Just message ANY new things from what you see/heard here! II

[haze]

Sunway City to launch RM1.4bil worth of properties

PETALING JAYA: Sunway City Bhd will launch next year some RM1.4bil worth of properties, comprising mainly medium to high-end residential homes and commercial units in prime areas around the Klang Valley, Ipoh and Penang.

"The demand for quality homes in good locations is expected to remain strong in 2007," senior managing director Datuk Wong Choon Kee told reporters Tuesday.

The company expects to start selling new bungalows at its Sunway South Quay project in the first quarter of next year. The South Quay project is part of the group's flagship Sunway Integrated Resort development in Petaling Jaya.

[pedang]

18 Dec 2006: Corporate: MBMR entering property development near Mid Valley

By Siow Chen Ming
Email us your feedback at fd@bizedge.com

MBM Resources Bhd is turning out to be more than an automotive player. It has plans to develop a piece of prime land that is located near Mid Valley City and next to the Federal Highway.
MBMR, which owns a 20% stake in second national carmaker Perusahaan Otomobil Kedua Sdn Bhd (Perodua) and is its major dealer, announced to Bursa Malaysia on Oct 19 a plan to develop a commercial project on the land. But the announcement did not generate much interest in MBMR's stock. This is probably because the location of the land was not made very clear.
The land is actually where Volvo's flagship showroom is situated — at Lot 15 Jalan Klang, which is within walking distance of Mid Valley City. It is freehold and measures 5,213 sq m. It is currently owned and occupied by MBMR's indirect subsidiary Federal Auto Holdings Bhd. The latter is the main dealer for Volvo cars and is 69.6% owned by Galaxy Waves Sdn Bhd, a wholly owned subsidiary of MBMR.
MBMR has said it intends to develop the land with Federal Auto and Pembinaan Teknikhas Sdn Bhd, a company linked to MBMR's director Aqil Ahmad Azizuddin. MBMR and Federal Auto will together own 70% of the project (MBMR 30% and Federal Auto 40%) while Pembinaan Teknikhas will hold the remaining 30%.
"The plan is expected to enable MBMR and Federal Auto to realise the value of the prime piece of property. It will also enable Federal Auto to continue to stay at this site when the project is ready," says an auto analyst with K&N Kenanga.
According to MBMR's annual report for the financial year ended Dec 31, 2005, the land and the Volvo showroom on it had a book value of RM9.65 million, or about RM172 per sq ft. This means the value of the property accounted for a quarter of MBMR's cost of investment in Federal Auto, which comes up to about RM36.3 million.
A development plan is still on the drawing board but given the size of the land, an office tower project may best suit management's objective to maximise the value of the land and ensure recurring rental income for the company. It is learnt that the company is looking at a gross development value of about RM200 million, and may benchmark the project against the commercial office space in Mid Valley City. The group may sell half the space to recover part of the development cost and retain the other half for leasing purposes. "The project should be well received based on the good take-up rate for Mid Valley currently. The office market in the vicinity of Mid Valley still has much potential. We can expect an average selling price of close to RM450 psf," says the analyst with K&N Kenanga.
Financing should not be a problem for MBMR, which effectively has a 70% share in the project. The group has been able to generate strong cash flow from its Perodua dealership business. For the nine months ended Sept 30, it generated an operating profit before working capital charges of RM53.68 million and net operating cash flow of RM58.85 million. Group borrowings amounted to RM71.8 million against shareholders' equity of RM653.31 million.
MBMR is taking its time to deliberate on the development project, which may only be completed in three years. It is worth noting that the company has signed a memorandum of understanding, which is valid for two years, with Federal Auto and Pembinaan Teknikhas. However, given the scant information available, the potential of the development project has not reached the attention of investors.
Based on its closing price of RM2.88 last Wednesday, MBMR is being valued at less than 10 times its FY2005 earnings and about seven times the consensus FY2006 earnings of 42.5 sen per share or RM91.3 million, according to AmResearch. Moreover, the stock is trading at only slightly higher than its net tangible assets per share of RM2.75 as of Sept 30.
Both AmResearch and Hwang-DBS Vickers have a "buy" rating on MBMR with respective target prices of RM3.40 and RM3.55. This is premised on the group's strong earnings potential from its participation in Perodua.
"Given the group's earnings visibility and the likely successful regional play [as Perodua expands its sales to the export market], we deem current valuations of seven times FY2006 earnings and six times FY2007 earnings undemanding," says Hwang-DBS Vickers in a recent note to clients.
Nevertheless, analysts' evaluation of MBMR probably does not reflect the potential of the commercial development project on its Jalan Klang land.
MBMR's plans to venture into property investment would likely diversify its revenue streams, which are now predominantly from the car retailing business and its 20% stake in Perodua.

[Lastresorter]

Duta (Grand Hyatt) Hotel is Starting Up again

Monday, December 18, 2006

New Lease of Life for Hotel Project

PETALING JAYA: Mycom Bhd has redesigned the former Duta Grand Hyatt hotel project to include commercial space to complement the project's residential apartments and 5-star hotel. The developer plans to resume work on the stalled RM1.15-billion project when its debt-restructuring exercise is completed next February.

Sited on a 2.98-acre freehold tract at the corner of Jalan Sultan Ismail and Jalan Ampang, work on the hotel project began in 1994 before it was stopped when the developer was hit by the 1998 Asian financial crisis. The partially completed project was to have housed the Duta Grand Hyatt hotel. It was planned as a 5-star hotel with 570 rooms and 108 apartment units.

At its recent AGM, group managing director Datuk Yap Yong Seong says the Hyatt Group is no longer associated with the project. "Due to the stalled timeframe, the contract with the Hyatt Group has lapsed and the hotel component will not be operated by them. We will look for another 5-star hotel brand," he explains, adding that the entire project will have a total built-up of 1.78 million sq ft.

It is learnt that the three-tier development will now comprise two high-rise towers and a retail podium. There will be a 50-storey tower to house the hotel with between 200 and 400 rooms and a 55-storey tower to house 200 residential apartments. There will also be 371,000 sq ft of office space. A six-level retail podium with a built-up of 172,000 sq ft will adjoin the towers.
It will be developed by subsidiary Duta Grand Hotels Sdn Bhd. Work will begin once the regulatory authorities approve the restructuring scheme.

The project willtake about 30 months to complete, adds Yap.

[pedang]

so twin 50 & 55 storey.. erm how come..

[ZaHiRnYa???]

Originally Posted by pedang

so twin 50 & 55 storey.. erm how come..

but i thought the entire complex already topped up?

[pedang]

YNH Property, CapitaLand to develop office tower

Email us your feedback at fd@bizedge.com

YNH Property Bhd and Singapore's CapitaLand Ltd will jointly develop a 131,000sq ft site in Kuala Lumpur's Golden Triangle to build an office tower cum retail centre.

CapitaLand's unit CapitaLand Commercial and Integrated Development Ltd (CCID) will hold a 40% intrest in the joint venture while YNH's unit Kar Sin Bhd will hold 60%.

"The partners intend to develop a landmark office tower cum retail centre on this prime site. Construction is expected to start in mid-2007 with completion anticipated by end 2011," they said in a joint statement on Dec 20.

CCID chief executive officer Martin Tan said: "As a prime development, this project is one of the identified candidates for injection into our Malaysia Commercial Development Fund, which was launched last week together with the Maybank Group."

YNH Property executive chairman Datuk Yu Kuan Chon said the project would contribute to the buzz and excitement of Kuala Lumpur by 2011.

"This is a win-win proposition for us," he said.

In Malaysia, CapitaLand has a 30% stake in Menara Citibank, a 50-storey officer tower in Kuala Lumpur. It has also taken a 40% stake in a joint venture with Quill Group to develop a plot of land in KL Sentral into a premier office building.

[haze]

another 43 storey luxury condo would be build next to the pavillion at jalan bukit bintang.

[ZaHiRnYa???]

Originally Posted by haze

another 43 storey luxury condo would be build next to the pavillion at jalan bukit bintang.

huh..still got land next to pavillion meh??

[dengilo]

ah ya must be the one next to the regent hotellah.I still lemember ahh when lot 10 was once awet market this land next to the hotel ahh was a churchlah
i think ahh they demolished it in 1997!

[pedang]

Originally Posted by ZaHiRnYa???

huh..still got land next to pavillion meh??

if im not mistake the show room has been there.

[ZaHiRnYa???]

Originally Posted by pedang

if im not mistake the show room has been there.

think i know which one already. saw the showroom long time ago, but thought it was for the pavillion condominium...so that is why dont really bother to find out..haha

[dengilo]

Ok guys lets find out whats preposed for the bok house site????If not i want to rent that vacant space turn it into a parking lot ha ha super prime lot for parking!!

[pedang]

Renaissance Hotel to undergo US$10m facelift


December 29 2006


THE 5-star Renaissance Kuala Lumpur Hotel, which is managed by US-based Marriot International Inc, will undergo a US$10 million (RM35.3 million) refurbishment next year.

The 921-room hotel, which is enjoying an average occupancy rate of 75 per cent, is only renovating the rooms at its east wing.

"In the last 11/2 years, upgrading works were done at the ground floor restaurant of the East Wing. We'll continue with more renovation works and these will begin in the third quarter of 2007," said hotel general manager Robert Frager.

"We'll expand the bathrooms in the 521 rooms, while the remaining area will see some cosmetic touch-ups," he said.

This exercise is to facilitate the hotel's strategy to grow its meeting, incentive, convention and exhibition (MICE) market.

Frager was speaking to reporters at the official launch to rename the New World Hotel at the east wing of Renaissance Kuala Lumpur Hotel. In conjunction with the renaming exercise, 500 goody bags with lunch boxes, drinks and gifts were given out to taxi drivers passing through the hotel.

Deputy Tourism Minister Datuk Donald Lim Siang Chai graced the event and flagged off the taxi convoys.

Effective January 1, the New World Wing will change its name to Renaissance Kuala Lumpur Hotel East Wing, thus completing the integration of the whole complex into one hotel with two wings - East and West.

"With the name change, the two hotels become one, making it easier for everyone to remember," Frager said.

Although the hotel had spent close to RM500,000 on the renaming signages and marketing materials, Frager is also asking the support of all taxi drivers (especially Airport Limo (M) Sdn Bhd and taxi associations) to spread the word of the name change.

"We would like to impress on the safety and security of our guests and one of the ways is to work very closely with taxi associations," he said.

The 10-year-old Renaissance Kuala Lumpur Hotel is equally owned by IGB Bhd and Hong Kong Stock Exchange-listed New World Development Co Ltd.

In Malaysia, other hotels under the Renaissance Group are the Renaissance Melaka Hotel and Renaissance Kota Bharu Hotel.

Move is in line with strategy to increase its share of the MICE market

[pedang]

TA Ent plans RM2b property project near Twin Towers

By Chong Jin Hun
jinhun@nstp.com.my


January 4 2007


TA ENTERPRISE Bhd's (TAE) fast-growing property business will soon include an estimated RM2 billion mixed development within walking distance of the iconic Petronas Twin Towers.



TAE, which also has a stockbroking business, plans to build a luxury hotel, shopping complex and residential units on the company-owned 0.9ha site along Jalan P Ramlee.

Construction, which is expected to take four years, will start in 2008. It will be TAE's second property project within the KLCC area, after its RM294 milllion "Idaman Residence" condominiums on a 0.6ha tract nearby.

"I cannot sell anything less than RM1,500 a sq ft because of the location," TAE executive chairman Datin Alicia Tiah told Business Times in Kuala Lumpur yesterday.

"We have been approached many times by big names (in the property sector) for joint ventures. I am not saying I am not considering but we have not really made up our minds yet," Tiah added.

Other real estate projects by TAE include the estimated RM450 million "Damansara Idaman" in Selangor and the RM800 million "Seri Suria" in Kuala Lumpur.

TAE, initially renowned as a stockbroking firm, has jumped on the real estate bandwagon to reduce its dependence on financial services operations.

As such, earning recurrent income from its properties will be a key strategy going forward to safeguard TAE's income stream.

"But stockbroking is just as important, if not more important, at this point in time," Tiah said.

In the nine months to October 2006, property investment and development already constituted 47 per cent of TAE's revenue of RM243.8 million.

Real estate income is expected to account for up to 50 per cent of revenue within two years, helped by TAE's upcoming property launches.

Citing examples, Tiah said the third phase of its "Damansara Idaman" is due for launch next week, adding that TAE has some 180ha of undeveloped land to date.

It is no secret that TAE intends to build properties in China and India, but Tiah declined to elaborate on the company's potential foreign ventures.

TAE has established a China-based unit, TA Ace Fit Investment Management (Kunming) Co Ltd, to undertake investment and hotel management activities there, according to TAE's filings to Bursa Malaysia.

[tomkat]

Where is this 0.9 ha plot of land actually? So many development, and they all confuse me....

[Greg]

This my post in 2005.
They talk about a plot of land on Jalan Imbi.
http://www.skyscrapercity.com/showth...=173914&page=5

[tomkat]

RM2 billion is a lot of money. Must be in the same scale as Pavillion KL.

[pedang]

2b higher than Four Seasons project n its must be TA3.

[pedang]

Metro Kajang has RM336mil of projects



By SHILING WOON

KUALA LUMPUR: The Metro Kajang Group plans to launch property development projects with a gross development value (GDV) of RM336mil in the current financial year ending September 2007, said marketing manager Johnny W.C. Lam.

“Our upcoming projects include serviced apartments in Damansara, a higher-end housing project in Kajang and commercial development in Cheras,” he told StarBiz.

Metro Kajang launched a 30-storey block of serviced apartments, Saville Residence, with a GDV of RM70mil last November.

The 181-unit project, including three levels of commercial shops and a seven-level car park, is located along Old Klang Road and scheduled for completion in three years.

“We have to date sold about 35% of Saville Residence and, of this, 2% went to foreigners.

“We target to sell about 10 units per month and are confident of selling the entire project within two years,” Lam said.

He said the one-acre freehold land was strategically located with easy excess to the Federal Highway, New Pantai Expressway and Kerinchi Link.

Besides that, Saville Residence is also close to the Mid Valley Megamall and the Seputeh KTM commuter station.

Lam said the project’s targeted buyers included young professionals and families with a monthly income of at least RM5,000.

The units are priced between RM311,800 and RM400,000 each while the six penthouses cost RM685,000 to RM769,000 each.

Lam said the commercial units would be leased out.

“We hope to have banks, cafes and restaurants, a convenience store, clinic and pharmacy to offer value-added services to our tenants,” he said, adding that other facilities would include fitness and yoga centres, a dance studio, a health spa, a real estate consultancy, a swimming pool and a gym.

[pedang]

AP Land mulls high-end projects in KL

By Marina Emmanuel
marinae@nstp.com.my


January 11 2007


PROPERTY developer Asia Pacific Land Bhd (AP Land), which has a war chest of RM200 million from an asset sale, may invest in three high-end projects in the Kuala Lumpur city centre. Wow!! another 3 projects @downtown

Yesterday, the company obtained shareholders' approval for a deal to sell three properties at the City Square Centre for RM680 million.

Its joint managing director Low Su-Ming said the group is also planning quality commercial as well as residential property development projects.

Without revealing the proposed investment figures, she said that other key locations in the Klang Valley were being considered for development.

"The pioneering spirit remains very much intact in AP Land, and with the sale of City Square Centre, the group will now be in a position to seize better opportunities locally and abroad and broaden its earnings base," Low told reporters in Penang after the company's extraordinary general meeting.

She said the group was close to completing the sale to MGP I (Malaysia) Sdn Bhd, which is advised by Australia's Macquarie Global Property Advisors.

"Regulatory approvals were obtained from the Foreign Investment Committee and the Securities Commission on October 13 and December 14 2006 respectively.

"We are still awaiting approval from the state authority, under Section 433B of the National Land Code 1965, for Macquarie to complete the acquisition," she said, adding that the deal is expected to be completed by the second quarter of 2007.

City Square Centre comprises three properties: City Square Shopping Centre, Empire Tower office block and Crown Princess Kuala Lumpur hotel.

"Upon completion of this transaction, AP Land will have minimal borrowings and looks forward to a new strategic corporate direction, being selective towards projects with higher yields and sustainable growth in the medium to long term," Low said.

The company said the bulk of the funds raised from the sale, or some RM355.54 million, will be used to pay off existing debts, after which AP Land will be debt-free.

A total of RM203.36 million has been earmarked by the company for future investments, while estimated expenses of the proposed disposal are RM34.6 million.

On the status of AP Land's Island Bay Resort, a joint-venture project in Penang with IJM Properties, Low said approvals were being obtained from the relevant local authorities.

The mixed development on the group's existing landbank at Mount Pleasure Resort in Batu Ferringhi, with a gross development value of RM210 million, is expected to be launched by the end of this year.