THE LIGHT WATERFRONT | Penang | U/C

[rizalhakim]

[rizalhakim]

[rizalhakim]

[rizalhakim]

[rizalhakim]

[rizalhakim]

[Riverofmoltensteel]

Well.... Two emerging cities... I still think KL will still be the best skyline in Msia no matter what these two cities try to put up...

[Irwin]

Originally Posted by Riverofmoltensteel

Well.... Two emerging cities... I still think KL will still be the best skyline in Msia no matter what these two cities try to put up...

KL is capital city of Malaysia what...lol...somemore too much developement concentrate on Klang Valley.

[patchay]

wat about Danga Bay (JB) in future?

[Riverofmoltensteel]

Maybe, maybe not, but like Irwin said "somemore too much developement concentrate on Klang Valley" We're may even see five new supertalls around Klang valley also (including the recent PJ SENTRAL CORPORATE PARK)

[proud_penangite]

The Light goes green

IJM’s The Light waterfront project in Penang will be developed in accordance with the Leadership in Energy and Environmental Design (LEED) - a green building rating system established by an international sustainable building movement.

IJM Land managing director Datuk Soam Heng Choon said the company was committed to building eco-friendly buildings as these features would help purchasers save on utility bills.

“This is especially important now with cost of energy on the rise. Besides eco-friendly technologies, the project boasts of wind turbines, solar panels, a modern water management system and green roofs.

“The use of recycled materials on selected areas and a state-of-the-art solid waste management system is also on the cards,” he said.

He also said that once the project was completed, residents and visitors would be able to enjoy a massive seafront park under Phase 3 of the development.

Featuring 1,186 units of high-end waterfront condominiums, an office tower, four hotels, a family hall, an IT mall, a fashion mall, dining and entertainment facilities, the project is located along the Penang’s eastern coastline.

[sasaumau]

i'm really sad because the development in penang now is like a tortoise meanwhile kl, pj, jb and melaka are moving and developing boombastically!!!
In term of modern infrasturctural and architectural development, penang is way behind. Nothing to be proud of. May be penang especially georgetown is only meant for grand ma and grand pa....

[Venycal]

Originally Posted by sasaumau

i'm really sad because the development in penang now is like a tortoise meanwhile kl, pj, jb and melaka are moving and developing boombastically!!!
In term of modern infrasturctural and architectural development, penang is way behind. Nothing to be proud of. May be penang especially georgetown is only meant for grand ma and grand pa....

same here......I fear Penang will soon become retirement paradise and nothing else.......even though there are some FDI and so on.......it's not enough to put Penang into the next level......

[built_in_me]

mmmmmm....not really....penang has the potential guys...it's just the politics....and stupid federal government not co-operating with penang state government....
anyway what is FDI

[TWK90]

FDI = Foreign Direct Investment, basically, it is just about foreign investments....

[rizalhakim]

IJM Land to focus on mid to high-end projects


The company now has more than 30 ongoing projects and looks set to join the league of major property players

HAVING the right product mix and brand attributes will ensure IJM Land Bhd joins the league of other well-regarded and strong growing property companies.

According to managing director Datuk Soam Heng Choon, the company would be placing more focus on medium-high to high-end property products as demand for mass market products had slowed down.

“We have some RM1.5bil to RM2bil worth of products lined up for launch each year, of which 30% will comprise high-end properties, 40% medium to medium high-end products and the balance lower-priced products,” he said.

High-end residential properties priced from RM1mil to RM7.2mil currently make up 20% of IJM Land’s total product offerings.

Its products have also shown good capital appreciation. An example is the Ampersand condominium in the KLCC vicinity, which were priced at RM600 per sq ft when the project was launched about a year ago but have now appreciated to RM1,200 per sq ft.


In line with IJM Land’s brand attributes of quality and well-designed products, value creation and on time delivery, Soam said IJM Land would be focusing on more modern and contemporary designs to meet the changing lifestyles of its buyers.

The company has more than 30 ongoing projects, of which 20 are in the Klang Valley, five in Penang, four in Johor, three in Seremban, two in Kuching, and one each in Malacca and Sandakan.

Meanwhile, the massive Canal City development on 5,000 acres in Kuala Langat is scheduled for launch next year. The project has an estimated gross development value (GDV) of RM10bil.

In Penang, IJM Land has its hands full with the ongoing development on the company’s coastal landbank along the Jelutong Expressway.

The IJM group was granted approval by the former Penang state government to develop 338 acres of land in exchange for the construction of the 4.7km Jelutong Expressway, which kicked off in the 1990’s.

The first 3.1km stretch of the expressway was opened to the public in 2003 while stage two was opened in February.

The whole development will be undertaken over four precincts – Bandar Sri Pinang on 82 acres, Metro East (30 acres) and The Light (152 acres) while the balance 100 acres comprising education, medical, art/cultural, commercial and residential components will be for future development.

The expected GDV for each of the precincts are RM680mil, RM1.1bil, RM5bil and RM2.5bil respectively.

Bandar Sri Pinang, comprising mainly medium to low-medium residences, is about 70% completed. The balance is expected to take another three to four years.

Among the ongoing projects in Metro East include Platino luxury condominium with GDV of RM190mil and Pearl Regency worth RM535mil.


The crown jewel of IJM Land is The Light, which is set for launch in the last quarter of this year.

The 152-acre integrated residential and commercial project will have 1,186 residences, including upmarket waterfront villas and condominiums, as well as office buildings, four hotels, retail malls, dining and entertainment facilities, seafront park, floating restaurant, and facilities for meetings, incentives, conventions and exhibitions.

The project, undertaken by IJM Land subsidiary Jelutong Development Sdn Bhd, will take 12 years to complete.

Work on the development will begin before year-end and the residential component under phase one is scheduled for completion by 2012 while phases two and three will take 12 to 15 years.

Under phase one, covering 42 acres, six parcels of high-end and low-density waterfront residences, will be developed.

With more than two million sq ft in total built up, the exclusive residences, with a view of the Penang Bridge, will generate a GDV of RM1.05bil.

Under phase two on 103 acres, a commercial and retail city, comprising the Gateway Towers, hotels, signature offices, showrooms, banquet and conference facilities, cultural hall, visitor centre and waterfront amphitheatre, will be built.

The seven-acre phase three will feature a seafront park.

The Light will be Penang’s first big scale wireless development and integrated waterfront project that is based on environment friendly designs and will use eco-friendly materials.

In line with IJM Land’s efforts to promote green building concepts, Soam said The Light would lead the way as Malaysia’s premier eco-friendly development.

“The focus will be on energy-efficient, healthier and environmentally-sustainable buildings.

“Being Penang’s first ‘green’ and sustainable development, the project will feature passive and energy efficient designs, including the use of solar panel for heating; wind turbines and photovoltaic panel as part of green energy; rainwater harvesting; eco self-sustainable canals; solid waste recycle management; green roof and the use of recycled timber and plastic,” he said.

Meanwhile, the calm water at the South Channel between the Penang island and the main land, will be ideal for The Light’s water recreational activities including water taxi, boating and floating restaurant.

[nazrey]

IJM Land plans to launch 28 projects
Tuesday August 26, 2008
TheStar

They are mixed development with GDV of RM600mil

SUBANG JAYA: IJM Land Bhd plans to launch 28 mixed development projects with a combined gross development value (GDV) of RM600mil, says managing director Datuk Soam Heng Choon.

“The projects will be located in Penang, Klang Valley, Malacca, Johor, Negri Sembilan and Sandakan,” he said after the company AGM and EGM yesterday.

He said the company was currently developing “The Light” waterfront project in Penang and a township called Bandar Utama in Sandakan.

According to Soam, the company had taken over Sebana Cove, an on-going resort-cum-mixed development project on the southern east tip of Johor.

This would be redeveloped to attract Singaporeans, he said.

The company paid RM120mil for Sebana Cove with infrastructure completed. Current prices in the area range from RM600,000 for a semi-detached house to RM400,000 for a town house.

“We are targeting the middle to upper-middle segment,”Soam said.

On another note, IJM Land would be a geographically diversified Malaysian developer once it completed its rationalisation exercise by Sept 5, Soam said.

IJM Land, previously known as RB Land Holding Bhd, used to have projects only in the Klang Valley and Seremban.

“We would continue to showcase our property in the Klang Valley, Seremban, Penang, Johor, Malacca and Sandakan.”

On IJM Land’s overseas venture, Soam said the company was investing in Changchun, the automotive city of China, for a commercial service suites-cum-residential development with a retail component.

It holds a 50% stake in the project, which will have a GDV of RM500mil when completed in four years.

On measures taken to counter the rising building material cost, Soam said its in-house construction arm was one way of keeping cost down.

[nazrey]

IJM Land: Call us a property supermarket
By Jeeva Arulampalam Published: 2008/09/08 BusinessTimes

IJM Land Bhd will rebrand itself this Thursday as a new corporate entity that aims to be a top tier local developer with geographically diversified projects in Malaysia.

The rebranding exercise comes as IJM Land has completed its rationalisation of IJM Properties into the former last Friday.

"With a streamlined and focused business now, we can call ourselves a property supermarket as we have high-end products in KLCC and low-cost products in other townships," IJM Land managing director Datuk Soam Heng Choon told Business Times in an interview.

IJM Land currently sits on an enlarged landbank of 4,253ha with a gross development value (GDV) of RM26 billion, after holding company IJM Corp Bhd combined property units RB Land Holdings Bhd and IJM Properties Sdn Bhd into one entity.

As a softening property market looms ahead, Soam said, IJM Land will focus on its positive markets such as Sandakan and Penang.

"In Sandakan, the market is still bullish as its driven by crude palm oil while in Penang, we are launching new projects like The Light which will propel us into bigger developments there," he said.

The Light development is divided into four phases including residential, commercial and mixed developments plus seafront facilities.

The first residential phase, the Light Linear and Light Point projects, will be launched by year-end. "This project will see a blend of the new and old Penang," said Soam.

For a challenging market like Johor Baru, Soam said, the company will work harder at selling units while tweaking its products to meet the current market needs. "We will focus on the medium to medium high-end markets and slow down on (developing new) mass housing projects under RM250,000," he added.

Soam said, to contend with rising material costs and a softening property market, IJM Land will target housing needs of specific market segments. "We are focusing on the Malaysia My Second Home programme and marketing our Penang Pearl Regency project overseas. We are doing a sales launch overseas targeting Koreans over the next two months and if the response is encouraging, we will then do this for our other products," he said.

On overseas development, its maiden project will be an upmarket residential and retail project in China's automotive city, Changchun, with a GDV of RM500 million.

"We are looking at other second tier cities in China while considering other emerging markets such as Vietnam. However, we have not set a timeframe," Soam said.

[nazrey]

IJM Corp may cut stake in property unit to 60pc
By Sharen Kaur Published: 2008/09/12
BusinessTimes



IJM Corp Bhd may reduce its stake in its property unit IJM Land Bhd to 60 per cent to boost trading in its stock and diversify its shareholding base.

It now holds 76 per cent of IJM Land.

"At some point, when the market improves, we will place some of the shares preferably to institutional shareholders. It can be anybody," IJM group managing director Datuk Krishnan Tan Boon Seng said.

He was speaking at the launch of IJM Land's new corporate identity and logo in Subang, Selangor, yesterday. He is also IJM Land chairman.

"If you look at the IJM group of companies, it is predominantly owned by institutions. So we would like an institutional shareholding base," he said.

IJM Land, the fourth largest listed developer in terms of assets valued at RM3.1 billion, is the result of a merger between IJM's property units, RB Land Bhd and IJM Properties Sdn Bhd.

It currently sits on an enlarged landbank of 4,253ha with a gross development value (GDV) of more than RM20 billion that will be realised over 20 years.

As for IJM, Tan expects a better performance in the current financial year ending March 31 2009, led by IJM Land, which has 60 on-going projects.

From now to March 2009, IJM Land will also launch 28 projects worth RM600 million.

"Profit margins in property are generally higher than in construction. As cost escalates, construction earnings will likely be affected. Although we are making money, we are making less," Tan said.

In terms of revenue, Tan said the construction division, with over RM5 billion worth of contracts in hand, will remain the highest contributor.

IJM Land managing director Datuk Soam Heng Choon, meanwhile, told reporters it will replicate what it has done in Malaysia, in China.

It is due to launch its maiden residential and retail project in China's automotive city, Changchun, which will boast a GDV of RM500 million.

"We are in talks with locals to tap China's second-tier cities but the priority is to get all the projects in Malaysia kick-started," Soam said.

Soam said IJM Land is also talking to a few parties for an en-bloc sale of properties in some new commercial and residential developments coming up soon in Kuala Lumpur and other states.

[rizalhakim]

IJM new website...

www.ijmland.com.my