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PROUD 2 B MALAYSIAN
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Ireka upbeat on residential tower project
By EUGENE MAHALINGAM


PETALING JAYA: Ireka Corp Bhd expects its proposed high-end residential project in Kuala Lumpur to contribute to earnings by financial year ending March 31, 2012, said chairman Abdullah Yusof.

“Assuming we can launch the project in early 2011, it should begin contributing to revenue in our 2012 financial year,” he told StarBiz in an e-mail.

“We expect the construction of the project to be completed by end 2013, subject to obtaining the necessary development and authorities’ approvals.”

Earlier this month, Ireka announced it would co-develop with London-listed Aseana Properties Ltd (APL), on a 30:70 basis, a high-end residential tower at Jalan Kia Peng.

The project, which will be next to the Kuala Lumpur Convention Centre, is expected to generate a gross development value (GDV) of RM272mil, with a gross profit margin of about RM58mil.

Abdullah said the estimated GDV of RM272mil was based on a conservative assumption and the amount would definitely increase by the time the project was completed.

“Indeed, we expect that the GDV will eventually increase, as the world economy stabilises and when the momentum of the real estate sector returns. Our current GDV estimate is based on today’s price,” he said.

Ireka currently has no immediate plans to acquire more residential land at the KL city centre (KLCC) area.

“However, like all ongoing business concerns, we will continue to evaluate good opportunities that come our way,” Abdullah said, adding that he was optimistic about the outlook of the local property sector.

“We see confidence slowly returning to the property sector in Malaysia.

“The volume of transaction is still relatively low but we expect this to pick up by 2012, and we want to be there when the property market takes an upturn.

“Nevertheless, the group needs to proceed with a certain degree of caution going forward.

“As for properties within the KLCC area, we strongly believe that this area will be the most prime address in Kuala Lumpur,” he said.

Meanwhile, Ireka Corp’s wholly owned subsidiary, Ireka Engineering & Construction Sdn Bhd, has been awarded a RM52mil sub-contract by Transmission Technology Sdn Bhd for the proposed offices and hotel development project in Kuala Lumpur.

The sub-contract would be completed in two phases, the company told Bursa Malaysia yesterday.
 

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PROUD 2 B MALAYSIAN
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Discussion Starter #2
Ireka subscribes for 30% stake in SPV undertaking Jln Kia Peng project
By Lam Jian Wyn of theedgeproperty.com
Thursday, 31 December 2009 17:26

KUALA LUMPUR: Ireka Corporation Bhd is subscribing for a 30% stake in the enlarged capital of World Trade Frontier Sdn Bhd (WTF) to undertake the proposed development of a piece of property along Jalan Kia Peng here.

Ireka said on Thursday, Dec 31 that the other 70% would be subscribed by Aseana Properties Ltd’s unit ASPL M9 Ltd.The proposed subscription is part of the agreement between Ireka and ASPL for the proposed residential property to be built on a 43,559 sq. ft. site along Jalan Kia Peng.WTF is a special purpose vehicle (SPV), currently, owned by Ireka, to undertake the development.To recap, on Dec 11, WTF had entered into a sale and purchase agreement with the vendors of the land, Kuok Chiu Hoon Selina, Kim Kuok Strickland and Farah Azman to acquire the site for RM87.12 million.On the same day, Ireka had also signed an MoU with Aseana for the joint venture to own and develop the property.The corporate development would see the paid-up of WTF increased from two shares of RM1 each to RM1 million comprising one million WTF shares. Ireka shall hold 300,000 WTF shares (or 30%) and shareholding) and ASPL 700,000 WTF shares (or 70%).Ireka said the property contemplated in the proposed acquisition is located strategically in Kuala Lumpur city centre’s prime development area. It added that in recent years, property development projects in the Kuala Lumpur city centre have received strong interest from both home owners and investors.“Ireka believes the proposed acquisition is an excellent opportunity to invest and to participate in the development of the property in a proven location,” it said.Ireka said the proposals allowed both parties to collaborate and jointly participate in the designing, developing, constructing, selling and manage a residential project to be built on the property.It added Aseana has a track record of being involved in high-end property development projects in the major cities of Vietnam and Malaysia.“The proposed JV will also enable Ireka to invest in a development project without burdening its balance sheet,” it said, adding this was in line with the Ireka’s overall plan to maintain an “asset light” strategy in terms of property development business, wherein resources which are usually required for property development projects are freed up and undertaken jointly with a separate entity.This strategy has contributed positively to the ICB group in recent years, it added.KUALA LUMPUR: Ireka Corporation Bhd is subscribing for a 30% stake in the enlarged capital of World Trade Frontier Sdn Bhd (WTF) to undertake the proposed development of a piece of property along Jalan Kia Peng here.

Ireka said on Thursday, Dec 31 that the other 70% would be subscribed by Aseana Properties Ltd’s unit ASPL M9 Ltd.

The proposed subscription is part of the agreement between Ireka and ASPL for the proposed residential property to be built on a 43,559 sq. ft. site along Jalan Kia Peng.

WTF is a special purpose vehicle (SPV), currently, owned by Ireka, to undertake the development.

To recap, on Dec 11, WTF had entered into a sale and purchase agreement with the vendors of the land, Kuok Chiu Hoon Selina, Kim Kuok Strickland and Farah Azman to acquire the site for RM87.12 million.

On the same day, Ireka had also signed an MoU with Aseana for the joint venture to own and develop the property.

The corporate development would see the paid-up of WTF increased from two shares of RM1 each to RM1 million comprising one million WTF shares. Ireka shall hold 300,000 WTF shares (or 30%) and shareholding) and ASPL 700,000 WTF shares (or 70%).

Ireka said the property contemplated in the proposed acquisition is located strategically in Kuala Lumpur city centre’s prime development area. It added that in recent years, property development projects in the Kuala Lumpur city centre have received strong interest from both home owners and investors.

“Ireka believes the proposed acquisition is an excellent opportunity to invest and to participate in the development of the property in a proven location,” it said.

Ireka said the proposals allowed both parties to collaborate and jointly participate in the designing, developing, constructing, selling and manage a residential project to be built on the property.

It added Aseana has a track record of being involved in high-end property development projects in the major cities of Vietnam and Malaysia.

“The proposed JV will also enable Ireka to invest in a development project without burdening its balance sheet,” it said, adding this was in line with the Ireka’s overall plan to maintain an “asset light” strategy in terms of property development business, wherein resources which are usually required for property development projects are freed up and undertaken jointly with a separate entity.

This strategy has contributed positively to the ICB group in recent years, it added.
 

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This project wont start anytime soon until 2011.

You could just put it in the existing thread read 'NEW STUFFS - DISCUSSION, NEWS & PICTURES III | Just message anything new of what you have seen or heard here.' http://www.skyscrapercity.com/showthread.php?t=538057

We are not searching for the next most erratic person in the forum here. the title ll always belong to you because you hv already owned it from day 1.
 

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Taller Is Better
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Ireka to launch residential project in 2011
By Siti Radziah Hamzah theedgeproperty.com
Tuesday, 09 March 2010 19:26

PETALING JAYA: Ireka Corp Bhd’s plans to develop a single-towered, high-end residential project with a gross development value of RM272 million on its newly acquired one-acre tract in Jalan Kia Peng, Kuala Lumpur.

However, the plan is subject to planning approvals, said Ireka group managing director, Lai Siew Wah in a statement on March 9.

“Our market study has shown that there is sustainable demand for small- to medium-sized upmarket residences, especially for the growing number of professionals wishing to live in the city centre. We are working towards launching this development in early 2011,” he said.

During its extraordinary general meeting (EGM) on March 9, Ireka’s shareholders approved the acquisition of the freehold land for RM87.12 million. The land was acquired through Ireka’s wholly owned subsidiary, World Trade Frontier Sdn Bhd.

The land is centrally-located and within walking distance to the Petronas Twin Towers, Suria KLCC shopping centre, Kuala Lumpur Convention Centre and KLCC Metropolitan Park, all of which are conveniently serviced by the KLCC Light Rail Transit.

At the EGM, Ireka’s shareholders also approved the joint-venture partnership with London-listed Aseana Properties Ltd (Aseana) to develop the land on a 30:70 basis.

Aseana has appointed Ireka’s wholly owned subsidiary, Ireka Development Management Sdn Bhd as its exclusive development manager.

The partnership has a track record of property developments in Kuala Lumpur -- notably the upmarket [email protected] I, Tiffani by i-ZEN, SENI Mont’Kiara and one Mont’Kiara, all of which are located in the prestigious Mont’Kiara neighbourhood.

“This joint partnership with Aseana Properties Ltd is a tried-and-tested formula for both businesses. Aseana is our partner of choice for this development because of its strong financial standing and recognition as a high-end developer,” Lai said.
 

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PROUD 2 B MALAYSIAN
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Discussion Starter #9

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Ireka to launch KLCC project in 2H12
Ireka Corp Bhd is expected to launch its highend boutique hotel and service residences development at Jalan Kia Peng, Kuala Lumpur in the second-half of this year (2H12).

Located on a prime site in the vicinity of the Petronas Twin Towers, the upmarket project will comprise 200 units of service residences atop a boutique hotel with 398 rooms contained within a 42-storey tower block. It is slated for completion in 2015.

The project will be designed to comply with the GBI (Green Building Index) Gold standards to reduce the overall impact to the environment and its surroundings, Ireka group executive director Lai Voon Hon said.

The project is estimated to have a total gross development value (GDV) of RM400 million, However, details on the pricing, built-ups and layout plans for the residential units are still being finalised.

The joint development will be undertaken with Ireka’s associate firm, Aseana Properties Ltd on a 30:70 joint venture basis. For certain, Ireka will bring its well-known i-Zen brand of luxury properties to the development, making it the group’s first i-Zen product in Kuala Lumpur City Centre (KLCC). The essence of i-ZEN brand embodies the principles of style, service, security, sophistication and soul.

The boutique hotel and service residences project will cover an almost one-acre site where the Top Hat Restaurant once sat and is adjacent to the Kuala Lumpur Convention Centre.
 

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Property news briefs
Posted on 15 March 2012 - 03:28pm

http://www.thesundaily.my/news/322586

.....
Ireka will next develop service residences and a high-end boutique hotel at Jalan Kia Peng, on the site of the old Top Hat restaurant. This 42-storey tower block will hold 200 units of service residences on top of a 300-room boutique hotel to be managed by an international operator.
..
 

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This thread should be moved to "Countdown to 2020" since it consists of both commercial hotel / service residence.
 

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uninspiring design...boy we sure are lagging behing other SEA cities in terms of designs, this is just pure box of poop tryin to be sorta art deco...
 

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some solid news..

Guocoland going to build something there.. maybe beside or very nearby :cheers:
 

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PROUD 2 B MALAYSIAN
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Discussion Starter #19
Ireka increases property development portfolio to RM1.9b
By Chua Kai Shen of theedgeproperty.com
Wednesday, 26 September 2012 14:15

KUALA LUMPUR (Sept 26): Main market listed Ireka Corporation Bhd steps up its property development business with four projects worth about RM1.9b in gross development value (GDV). These projects are to be implemented over the course of the next five years.

Ireka is set to launch projects in Kia Peng and Nilai at the end of 2012.

Ireka is at an advanced planning stage for a boutique hotel and 200-unit serviced residences project at Jalan Kia Peng, which is adjacent to the KLCC Convention Centre. This is a joint venture project between Ireka and Aseana Properties Ltd (30:70).

The second planned launch, a garden living-themed housing development in Nilai, named Kasia Greens, consists of 142 super-linked houses. The project is located in the heart of Nilai’s education hub and close to amenities such as hypermarkets, golf courses and the Kuala Lumpur International Airport.

"We expect revenue from these property development projects to roll in come 2014," said Ireka executive director and Ireka Development Management Sdn Bhd chief financial officer Monice Lai.

Moving forward, Ireka intends to have a balanced focus on the construction and property development segments of their business.
 
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