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Old January 26th, 2007, 04:42 AM   #1
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YNH TOWER | Kuala Lumpur (Jalan Sultan Ismail) | Pro

YNH aims for iconic price





By C.S. TAN

PETALING JAYA: YNH Property Bhd officials are watching with glee the upswing in the prices of real estate investment trusts (REITs).

The price of Quill Capita Trust Bhd, for instance, is up 57% since its initial public offering earlier this month to RM1.32 yesterday. That has lowered the REIT's prospective dividend yield to just 4.5%.

A lower yield implies that investors are willing to pay a higher price for properties and REITs.

The pricing of REITs has a bearing on YNH's prospects because it is looking to sell its proposed iconic commercial property in the heart of Kuala Lumpur to a REIT.

YNH is jointly developing the proposed Capital Tower in YNH Centre, near Shangri-La Hotel, with Singapore's CapitaLand Ltd. YNH owns 60% of the project and CapitaLand the balance 40%.

A CapitaLand official said in a statement last month the project was “one of the identified candidates for injection into our Malaysian Commercial Development Fund”, which was formed in a partnership with the Malayan Banking Bhd (Maybank) group.

“Capital Tower can be sold for RM1bil to a REIT which will get a yield of 8% from the property, or RM1.5bil for a yield of 6%.

“At a price of RM2bil, the yield would be 4%,” a YNH spokesman told StarBiz recently.

These are rich figures for a project with an estimated land and construction costs of about RM700mil. The company has conservatively estimated the gross development value (GDV) at RM1bil.

The dynamics of the GDV and an 8% yield were based on a projected rental rate of RM8 per sq ft for a new prime building compared with RM7 per sq ft at nearby grade “A” office buildings with high occupancy.

YNH and CapitaLand would negotiate to sell Capital Tower to the highest bidder.

The CapitaLand/Maybank fund would have first preference as a buyer but it must offer the highest price.

The proposed commercial property is in a prime location where there are few sellers.

In its immediate vicinity, it is believed the owners of Menara Haw Par and Menara IMC are not sellers.

“But for us, everything is for sale. We're developers,” the YNH spokesman said.

The company started as a developer in Lumut, Perak, where it continues to be the dominant player.

It has, however, moved into Kuala Lumpur where it acquired prime land. Its Lot 163 Suites serviced apartments is next to Wisma Hong Leong and its Ceriaan condominium is in Mont' Kiara.

It also secured several parcels of land behind the Renaissance Hotel Kuala Lumpur and the Mont Kiara area under joint-venture arrangements with landowners.
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Old January 26th, 2007, 05:30 AM   #2
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ugly.
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Old January 26th, 2007, 08:53 AM   #3
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I like it, I think in once its built, it should look better than the model.
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Old January 26th, 2007, 11:23 AM   #4
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I like it too....
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Old January 26th, 2007, 11:37 AM   #5
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Wah zahir..like that also ugly? This is sure in my top 5 in Malaya!
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Old January 26th, 2007, 11:44 AM   #6
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Originally Posted by Subangite View Post
I like it, I think in once its built, it should look better than the model.
Normally rendering/model is better than actual...
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Old January 26th, 2007, 11:44 AM   #7
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Can khun nazrey or pedang post an aerial of the site which is near shangri la?
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Old January 26th, 2007, 11:46 AM   #8
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ugly.
I agree with you.

Some more, the shape is too weird... The angle of the building is too weird.
I need opinion from any engineer, is it a good design? Can stay?
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Old January 26th, 2007, 01:35 PM   #9
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Tht building would be my most unique structure building in Malaysia....

Actually....quite ugly oso...
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Old January 26th, 2007, 04:35 PM   #10
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cool shape! buildings with weird shapes but still look good are hard to come by. my concern is the façade...hopefully it is not gonna look like that
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Old January 26th, 2007, 05:41 PM   #11
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I think ugly because its abit fat ... But the curve shape can really impress people, "sophisticated" for KL and Malaysian architecture.
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Old January 27th, 2007, 06:16 PM   #12
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Doesn't the design inspired from the NYC latest iconic structure, Hearst HQ designed by foster n rakan rakan?

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Old April 7th, 2007, 06:41 AM   #13
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An up and coming developer

By ERROL OH
TheStar BizWeek 7 April 2007

YNH Property Bhd is still often identified as a Perak-based developer. Although not wrong – the company's head office is in Sri Manjung and it has undeveloped land of about 1,000 acres in that state – that has become a narrow and somewhat misleading description.

It has transformed from a property player best known for offering affordable homes in Manjung to one that has successfully diversified into new locations and products.

In a March report on the property sector, UOB Kay Hian calls YNH “an up-and-coming mid-cap developer”.

Indeed YNH is on the radar screens of most property analysts, with the majority of them having buy calls on the stock.

For most people, the developer's ability to excite lies mainly in its high-end ventures in Kuala Lumpur, primarily through joint ventures (JVs). Over the past three years or so, it has picked up several plots of land within the city's Golden Triangle and the affluent Hartamas area.

The buying has not stopped. Last Monday, the company announced that wholly-owned Kar Sin Bhd had entered into a memorandum of understanding (MoU) to purchase a 70% stake in D'Kiara Place Sdn Bhd, which has 6 acres of land in Mont' Kiara, Kuala Lumpur.

The development order for the land covers two blocks of service apartments, an office block, and a podium comprising a retail centre and an auditorium. The estimated gross development value (GDV) is RM550mil.

The first of YNH's KL projects to get off the ground is Lot 163 Suites in (aptly enough) Jalan Perak, which features service apartments, a retail arcade and an office tower. According to a Feb 13 report by Kim Eng Research, the development's GDV has risen from RM218mil to RM280mil due to an increase in lettable office space.

In the notes to the company's fourth-quarter results for financial year ended December 2006, YNH says the project has started to contribute to the group's earnings and will continue to do so for the next two years.

Other developments in KL that will come up soon include Radiant Kiara in Mont' Kiara and commercial project in Jalan Sultan Ismail. The former, a condominium project with a GDV of about RM270mil, is expected to swell the developer's bottom-line for the next three years.

However, much of the anticipation is centred on the Jalan Sultan Ismail project, particularly after YNH has teamed up with Singapore's CapitaLand Ltd to jointly develop the land. YNH will have a 60% interest in the JV.

For this purpose, Kar Sin entered into an MoU with CapitaLand Commercial and Integrated Development Ltd last December. Originally, YNH had planned to build two blocks of service apartments and a signature office block, with a GDV of RM880mil. CapitaLand's entry, however, has enlarged the scale.

The GDV is now RM1bil. “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,” says the joint news release.


Last year, YNH also went into a series of JVs to develop few pieces of land along Jalan Duta.

Says the company in the notes to its fourth-quarter results, “The development is at planning stage and is expected to contribute to the group's earnings commencing year 2009.”

The Government's recent moves to boost property demand is another reason YNH has been getting a lot of attention.

Standard & Poor's, in a report last Monday, says the developer's niche projects should benefit strongly from the abolishment of the real property gains tax and the removal of the requirement for FIC (Foreign Investment Committee) approval for house purchase by foreigners.

UOB Kay Hian estimates that the KL projects’ contributions to YNH’s bottom-line will increase to 89% in 2009 from 34% in 2006. Kim Eng Research sees a similar change. It says in its Feb 13 report, “Looking ahead, property development projects in the Klang Valley are expected to generate 80% of group profit, with the 20% balance from its Perak projects.”

Despite the big-city prospects, YNH is a long way from neglecting its stronghold in Perak. In the notes to its fourth-quarter results, it says ongoing projects in the state (such as Medan Bercham, Taman Samudera, Medan Sitiawan and Manjung Point Seksyen II) will be “the major profit contributor” for 2007 and 2008.

It adds, “Furthermore, the group has launched the commercial properties in Manjung Point Seksyen II, and the project has been well accepted by the investors.”
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Old April 7th, 2007, 07:06 AM   #14
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4 years in construction?? why so long one??
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Old April 7th, 2007, 07:55 AM   #15
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capitaland...capitaland....capitaland...capitaland....wahh....makin kaya company ni...where's our locals?...bz bidding for mideast projects?

whateverlah...

btw, 4 years....why that long? are they consider 3 times 'on hold' status in the middle?
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Old April 7th, 2007, 08:15 AM   #16
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ugly.
ya lor.I'm also disappointed with the design.what's went wrong with YTL actually? i except better from them since YTL is a great company.
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Old April 7th, 2007, 08:25 AM   #17
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not YTL lah alsen.....YNH
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Old April 7th, 2007, 08:34 AM   #18
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Originally Posted by oshkoshbgood View Post
not YTL lah alsen.....YNH
lol....x perasan pulak
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Old April 7th, 2007, 02:51 PM   #19
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lol....x perasan pulak
yelah..asyik dafi, dafi and dafi aje kan mane la tak perasan
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Old April 7th, 2007, 03:32 PM   #20
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yelah..asyik dafi, dafi and dafi aje kan mane la tak perasan
aduh ! tajamnya kritikan...
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