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Old August 24th, 2007, 10:04 AM   #41
nazrey
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DBKL's tie-up a boost for SP Setia
24-08-2007: by Surin Murugiah
THEEDGEDAILY


KUALA LUMPUR: SP Setia Bhd’s tie-up with Datuk Bandar Kuala Lumpur (DBKL) to compensate 600 squatter families that occupy several parcels of land a total of RM3.6 million could turn out to be a blessing in disguise as the development would ride on the success of neigbouring projects, said CIMB Research.

The compensation is part of an MoU, which is a privatisation joint venture between SP Setia and DBKL, to develop the land into a mixed residential and commercial development.

CIMB Research said as the land in point was located next to the Abdullah Hukum LRT station and had the Jalan Bangsar frontage, it could be extremely valuable.

“We are pleased that it has signed the MoU as it brings SP Setia a step closer to closing the deal which has been held up since 2000. The long delay is turning up to be a blessing in disguise as SP Setia’s project will ride on the success of neighbouring projects,” said the research house.

“The Bandar Mid Valley project across the river is nearly fully completed, and IGB Corporation Bhd has only one last parcel of land to develop. Moreover, IGB is keeping most of the commercial buildings under construction for rental income and there is very little for sale,” it said.

CIMB Research said Bandar Mid Valley and Megamall were overwhelming successes, adding that the land value in the vicinity had also surged substantially.

It estimated that SP Setia would end up with 8.1 hectares of land for development on a 60:40 joint venture basis.

“The land acquisition price has yet to be determined but we gather that it would be at favourable rates. While it is too early to determine the gross development value (GDV) of the project, we came up with a ballpark estimate of RM2 billion based on a conservative GDV of RM100 per 0.404ha.

“If the plot ratio and the selling prices in the built-up area are higher, then the project could be worth significantly more,” it said.

CIMB Research maintained its 'outperform' recommendation and RM11.50 target price which was pegged to an unchanged 40% premium to realised net asset value.

"SP Setia remains our top pick in the property sector and re-rating catalysts include further progress on the privatisation land and news flow on its geographical diversification,” it said.
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Old August 24th, 2007, 10:08 AM   #42
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confirm ma.. kg abdullah hukum
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Old August 24th, 2007, 02:46 PM   #43
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this is a good news, we must look forward for development.
still many kampungs nationwide where we can preserve & turn it into a tourism products, but for KL, we need development to stay ahead to compete with other cities.

anyway, since when they changed DBKL from "DEWAN BANDARAYA KL" to "DATUK BANDAR KL"?
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Old August 24th, 2007, 05:15 PM   #44
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Can't they name it Abdullah Hukum Eco-City?
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Old August 24th, 2007, 06:23 PM   #45
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Uhh .... Eco-City is so lame!
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Old August 27th, 2007, 02:12 AM   #46
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ECO-City, very 90's typical.
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Old August 27th, 2007, 04:40 AM   #47
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"most western European cities were destroyed partially during the second world war, but our city has been destroyed by urbanism" my uncle use to tell me. I can't help myself not to see similarities with KL now. Kampung are destroyed because they are seen as substandard for a high class city like KL wish to be. The process is always the same, local(usually poor) people received some compensation to be relocated, but of course they can't afford a condo within the new development that take place in their Kampung, so they are spread out further in the outskirt of KL, usually in low quality apartment. It is obvious to me that profit is the principal driver for such projects, not the city improvement. With little investment, any lively Kampung could be transformed in a very attractive place. Cities who took the option of renovate instead of destroying made a long term investment for the town, whereas cities who destroyed their inner cities transformed it into a soulless aggregate of building that will devaluate with time. If you had the chance to travel in old cities (Middle East, Europe, North Africa ..) you realize the value of historic center. For example, look at Paris, they built one tower (tour montparnasse) in the middle of the old city. Now it is obvious that this modern building in the middle of what was once a village is a complete disgrace. Imagine all Paris destroyed in the '60 to become "modern", I don't think people would want to go there anymore. (I am not from France by the way). Bejing destroyed recently residential village areas in the name of modernization, but obviously it profit a few and heritage has been lost forever. Diversity is healthy for KL.
Anyway lah, stop destroying Kampung, upgrade them.
Timakasi dan jumpa lagi
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Old August 27th, 2007, 09:29 AM   #48
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patah tumbuh hilang berganti

x dpt four seasons 70 flr.. skarang dpt 70 flr yg baru

Supertall
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Old August 27th, 2007, 06:20 PM   #49
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Diversity of course is important, but kampungs in KL which one to you come across that show quaint and beauty of Malaysian traditional kampungs.Rubbish strewn all over and houses run-down.Not good for tourism eh..
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Old August 28th, 2007, 04:23 AM   #50
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SP Setia closer to securing prime land
By Chong Jin Hun
[email protected]

August 28 2007



AFTER almost seven years, SP Setia Bhd, Malaysia's most valuable developer, has reinforced its determination to secure more prime land in Kuala Lumpur.

It has agreed on a preliminary pact with Dewan Bandaraya Kuala Lumpur (DBKL) to help it deal with squatters on the land located within the Kampung Haji Abdullah Hukum area opposite the Mid Valley Megamall.


And it has even offered compensation for the 600 families who reside there.

It now stands a better chance of buying and developing the land, estimated at some RM300 million, analysts said.

The 10.8ha freehold site is intended for a residential-cum-commercial job.

"SP Setia's chances are good because DBKL is behind it," an analyst who requested anonymity told Business Times.

"I think it is feasible because SP Setia has an MOU (memorandum of understanding) with DBKL. Moreover, it is going through proper legal channels, and the squatter families will be compensated," said another analyst.

Officials from SP Setia declined comment.

Commercial land within the 10.8ha (1.2 million sq ft) site could be worth an estimated RM250 a sq ft, according to S.K. Brothers Realty (M) Sdn Bhd general manager Chan Ai Cheng.

SP Setia's wholly-owned unit Pelita Dunia Sdn Bhd had last Tuesday signed an MOU with Kuala Lumpur mayor Datuk Ab Hakim Borhan to compensate and relocate up to 600 squatter families.

SP Setia will fork out RM3.6 million, which works out to RM6,000 per family. How much each family will eventually get is, however, within the mayor's discretion, the developer told Bursa Malaysia.

A privatisation agreement between the MOU parties will follow in two years from the date of the MOU.

Pelita Dunia was originally a joint venture entity between SP Setia and Yayasan Gerakbakti Kebangsaan's subsidiary YGP Holdings Sdn Bhd. The joint venture company was formed in 2000 to develop the tract.

The land was intended to accommodate around 80 per cent residential and 20 per cent commercial units, according to SP Setia's filings to the exchange.
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Old August 28th, 2007, 12:05 PM   #51
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Company Name : S P SETIA BERHAD
Stock Name : SPSETIA
Date Announced : 21/08/2007



Type : Announcement
Subject : S P SETIA BERHAD ("S P SETIA" or "THE COMPANY")

MEMORANDUM OF UNDERSTANDING BETWEEN DATUK BANDAR KUALA LUMPUR AND PELITA DUNIA SDN BHD

Contents :

The Board of Directors of S P Setia wishes to announce that Pelita Dunia Sdn Bhd ("PELITA"), a wholly owned subsidiary of the Company has on 21 August 2007 entered into a Memorandum of Understanding ("MOU") with Datuk Bandar Kuala Lumpur ("DBKL") whereby PELITA has agreed to pay through DBKL, compensation to a maximum of 600 squatter families occupying the following Lands, amounting to RM3,600,000.00 ("the Compensation") calculated at a rate of RM6,000.00 per squatter family :-

(a) "State Lands" means all those pieces of lands in the state particularly described as Lot 3345, Lot 39, Lot 237, Lot 160 and Lot 238 of Seksyen 95A and 98, Bandar Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; and

(b) "Private Lands" means the six (6) pieces of lands owned by private owners particularly described as GRN 29879 Lot 16, GRN 24355 Lot 5, GRN 27156 Lot 30 Seksyen 095A, GRN 27157 Lot 29 Seksyen 095A, GM2506 Lot 215 Seksyen 0098, GRN 25790 Lot 42 Seksyen 0098, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

(hereinafter referred to as "the said Lands")

PELITA has agreed to pay the Compensation pursuant to a proposal made to DBKL to develop the said Lands into a mixed residential and commercial development ("the Project") as a privatization joint venture project.

DBKL upon receipt of the Compensation will pay to the squatters family in the manner as he deems fit and relocate the squatters families to a low medium cost high rise residential units ("residential units"), located near the said Lands, which was developed by DBKL.

DBKL has agreed in principle for the Developer to carry out the Project subject to the following:-

a) Approval from the appropriate authorities for the State Lands to be alienated to DBKL;
b) Payment of land premium for such alienated land by PELITA within the prescribed time; and
c) The purchase and payment of the Private Lands by PELITA is completed.

The parties to the MOU ("the parties") would subsequently execute a Privatization Agreement within a period of 2 years from the date of the MOU on terms and conditions to be mutually agreed upon by both parties.

The MOU will not have any material effect on the issued and paid up capital, net assets and earnings of the Company for the financial year ending 2007.

None of the directors, substantial shareholders and persons connected to such directors and substantial shareholders of the Company have any interest, direct or indirect, in the MOU.

This announcement is dated 21 August 2007.
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Old August 30th, 2007, 03:43 AM   #52
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There are only 3 kampongs left in Singapore. Sad to see authorities don't value the kampong, seeing them as plain wooden shacks.
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Old August 30th, 2007, 04:39 AM   #53
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you have to consider singapore's condition too...if authority not developing those kampungs...so then, where are you and other people gonna live?
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Old October 15th, 2007, 04:53 AM   #54
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by zambase

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Old October 16th, 2007, 08:38 AM   #55
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Quote:
Originally Posted by Geminian View Post
Diversity of course is important, but kampungs in KL which one to you come across that show quaint and beauty of Malaysian traditional kampungs.Rubbish strewn all over and houses run-down.Not good for tourism eh..
I think the Abdullah Hukum neighbourhood would change positively if they just built a bridge across the river from MidValley...instead of building the monster bridge all the way to the LRT station....

that way, people can still cross over but would actually walk through the Kampung to get to the LRT station...

if it is shaded and leafy and safe...well, why not...I'd rather walk through a pleasant kampung than a tunnel covered in ads.

Cheers, m
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Old October 16th, 2007, 01:25 PM   #56
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Quote:
Originally Posted by allurban View Post
if it is shaded and leafy and safe...well, why not...I'd rather walk through a pleasant kampung than a tunnel covered in ads.
i went there already and you have no idea on how 'pleasant' the condition are...
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Old October 17th, 2007, 06:46 AM   #57
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Quote:
Originally Posted by oshkoshbgood View Post
i went there already and you have no idea on how 'pleasant' the condition are...
bringing people through the community would bring business and improvements...better to see improvements on the ground, than to have the kampung demolished and replaced by another development....

cheers, m
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Old October 31st, 2007, 05:04 PM   #58
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Saw it today, they start flatten the area
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Old November 2nd, 2007, 11:22 AM   #59
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It may not have been exactly a model neighborhood, but I'm still not happy to hear of its demise.

I won't judge on whether or not KL will regret the decision to wipe out this kampung in the future.

Last edited by SEAfan; November 2nd, 2007 at 11:37 AM.
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Old November 5th, 2007, 06:10 PM   #60
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Taken on 2 Nov 07
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