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Old June 2nd, 2011, 02:42 PM   #541
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Anson Cube to launch soon
By Racheal Lee of theedgeproperty.com
Wednesday, 25 May 2011 16:16


An artistic impression of Anson Cube.

KUALA LUMPUR: Singapore-based Azea Property Investment (API) is looking to launch its second project — a RM43 million waterfront condominium project dubbed Anson Cube — in Malaysia soon.

In a press statement dated Wednesday, May 25, founder Tan Yang Po said the project is a joint venture (JV) with local partner Dot Greenland Sdn Bhd in Georgetown, where API holds a 30% stake in the JV company Tri Mega Venture Sdn Bhd.

The freehold property will occupy a 28,000 sq ft site in Georgetown, and offers two high-end condominium blocks and a 5-storey commercial building

"I am really excited about this project as it is destined to become Penang's newest meeting point and business hub because of its strategic location with easy accessibility to major landmarks, like Gurney and the first bridge," she said.

"I am optimistic that this property will do very well. We already have a lot of enquiries even before launch."

In the 5-storey building, the ground floor is designated for food and beverages shops, while the first floor is exclusively for al-fresco dining. The second floor, meanwhile, features a bridal theme, with all shops offering wedding-related goods and services. The higher floors in the building will house corporate offices.

API first ventured into the Malaysian property market last year with a RM500 million high-end mixed development on a 1.7ha site in Danga Bay, Johor Bahru. Known as Azea Properties, it was a JV project between Imperial Marine Pte Ltd, Danga Bay Sdn Bhd and Pembinaan Sahabatjaya Sdn Bhd.

Imperial Marine — a sister company to API that is also helmed by Tan — invested RM150 million or 30% of the cost of the project, while Danga Bay put up RM185 million (37%) and Pembinaan Sahabatjaya invested the balance of RM165 million (33%). The proposed waterfront development in Danga Bay would comprise 700 units of serviced apartments spread over four tower blocks, selling from RM697 psf.

API also made a bulk purchase of 20 units of luxury high-rise serviced apartment units in Setia Sky Residences near the Kuala Lumpur City Centre late last year for RM28 million.

Under API, Tan set up the Azea Property Investment Club whose members — comprising working adults, housewives and retirees — pool their financial resources to acquire properties and invest in worthy projects. She is a personal business trainer, property consultant and chief executive officer of API.

Azea Property Investment Club now has close to 2,000 members, and invested in properties around the world, including £3 million (RM24.74 million) worth of Victorian-styled apartment blocks in London and another 200 units of landed properties valued at over US$7 million (RM21.42 million) in Houston, Texas.
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Old June 2nd, 2011, 02:47 PM   #542
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SME centre RM40mil centre in Penang aims to help
Sunday May 29, 2011
http://thestar.com.my/news/story.asp...516&sec=nation


Platform for new businesses: An artist’s impression of the Penang SME Centre that is
currently under construction in Phase IV of the Free Industrial Zone in Bayan Lepas, Penang.


GEORGE TOWN: After 30 years of toying with the idea, the Penang Government has started construction of the Penang SME Centre, a facility aimed at incubating and developing new, local small- and medium-scale enterprises (SMEs).

Chief Minister Lim Guan Eng said the RM40mil centre would occupy a 0.85ha plot of land in Phase IV of the Free Industrial Zone in Bayan Lepas.

“The aim of the Penang SME Centre is to help new high-tech enterprises to get a foot into the industry. People may have great ideas but not know where to go or how to start.

“With nominal rental rates, this centre will act as a platform for these new businesses to start, with the added value of having guidance from established industry players from the Penang Science Council (PSC),” Lim said at the centre's ground-breaking ceremony here on Thursday.

The centre is targeted for completion at the end of the year, with operations starting next year.

Datuk Seri Kelvin Kiew, the head of PSC's Mentoring Scientific Entrepreneur Pillar, which will be running the centre with state investment arm investPenang, said a management council would be set up to screen and select the occupants.

“We want the centre to become a showcase of Penang's abilities to attract foreign investors. To this end, we will be looking for SMEs who will add value to Penang's core competencies rather than SMEs who are doing things that have been done before,” Kiew said.
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Old June 3rd, 2011, 10:04 AM   #543
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SP Setia wins Penang convention centre deal
By Presenna Nambiar Published: 2011/01/17



SP Setia Bhd (8664), the country's largest developer by sales has won a RM300 million project to build and operate the Penang International Convention and Exhibition Centre (sPICE), Bloomberg reported, citing an email statement from the Penang Chief Minister Lim Guan Eng.

Last Thursday, Business Times reported that the property developer was the front runner and on the verge of winning the job.

Securing the project should bode well for SP Setia, which posted sales of RM1.74 billion and a net profit of RM251.81 million in the year ended October 31 2010.

The project aims to create a "Penang People's Park" that includes the country's first subterranean sPICE, a 2.83 hectares public park on the rooftop, a refurbished and upgraded Penang International Sports Arena (Pisa), a refurbished and upgraded Aquatic Centre and a four-star hotel with retail outlets and a spacious parking lot.

The project will be developed through a public-private partnership agreement between the Penang Municipal Council (MPPP) and developer SP Setia Bhd's unit Eco Meridean Sdn Bhd.

On September 3 2010, SP Setia had bought 2 ordinary shares of RM1.00 each in Eco Meridian Sdn Bhd, resulting in the private company becoming a wholly owned unit of SP Setia.

Financing for the Penang project will see MPPP injecting some RM50 million, through a combination of land and cash, while Eco Meridean will finance the rest.

The proposed sPICE, which initially came with a RM50 million priceline, has been mired in controversy ever since Lim proposed it.

One of the concerns raised was that the project would incur huge expenditure, which could result in the council becoming insolvent.

Lim, however, claimed the council could save some RM25 million from the refurbishment, repairs and upgrading work on Pisa and the Aquatic Centre and that Eco Meridean will pay RM13.5 million for land to build a four-star hotel to complement sPICE.

This means that the net sum of MPPP's investment in the project would be RM11.5 million.

Work on the project is expected to start within three to six months' time and will be completed in three years.

Read more: SP Setia wins Penang convention centre deal http://www.btimes.com.my/Current_New...#ixzz1BFxzEZAC
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Old June 8th, 2011, 11:13 AM   #544
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Penang land duel
By Marina Emmanuel Published: 2011/06/07
http://www.btimes.com.my/Current_New...cle/index_html

Georgr Town: Two property players are in the race for the multi-billion ringgit development of some 40.47ha at Bayan Mutiara on Penang island.

Business Times has learnt that SP Setia Bhd and Ivory Properties Group Bhd are the companies that have responded to Penang state government's tender to develop the Bayan Mutiara land. The tender is part of the state government's efforts to raise funds.

Sources said of the two companies, Ivory Properties had submitted the higher bid, for which the reserve price was reportedly set at RM200 per sq foot.

The state government had asked for a request for proposal (RFP) via the Penang Development Corp to develop an initial 24.8ha, which is located south of the Penang Bridge and overlooking Pulau Jerejak.

The RFP comes with the potential to develop an additional 14ha via a future reclamation after the development of the initial 24.8 ha.

Although the deadline for the RFP of the project was set for December 31 2010, it is learnt that the RFP had been recalled and interested parties were asked to re-submit their bids.

SP Setia is currently the only developer without any development projects along Penang's southern corridor where its rivals are present.

This includes Mah Sing Group Bhd, which is planning a mixed-development property project at Batu Maung. Ivory Properties is present via "The View Twin Towers" development in Batu Uban, while IJM Land Bhd had already embarked on its landmark waterfront development of "The Light" close to the Penang Bridge.

In January this year, the Penang state government announced that SP Setia - via subsidiary Eco Meridean Sdn Bhd - had won a RM300 million project to build and operate the Penang International Convention and Exhibition Centre in Relau on the island.

The project was reportedly meant to create a "Penang People's Park" that includes the country's first subterranean Penang International Convention and Exhibition Centre (sPICE), a 2.8ha public park on the rooftop, a refurbished and upgraded Penang International Sports Arena (Pisa), a refurbished and upgraded aquatic centre and a four-star hotel with retail outlets and a spacious parking lot.

It is not known if SP Setia and the state authorities have inked any agreement to firm up this deal.

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Old June 11th, 2011, 07:46 PM   #545
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Quote:
Originally Posted by nazrey View Post
Penang Times Square
pics taken from www.moristee.com



NEW: Penang Times Square
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IMG_7351 by nicholaschan, on Flickr
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IMG_7350 by nicholaschan, on Flickr
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Old June 22nd, 2011, 10:53 AM   #546
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The Light





Quote:
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Quote:
Originally Posted by ps5 View Post
PROJECT UPDATE

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Old June 29th, 2011, 04:03 PM   #547
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8 Gurney



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IMG_0470 by nicholaschan, on Flickr
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Old July 17th, 2011, 05:16 PM   #548
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Penang’s Rice Miller City Residences launching today
Written by Rosalynn Poh Friday, 08 July 2011 10:45
http://www.theedgemalaysia.com/prope...ing-today.html



An artist's impression of The Rice Miller project in Weld Quay, Penang

KUALA LUMPUR: Asian Global Business Sdn Bhd (AGB) launches The Rice Miller City Residences today, after some delay due to reconfiguration of plans following Penang’s World Heritage listing in 2008.

The initial plan was to build a 13-storey building but the height has been reduced to five storeys to comply with new regulations, including height restrictions in line with Penang’s Unesco World Heritage site status.

The residences are part of the RM250 million Rice Miller mixed development located in historic Weld Quay in Penang. The entire in-city resort development by the old Penang harbour lies within the Unesco World Heritage site in George Town. It consists of four adjoining parcels of freehold land on a 1.2ha site and is bound by Beach Street on the west and Weld Quay to the east. It is a 20-minute drive away from the Penang International Airport.

The Rice Miller development now comprises a 48-suite boutique hotel; two office buildings, lifestyle restaurants, cafes and retail spaces; and the low-rise low-density Rice Miller City Residences which comes with a private club, gym, pool and spa.

AGB managing director Dr Noraini Abdullah said the company was inspired by waterfront developments such as London Docklands and Sydney Darling Harbor. “In the United States, empty waterfronts in Boston, New York and Baltimore have produced turnarounds as new housing transformed wharves and crumbling old buildings re-emerged as festive market places,” she said.

The Rice Miller City Residences offers 99 private city residences spread over five storey buildings. They range from studio units to three-bedroom and duplex units with sizes between 766 sq ft and 3,472 sq ft. The units with prices ranging between RM1.13 million and RM3.7 million have been almost 50% booked so far.

The development will feature colonial architecture with modern amenities. Part of the infill site comprising old godowns and shop offices will be refurbished and restored, said Noraini. The whole development is slated for completion in 1Q13.

AGB chairman and Penangite Kate Lim said: “We aim to respect George Town’s traditional urban character while restoring the city’s sense of dignity and importance.”

As for the hotel, it is looking at a rate of RM1,000 per night for suites which are about 550 sq ft in size. The boutique hotel will be called The Rice Miller Hotel.

The developer may look to expand the Rice Miller brand to other countries in the future. In January, it appointed Zinc | InVision Hospitality, a joint partnership between Thailand-based InVision Hospitality and Singapore-based investment company Cinnovation | CG, to manage The Rice Miller development.

The official launch will be held at Carcosa Seri Negara in Kuala Lumpur today. PPC International Sdn Bhd has been appointed joint marketing agents for The Rice Miller City Residences project.
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Old July 20th, 2011, 01:41 PM   #549
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GURNEY PARAGON



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The habour by myjuezhan, on Flickr
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http://www.flickr.com/photos/sweeming/5640509954/
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Old July 28th, 2011, 08:28 PM   #550
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NEW PROJECT:
Quote:
Originally Posted by rizalhakim View Post
Wellesley Residence @ Harbour Place
2 blocks 30 & 27
401units
size from 650sqft - 2600sqft
http://www.pjdprop.com.my/wellesley_residences









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Old August 2nd, 2011, 09:01 AM   #551
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Queensbay
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Property hotspot in Penang
By Marina Emmanuel Published: 2011/07/27
http://www.btimes.com.my/articles/sypi/Article/

George Town: The development potential of Penang island's southeastern area is growing as more property developers are eyeing it for their projects.

Business Times has learnt that CP Land Sdn Bhd, the property arm of the CP Group, has disposed of 40 hectares of land it owns in the Queensbay area at Bayan Lepas to a Penang-based property player.

Sources said the land was sold at RM420 per sq foot (psf) to Asia Green Development Sdn Bhd in May and the transaction is believed to be worth RM160 million.

Asia Green is said to be planning to build serviced apartments on the land, which is currently serving as a parking lot.

The Queensbay development sits on 29.2ha of sea-fronting land on which Penang's largest shopping centre, Queensbay Mall, and the Eastin Hotel are sited.

The mall was sold by CP Group Sdn Bhd to CapitaMalls Asia last year for RM657 million.

On Monday, property player Ivory Property Group Bhd announced that it had won the rights to buy 41.50ha of land at Bayan Mutiara on the island, which lies south of the Penang Bridge and close to the Queensbay area.

Some 27.34ha are existing land and 14.16ha are to be reclaimed for a proposed mixed development, Ivory told Bursa Malaysia in a statement.

The reserve price of the Bayan Mutiara land is said to be RM200 psf and it is learnt that Ivory's win-ning bid was RM240 psf, im-plying that total land cost was about RM1 billion.

It is also learnt that Ivory's payment to the Penang Development Corporation will be staggered over five years and the company intends to embark on its maiden launch of the project next year.

Meanwhile, at a stone's throw from the proposed Bayan Mutiara development, Boustead Holdings Bhd is believed to be embarking on a reclamation project.

A financial daily last September reported that Boustead will be allowed to reclaim an area "very much less" than 40ha between the existing Penang Bridge and the Penang Second Crossing in Batu Maung as compensation for having had to reduce the height on a 12-storey hotel it is developing at Weld Quay on the island.

Boustead was reported to have submitted a compensation claim of RM60 million to the Penang Island Municipal Council for revoking the initial approval of a 12-storey building in order to comply with heritage status guidelines within the Unesco heritage zone.

Boustead's initial plan was for a RM140 million development of a four-star hotel with 300 rooms.

Property experts told Business Times that the cost of reclamation per square foot currently stands at RM40 and Boustead is likely to pay RM174.5 million for the reclamation of the 40ha.

It is also learnt that the Penang government will be given 8ha of the 40ha free of charge.
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Old August 5th, 2011, 02:06 PM   #552
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Moonlight Bay @ Batu Feringhi




http://www.panoramio.com/photo/54637658

http://www.panoramio.com/photo/54637714

http://www.panoramio.com/photo/54636048
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Old August 7th, 2011, 12:25 AM   #553
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@ Batu Feringhi




http://www.mahsing.com.my/images/mah...i_mainbnnr.jpg
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Old August 12th, 2011, 07:07 PM   #554
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The Light



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Quote:
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The Light Linear
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Penang Hill 04 by Kenny-Ng, on Flickr
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Old August 16th, 2011, 07:27 PM   #555
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SERI TANJUNG - PENANG
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Old August 19th, 2011, 08:18 PM   #556
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are those single storey houses built for the temporary occupation of those warisan tanjung kampung residents... does anyone know.......
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Old August 26th, 2011, 04:20 AM   #557
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Lineup of property launches
Tuesday August 23, 2011
http://thestar.com.my/metro/story.as...8182&sec=north



An artist impression of Suiwah's Group new RM1bil
mixed-development project in Bandar Baru Air Itam.


TWO main board listed companies are launching approximately RM2.131bil worth of property on Penang island from the fourth quarter 2011 until next year-end.

SP Setia Bhd is lining up residential properties with an estimated gross development value of RM1.131bil for launching beginning November 2011.

SP Setia Property (North) general manager Datuk S. Rajoo said the projects comprised a RM180mil commercial precinct for Setia Pearl Island, the RM62mil 11 Brook Residences, a RM175mil condominium project in Sungai Nibong, the RM412mil Setia V Residences in Jalan Kelawei and the RM302mil Setia Greens second phase in Sungai Ara.

This will be followed by launches in the second quarter 2012, which include the Setia Greens second phase, comprising bungalows, semi-detached, and condominiums, the condominium project in Sungai Nibong, and the Setia V Residences, a luxurious condominium scheme in Jalan Kelawei.

“These projects from Penang, planned for launching in November and the second quarter 2012 are expected to generate RM600mil in sales for the group’s 2012 fiscal year ending next October 31.

“For the group’s fiscal year ending October 31 2011, we expect the sales from Penang to be around RM350mil, compared to 250mil in 2010,” Rajoo said.

Suiwah Corporation Bhd is developing a mixed development project at Bandar Baru Air Itam (popularly known as Farlim) on the island with a gross development value (GDV) of RM1bil.

Group executive director Cynthia Hwang said that the project was strategically located on an over 3.64ha site within the Farlim township, which had direct access to a surrounding population of over 300,000.

“The entire project, which will have over 3.7mil sq ft of gross area spread over three blocks of 38-storey buildings, comprises 270 serviced apartments, 140 small home offices (Sohos), a hypermarket, 300 retail outlets, a medical specialist centre, a business class hotel, and cineplexes,” she said.

Hwang said construction work would start in November and scheduled for completion in 2013.

Listed on the main board, for the 2011 fiscal year ended May 31 2011, Suiwah posted RM20mil in pre-tax profit on the back of RM423mil revenue, compared to RM11mil and RM413mil achieved in 2010.

Headquartered in Penang, Suiwah is involved in the retail chain, flexi-circuit manufacturing, and property development businesses.

This brings the total GDV of the property launches planned for Penang in the second half of 2011 and 2012 to RM4.402bil.

In July 2011, it was reported that seven developers from Penang and Kuala Lumpur are launching properties, comprising largely residential projects with over RM2.271bil GDV, for the island and Seberang Prai beginning the second half of 2011 and in 2012.

Some 1,722 units of the properties with an RM1.899bil GDV are planned for the island, while the remaining 1,389 units with an RM372mil GDV are for Seberang Prai.

Sunway City Bhd, Mah Sing Group Bhd, Lone Pine Group of Companies, Ivory Properties Group Bhd, MTT Properties and Development Sdn Bhd, Asas Dunia Bhd, and DNP Land Sdn Bhd are the developers with plans for new launches.
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Old August 26th, 2011, 04:21 AM   #558
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Coming Soon!
Gurney Paragon, Penang

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Gurney Paragon Mall’s first phase to be ready soon
Friday August 26, 2011By DAVID TAN
http://biz.thestar.com.my/news/story...&if_height=375


http://thestar.com.my/archives/2010/5/27/north/l.jpg

GEORGE TOWN: The first phase of the RM450mil Gurney Paragon Mall will be ready by the end of this year.

Group executive chairman Datuk Khor Teng Tong said the 25 retail tenants in that phase would be Italiennes restaurant, Coffee Bean, Pacific Coffee, and TGIF.

The first phase has a net lettable area of 111,000sq ft. The second phase, comprising 599,000 sq ft, will have teants such as Hokkaido Ichiba Japanese restaurant, Urban Fresh supermarket, and TGV Cinemas Sdn Bhd.

“We are now negotiating with Valiram Group to bring in some of their fashion brand names for the second phase,” he said.

Khor said the group's business model was to hold and manage this mall.

“We have experts from Singapore and Kuala Lumpur to advise on the mall's operations.

“The rental income stream from the mall in the future will enable the group to have a strong base of recurring income.

“This will transform the group from a property developer into a real estate landlord,” he added.

On the Gurney Paragon RM480mil condominium project, located within the same premise as the commercial segment, Khor said about 70% of the 220 condominium units had been sold.

“We have also obtained the certificate of fitness for the project,” he said.

Khor added that about RM10mil was in the process of being paid in the form of rebates to some 100 purchasers of the condominium scheme for late delivery.

The condominium project was scheduled for delivery in mid-2010.

It was delayed because of the caving in of an access road in July 2009.
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Old August 26th, 2011, 11:06 AM   #559
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Reflections Condominium


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Reflection, Sg Ara by SP Setia
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Last edited by nazrey; September 19th, 2011 at 11:56 AM.
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Old August 31st, 2011, 09:19 PM   #560
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