hall, meeting rooms and display areas.
With projects that can sustain the developer for the next 15 years, Faliq’s vision is to make Naza TTDI one of the top developers in Malaysia.

[tunomura]

Naza aborts pact to build Matrade Centre
By Francis Fernandez

The Naza group, one of the country's biggest privately-held conglomerates, has terminated an agreement with Kumpulan Jetson Bhd to help build the new Matrade Centre for RM628 million.


Jetson received a notice from TTDI KL Metropolis Sdn Bhd yesterday to terminate the shareholders agreement sealed by the two companies earlier.

It would be seeking legal advice, Jetson said in a statement to Bursa Malaysia yesterday.

Jetson and TKLM, owned by the Naza group, sealed a pact last year to carry out the planning, design and construction of the new Matrade Centre at Jalan Duta in Kuala Lumpur.

Early last month, Business Times had reported that the Naza brothers may exit Jetson, barely 12 months after they took control of the company.

By late August, however, Jetson told the stock exchange that it was not aware of any plan by key shareholders to sell their stakes in the company.

Nevertheless, the uncertainties have taken a toll on the stock, which fell by some 24 per cent over the past 30 trading days to close at RM1.19 yesterday.

On the surface, the termination of the agreement with Jetson lends more credence that the Naza brothers are moving towards an exit strategy.

SM Nasarudin SM Nasimuddin said he will reserve his comments at this point of time.

The Naza brothers, SM Nasarudin and younger sibling SM Faliq, bought 33.15 per cent of Jetson for RM12.3 million.

The brothers, heirs to the Naza empire, had since then twice sought to buy out the other Jetson shareholders, while maintaining its listing status.

Datuk Teh Kian An and his family members were the major sellers of the initial block of shares that allowed the Naza brothers passage into Jetson, their maiden foray in a public-listed company.

Teh was the former controlling stakeholder of Jetson and is the current group managing director.

Terminating Jetson from the Matrade project should not come as a big shock to the market as the writing was on the wall as early as last month. This was when Jetson ended an agreement with China State Construction Engineering (Hong Kong) Ltd to develop a 38-storey building in Kuala Lumpur for Naza TTDI Sdn Bhd.

Business Times understands that in recent weeks both parties had moved closer towards bridging their differences.

"A gentleman's agreement will be reached sooner rather than later," a source familiar with the matter said.

[kl 2020 ideas]

So, does this mean the project is cancelled?

[rizalhakim]

sound like a bad news....

[dengilo]

[nazrey]

Jetson to seek legal advice on project deal
Saturday September 4, 2010
http://biz.thestar.com.my/news/story...0&sec=business

PETALING JAYA: Kumpulan Jetson Bhd will seek legal advice after TTDI KL Metropolis Sdn Bhd terminated a shareholder agreement between the two firms to jointly develop a project known as the Matrade Centre at Jalan Duta in Kuala Lumpur.

“The board shall deliberate on the matter and seek legal advice on the next course of action following the receipt of the said notice of termination. Where required, an appropriate announcement will be made in due course once the board has convened a meeting and deliberated on the matter after receiving legal advice,” the company told Bursa Malaysia yesterday.

Jetson and TTDI KL had on Dec 22 agreed to undertake the Matrade project on a joint venture basis.

[nazrey]

Originally Posted by rizalhakim

sound like a bad news....

Not anymore...

Matrade project on schedule
Published: 2010/09/06
http://www.btimes.com.my/Current_New...zco-2/Article/

WITH reference to the article in Business Times on September 4, "Naza aborts pact to build Matrade Centre", the headline may be misleading.

Naza TTDI Sdn Bhd clarified that the Matrade project is on schedule, and that only Kumpulan Jetson Bhd's initial contract has been terminated by the company.

[nazrey]

dah 2 kali bagi sya tgk Businesstimes report tersilap

Bank of America Merrill Lynch in Malaysia
Published: 2010/06/19
http://www.btimes.com.my/Current_New...cle/index_html

BANK of America Merrill Lynch (BofAML) will set up its first office in Malaysia this week, in conjunction with its 50th anniversary celebrations.

“BofAML has had a long successful history in Malaysia, providing our clients with tailored solutions for their capital and advisory needs both domestically and globally,” said BofAML country executive for Malaysia, Naser Jaafar, in a statement.

“Malaysia remains an important part of our Southeast Asian business, and we look forward to another 50 years of success here,” he added.

The bank was the adviser to Khazanah Nasional Bhd on the sale earlier this year of a 17.1 per cent stake in CIMB Niaga to CIMB for about US$607 million (RM1.9 billion).

Bank of America and Merrill Lynch merged in January 2009.

Bank of America Merrill Lynch's 50th anniversary of first office in Malaysia
Published: 2010/06/21
http://www.btimes.com.my/Current_New...cle/index_html

Bank of America Merrill Lynch celebrated the 50th anniversary of its first office in Malaysia last week.

It is not setting up its first office in Malaysia in conjunction with its 50th anniversary celebrations as reported on Saturday.

The error is regretted.

[nazrey]

Originally Posted by nazrey

Jetson to seek legal advice on project deal
Saturday September 4, 2010
http://biz.thestar.com.my/news/story...0&sec=business

PETALING JAYA: Kumpulan Jetson Bhd will seek legal advice after TTDI KL Metropolis Sdn Bhd terminated a shareholder agreement between the two firms to jointly develop a project known as the Matrade Centre at Jalan Duta in Kuala Lumpur.

“The board shall deliberate on the matter and seek legal advice on the next course of action following the receipt of the said notice of termination. Where required, an appropriate announcement will be made in due course once the board has convened a meeting and deliberated on the matter after receiving legal advice,” the company told Bursa Malaysia yesterday.

Jetson and TTDI KL had on Dec 22 agreed to undertake the Matrade project on a joint venture basis.

Jetson shares fall on trade expo dispute
By EUGENE MAHALINGAM Tuesday September 7, 2010
http://biz.thestar.com.my/news/story...5&sec=business

Company to seek legal advice on termination of JV agreement

PETALING JAYA: Shares of Kumpulan Jetson Bhd shed four sen, or 3.4%, to RM1.15 yesterday following a dispute over the new trade exhibition centre for the Malaysia External Trade Development Corp (Matrade) within the Jalan Duta area in Kuala Lumpur.

In a statement to Bursa Malaysia last Friday, Jetson announced that Naza Group’s TTDI KL Metropolis Sdn Bhd (TKLM) had terminated the shareholders’ agreement with Jetson to build a new trade exhibition centre for Matrade on a joint-venture (JV) basis worth RM628mil.

The Main Market-listed construction outfit said it would be seeking legal advice following the termination of the shareholders’ agreement.

A local construction analyst said the dip in Jetson’s share price was probably a knee-jerk reaction to the fact that the multi-million ringgit deal had gone sour.

“Investors were probably shaken by the announcement, given the scale of the project,” he said yesterday.

Last month, Jetson terminated its JV agreement with China State Construction Engineering (Hong Kong) Ltd to build Platinum Park in Jalan Stonor in the KL City Centre.

The parties mutually agreed to terminate the JV deal which was entered into in May for the purpose of jointly submitting a tender on Naza TTDI’s invitation to develop a 38-storey office block and 10 Ievels of podium for Platinum Park.

Jetson said the termination stemmed from the inability of the parties and Naza TTDI to agree on payment arrangement in respect of the first progress payment.

The uncertainties recently have taken a toll on the stock, leaving it 17% down over the last one month.

There is speculation that brothers SM Nasarudin SM Nasimuddin and SM Faliq SM Nasimuddin of the Naza Group, which has a 33% stake in Jetson, could be looking to exit the construction firm.

The Naza brothers took over Jetson in August last year.

According to unconfirmed reports, Chow Chee Kin, an executive director of Jetson, was also said to be exiting the company.

Chow was appointed at the same time as the Naza brothers and was the group chief financial officer of Naza Motor Trading Sdn Bhd before his appointment as executive director of the construction company.

Jetson, when contacted, declined to comment on whether a potential Naza exit was imminent or if the termination of the shareholders’ agreement would have any impact on the company.

Another construction analyst said that having Naza as shareholders of Jetson would be a boost to the medium-sized construction company.

“With the Naza brothers as shareholders, Jetson was expected to land major property development jobs within the Klang Valley. Without them (Naza) helping the company to secure major projects, the outlook is not so rosy,” he said.

For its second quarter ended June 30, Jetson posted a net loss of RM698,000 versus a net profit of RM1.18mil in the previous corresponding period. Revenue for the period was at RM52.61mil from RM26.94mil a year earlier.

An analyst, when asked if the Naza brothers were moving towards an exit strategy, said: “Given Jetson’s poor financial results on top of the inability of both parties (Jetson and the Naza Group) to see eye-to-eye on projects, it might seem inevitable.”

[nazrey]

Enter Jetson, and exit?
This article appeared in The Edge Financial Daily, September 20, 2010.
http://www.theedgemalaysia.com/highl...ted-firms.html

In August 2009, Nasarudin and Faliq made corporate headlines for the acquisition of a 33.2% block (now diluted to 28.9% after placement of new shares) in construction outfit Kumpulan Jetson Bhd for RM12.3 million and then made a general offer for the company. The value was small but it made Jetson the first listed vehicle for the family. It was understood that the brothers wanted to spearhead the Naza Group’s property development ventures through Jetson.

The takeover had sparked a rally in Jetson’s stock price, from 50 sen in June 2009 to as high as RM3.00 in November 2009. There was huge excitement on the stock as Jetson and Naza TTDI had entered into a 49:51 joint venture to carry out the planning, design and construction of the new RM800 million Matrade Centre off Jalan Duta as well as the development of the 62.5 acres of land under Naza’s land-swap arrangement with the government.

In January 2010, Jetson had also formed a 60:40 joint venture with China State Construction Engineering (HK) Ltd to submit a tender invited by Naza TTDI for the proposed development of the RM4 billion “Platinum Park” project in Jalan Stonor, Kuala Lumpur. Both the Matrade Centre and Platinum Park projects, which were initiated by the Naza Group, were mega projects for Jetson.

But a year after the two Naza brothers had bought the stake in Jetson, they reportedly had a fallout with Jetson’s management, and are believed to be pondering an exit from the construction outfit, which their vehicle Superior Pavilion Sdn Bhd owns a 28.9% stake.

Jetson had in August mutually terminated the joint venture with China State Construction for the construction of Platinum Park. A month later, it received a letter from Naza TTDI to terminate the joint venture to co-develop the Matrade Centre project. These raise speculation that the Naza brothers may exit Jetson.

If the Naza brothers do exit Jetson, the Naza Group would be without a listed vehicle again to undertake their property development ventures.

Their options would be either to take over another listed company, list the property arm on its own or continue to stay private.

Keeping the businesses private, be it the property or automotive operations, does have its merits. The family gets to retain the full share of profits and could avoid strict rules and corporate governance standards imposed on public-listed companies.

However, such merits apply only when the businesses are self funded and do not require huge financing needed for expansion.

The Naza Group has been able to expand its businesses without resorting to IPOs and capital market financing all these years because it runs a successful and lucrative imported car business. The proceeds from this business in turn have funded the group’s expansion and diversification into property and other operations.

But is this business still going to be as lucrative as ever?
The Naza Group is said to have a dominant market share in the imported car segment due to its sizable allocation of Open APs (Approved Permits) from the government, which dates back since the 1980s. The number of Open APs the group was allocated was envied by many and had even won the late Nasimuddin the unwanted moniker of “AP King”.

But the Open AP is soon to be a thing of the past. The government had said last October that it would discontinue the Open AP system beyond 2015, in the spirit of free trade. It is not known what new systems would be in place to replace the Open AP, but surely, the government wouldn’t want the new system to be seen as a money-minting franchise.

This could potentially mean a less lucrative imported car business for the Naza Group, which is why it had in the last few years started to ramp up its investments in the mass-market vehicle segment by securing more vehicle franchises and expanding its dealerships and service centre network. Other than expanding its automotive operations, the group had also diversified and gone big into property development in recent years, with the Matrade Centre and the Platinum Park projects being two of its biggest.

But unlike the automotive division where Naza already has the necessary infrastructure, such as the assembly plants in place, which means minimal further capital expenditure, its property projects run into billions of ringgit, which may require funding for development and expansion.

In a nutshell, having a listed arm to spearhead the group’s huge ambitions in property development is a feasible move. As a major shareholder in a listed company, the family will remain in control, retain part of the construction margins and property development profits, and more importantly, obtain access to more financing options via the capital market and spread the risks of undertaking major multi-billion ringgit property projects in a cyclical sector.

With a listed vehicle, the family could also institutionalise part of their wealth and be enrolled into the annals of corporate Malaysia. This was something dreamed of by the late Nasimuddin, but sadly was not achieved during his lifetime.

Nasimuddin’s children are now carrying on his dreams and bringing the Naza Group to greater heights. Even if they do eventually exit Jetson, it is likely that it will be just a matter of time before the Naza Group finds another more suitable listed vehicle to house its projects and build its dreams.

[rizalhakim]

i saw the proposal from RSP akitek...very big projek got 2 very tall towers...dats probably the 100storey...cool proposal...not alowd to snap any pic...

[nazrey]

Originally Posted by rizalhakim

NAZA MATRADE DEVELOPMENTS

Originally Posted by SHAH FIRDAUS

From OutSyed The Box Blog

[alto-alto]

Apologies, a bit off-topic. What development are those green buildings are across the road, river, railway track from Matrade? The labels hv been cropped by the pic. It looks like its the GBH warehouse land judging from the river and railway tracks. Anyone any idea?

[D_Y2k.2^]

Probably the land next to Jln Kuching where there are a few car showrooms there at the moment?