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Old August 27th, 2008, 05:07 AM   #101
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Sunway to develop Toa Payoh land
Published: 2008/08/27




SUNWAY Holdings Bhd plans to jointly develop a 2.75ha land in Toa Payoh, Singapore, into a mixed project with estimated gross development value of S$680 million (RM1.64 billion).

Teaming up with Hoi Hup Realty Pte Ltd Group, Sunway expects the project to be launched by June 2009 and should take four years to complete.
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Old August 29th, 2008, 06:23 AM   #102
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BLand seals deal with Libyan parties
Published: 2008/08/29




BERJAYA Land Bhd has sealed an initial pact with two Libyan parties to jointly develop 345ha in Tripoli into an integrated golf resort cum residential and commercial development.

The pact was signed with the Economic and Social Development Fund of Libya and OYIA Company For Development and Tourism Investment yesterday, BLand told Bursa Malaysia yesterday.

Bland will have a 60 per cent stake in the joint venture, it added.
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Old August 29th, 2008, 06:26 AM   #103
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BLand signs pact to develop golf resort in Libya


KUALA LUMPUR: Berjaya Land Bhd (BLand) has entered into a memorandum of agreement with Libya’s Economic and Social Development Fund (ESDF) and the OYIA company to develop an integrated golf resort cum residential and commercial development in Libya.

The proposed project would be developed in phases with the Libyan government agreeing to bear the infrastructure costs, BLand said in a filing with Bursa Malaysiayesterday.

BLand would prepare the master plan for the project and with the assistance of the ESDF and OYIA, submit it to the relevant Libyan authorities for approval.

“The total estimated development costs for the project is to be determined upon completion of the feasibility study of the master plan.

“It is expected to be funded from internally generated funds and/or borrowings of the BLand group, the actually composition of which will be determined at a later stage,” BLand said. - Bernama
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Old August 29th, 2008, 06:34 AM   #104
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MRCB sees better results in fourth quarter

On developments in the Middle East, he said the company had started work on a project in Saudi Arabia. “It’s something very similar to what we are doing at KL Sentral and Penang Sentral,” he said, adding that the project was still in the early design phase.
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Old August 29th, 2008, 10:05 AM   #105
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Iris gets RM50m contract from Egypt
29 Aug 2008 10:54 AM
THEEDGEDAILY

KUALA LUMPUR: Iris Corporation Bhd has secured a RM50.4 million contract from Egypt’s Ministry of Interior to provide technical solutions for the upgrade and maintenance equipment relating to the country’s national identification cards production centre.

In a statement yesterday, Iris said it had signed the contract with the ministry’s The Fund for the Development of the Civil Status System on Wednesday.

Iris will provide services to the centre that will produce new contactless smart National ID cards and also supply materials needed for the initial production of 100,000 smart cards based on the client’s specifications.
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Old August 29th, 2008, 10:06 AM   #106
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TM completely exits Africa
29 Aug 2008 10:44 AM
THEEDGEDAILY

KUALA LUMPUR: Telekom Malaysia Bhd (TM) has exited completely from the African region following the conclusion of the sale of its 60% stake in Societe des Telecommunications de Guinee (Sotelgui) to the government of Guinea.

TM first invested in Sotelgui in 1995 through the acquisition of the stake, with the government retaining the remaining 40%. Sotelgui operates a fixed line and cellular, GSM service in Guinea. TM handed over all operational and managerial control of Sotelgui to the government in late 2005.

TM announced in December 2005 that it had initiated exit plans from Guinea, as part of a broader reorientation of its international investment strategy to focus on geographic regions closer to home.

“Sotelgui was the last remaining TM investment in the African region,” said TM group chief financial officer Datuk Bazlan Osman in a statement yesterday. The value of TM’s investment in Sotelgui was written down to RM1 when the exit plan was initiated in December 2005.
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Old September 3rd, 2008, 09:26 AM   #107
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SeaScape-Singapore by IOI Bhd

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Old September 3rd, 2008, 09:27 AM   #108
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Pinnacle-Singapore by IOI Bhd

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Old September 4th, 2008, 04:55 AM   #109
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SunCity still bullish on India
Thursday September 4, 2008
By FINTAN NG
TheStar

PETALING JAYA: Sunway City Bhd (SunCity), which is launching the RM1.5bil Sunway Opus Grand Residency in Hyderabad in November, does not see the downturn in the Indian property market affecting its venture.

The 35-acre project is a joint venture with Opus Developers & Builders Pvt Ltd and will comprise 3,400 condominium units in five phases when completed.

HSBC Bank plc, in a report last month, said house prices could fall by 25% to 30% across most Indian cities due to high inflation and slower growth.

The Reserve Bank of India, in its quarterly monetary policy review, had hiked the repo rate, which is the rate it lends to banks, by 25 basis points to 9% on July 29 in an effort to curb inflation, which has risen over 12% in recent times.

SunCity chief financial officer Koong Wai Seng said the company had never been “aggressive” in the pricing of its project in India, which is targeted at professionals.

“We’re not building homes in Mumbai or New Delhi where the level of speculation is high.

“No doubt there will be some impact but in Hyderabad, property speculation is minimal. So we don’t envisage taking a hit on profits due to a slowdown,” he told StarBiz yesterday.

Koong said despite the prevailing market conditions, the two private launches done in March and May for Sunway Opus had seen a total take-up rate of 30%.

“While this is not an indicator because the show units are not up yet, we’re confident that the take-up rate will be higher when the show units are opened for viewing in November,” he said. Units are priced at an average RM280 per sq ft.

Meanwhile, Koong said the RM380mil joint venture with MAK Projects Pvt Ltd for the development of 14 acres into a condominium project in Hyderabad was still at the design stage.

The project would feature units with an average built-up of 1,500 sq ft and with an average selling price of RM208 per sq ft.
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Old September 5th, 2008, 09:20 PM   #110
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Mah Sing to proceed with Vietnam foray
By Sharen Kaur Published: 2008/09/06
BusinessTimes

The property developer is evaluating Vietnam's economic situation and will cautiously go ahead with the RM1 billion township project with its partner there

PROPERTY developer Mah Sing Group Bhd will proceed with its RM1 billion planned township project in Vietnam, despite the country's high inflation and slowing economy.

"Vietnam's overheating economy provides opportunities to buy land more cheaply and launch products as other developers shy away," Mah Sing Properties Sdn Bhd chief operating officer Ng Heng Phai told Business Times during a preview of a new residential project, called "Hijauan Residences", in Cheras, Selangor, yesterday.

"We are evaluating the situation. We have identified some land and will cautiously plan the project with our local partner (in Vietnam) to mark our first foray overseas," he said.

Ng added that Mah Sing, which has a sales target of RM560 million for this year, is also exploring China aggressively.

It also wants to move into Sabah and Sarawak, although it will be busy for the next five years with 14 ongoing projects worth over RM3.3 billion in Penang, Johor and the Klang Valley.

"As a group, we always seek opportunities to grow the business. While we are into property development with a good balance of commercial and residential, we won't diversify," he said.

He, however, did not discount the possibility of launching industrial projects in the future.

Later, at a press conference, Ng said Mah Sing will increase prices of its new properties, launched in 2009, by 15 to 20 per cent to mitigate higher construction costs.

The company has been selling houses based on old prices as the projects were launched a year or two ago and were more than half-way built when rising fuel and raw material costs came into effect this year.

On Hijauan Residences, the company is launching Phase Two of the development, comprising 30 units of garden bungalows worth RM40 million by November, and Phase Three, consisting 78 units of four-storey villas each worth over RM2 million by the second quarter of 2009.

"We sold the first phase in eight months after the launch. The market for high-end products are still hot compared with the low- and medium-range, and those priced RM300,000 to RM500,000," Ng said.

Phase One, which will be constructed by the end of this year, features 122 units of two- and three-storey semi-detached houses, priced at RM583,000 and RM700,000 respectively.

Ng said Mah Sing is considering buying more land in Cheras to build niche projects as it offers good earning potential.
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Old September 5th, 2008, 09:56 PM   #111
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Kentz wins US$250m S. African contract
By Kamarul Yunus Published: 2008/09/06
BusinessTimes

KENTZ Group, partly owned by a group of Malaysian investors, has secured a US$250 million (RM865 million) contract for the procurement, fabrication and site installation of air-cooled condensers and associated equipment on the new Medupi Power Station in South Africa.

In a statement, Kentz said its operating unit Kentz (Pty) Ltd South Africa signed an agreement with German-based GEA Energy Technology Division through its South African subsidiary GEA Aircooled (Pty) Ltd.

"The agreement between GEA and Kentz was reached following Kentz's support to GEA during the bidding process," it said. Alstom is in charge of the engineering, procurement and construction of the six turbine islands.

The Medupi project, which is a greenfield coal-fired power station, forms part of a US$12 billion (RM41.5 billion) investment programme for Eskom, the South African power supply and utility group, which span six years.

GEA's responsibility includes the turnkey delivery of the overall technology package for the air-cooled condensing system.

Kentz's work scope includes the procurement, detailing, shop fabrication and installation of about 36,000 tonnes of steel structure and platework, 40,000 tonnes of mechanical equipment and 1,800 tonnes of piping over a four-and-a-half-year period.

According to the statement, Kentz has been operating in South Africa for almost 30 years as an engineering and construction group offering a wide variety of services across the region, and is structured to take advantage of growth in the petrochemical, mining and power sectors.

Its key clients in the region include Sasol and Rio Tinto in Madagascar, a spokesperson of Kentz Group said.

Kentz started operations in Ireland in 1919 as M.F Kent and has operated internationally since the 1970s. In 1994, the company changed its name to Kentz.

Kentz, which continues to have strong Irish roots, is now incorporated in Jersey and is owned by its management and a group of Malaysian investors. Kentz's Malaysian investor is Peremba.

"Since IPO (initial public offering), Peremba holds a 24 per cent stake in Kentz," the spokesperson said.

According to online reports, Kentz chairman is Tan Sri Razali Abdul Rahman, who is also chairman of Peremba (Malaysia) Sdn Bhd, Saujana Resort Sdn Bhd and Focal Aims Holdings Bhd.

With a staff force of 7,000 in Europe, Africa, the Middle East and Asia, the company is represented by subsidiaries and offices in over 20 countries.

It has business activities in Saudi Arabia, Kuwait, Qatar, United Arab Emirates, South Africa, Mozambique, Zambia, Madagascar, Russia, Azerbaijan, Kazakhstan, Malaysia, Indonesia, US, Canada, Australia, Norway and Ireland.
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Old September 8th, 2008, 01:28 AM   #112
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Grooming TA
Saturday September 6, 2008
Stories by THEAN LEECHENG
TheStar

TA Enterprise redefines itself while the Tiahs prepare to hand over the reins to the next generation

DATIN Alicia Tiah was the epitome of happiness and confidence that morning. It did not matter too much that the global economy was rather challenging.

The MD and CEO of TA Enterprise Bhd was focused about where, and how she was going to drive the company.

The day of the interview also turned out to be her birthday and the staff has organised a birthday lunch for her, her husband Datuk Tony Tiah, 62, whose birthday is around the same time. He is also the executive chairman.

There were other reasons to celebrate. On Thursday evening, in a filing with Bursa Malaysia, the company announced the purchase of the Coast Whistler Hotel in British Columbia, Canada for RM107mil (C$33mil).

The 193-room hotel is located in an alpine skiing and mountain biking resort town about 125 km north of Vancouver. Currently undergoing renovations, the hotel is expected to be reopened in November 2009 for the Winter Olympics 2010.

The proposed cost of renovations, to be borne by TA Global Bhd, a soon-to-be listed property company on the main board, is estimated at C$30mil.

Besides the acquisition of the hotel, the company has also proposed to list its property division currently held by its subsidiary company TA Properties Sdn Bhd.

The new company, known as TA Global Bhd, will be a property counter while TA Enterprise Bhd will focus on financial services. (See side bar)

But over and above cakes and candles, hotel purchases and a flotation exercise, Alicia has found another reason to celebrate. Her son, Joo Kim, 28, joined the company about three months ago.

“I have a lot on my plate at the moment,” says Alicia, 58.

Succession planning

“I am so happy he will take over,” says the mother of three girls and two boys, Joo Kim being the third and older boy.

“I’m tied down with a lot of things and would like some help and he has the experience. He will be able to support me by way of his ideas and experience. I also want him to spearhead the financial services sector.”

Alicia is seeking universal broker (UB) status for the group and eventually, she hopes to build an investment bank (IB). Joo Kim has a masters in international business and was working as a financial adviser in Singapore prior to joining TA Enterprise.

Says Joo Kim on the proposed restructuring: “It makes a lot of sense to separate the two core businesses of the group – financial services and property development, investment and management.

“We are not saying one is better than the other. Listing the property arm will enable us to unlock shareholders’ value. To have two listed entities, both with their respective specialities, will reflect our businesses better. It will help us to put a market value to all our land and property assets.

“When we made up our minds to have this division, we also looked at things from the investor’s standpoint. When an investor considers a stock, they do so because they want exposure in a particular sector. This is where TA Global comes in. If it is financial services exposure, there is TA Enterprise. Before when an investor buys into TA Enterprise, they wanted exposure in both.

“The third reason for this restructuring has to be viewed from the management standpoint. With two separate entities, there will be greater transparency how the two entities are performing. It is no longer one business riding on the other. Separating the two will also improve execution of the respective entities that are accountable to stand alone to deliver on separate key performance indicators and strategies,” says Joo Kim.

He says TA Global is expected to be listed on Bursa’s main board by year-end. The initial public offering (IPO) involves a proposed rights issue of 860 million new shares at an issue price of 50 sen to all existing shareholders of TA Global on the basis of 10 new shares for every existing 27 shares and a proposed public issue of 350 million new shares at 50 sen. At the end of it all, there will be a total of of 1.21 billion of new shares, says Joo Kim.

TA Enterprise will then offer for sale 875 million shares of TA Global to the public and capital distribution to its existing shareholders. In the end. TA Global will have an issued and paid-up share capital of RM1.75bil made up of 3.5 billion shares at 50 sen each, says Joo Kim.

A Sept 5 report from Citi Investment Research says TA Enterprise plans to raise a total of RM612mil from the IPO proceeds and will eventually own 24% of TA Global. Tony Tiah will have a direct stake of 10.3% to 13.7% of TA Global depending on TA’s warrant conversion.

It will use a portion of the proceeds to apply for an investment banking licence and the rest for future working capital.

UB and IB

“With UB status, I can do many things, including bonds. In the meantime I do other things. After that, I would like to have an IB status. The investment bank scenario is rather crowded today but things can change any time. We have to be prepared and at the same time, it also means we have to take our financial services offshore,” Alicia says.

The group currently has TA Securities (HK) Ltd in Hong Kong. Its pre-tax profit surged 231% to HK$52mil for the year ended Jan 31, 2008, from HK$15.7 mil the previous year.

The growth was attributable to the rise in brokerage generated from trades on Hong Kong stocks coupled with the rise in interest income on margin lending and IPO financing.

“There are so many deals being signed and sealed in Hong Kong. We have not expanded that area yet. There is much we can do but I need more people to join me. I am seriously looking for talent. I am also strategising the way forward so it is very important that my son is here.

“I am tied down with having my own five-star hotel brand. I do not want to discount the financial services sector but this sector is rather lacklustre today.”

The company completed its first quarter for financial year 2009 with disappointing results. It achieved only 18% of its full year estimates, a June 23 Citi Investment report says.

Stockbroking income fell 34% quarter on quarter due to lower stock-market turnover (-20%) and decline in retail participation. Property development saw lower margins for the quarter, but Citi’s analyst expects stronger contributions in subsequent quarters owing to good progress and healthy sales in the current projects.

Stockbroking and related activities accounted for 30% of group earnings before interest and tax (EBIT) for the first quarter.

Its property development

Property development EBIT was 13% quarter on quarter. The lower margins are likely to be due to rising material costs. The Citi report says that take-up rates have improved from 50% to 65% for Idaman Villas, 60% to 72% for Damansara Idaman Phase 3 and from 80% to 88% for its KLCC high-rise condominium Idaman Residences.

Says the report: “We expect better turnover in the second half of financial year 2009. Property earnings are expected to remain strong with continued good take-up and work progress at all three ongoing projects with the Idaman brand. Over the next 12 months, TA will be launching the final phase of Damansara Idaman (27 units of bungalows), Seri Suria development (shoplots) and Bukit Bintang (service apartments).”

According to Alicia: “If the market is buoyant, the financial services sector will be good. But it is rather slow today. So property will be a major contributor this year, it will contribute about 60% to our bottomline, maybe even 65% and the rest from the financial services segment.”

“I enjoy property development because you can see the end result, the buildings, taking shape. It is a dream that eventually becomes reality. Financial services is not all that tangible by comparison. But this does not mean we are going to neglect financial services. We will not. It is just that the market is lacklustre today; when it is buoyant, the financial services sector will do well,” says Alicia.

A new line

“As for the new line we are opening – property management – there is much work has to be done there. Managing a hotel can be quite transparent. The group owns Radisson Plaza in Sydney, Australia and Terasen Centre in Vancouver, Canada.

“Although Radisson is managing the hotel for us, we are very hands-on. We will build our own hotel brand here in Kuala Lumpur, to be specific, on Nova Square between Jalan Bukit Bintang and Jalan Imbi. (See sidebar)

“Having said that, we are also open to options in countries we are familiar with such as Canada and Australia,” she says.

The purchase of the Coast Whistler Hotel will also put the group firmly into property management. This will be the group’s second property on Canadian soil. The other is office building Terasen Centre.

TA Enterprise bought the 362-room Radisson Plaza Hotel before the Sydney OIympics 2000 in the late 1990s. It has an average occupancy rate of 82% in July and a market value of A$120mil.

“We made good returns from that investment, both in terms of steady returns and also from diversification from the normal stockbroking business. It was a very good move,” she says.

Terasen Centre is fully tenanted and has an average rental rate of C$20 per sq ft. New leases are coming in at C$24 to C$26 per sq ft. That property has a market book value of C$175mil. Both the Australian and Canadian properties were bought about 10 years ago.

“Terasen Centre is strategically positioned in the golden triangle with 62-storey Shangri-la Hotel across from it, and close by is Ritz Carlton, a 60-storey building. We bought it for C$92mil and were offered C$160mil but I’m not selling. To look for a property that is so well located and one that fits our budget and corporate plan is not easy,” says Alicia.

“If we were to invest abroad, I would prefer somewhere familiar. Having said that, however, we are thinking about Vietnam, China and the US market, but we’ll see how things go. We will begin monitoring the US property market as the residential properties have declined by 40% to 50%; this represents buying opportunities.”
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Old September 8th, 2008, 05:03 AM   #113
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IJM Land: Call us a property supermarket
By Jeeva Arulampalam Published: 2008/09/08




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.
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Old September 8th, 2008, 08:19 AM   #114
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Mah Sing Group eyes Vietnam

Mah Sing Group Bhd., Malaysia’s fifth- biggest developer by revenue, is considering a Vietnam venture worth more than 1 billion ringgit (US$310 million) for what would be the company’s first project overseas. Mah Sing’s sales in Malaysia have slowed in 2008 as the domestic market continues to cool, prompting the company to speed up plans for international expansion.

"You need to diversify your earnings stream by going overseas,’’ Group Managing Director Leong Hoy Kum, 50, said in an interview with Bloomberg. "We can’t depend only on Malaysia for our growth. The foreign market is a must.’’

Mah Sing, which cut this year’s property sales target by half because of rising building costs and Malaysia’s slowing economy, is looking to expand across Asia to almost triple sales within five years to as much as 1.5 billion ringgit. Its stock has tumbled 25 percent this year, faster than the benchmark Kuala Lumpur Composite Index’s 22 percent slide.

Malaysia’s economy is stumbling as higher fuel prices weigh on consumer spending. A 41 percent increase in gasoline prices to trim fuel subsidies in June pushed inflation to a 26-year high, leaving Malaysians with less to spend.

Mah Sing’s total sales, including the company’s plastics unit, more than tripled in the past five years to reach 573.4 million ringgit in 2007. Profit last year surged to a record 81 million ringgit from 5.3 million ringgit in 2002.

The company is exploring India, China and Indonesia, Leong said. Overseas sales will account for 20 to 30 percent of the group’s total in the next five years, he said. The company is seeking revenue growth of 20 percent each year, he added.

Vietnam is Mah Sing’s priority as the "overheating’’ in its economy provides chances to buy land more cheaply, Leong said.

"We won’t simply venture into a country without a good reason,’’ the Mah Sing CEO said.
The company is examining a joint-venture to build homes on 300 to 500 acres of land in Ho Chi Minh City, he said. It may later build offices at a separate location there.

"Next year will be a good year to start if we find that the timing is right again’’ in Vietnam, he said.
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Old September 10th, 2008, 05:23 AM   #115
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YTL keen to launch Starhill brand in Singapore and London


SINGAPORE: After having successfully launched the Starhill brand in Dubai, YTL Corp Bhd wants to expand the concept to Singapore and London.

“We are being pursued by people from London. We also want to do a Starhill in Singapore and it can either be a greenfield or an existing property,” managing director Tan Sri Francis Yeoh said during the “The Luster of Luxury” forum at the Forbes Global CEO conference yesterday.

“Time is now a window for us and I can wait for 12 months to make a capital investment in Singapore,” he said.

YTL owns the Starhill brand concept. It first developed the concept in Kuala Lumpur and last April it launched the Starhill Gallery in Dubai.

Yeoh believes there is a booming market for luxury products and that “luxury should come to a person instead of the person going to luxury.” Malaysia will also be home to the “Forbes Asia Luxury Forum: The Art of Time” for the first time in Kuala Lumpur on Dec 5. It will examine the booming market for luxury timepieces in the region. A half day conference will also be held.

The event is held in conjunction with YTL’s “A Journey Through Time II” which kicks off from Dec 4 to 14 at the Starhill Gallery. It will be Asia’s largest watch and jewellery showcase. “YTL is an ideal partner for Forbes Asia in co-hosting this event given its expanding portfolio of luxury lifestyle resorts, luxury retail outlets such as the Starhill Gallery and other luxury-related projects,” Forbes vice chairman Christopher Forbes said.:@:@
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Old September 10th, 2008, 05:37 AM   #116
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must be cool like Starhill Dubai
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Old September 10th, 2008, 05:37 AM   #117
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Sunway unit in housing venture with Hoi Hup
Published: 2008/09/10



SUNWAY Holdings Bhd's wholly-owned subsidiary, Sunway Developments Pte Ltd, has entered into a joint-venture agreement with Hoi Hup Realty Pte Ltd and Hoi Hup JV Development Pte Ltd to set up a joint-venture company namely Hoi Hup Sunway JV Pte Ltd.

The new company will execute and will do design, construction, completion and development of public housing development project under the “design, build and sell” scheme.

The project’s preliminary feasibility is expected to generate an estimated gross development value of RM1.61 billion to Hoi Hup Sunway JV. — Bernama
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Old September 11th, 2008, 09:45 AM   #118
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SunCon sued for RM70m
by Racheal Lee Mei Nyee
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KUALA LUMPUR: Sunway Holdings Bhd’s wholly owned subsidiary Sunway Construction Sdn Bhd (SunCon) has been served with a RM70 million statement of claim by Shristi Infrastructure Development Corporation Ltd (SIDC) in relation to their dispute over works in India.

The dispute is in relation to a work order for SIDC to rehabilitate and upgrade a stretch of a four-lane highway in Uttar Pradesh, pursuant to an agreement signed between SunCon and National Highway Authority of India.

Sunway said yesterday SIDC had provided two bank guarantees to SunCon but had failed to carry out its obligations under the work order. Sunway said SunCon had terminated the work order and cashed the bank guarantees.

The company said SIDC had filed an application in the Supreme Court of India for the appointment of an arbitrator to arbitrate upon the dispute between the parties.

It said the Supreme Court had appointed a sole arbitrator and two preliminary sittings had been held to date, and subsequently, SIDC then filed its statement of claim on Sept 4, 2008.

“SunCon is currently in consultation with its solicitors to analyse the claimant’s claims,” Sunway said.
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Old September 11th, 2008, 11:30 AM   #119
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Landbank size to keep IJM busy over 20 years
Published: 2008/09/11





He said the company would soon develop a RM500 million mixed development project in Changchun, China. This is IJM Land’s second overseas venture after Singapore.

“The development is now in the planning stage. Over the next three to four years, we will launch the project and can then see the financial contributions coming in,” said Soam. — Bernama
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Old September 12th, 2008, 04:59 AM   #120
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IJM Land in talks for more projects in China


Developer plans mixed developments in second-tier cities

KUALA LUMPUR: IJM Land Bhd is in talks with various parties to venture into mixed property developments in China’s second-tier cities.

Managing director Datuk Soam Heng Choon said these new projects were likely to be commercial and residential developments and they could be done through joint ventures with local partners in China.

“IJM Land is always in talks with parties either locally or abroad for joint property projects.

“We haven’t set any time frame for the new ventures in China,” he told reporters after the launch of IJM Land’s new corporate identity yesterday.


From left: IJM Land chairman Datuk Krishnan Tan, IJM Corp Bhd deputy CEO and MD Teh Kean Ming, Datuk Soam Heng Choon and Minister of Housing and Local Government Datuk Seri Ong Ka Chuan at the launch of IJM Land’s new corporate identity

“Our people are there and we will continue to look for new business in China and replicate what we have done in Malaysia, such as niche and township developments,” he added.

IJM Land expects its China ventures to contribute to profits in the next three to four years.

The company now has a presence in Changchun where it is jointly developing a RM500mil mixed property project. Soam said it expected to launch the project next year.

He said China represented its second overseas venture after Singapore and IJM Land also planned to tap other emerging markets like Vietnam.

Soam said the company was also looking at en bloc sales for its upcoming commercial projects in the Klang Valley and elsewhere.

“We are talking to fund managers operating out of Hong Kong and Singapore and these could be European or American funds,” he said.

Asked whether IJM Land was on track to launch 28 projects in the financial year ended March 31, 2009, he said it was reviewing some of the projects and might put some on hold.

He said upcoming projects might have higher selling prices which were adjusted according to the construction costs.

Soam said margins were mainly squeezed for lower-end products and there was still demand in the medium to medium-high market.

The unveiling of IJM Land’s new corporate identity and logo yesterday signalled the completion of the rationalisation exercise involving RB Land Bhd and IJM Properties Sdn Bhd.

It also denoted the company’s emergence as a major player in the Malaysian property scene.

The new entity brings together RB Land’s proficiency in township development and IJM’s expertise in high-rise condominiums, niche developments and commercial buildings.
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