daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments

General Urban Developments Discussions of projects shorter than 100m/300ft. Also, please post all other threads not specified in other Development News subforums here.



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old September 20th, 2008, 10:59 PM   #1
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

KUALA LUMPUR | Southgate Commercial Centre Development News

Southgate Commercial Centre
Property Type: Office
Land Title: Commercial
Tenure: Freehold
Built Up: 587 - 1,712 sq. ft.
Listing Price: From RM300,000 - RM900,000
Total Units/Lots: 226
Developer: Jastamax Sdn Bhd
Website: http://www.southgate.com.my
Holding: Mah Sing Group Berhad




Vibrant Workspace and Great Investment

As if it were not enough to offer precious commercial space in affordable chunks at a great location, Southgate’s vibrancy and sleekness are enough to turn it into an iconic landmark, too…

Work, play and overall lifestyle are converging. Although people are spending more of their waking hours than ever before in commercial centres, not many centres are equipped to fulfil these needs. The Southgate commercial development, with its brilliant blend of work and play, is thus expected to be one of the most sought-after business and retail addresses in the vibrant city centre.

Last edited by nazrey; May 2nd, 2009 at 07:24 AM.
nazrey no está en línea   Reply With Quote

Sponsored Links
Old September 20th, 2008, 11:01 PM   #2
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211


Last edited by nazrey; July 20th, 2009 at 03:58 PM.
nazrey no está en línea   Reply With Quote
Old September 20th, 2008, 11:04 PM   #3
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211










Last edited by nazrey; May 2nd, 2009 at 07:28 AM.
nazrey no está en línea   Reply With Quote
Old September 20th, 2008, 11:09 PM   #4
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Location


Last edited by nazrey; May 2nd, 2009 at 07:28 AM.
nazrey no está en línea   Reply With Quote
Old September 20th, 2008, 11:13 PM   #5
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Mah Sing project draws foreign interest
Monday January 28, 2008 By RACHAEL KAM TheStar

MAH Sing Group Bhd, which is actively involved in commercial developments, is in talks with three potential foreign buyers for en bloc sale of two of the five blocks in its Southgate Commercial Centre in Kuala Lumpur.

It has begun talks early this month with buyers from London, Singapore and the Middle East, who are keen to purchase the seven-storey 900,000 sq ft Apex Block.

The company has also started to approach buyers for the en bloc sale of the main block called Corporate Building, an eight-storey building with 218,000 sq ft built-up area. It fronts Jalan Tun Razak/Jalan Sungei Besi.

The Corporate Building and Apex have a floor plate of about 26,000 sq ft and 16,000 sq ft respectively

The freehold development's five blocks are called Corporate Building, Apex, Vox, Vivo and Verves.

Deputy chief operating officer Andy Chua said the company had yet to decide who would be the buyer.

“Talks are still going on. We will accept the best terms. We are not in a hurry to close the deal, as we are still fine-tuning.

“We hope to firm up the development plans, layout, concept and specification of the project by Chinese New Year,” he told StarBiz.

Chua said there were many corporate investors, including REIT funds and financial institutions, who had shown interest in the Corporate Building.

He said the company had not firmed up the selling price for both blocks but the Corporate Building might be selling at RM700-RM750 per sq ft while Apex at RM600-RM650 per sq ft.

The Corporate Building and Apex block have a floor plate of about 26,000sq ft and 16,000 sq ft respectively.

Its other three blocks has a total of 226 office suites with built-up area from 592 to 1,704 sq ft and 63 retail lots with built-up area of 535 to 2,095 sq ft. The office suites are priced from RM430 per sq ft while the retail lots are from RM800 per sq ft.

Chua said a selling point of the project was that it would be an eye-catching building and that a company could put up its corporate name in front.

Southgate was opened for registration for a month from mid-January and would be launched in March.

Chua said Southgate would be ideal for smaller companies that did not need big office space. Hence its office suites are targeted at companies like consultancy, architectural and advertising firms.

“Previously, small and medium-sized companies could only lease a property in the city centre because all buildings are office towers and they could not afford to buy office towers,” he said, adding that it was better to own an office instead of renting and be subjected to fluctuations in rental rates.

“Rental rates will go up very high if the leasing market is good. This would cause problems when a company is forced to move its office elsewhere that has cheaper rental,” he added.

The 4.76-acre Southgate, with a gross development value of RM256mil, was inspired by the Xintiandi development in Shanghai. It is conceptualised as an integrated commercial and leisure hub, incorporating creative workspaces, food and beverage, and retail lots.

The first and second floor of Southgate commercial blocks will be the retail lot and the third to fifth floors are office suites. The last two levels are duplex suites.

Chua said the modular layout enabled buyers to buy more than a unit and mix and match them to suit their office needs. Besides ample parking bays at two basement levels, there is also parking at the ground level.

Mah Sing is confident that its lifestyle product differentiation for Southgate would ensure good sales and rejuvenates the surrounding areas.
nazrey no está en línea   Reply With Quote
Old September 20th, 2008, 11:13 PM   #6
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Mah Sing slashes sales target by almost half for FY08
24-06-2008: by Racheal Lee Mei Nyee THEEDGEDAILY



KUALA LUMPUR: Mah Sing Group Bhd is targeting much lower sales of RM560 million for its financial year ending Dec 31, 2008 (FY08) after a remarkable FY07 in which sales exceeded RM1 billion.

The higher sales in FY07 were mainly due to several en-bloc sales of grade A office blocks at Icon Jalan Tun Razak and Icon Mont’ Kiara, totalling RM734 million. This year, however, the company is only targeting one en-bloc sale — an office block at the five-acre freehold development Southgate Commercial Centre, valued at at least RM100 million.

“We are in talks with several potential foreign buyers from Thailand, Indonesia, in the Middle East and Singapore, for the en-bloc sale of two of the five blocks in Southgate. The deal is expected to be closed by year-end,” said its managing director Datuk Seri Leong Hoy Kum, adding that only one of the two blocks identified would be sold.

He said the development of the commercial centre would be completed in 2011

Mah Sing plans to launch new phases at six projects nationwide, valued at RM706 million, this year. In its first quarter ended March 31, 2008, it launched RM201 million worth of properties and chalked up RM116 million sales.

“We would be able to maintain our performance going forward. We still have unbilled sales of RM1.08 billion for the next two years,” he told reporters after the company’s AGM here yesterday. The company has 14 projects on hand — nine in the Klang Valley, four in Johor Bahru and one in Penang.

Leong said the company would continue its strategy of acquiring each year parcels of land at the three locations that could fetch gross development values (GDV) of RM600 million to RM800 million. Currently, it has a landbank with GDV of RM4 billion.

“We have yet to start any construction deals overseas, but we are exploring opportunities in Vietnam and China. We are looking for middle- and long-term mixed development construction projects with quick turnaround, via joint ventures,” he added.

Mah Sing uses industrialised building system (IBS) to shorten the turnaround time of its projects. In addition, it has set up a specialised material sourcing team to get the best pricing and bulk purchase discounts with suppliers and contractors, in mitigating increased building material prices. Bulk purchase is said to help the company save 5% to 10% in material costs.

“We predicted last year that oil prices would continue to increase. Therefore, we put forward some construction projects within our affordability, so as to complete them with lower prices. Some construction (projects) have reached their tail-end, and will be sold at the old cost in the coming year,” Leong said.

“For new projects, we will raise the construction fee in line with the commodity prices. Eventually, we have to pass some costs to the buyers,” he added. Materials and labour account for about 50% of Mah Sing’s gross development cost. Mah Sing shares closed one sen higher yesterday at RM1.46, with 1.03 million shares transacted.
nazrey no está en línea   Reply With Quote
Old September 20th, 2008, 11:14 PM   #7
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Mah Sing’s Southgate project block 80% sold
Tuesday June 10, 2008 TheStar

KUALA LUMPUR: MAH Sing Group Bhd has received good response to its Southgate Commercial Centre project in Kuala Lumpur, with 80% of the Vivo block taken up.

“To cater to the strong demand, the group will open the Vox block for sale during the three-day launch (June 13 to 15) at Wisma Mah Sing,” the group said in a statement.

Vox comprises 90 standard and duplex office suites as well as 16 lifestyle retail lots.

Group managing director Datuk Seri Leong Hoy Kum said: “With Kuala Lumpur City Centre less than 10 minutes away, there is robust demand for well-planned niche commercial developments that provide a good business climate.

“We are targeting corporate as well as high net worth customers, including professionals, investors and entrepreneurs as Southgate is suitable for different business ventures.”

The statement said the group was poised for another profitable year, with 14 projects in prime locations – nine in the Klang Valley, four in Johor Baru (Iskandar Malaysia) and one in Penang.
nazrey no está en línea   Reply With Quote
Old September 24th, 2008, 08:32 AM   #8
panpanapple
BANNED
 
Join Date: Sep 2008
Posts: 3
Likes (Received): 0

nice building!
panpanapple no está en línea   Reply With Quote
Old September 24th, 2008, 09:12 AM   #9
erikko
Registered User
 
Join Date: Jul 2008
Posts: 26
Likes (Received): 0

nice locations for brand new property.
__________________
Brings Malaysia Mortgage and Malaysia Propertyto the nth degree
erikko no está en línea   Reply With Quote
Old September 28th, 2008, 10:29 PM   #10
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Mah Sing in talks to sell two Southgate blocks
By Adeline Paul Raj Published: 2008/06/24

The developer is negotiating with foreign buyers for the sale of the Southgate blocks at over RM100 million each, says its chief.

MAH Sing Group Bhd is in talks with several foreign parties for an en bloc sale of two of its five blocks of buildings at its Southgate commercial development in Sungai Besi, Kuala Lumpur.

The mid-to-high-end property developer is targeting to conclude the sale of at least one block by the year-end, group managing director Datuk Seri Leong Hoy Kum said.

Each block could go for "over RM100 million", he said.

"We are actually negotiating with these foreign purchasers. We have strong interest from the Middle East - such as the United Arab Emirates and Qatar - and also from a neighbouring country," Leong said, declining to elaborate.

Southgate, Mah Sing's third commercial development in Kuala Lumpur, should be completed in 2011 and is expected to breathe new life into the surrounding areas such as Pudu and Loke Yew.

The group, which also does residential developments, has a sales target of RM560 million for 2008 and plans to launch RM706 million worth of properties this year.

Mah Sing plans to eventually raise its selling prices for new property launches that have yet to be built, given rising building material prices which have resulted in higher construction costs.

"The sooner the buyer commits now, they may enjoy more attractive pricing. But eventually, we will have our prices increased in tandem with the construction cost increase," he said.

He pointed out that construction costs, just prior to the fuel price increases in Malaysia, have gone up by between 20 per cent and 25 per cent.

Mah Sing, which had a healthy cash balance of RM130.7 million as at end-March this year and a low gearing level, is also looking to expand its landbank.

"We are planning to buy more land in the Klang Valley, Penang and Johor, but we are not in a hurry as the land must be able to fit well into our quick turnaround business model," Leong said.

Leong is "selectively bullish" on the local property sector for this year and 2009, and sees growth for branded developers' medium-to-high-end residential and commercial projects in good locations.

The group, which has yet to venture abroad, is also scouting for opportunities in regional markets such Vietnam, China and India.

In Vietnam, for instance, it would be interested in doing a mixed development project with a local partner, he said.
nazrey no está en línea   Reply With Quote
Old September 28th, 2008, 10:30 PM   #11
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Mah Sing eyes more commercial developments in Sg Besi
By Jeeva Arulampalam Published: 2008/09/29



The property developer will consider shareholder value and market demand before increasing its landbank in Sungai Besi, says Mah Sing Group's chief

PROPERTY developer Mah Sing Group Bhd is keen to do more commercial developments in Sungai Besi, Kuala Lumpur, as the location is the latest commercial hub, says its top official.

Business Times was made to understand that there was still commercial industrial land in the vicinity that could be used for development although the total hectarage was not known.

"If the opportunity permits, we are definitely thinking of developing this area, riding on our branding and track record to expand further," group managing director and group chief executive Datuk Seri Leong Hoy Kum told reporters after the groundbreaking ceremony for Mah Sing's Southgate development, located along Jalan Sungai Besi, on Saturday.

While Mah Sing wants to increase its landbank in Sungai Besi, the developer is not in a hurry to make a purchase.

"Whatever land we buy, we want to ensure we look out for shareholder value and the market must be able to absorb the demand," Leong said.

On Southgate, en bloc sales for its Apex Block and Corporate Building are expected to be finalised by the year-end.

"We have interest from private investors and also equity funds because there are very few freehold land (areas) in Kuala Lumpur to buy," deputy chief operating officer Andy Chua said.

Interested parties include those from the Middle East, Singapore and South Korea.

The three remaining blocks of Southgate - Vox, Vivo and Verve - offer office suites and retail lots.

More than 80 per cent of Vivo has been taken up, while Vox and Verve are seeing about 50 per cent take-up each.

Chua said the rental yield was estimated to be eight per cent, but added that he expected it to increase because of growing demand for good freehold office space in Kuala Lumpur and the insufficient supply.

"Also, with construction cost going up, there will be good potential for capital appreciation in future," he said.

On Mah Sing's performance, Leong said it was on track to hitting its RM560 million sales target for the year.

"Having locked in unbilled sales of RM1 billion and another RM3 billion gross development value (on remaining projects), this can last us for the next five years even without our acquiring new land," he said.
nazrey no está en línea   Reply With Quote
Old October 22nd, 2008, 10:04 AM   #12
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Business park Southgate to be completed by 2011
Labels: Malaysia Property News Sept 2008

Southgate Commercial Centre, an integrated business park developed by the Mah Sing Group Bhd’s wholly-owned subsidiary Jastamax Sdn Bhd, is expected to be completed by 2011.

The gross development value of this project is estimated at RM380 million, the company said in a statement today.

Southgate, a commercial development project in Kuala Lumpur, has received an overwhelming public response.

Mah Sing Group managing director Datuk Seri Leong Hoy Kum said the project is being developed to meet the needs of investors and also companies wanting to own office space in the city.

The group is targeting corporate as well as high net worth customers, including professionals, investors and entrepreneurs as Southgate is suitable for different business ventures.

By Bernama
nazrey no está en línea   Reply With Quote
Old November 27th, 2008, 05:47 AM   #13
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

nazrey no está en línea   Reply With Quote
Old May 2nd, 2009, 07:48 AM   #14
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

by rizalhakim



nazrey no está en línea   Reply With Quote
Old May 2nd, 2009, 09:07 AM   #15
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Corp. Building

[IMG]http://www.**************/show/2009/05/02/10/00/3488042_811x455.JPG[/IMG]
nazrey no está en línea   Reply With Quote
Old May 2nd, 2009, 09:10 AM   #16
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

Apex

[IMG]http://www.**************/show/2009/05/02/10/00/3488043_809x433.JPG[/IMG]
nazrey no está en línea   Reply With Quote
Old May 2nd, 2009, 09:20 AM   #17
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

[IMG]http://www.**************/show/2009/05/02/10/02/3488048_809x457.JPG[/IMG]
nazrey no está en línea   Reply With Quote
Old May 2nd, 2009, 09:23 AM   #18
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

[IMG]http://www.**************/show/2009/05/02/10/02/3488049_810x454.JPG[/IMG]
nazrey no está en línea   Reply With Quote
Old May 2nd, 2009, 09:31 AM   #19
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

[IMG]http://www.**************/show/2009/05/02/10/03/3488050_810x375.JPG[/IMG]
nazrey no está en línea   Reply With Quote
Old May 2nd, 2009, 09:37 AM   #20
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,217
Likes (Received): 11211

[IMG]http://www.**************/show/2009/05/02/10/33/3488199_808x455.JPG[/IMG]
nazrey no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 05:59 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2018, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

tech management by Sysprosium