1 UTAMA, MUTIARA DAMANSARA & DAMANSARA PERDANA | Selangor | New projects & development thread

[patchay]

cool. Twin supertall for Bandar (or Bukit?) Utama. Btw where is Bukit Utama actually??? Although I live not very far from 1U but dont know that place.

[rizalhakim]

Originally Posted by patchay

cool. Twin supertall for Bandar (or Bukit?) Utama. Btw where is Bukit Utama actually??? Although I live not very far from 1U but dont know that place.

[The Usual Suspect]

x double post

[The Usual Suspect]

Notice how they didnt state Mutiara Damansara and Sunway Damansara in that map, although I feel they are highly relevant in terms of pointing our where 9 Bkt Utama is?

[patchay]

OH NOW I know ... next to Pelangi Damansara lah

[rizalhakim]

Glomac PJ complexes to be launched early 2009
By Sharen Kaur Published: 2008/08/04




PROPERTY developer Glomac Bhd is in the process of acquiring 1.28ha of freehold land in Petaling Jaya, Selangor, the site of the former Kelana Seafood Centre, to build a commercial complex.

Group executive vice-chairman Datuk Richard Fong Loong Tuck said the commercial complex will generate sales of RM250 million for Glomac, which is continuously seeking strategic land bank in Selangor and the Klang Valley for niche developments.

The commercial complex, which will overlook a lake and has yet to be named, will feature a three-level mall, a 20-storey office tower and an office suite.

"It is on the drawing board. We expect to launch it by January 2009," Fong told Business Times.

Glomac will also launch two office towers and a serviced apartment block worth RM200 million by early 2009 in the burgeoning Mutiara Damansara township in Petaling Jaya.

It recently acquired two adjoining freehold parcels totalling 115,755sq ft for RM38.69 million or RM334psf from Boustead Properties Bhd.

"We are excited over these new launches and are gearing up for more next year," Fong said.

While Glomac is optimistic on positive sales from the two projects, Fong said the developments will be affected by more expensive materials.

"We will be prudent with the developments and manage cost effectively," Fong said.

"We expect the projects to contribute significantly to Glomac's revenue and net profit from 2009," he said.

[rizalhakim]

Boustead Properties branding entire development

Now that Boustead Holdings Bhd has successfully completed its privatisation of Boustead Properties Bhd, it is going to focus on branding.
That seems like flogging a dead horse actually, this branding thing. After all, it was doing that since Ikea first bought its corporate lot about 10 years ago. And with each component that came on board, Boustead drove the branding vehicle – with Ikea, Ikano, Tesco, The Curve and Cineleisure.


Boustead Properties Bhd executive director Datuk Ghazali Mohd Ali.

Boustead Properties Bhd executive director Datuk Ghazali Mohd Ali says it is necessary. “Last time, we were branding all the individual components. Now we are branding the entire development as a single large entity, with all its infrastructures that make this an award-winning township, both for commercial and residential pruposes.

“It’s different, and we need to push this strategy further if we are to remain relevant,” he says.

An analyst likens Boustead’s strategy to Coca Cola’s. “It’s a global brand, but it continues to emphasise on branding. It’s a strategy to stay at the forefront. And it will reap from it.”

Ghazali says in order for Boustead to remain attractive to shareholders, and Mutiara Damansara to buyers, it has to do things differently.

“We have proven that we can and now we are leveraging what we have started,” he says.

By that he means the overall package, and what’s on the card now that it has taken Boustead Properties private.

“We will shed some non-core assets and do a bit of rationalising, and wait out the current challenging period.”

Ghazali says the conglomerate has partners like Johnson Suisse sanitary ware, a paint company in the form of Boustead Sissions Paint and UAC Bhd which is involved in building materials as a buffer.

Boustead Holdings reported sterling first quarter 2008 results, thanks to higher contribution from the plantation business, consolidation of subsidiary Boustead Naval Shipyard’s (BNS) earnings and lower effective tax rate. The trading division reported stronger earnings as well as its pretax profit increased by 7.5 times to RM22.8mil on the back of better sales volume and some inventory gain. Bulk of the earnings was contributed by BHPetrol.

The property division’s operating profit on the other hand declined 26% due to lack of sale of corporate lots.

“We still have nine corporate lots of about an acre each in Mutiara Damansara in Petaling Jaya but we are in no hurry to sell. We can wait for prices to move up. We have a successful mall which we can inject into a real estate investment trust (Reit).

This, says an analyst, is a tactical delay to capitalise on expected forward price appreciation. All in, net profit jumped 140% year on year and 21.2% quarter on quarter to RM152.3mil. The group declared an interim dividend of 5 sen gross as a reward to shareholders.

Fresh from its corporate exercise of going private, Boustead Properties is now preparing to launch its last residential development later this year in Mutiara Damansara Surian Residency, its second condominium project there. Its first is Surian Condominium.

The freehold development will have about 300 units of between 900 and 2200 sq ft. It will have two blocks of 23 and 25 storey each and some low-rise units. In terms of overall architecture, it will be fairly similar to Surian Condominium.

“The project will be more upmarket than Surian Condominium in terms of finishing and design, our first high-rise residential development there.”

He says Surian Residency will be selling for about RM400 per sq ft.

“We want to ride on the success of Surian Condominium, which is now changing hands between 30% and 40% above its launching price in the secondary market,” he says.

Boustead Properties is at the same time negotiating with potential tenants on the lease of Surian Tower, in the same township. The office block will be part of the overall development there.

With visitors to The Curve alone numbering 2 million a month – compared to 600,000 four years ago when it first opened – the numbers, he says, speaks for itself.

“We have tenants like Living Quarters and MetroJaya who are expanding. We also have tenants who have seen better sales when they moved over here than when they were in their old place. We also have competitors who are buying corporate lots here. This says something – that Boustead Properties is on the right track, notwithstanding the current economic situation,” says Ghazali.

Glomac Bhd recently bought two pieces of land totalling 10,800 sq ft for RM38.69mil. A third lot was sold to an insurance company. Boustead Properties has four core divisions – plantations, which contributes about 35% to sales, property development (40%), hotel and property investment.

Ghazali says that although its 26-storey Surian Tower is yet to be completed, one-third of it is already leased to a multinational company.

The lease for its remaining two-thirds of the building is being negotiated currently. He hopes the place will be occupied by September 2009.

With so many visitors to The Curve, Boustead is putting in 30% more to the car parks at Surian Tower than what is required by the local authorities.

Besides this office block with a net lettable space of 335,000 sq ft, Boustead Properties will also be building a new hotel and convention centre behind Cineleisure. Like its other 150-room hotel in the popular suburb, The Royale Bintang Damansara, the new hotel will have about 300 rooms.

“The Royale Bintang Damansara is nearly always full. So this idea to have another hotel with convention facilities is a good idea. With the price of petrol today and in the years to come, I would think people will be reluctant to drive into the city. Ideas and plans just evolve, we did not have this in mind earlier.”

To integrate the various components there, Boustead Properties hope to have a physical link from the proposed LRT station in the suburb to Surian Tower office block and the new hotel and convention centre.

Ikea, among its first buyers of commercial corporate lots, bought their site for RM99 per sq ft eight years ago. Corporate lots are now in the region of RM380 to RM400 per sq ft. Things have certainly moved.

[rizalhakim]

Menara Surian (proposed to be Boustead Properties new HQ) at Mutiara Damansara


any construction pic for this project...already started...

[The Usual Suspect]

they seem to be doing it at a rapid rate

[rizalhakim]

Originally Posted by rizalhakim

THE STRAND DAMANSARA





old project...lauching in 2006...can sumone update on this project...scheduled for completion by 2011.

Encorp records RM15m Q2 profit
Published: 2008/08/28



ENCORP Bhd yesterday reported a net profit of RM15.1 million for the second quarter to June 30, smaller than the RM75.38 million achieved in the previous corresponding period.

On the quarterly basis, however, the second quarter profit of RM15.1 million was a 144 per cent increase from that managed in the first three-month period.

Revenue during the second quarter was RM75.38 million, with strong contribution coming from the group's property development business.

Encorp has declared an interim single-tier tax exempt dividend of five per cent, which will be paid to shareholders on October 17 this year.



In a statement issued yesterday, the company said higher revenue coming from its The Strand Damansara property development project contributed to the higher quarterly revenue.

"Despite the current market scenario, we were able to register stronger growth than the last quarter.

"We are optimistic that we will be able to sustain or even improve our performance for the rest of the year, especially with the good response we have been receiving from our flagship projects, Cahaya Alam and The Strand Damansara," said Encorp Group's chief executive officer Yeoh Soo Ann.

Encorp made a record turnaround performance last year, from a net loss of RM124.8 million in 2006 into a net profit after tax and after minority interest of RM69.3 million.

Plans for more developments at The Strand Damansara are on the horizon, which will further contribute to the flagship project's emergence as an exciting integrated commercial address.

These include a shopping mall, serviced apartments, a pedestrian-linked Garden Soho (Small Office Home Office) and boule-vard, all of which is due to be launched early next year.

[rizalhakim]

Glomac sees KL projects boosting 2009 earnings
By Sharen Kaur Published: 2008/08/29


Glomac has 400ha in Sg Buloh, Rawang and Johor, with earnings potential of RM3.5 billion.

While the three townships may not do well this year, Iskandar said he was confident of sales for its seven other projects.

Glomac has pockets of land in Selangor. It aims to launch Glomac Damansara, an integrated project, a commercial complex at the site of the former Kelana Seafood Centre in Petaling Jaya, and two office towers and a serviced apartment block in Mutiara Damansara for RM1.1 billion.

Group executive vice-chairman Datuk Richard Fong was optimistic that margins from high-end properties would cushion rising costs.

Glomac has plans to venture to the Middle East.

Fong said it may do this through its partnership with Al Batha Real Estate Co of the United Arab Emirates or with other developers in the region.

[klkl]

Highlights of Budget 2009
Friday August 29, 2008 MYT 6:12:43 PM

..........

Improving Public Transportation

* A sum of RM35bil will be expended during the period 2009 to 2014 to improve public transportation.


* The existing LRT system in the Klang Valley will be extended by 30km, that is 15km respectively, for Kelana Jaya and Ampang lines. Upon completion in 2011, the extensions are expected to benefit 2.6 million residents in the Subang Jaya-USJ and Kinrara-Puchong areas, compared with 1.9 million currently.

* A new LRT line will be built along a 42km route from Kota Damansara to Cheras; to be completed in 2014.

* The commuter rail services of Keretapi Tanah Melayu Berhad (KTMB) will be upgraded. Rehabilitation works are being undertaken on the existing 20 Electric Multiple Units (EMUs) and are expected to be completed in 2009. An additional 13 new units of EMUs will be acquired and be operational by 2011.

.........

Wonder when will it start?

http://www.thestar.com.my/news/story...sec=budget2009

[rizalhakim]

image hosted on flickr


new project lauching soon!!
price from rm400psf

[klkl]

Thanks, rizalhakim.

Went to check out the sales office of mutiara rini today.

Saw all the superlinks, semi-ds and bungalows (phase 1c2b) were sold out.

Heard from the manager that it would be launched early next year. They are building the show apartment now next to the sales office. Price will be rm400 and above.

[nazrey]

Originally Posted by rizalhakim

Menara Surian (proposed to be Boustead Properties new HQ) at Mutiara Damansara


any construction pic for this project...already started...

lovely tower project..
taken on 22 Aug 08

[klkl]

Article's URL: http://www.theedgedaily.com/cms/cont...50a00-dc545d3f,
---------------------------

The Edge

1 Sep 2008: Top Property Deverlopers Awards 2008: Boustead Prop bucks the trend

By Sharon Kam
Email us your feedback at fd@bizedge.com


Becoming trendsetters — that is how Boustead Properties Bhd director Datuk Ghazali Mohd Ali describes its successful Mutiara Damansara development in Petaling Jaya, Selangor. This is the fourth time that Boustead Properties has made it to the Top 10 of The Edge Top Property Developers Awards. This year, it took the 10th position. (On Aug 8 this year, the property arm of Boustead Holdings Bhd was taken private.)

"At Mutiara Damansara, we could have followed the move towards high density developments and build more condominiums but we did not. When people close, we open. We want to set the pace where we are," says Ghazali.

Since Boustead first launched the township in 2000, Mutiara Damansara has seen strong and steady appreciation. The highly successful development could be due to its freehold status and strategic location but it is also very much because of the developer's innovativeness and initiatives to add value for purchasers.

"We do not stop after we have delivered. We constantly value-add. We focus on quality rather than quantity. For instance, we maintain the open spaces, the parks and roads, all at our own cost to ensure control over the aesthetics, the cleanliness and other aspects which could add value," says Ghazali.

"If we had not bucked the trend, we would not have come up with a commercial hub such as what we have now in Mutiara Damansara," he adds, referring to the commercial precinct which now comprises Boustead's The Curve shopping and lifestyle centre and other commercial entities such as Ikea, Ikano, Tesco and Cineleisure.

Mutiara Damansara
The 360-acre Mutiara Damansara has only 30 acres left for development and "the longer it waits, the better", according to the developer. This has been Boustead's strategy for some time considering the strong appreciation in value of real estate here over the past few years.

It launched its bungalows and semi-detached houses there in 2002, priced at RM1.3 million and RM843,000 respectively. Today, the same units are being transacted ar RM2.4 million and RM1.8 million respectively. Bungalows here are currently being tenanted at about RM15,000 a month.

Early last year, the developer launched 3-storey semidee units at RM1.8 million each but just a little over a year later, these units are already transacting at above RM2 million on the secondary market even before the houses have been delivered!

Demand for properties there has not lagged even amidst the overall sluggish property market in the Klang Valley.

In fact all the residences launched by Boustead last year, comprising about 180-odd units of bungalows, semidees and superlinks, have been fully taken up.

The next residential phase in Mutiara Damansara will be Surian Residences, a condominium which is pending approval. It is expected to be launched end of the year. "We are looking at a selling price of above RM500 psf, for now," says Ghazali.

The 311-unit condominium project, the second after Surian Condominium which Boustead launched in 2004, will be on a 10-acre site, with sizes of between 800 sq ft and 2,200 sq ft per unit.

"For the future, we still have 10 bungalow lots of 10,000 sq ft each which we may develop and sell or just sell as bungalow land. We have not decided on that," says Ghazali.

As for its corporate lots, prices may breach RM420 psf soon. There were 20 such 1-acre lots and there are only nine lots left for sale which Boustead is considering holding back, again in line with its strategy of tapping into future price appreciation.

The daytime population of Mutiara Damansara is also growing, what with the increasing presence of corporations and multinationals taking up office and showroom space there. The major companies already there or moving there include Nestlé, Daimler-Chrysler (M) Sdn Bhd, Toyota Lexus, UAC Berhad and Batu Kawan Berhad.

"Several of our friendly competitors, like Glomac, have bought land from us which we would like to believe means we are doing quite well," says Ghazali.
The rising population in the area will provide further boost to the shopping precinct there.

"This allows us to offer more products and change the tenants mix more often. At The Curve for instance, Debenhams will be opening there at the end of this October, taking up 10,000 sq ft, while Living Quarters and Metrojaya will be expanding. The number of tenants has increased over the years and other new tenants will be coming in. F & B outlets are doing well too. Turnover rentals have also increased and this is a good sign," says Ghazali.

"The Curve attracts two million visitors a month and we are confident it will reach 100% occupancy by end of September," he adds. The Curve is developed by Mutiara Rini Sdn Bhd, a wholly-owned subsidiary of Boustead Properties.

The Curve management will be embarking on a new joint branding exercise with its neighbours like Ikano and Cineleisure to brand the whole commercial area as "One Destination" or a one-stop commercial centre. This new branding strategy will begin early next year.

According to Ghazali, Cineleisure which is 50%-owned by Boustead in a joint venture (JV) with the Cathay Group, will be undergoing a major revamp soon with revised floor layouts and new signages. New tenants will also be invited to move in.

To cater to the rising daytime population, the current site where a McDonald's outlet now stands will be turned into a car park accommodating 1,000 cars.

According to Ghazali, there are currently five access points into Mutiara Damansara and Boustead is studying yet another access which will head straight to the Damansara-Puchong Highway.

The proposed LRT line from Kota Damansara to Cheras which is expected to pass through the area, will certainly augur well for the whole development and plans are to build connecting links from the proposed LRT station near the new hotel right up to the corporate offices.

The 145-room Royale Bintang Damansara is also experiencing good occupancy rates, especially during weekends, and to cater to the demand for more rooms, a second hotel will be built there.

"The building of our second hotel there will be commencing soon," says Ghazali, adding that the 302-room 4-star hotel is located behind Cineleisure.
Boustead also manages the Royale Bintang KL and the soon-to-be-open five-star Royale Chulan on Jalan Conlay, KL. It has also taken over the management of Royal Adelphi in Seremban and hopes to open the Royale Bintang Penang next.

Another project by the developer in the Klang Valley is its 183, Jalan Ampang condominium, next to the British High Commission, which has just been completed. However, those units are for rental only.

For future developments, there is a half-acre piece of land in Kenny Hills which Ghazali says can be developed into a super bungalow or a limited number of bungalows, while there are plans for a mixed development in a JV with the Cathay Group on a site in Bukit Bintang which used to house a Cathay cinema.

The group's development on Balau estate, a former 1,336-acre oil palm estate in Semenyih, Selangor where the University of Nottingham campus is located, is also being geared up for its first launch of residential homes. The university can be the catalyst for housing and property development in the area, says Ghazali, adding that Boustead is managing the project for the group.

The group's property investments experiencing good occupancy and rental yields include Menara Boustead, Menara Affin and Wisma Affin, all in Kuala Lumpur's Golden Triangle.

In Johor, the developer's 1,400-acre Mutiara Rini development in the Iskandar Malaysia region is seeing good sales, with 6,000 homes already sold. It has another 800 acres to be developed.

"We are starting development of the commercial area soon. It won't be another The Curve but we are negotiating with a potential key anchor tenant," says Ghazali.

The developer had also strived to offer something different from other developers there. For one, each purchaser is given a bicycle so they can make full use of the 30km bicycle lane in the development. The township development also boasts a 60-acre town park which it is developing with the support of the Forest Research Institute of Malaysia.

Strategy going forward

The overall economic slowdown, and rising inflation coupled with the increasing costs of construction, would affect a developer in one way or another. For Boustead, it is somewhat fortunate that it would be able to buffer the high cost of construction by raising selling prices of properties in its development in Mutiara Damansara, says Ghazali.

Boustead Properties was taken private recently and the company would be doing a bit of rationalising while facing the challenges in the current property market.

In dealing with increasing costs of construction, Boustead is looking at smart partnerships with subsidiaries within the group which are involved in manufacturing building materials such as ceramics and paint. "We are also looking at coming up with more efficient designs for our properties, as functional designs can contribute to the cost of construction," says Ghazali.
One thing Ghazali really wishes though, is for the government to speed up development planning approval as this would help reduce construction costs.
"Construction periods can be reduced but we never really know when the approval will be given. As long as there is a delay, it will add to the costs," he says.

Although the government has made some improvements in the approval system, Ghazali feels things can be even better. "The improve-ments to the public delivery service is not moving as fast as it should be. We also need credible and corrupt-free civil servants for the industry and the people to benefit because delays are a factor in the costs of construction," he adds.


--- end ---

[tomkat]

Originally Posted by klkl

Thanks, rizalhakim.

Went to check out the sales office of mutiara rini today.

Saw all the superlinks, semi-ds and bungalows (phase 1c2b) were sold out.

Heard from the manager that it would be launched early next year. They are building the show apartment now next to the sales office. Price will be rm400 and above.

Where is the exact location of this new Surian Residence Condo? Is it next to the existing Surian Condo?

[klkl]

It's behind the bungalows and next to phase 10.

Check out the Mutiara Damansara's layout plan at http://www.mutiararini.com.my/

[patchay]

Originally Posted by nazrey

lovely tower project..
taken on 22 Aug 08

OMG SO FASTTT.... I MISS THIS PLACE

[TWK90]

12/9/2008

Cladding can be seen on Surian Tower