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Old July 18th, 2007, 04:51 AM   #1
pedang
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QUILL CITY (Previously Vision City) | Kuala Lumpur (Jalan Sultan Ismail) | U/C

Vision City likely to be in Quill Capital Trust

By KATHY FONG

PETALING JAYA: Vision City, the integrated development project, could possibly be injected into Bursa Malaysia-listed Quill Capital Trust (QCT) on its completion in 2010 by the Quill Group of Companies (Quill group).

Quill Retail Malls Sdn Bhd, a subsidiary of Quill group, on Monday signed an agreement with Rashid Hussain Bhd to acquire the uncompleted Vision City project at Jalan Sultan Ismail, Kuala Lumpur, for RM430mil.

Based on QCT’s listing agreement, its manager, Quill Capital Management Sdn Bhd, had the first right of refusal on the commercial properties developed by Quill group and CapitalLand group, both of which are major shareholders.

Investment analysts said this right of refusal implied that there was a possibility of Vision City being injected into QCT should the development offer promising returns.

Quill group could only inject completed commercial property assets with tenancies into the real estate investment trust (REIT).

“The supply of investment-grade commercial space continues to be scarce.

“Against this backdrop, we believe Quill group's investment in Vision City will yield good returns and we intend to fast-track its completion to leverage on the strong demand,” executive director Datuk Michael Ong said in a statement issued on Monday.

The deal is one of the largest single property transactions in recent years.

The acquisition includes a pre-approved development order for the construction of a seven-level retail centre with a net lettable area (NLA) of 752,000 sq ft, a 35-storey office tower with NLA of 500,000 sq ft, a 45-storey serviced apartment block with 450 units and 2,280 car parks.

HSBC Malaysia's new annexe building, which is expected to be completed by the first quarter of 2010, is another asset that may be injected into QCT.

In June, the REIT announced to Bursa Malaysia it intended to buy Wisma Technip and Plaza Mont' Kiara for RM215mil.

The trust's current asset portfolio include HSBC Global Service Centre, BMW Malaysia headquarters and two DHL buildings, all of which are in Cyberjaya.
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Old July 18th, 2007, 04:57 AM   #2
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Oh great! That leaves me wondering about Plaza Rakyat fate though.......
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Old July 18th, 2007, 04:57 AM   #3
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at least..we can see a movement on the project
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Old July 18th, 2007, 05:00 AM   #4
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rendering?
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Old July 18th, 2007, 06:36 AM   #5
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Rendering posted in Malaysia City.
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THE KUALA LUMPUR DEVELOPMENTS COMPILATION (LATEST: JAN'2015) >>> PAGE 1 >>> PAGE 2 (Suburb)

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Old July 18th, 2007, 06:39 AM   #6
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dont thin there will be any radical changes in the rendering...the picture above is exactly like the same one on the construction board at the site..

but is the thing in the middle one..the one like tentacles...
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Old July 18th, 2007, 06:44 AM   #7
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Quote:
Originally Posted by ZaHiRnYa??? View Post
dont thin there will be any radical changes in the rendering...the picture above is exactly like the same one on the construction board at the site..

but is the thing in the middle one..the one like tentacles...
I think i saw the board before... the rendering there pretty cool leh. Faster go take pic of that.
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Old July 18th, 2007, 07:14 AM   #8
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another mall
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Old July 18th, 2007, 07:19 AM   #9
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another mall
yes...but it was an old project remember
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Old July 18th, 2007, 07:50 AM   #10
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COME ON BABY!
It will boost that area to the retail street as well.
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Old July 18th, 2007, 07:58 AM   #11
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dont think so ler...
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Old July 18th, 2007, 01:14 PM   #12
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why don't Universiti Kuala Lumpur buy the whole mall and convert them into 'campus'...?

another shopping mall is something.......boring lah!
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Old July 18th, 2007, 02:30 PM   #13
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Quote:
Originally Posted by ZaHiRnYa??? View Post
dont thin there will be any radical changes in the rendering...the picture above is exactly like the same one on the construction board at the site..
thats crapy.. but at least its goin to be build.. hopefulli the whole thing will turn out 'k after its complete..
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Old July 18th, 2007, 02:41 PM   #14
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Old July 18th, 2007, 02:43 PM   #15
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Old July 18th, 2007, 02:46 PM   #16
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That 2 unbuilt towers look very futuristic...
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Old July 18th, 2007, 02:47 PM   #17
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eh.. that sign board.. looks like a new renders leh Zah! Patchay was rite! and thx nazrey! u did it again!
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Old July 18th, 2007, 04:23 PM   #18
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Quote:
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eh.. that sign board.. looks like a new renders leh Zah! Patchay was rite! and thx nazrey! u did it again!
no ler...the sigboard was there forever..never change one lah...i use that road everyday ma
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Old July 18th, 2007, 05:09 PM   #19
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by mark benger

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Old July 18th, 2007, 05:12 PM   #20
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New Shopping Heaven

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