NUSAJAYA | Johor ( Iskandar Development Region ) | General News & Updates

[pedang]

UEM World: Speculation on properties would not hurt Nusajaya

By Gan Yen Kuan
Email us your feedback at fd@bizedge.com


Possible speculative activities arising from the waiver of real property gains tax (RPGT) would not jeopardise the landscape of property sales in Nusajaya, said UEM World Bhd managing director and chief executive officer Datuk Ahmad Pardas Senin.

He said the waiver of RPGT would be a catalyst and spur further development of the property market, especially in Nusajaya, although it might encourage speculation on house prices.

“Inevitably there will always be some elements of speculative activities in the property sector, which is not always necessarily a bad thing.

“In IDR (Iskandar Development Region), there are a lot of fundamental growths taking place, especially in our projects in Nusajaya.

"As long as the market there is growing, speculative element does not necessarily pose a problem,” he told reporters at Invest Malaysia 2007 in Kuala Lumpur on March 22.

Earlier, in his keynote address, Prime Minister Datuk Seri Abdullah Ahmad Badawi announced that the government had decided to abolish RPGT effective April 1, to “inject more excitement and dynamism into both the property and the financial sectors”.

Nusajaya is one of the five key flagship zones in the IDR in south Johor. UEM World’s unit UEM Land Sdn Bhd is the master planner of Nusajaya.

On its funding plans for Nusajaya, Ahmad Pardas said it could raise up to RM2 billion now following the transfer of some 4,500 acres of land in Nusajaya to Khazanah Nasional Bhd, which offset its debts to Khazanah and reduced its gearing ratio to 1.5 times from between three and four times earlier.

“It (funding requirement) would depend on the rate of growth and progress of the projects we are undertaking.

“We are in the process of raising the first RM1 billion to prepare us for the next one to two years,” he said, adding that the RM1 billion would be raised mostly via issuance of Islamic bonds to be completed by the third quarter.

On a separate matter, Ahmad Pardas said it would consider reducing its stakes in 72.6%-owned Pharmaniaga Bhd, and units UEM Land and UEM Environment Sdn Bhd.

“It is not our long-term intention to keep it (stake in Pharmaniaga) at that level. We will sell that down, but first we must value Pharmaniaga and only consider selling it to secure the right value.

“Similarly, we have our other investments where we hold 100%, such as UEM Environment and UEM Land. There are potentials for us to reduce our stakes in the long run.

“But we have not been actively planning to do it as yet because the true value is not yet reflected now,” he said.

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UEM World aims to raise RM1bil to finance Nusajaya projects
Updated : 23-03-2007
Media : The Star


KUALA LUMPUR: UEM World Bhd plans to raise RM1bil in the third quarter this year to fund Nusajaya's expansion over the next two years, group managing director Datuk Ahmad Pardas Senin said.

And though the group can borrow up to RM2bil after a de-gearing exercise, it needs only RM1bil initially. Its gearing has been reduced to 1.5 times from more than three times after it sold parcels of land in Nusajaya and offset the payment for debts owed to Khazanah Nasional Bhd.

Nusajaya is the next big thing for the UEM World group as the development can take several decades. This is in addition the contract to build and manage the second Penang bridge.

'We would initially be raising the money to prepare for the next one to two years. Our preference is Islamic banking instruments; one option is the issuance of a sukuk,” Pardas said.

Moreover, he said, much work had been done group-wide as the focus in the past one to two years was to strengthen its fundamentals, building on strengths and capabilities so that future growth was sustainable.

Besides efficiency improvements, UEM Group had also reduced cost, developed people, de-geared and sourced for new businesses.

Pardas believes the group now is in a much better state and it would be looking for opportunities at all units, including pharmaceuticals. UEM World would be divesting part of its Pharmaniaga Bhd stake as required by the authorities but it would not be done without value creation.

There was also the “potential to reduce our stake in UEM Environment and UEM Land over the longer term; not this year, but we would sell them when the full value of the assets is realised,” Pardas said.

He also said the listing of Opus International Consultants Ltd, a unit of Opus International Group plc of New Zealand, was expected to be completed in the third quarter this year and that should generate some cash for Opus Group.

'Our key shareholders are expecting a return on equity of 20% and we would achieve this in the near future,” Pardas said.

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UEM Land mulls tie-ups with premier landowners
By Kang Siew Li
siewli@nstp.com.my
March 26 2007




UEM Land Sdn Bhd, the property unit of builder UEM World Bhd, is exploring the viability of partnering premier landowners to develop their land.

Should it decide to proceed, UEM World's plan would be to replicate the recent partnership it formed with Gamuda Land Bhd for the Horizon Hills project in Nusajaya, Johor.

UEM Land is jointly developing Horizon Hills, which has 12 precincts, with Gamuda Land on an equal working interest basis.

Managing director Wan Abdullah Wan Ibrahim said UEM Land has been invited by several corporations to participate in the development of their land.

He declined to disclose the parties, but said the properties are among prime locations in Kuala Lumpur and Penang.

The proposals include either allowing UEM Land to buy outright the land and develop on its own or enter into agreements to jointly develop the property. They will feature a mix of residential, commercial and industrial developments.

Wan Abdullah said it was still too early to decide, but the projects will most certainly involve UEM Land's equity participation. The decision is also subject to the company's board of directors' approval.

"We are carefully considering the proposals offered by these corporations so as not to lose sight of the group's main objective, that is, to develop our flagship Nusajaya project in south Johor," he told Business Times in an interview.

"Nusajaya is in the process of attaining critical mass and will be our focus within the next three to five years," he said.

However, it is understood that UEM Land is likely to formalise some of these proposals this year.

Wan Abdullah attributed the recent surge of invitations to participate in projects to UEM Land's visibility in developing Nusajaya of late.

"Recently, our report card has been quite excellent in the way that we have managed to move the Nusajaya project physically, and not only in concept and ideas.

"In addition, we have been registering revenue from some of our catalyst projects," he said.

The 9,720ha Nusajaya boasts of seven signature or "catalyst" developments, including the all-new Johor state administrative centre, a medical city, a waterfront precinct named Puteri Harbour, and several residential projects such as Nusa Idaman, Ledang Heights and Horizon Hills. These developments are deemed necessary to kick-start Nusajaya's growth.

To ensure that the Nusajaya project is not disrupted, Wan Abdullah said new teams will be set up to take on the new projects.

"But it does not need to be a full-blown team because of our synergies across the (UEM World) group. For example, we can seek assistance from Opus International Group plc in terms of project management services and UEM Builders Bhd in construction matters.

"As such, we can enter the proposed projects as a group, with UEM Land as lead manager. This way, we can mitigate the risks the projects may have as we are all experts in our respective fields," he said.

UEM Land registered a revenue of RM453 million last year, and expects it to jump to RM2.03 billion this year.

UEM Land senior general manager of finance Mohd Zakir Omar said RM1.43 billion will come from the company's de-gearing exercise, and the remaining RM600 million from its operations.

Net profit, meanwhile, is expected to hit RM380 million this year, up from RM82 million in 2006.

"Of this total, RM340 million will come from the de-gearing exercise and the balance from operations," he said.

[pedang]

UEM Land: Nusajaya will come to life by 2011

By Kang Siew Li
siewli@nstp.com.my


April 2 2007


UEM Land Sdn Bhd, the property unit of builder UEM World Bhd, forecasts its flagship Nusajaya project in South Johor to reach critical mass by 2011, a point where each of its seven signature developments become self-sustaining and would be feeding off each other.



The 9,720ha Nusajaya boasts of seven signature, or "catalyst", developments, including the all-new Johor state administrative centre, a medical city, a waterfront precinct named Puteri Harbour and the Southern Industrial and Logistic Clusters (SILC).


"Right now, our main task is to put Nusajaya on the world map. But by 2011, that's when Nusajaya would come to life as a regional city," UEM Land managing director Wan Abdullah Wan Ibrahim told Business Times in an interview.


The pace to develop Nusajaya has been accelerated with the setting up of the Iskandar Regional Development Authority (IRDA), a body responsible in carrying out the development of Iskandar Development Region (IDR), which encompasses Nusajaya.


The IRDA this week announced a slew of incentives to attract investors to the IDR.


Since taking the helm at UEM Land in January 2006, Wan Abdullah has spent most of his time making sure projects in Nusajaya get off the ground.


He expects that among the projects completed by 2011 include a private marina with an immigration and Customs checkpoint, a hospital, a convention centre, the retail section along the waterfront and the Johor state administrative centre, of which the latter will have a working population of some 6,000.


"The SILC industrial park will also probably be fully sold and several university campuses (will be) opened," he added.


The year 2011 will also be one when UEM Land is poised to break RM1 billion per year in revenue. It registered a revenue of RM453 million last year.


"For the next five years we expect to report combined revenue of some RM6 billion. That's because a lot of projects are still in the implementation and construction stages.


"But by 2011, we hope to be ranked in the annual billion dollar club in terms of revenue," he said.


Wan Abdullah believes that now is the time for prospective buyers and investors to buy properties in Nusajaya.


Already, prices of properties in Nusajaya are at a premium to the rest of Johor, but still below Kuala Lumpur's rates.


"However, when the (seven) catalyst developments are all in place, it (price of properties in Nusajaya) could surpass Kuala Lumpur's property prices. That's when we will be comparing our rates to Singapore's (properties) rather than that of Kuala Lumpur's," he said.


Meanwhile, UEM Land will raise up to RM2 billion over the next three years to finance its Nusajaya project.


It plans to raise the funds in three tranches, all of which will be initiated this year.


The first tranche covering RM270 million was announced on March 7, which will be used to finance one of its residential projects called Horizon Hills.


It expects to raise the amount through the sale of Islamic bonds in the next two months.


The second tranche of RM1 billion was announced on March 23 by UEM World Bhd managing director and chief executive officer Datuk Ahmad Pardas Senin.


The company plans to raise the money through the issuance of Islamic financial instruments by the third quarter of this year to fund its ongoing work in Nusajaya.


"The third and final tranche of the fund-raising, totalling RM700 million, will be used to finance the second and third phases of the Johor state administrative centre in the development," said Wan Abdullah.


The property developer expects to generate a gross development value of RM4.3 billion from the Nusajaya project.

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UK universities keen to set up base at Educity
By : Siti Nurbaiyah Nadzmi
2007/04/20
NewStraitTimes


JOHOR BARU: Two United Kingdom universities have expressed interest in setting up campus in the education hub of the Iskandar Development Region.

Newcastle University and Hull University are in talks with Universiti Teknologi Malaysia in Skudai about working together in research work.

This is part of a broader objective of getting the two well-known institutions to open their doors at Educity in Nusajaya.

Educity, which is 20km from the UTM campus, would have a mix of local and international universities with a targeted student body of 20,000.

Deputy Vice-Chancellor (Research and Innovation) Prof Dr Zaini Ujang said the two had expressed interest for their scientists and academics to come and use UTM’s research facilities in Skudai.
"We are negotiating with Newcastle University’s medical school and Hull University’s maritime faculty to collaborate with us at our research centres.

"Although we do not have a medical school we have facilities for medical-related fields."

Zaini yesterday said that the combined research work would boost UTM’s image as a world class institution.

"We are internationalising UTM by enrolling more foreign students, engaging international teaching staff and networking with renowned universities in collaborative research projects."

Zaini earlier opened a seminar on the planning of Iskandar at Dewan Senat UTM.

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[KING BOB]

Looks like another putrajaya but for the south.

[nazrey]

Duke Of York Visits Nusajaya Centre And Briefed On IDR
August 29, 2007 15:11 PM




WARM WELCOME… Datuk Abdul Ghani Othman greets The Duke Of York,
Prince Andrew (left) when the latter arrives for a briefing on the
development in Nusajaya and the wider Iskandar Development Region. Pix:
Rosli Awang


JOHOR BAHARU, Aug 29 (Bernama) -- The Duke of York, Prince Andrew, who is here to attend Malaysia's 50th Merdeka Day celebration on Friday, visited the Nusajaya Centre here today.

He was received upon arrival by Johor Menteri Besar Datuk Abdul Ghani Othman and briefed on the developments in Nusajaya and the wider Iskandar Development Region (IDR) by the chief executive officer of Iskandar Region Development Authority (IRDA), Datuk Ikmal Hijaz Hashim.

He was then taken on a site tour of the state government's new administrative centre (JSNAC) and the Puteri harbour, the waterfront precinct.

Earlier the Duke of York, who is also the United Kingdom's special representative for international trade and investment, was received by State Secretary Datuk Abdul Latiff Yusof and British High Commissioner to Malaysia Boyd Mcleary upon arrival at the Senai International Airport from Singapore.

Prince Andrew, the second son of Queen Elizabeth, is a special guest for the 50th Merdeka bash.

UEM Land Sdn Bhd managing director Wan Abdullah Wan Ibrahim, in a statement, said Prince Andrew's visit augured well for the strong bonds between Malaysia and Britain and would pave the way for even better business collaborations between the two countries.

"Nusajaya is, in fact, currently in talks with several British universities to set up their faculty in EduCity, one of the seven signature developments in Nusajaya," he said.

UEM Land, a wholly-owned subsidiary of UEM World, is the master developer of Nusajaya, a 9,600ha integrated urban development south-west of Johor and a key development project within the IDR.

Nusajaya, is positioned to be the largest, premier, fully integrated urban development in Southeast Asia offering significant investment, financial and business opportunities for local, regional and international entrepreneurs as well as investors.

It has seven signature developments, the JSNAC, Southern Industrial and Logistics Clusters, Medical City, Educity, Puteri Harbour, International Destination Resort and Residential.

Prince Andrew later had an audience with the Sultan of Johor, Sultan Iskandar, at Istana Bukit Serene.

He will also visit Dyson, a British vacuum cleaner manufacturer in Senai, before departing for Kuala Lumpur in the evening.

-- BERNAMA

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Bandar Nusajaya wants healthcare players in IDR
Updated : 18-09-2007
Media : The Edge


PETALING JAYA: UEM World Bhd unit Bandar Nusajaya Development Sdn Bhd is keen to attract investments from the healthcare and academic sectors into its flagship development project, Nusajaya, located within the Iskandar Development Region (IDR).

Its managing director Mohamad Sa¡¦elal said the company was in talks with several potential investors, including Gamuda Bhd as well as trying to attract British and American institutions to set up education centres in the IDR.

Mohamad also said there were various parties keen to invest in the medical and healthcare sectors in Nusajaya.

Speaking to reporters after presenting a paper entitled The Iskandar Development Region ¡X Impact on The Property Market at the 2007 National Property and Housing Summit yesterday, he said the company has so far secured over RM4.1 billion from Middle Eastern investors into Nusajaya, Johor¡¦s new administrative capital.

He said that to date, the company had sold more than 40% of its residential property development within the IDR. The company has a total land bank of 9,716.6ha in IDR, he said.

¡§There is still a lot more (land) to be developed and some has not started yet,¡¨ he said, adding that the South Johor Investment Corporation Bhd¡¦s (SJIC) 809.7ha land bank development within Nusajaya would also boost its flagship development project.

Meanwhile, Malaysia Pacific Corporation Bhd president and chief executive officer Bill CP Ch¡¦ng said the ¡§Special Economic Zone¡¨ that encompasses Bintan, Karimun and Batam, with Singapore in its middle, would not have the same comparable advantages of ¡§IDR-Singapore¡¨ in terms of logistics, the world-class infrastructure available, transportation convenience and the natural geographic landscape.

¡§I have been told that there is a plan by the Singapore government to move the high-tech facilities (now) at Jurong to somewhere, whether to Batam or to Johor. But I believe IDR is the natural preference to Singapore based on geographic and logistic rationale,¡¨ he said.

However, Ch¡¦ng said that there was a valid fear that the Singaporeans or new migrants might overwhelm IDR¡¦s local demographic population and many locals might be forced to live outside the IDR, because of the anticipated higher property prices and living costs within the IDR.

¡§These are sacrifices we have to make, if IDR wants to become an ¡¥International City¡¦, ¡¨ he said, suggesting that the Malaysian government undertake the development of affordable public housing projects for sale or rental.

[cooolboi]

I hardly can believe their plan will be workable. Plain talking dont work.

[nazrey]

UEM Land ropes in GE for Nusajaya opportunities
September 26 2007

The property developer is looking to General Electric as a strategic partner for help with the planning of city management systems

PROPERTY developer UEM Land Sdn Bhd has roped in US firm General Electric (GE) as a strategic partner in plans it is spearheading to build a new Asian boomtown in Johor.

"Initially, the agreement with GE is for three years," she said.

"UEM Land is looking to GE for help with the planning of city management systems. They really need to work with someone who has that experience, and a proven track record."

She declined to give any further details.

GE chief executive Jeff Immelt and Datuk Ahmad Pardas Senin, chief executive of UEM, will attend tomorrow's signing.

Late last year, Malaysia unveiled an ambitious two-decade blueprint to turn 2,200 sq km of Johor, bordering wealthy Singapore, into an industrial and tourism zone.

State-controlled UEM World hopes to benefit from the city-state's plans to develop two large casino resorts in its project to develop vacant and developed land around the Bandar Nusajaya township in southwest Johor.

Shares of UEM World last traded at RM3.78. They have soared 116 per cent since the beginning of the year, while UEM Builders Bhd, another group firm, rose nearly five per cent.

Earlier this year, GE said it expected sales and profit growth of 30 to 40 per cent in emerging countries over the next three to five years.

"By 2010, we're estimating sales of US$50 billion (RM172 billion)," GE International chief executive Ferdinando Beccalli-Falco, told reporters in Kuala Lumpur in July.

GE makes jet engines, gas turbines and other heavy equipment, and is involved in consumer finance and healthcare businesses.

It sold US$30 billion (RM103 billion) in the emerging economies of China, India, Southeast Asia, the Middle East and Africa, and Latin America last year. - Reuters

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GE to relocate overseas operations to Nusajaya in 2008
by Ellina Badri & Lim Shie-Lynn, 28 Sep 2007 11:55 AM
THEEDGEDAILY


KUALA LUMPUR: GE International Inc plans to relocate some of its overseas operations, including those in Singapore, to Nusajaya next year to support its customers in their investments in the Iskandar Development Region (IDR), its president for the Southeast Asian region, Stuart Dean, said.

According to him, GE Water & Process Technologies would probably be GE’s first business unit to move to Nusajaya to be followed by others soon. GE Water is a supplier of water treatment, waste-water treatment and process systems solutions.

He said it would take time for GE to study the cost propositions of setting up its operations in Nusajaya and the company would also wait for the commercial buildings to be up to gauge the response to the developments there.

He was speaking to reporters after signing an agreement with UEM Land Sdn Bhd to jointly explore opportunities available to both parties in the development of Nusajaya, with the initial areas in safety and security, infrastructure and environment.

Over the longer term, Dean said GE Real Estate would also look at investing in existing commercial office buildings. “It’s very early days and we normally don’t take developmental risks, but the cost proposition there is very attractive and perhaps we can convince them to do that,” he said.

On Malaysia’s investment climate, GE’s chief executive officer Jeff Immelt said: “We see explosive growth across the region. The Malaysian infrastructure is very supportive of having both regional and global investments, so I think the timing is good in Malaysia.”

On its agreement with GE, UEM Land managing director Wan Abdullah Wan Ibrahim said priority would be placed on the safety and security component, and they would jointly come up with the Nusajaya Safety and Security Blueprint by the first quarter of 2008, with the blueprint to be implemented in the first half of next year for integration into the Nusajaya Integrated City Management Platform.

“The implementation of the safety and security component is integral to Nusajaya’s success as a regional city that will be home to some of the region’s foremost entrepreneurs, celebrities, diplomats, C-suite executives, academicians and medical practitioners,” Wan Abdullah said.

Under the agreement, GE would share its world’s best practices, international case studies and provide expertise and knowledge in the relevant areas. It would also provide the transfer of technology to complement UEM Land’s expertise in relevant infrastructure and development areas.

However, Wan Abdullah said UEM Land was not bound by the agreement to procure products and services from GE as UEM Land had its own procurement policies under the government-linked company guidelines.

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ICT firm gets Johor network project
October 9 2007
BusinessTimes

MysysNet will be working with Cisco Malaysia to deploy an integrated network infrastructure for the Johor state government in Nusajaya

MYSYSNET Sdn Bhd, an information and communications technology (ICT) systems integrator in Johor, has been awarded a project by the Johor state government to deploy an integrated network infrastructure for the Johor State New Administrative Centre (JSNAC) in Nusajaya.

MysysNet will be working with Cisco Malaysia to implement the project.

The network deployment is part of the RM40 million contract awarded by the state government to MysysNet under the second phase of the Johor Electronic Government initiative.

It will cover the connection of the first five buildings in JSNAC over a next-generation network from Cisco.

"This project is strategic and aims to improve government services in the state.

"We believe that MysysNet, together with Cisco Malaysia, can make a difference to the lives of the people of Johor," MysysNet managing director, Md Sees Md Ali, said in a statement here yesterday.

The Johor Electronic Government initiative is designed to improve government efficiency, establish closer links with the people of Johor, and pave the way to sustainable economic growth, through the use of ICT.

This ICT foundation was first put in place in April 2004, which connected 200 state government agencies over a network from Cisco.

This project was initiated and successfully implemented by MysysNet.

The network will include routers, switches, integrated network security and data center solution.

The five buildings in the JSNAC are expected to be completed and operational by January 2008, with 14 more buildings scheduled to be built over the next few years. - Bernama

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S’pore firm buys 9.3ha land in Nusajaya for RM22.9m
17-10-2007: by Ellina Badri
THEEDGEDAILY


KUALA LUMPUR: Singapore-listed Yongnam Holdings Ltd has acquired a 9.3 hectare site in Nusajaya from UEM Land Sdn Bhd for RM22.9 million to build a fabrication factory.

The company, which is involved in engineering and construction services, said in a filing with the Singapore Stock Exchange on Monday the new factory was scheduled to start operations by the first half of 2008.

“The acquisition of the land and construction of the factory will cost approximately S$22 million (RM50.6 million),” it said.

On completion, the group’s production capacity is expected to be increased by 42,000 tonnes per annum to cope with the increasing market demand. The acquisition and development of the land would be financed mainly from funds raised through a second private placement and its own funds.

The acquisition of the land was made by Yongnam’s Malaysian subsidiary Yongnam Engineering Sdn Bhd.

Yongnam’s net profit for the first half of 2007 (1H07) had surged seven-fold to S$19 million from S$2.7 million last year, on the back of a 7.3% rise in revenue to S$78.4 million from S$73.1 million in 1H06.

Its key business areas are structural steelworks, specialist civil engineering and mechanical engineering.

It also has operations in Thailand and Hong Kong.

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AEON aims to build shopping centre in Bandar Nusajaya
Lim Yu Min, 30 Oct 2007 3:48 PM
THEEDGE


KUALA LUMPUR: AEON Co (M) Bhd (Aeon), which operates the Jusco stores, wants to put up a shopping centre in Bandar Nusajaya.

Aeon has offered RM106.97 million to buy a 15.11-hectare piece of land within the Bukit Indah Township in Johor. Bukit Indah is part of Bandar Nusajaya, which in turn, is a key component of the Iskandar Development Region (IDR). Bandar Nusajaya is being developed by UEM Land Sdn Bhd.

Bukit Indah Township is a 10-year-old mixed residential development, situated approximately 16km north-west of the Johor Bahru city centre.

Aeon says its plan to construct a shopping centre is in line with its corporate strategy of accelerating the expansion of its retail business through opening of new outlets and shopping centres.

The proposed acquisition will be fully satisfied by cash and financed through the company’s internally generated funds. It is not expected to have any material impact on the EPS (earnings per share), NTA (net assets per share) and net gearing of the company.

[Greg]

http://biz.thestar.com.my/news/story...8&sec=business


By ZAZALI MUSA

JOHOR BARU: Kuwait Finance House (M) Bhd (KFHMB) is currently in discussions with several foreign investors to jointly develop its land in Bandar Nusajaya near here.

Its managing director Datuk Salman Younis said the talk involved investors namely from Australia, China, Indonesia, Singapore and the Middle East.

He said the 624 acres of land worth US$300mil (RM1bil) is located near the Johor State New Administrative Centre project, which is under construction within the Iskandar Development Region (IDR).

"Give us three more months to come out with further details on the development plan and the parties involved,'' said Salman.

He was speaking during a press conference at the launch of KFHMB's Awareness Campaign on Islamic banking by Johor Economic Planning Unit director Datuk Hamsan Saringat.

The Johor Baru roadshow is the first in a series to be held in key market centres nationwide to highlight some of the bank's products and services.

Some 200 participants from the state government, public and private sectors and small and medium enterprises attended the one-day event.

He said there were possibilities that the bank would jointly develop the land with more than one foreign party as investors involved in the talk had shown serious commitment.