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PROUD 2 B MALAYSIAN
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Crest gets RM285m job



KUALA LUMPUR: Crest Builder Holdings Bhd subsidiary Crest Builder Sdn Bhd has been appointed main contractor for a proposed 43-storey condominium development in Kuala Lumpur in a deal worth RM285mil.

The contract, the biggest secured by Crest Builder so far, was awarded by developer Starpuri Development Sdn Bhd, a subsidiary of DNP Holdings Bhd. The latter is an outfit of Singapore's Wing Tai Asia.

Crest Builder business development director Eric S.M. Yong said with the latest contract, the company's current order book had risen to RM1.21bil.

The company has an unbilled order book of RM850mil.


Eric S.M. Yong

Based on the company's annual revenue level, its construction order book should last comfortably for the next two years.

“This is the largest (contract so far). It is a sign that we are able to do large-scale projects and it is a sign that there will be bigger projects to come,” he told StarBiz yesterday, adding that this would also boost the company's profile.

The latest contract is Crest Builder's second project with Wing Tai Asia, as it was previously the main contractor for The Meritz, also in Kuala Lumpur.

After Crest Builder takes possession of the site at Jalan Ceylon, the project will be executed in 34 months, with completion scheduled by Dec 1, 2010.

The contract was expected to contribute to Crest Builder's earnings for the financial year ending Dec 31 and onwards, the company told Bursa Malaysia yesterday.

Yong said as the company tendered for the project very recently, it had internally factored in the price escalation of raw building materials to a certain extent.

“The other standard measure will be proper management and planning of the project (to minimise the cost of the project),” he added.

Yong also felt that the company would not be very much affected by the current market meltdown because its policy had always been to work with reputable and strong developers.

The value of this contract also surpassed Crest Builder's aim to maintain an annual replenishment of RM250mil to its order book.

Moving forward, Yong expected more tenders for new projects.

“Despite the current market meltdown, the property sector is still strong and it will maintain good growth,” he said.

Late last year, Crest Builder won a RM97.2mil contract from TH Technologies Sdn Bhd, a subsidiary of Lembaga Tabung Haji, to build a 34-storey building along Jalan Perak, Kuala Lumpur.
 

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PROUD 2 B MALAYSIAN
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38,452 Posts
Discussion Starter · #8 ·
gr8 location...must be dem xpensive dis one!!!! construction already started un4tunely i cant take any pic....
 

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PROUD 2 B MALAYSIAN
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38,452 Posts
Discussion Starter · #9 ·
DNP JV to buy condo project in KL for RM207m
by Siow Chen Ming
Email us your feedback at [email protected]


DNP Holdings Bhd yesterday formed a joint venture with its Hongkong-listed sister company USI Holdings Ltd to buy a condominium project situated in the golden triangle of Kuala Lumpur for RM207 million cash.

DNP and USI will each hold 50% of the JV entity, Kuality Gold Sdn Bhd, which will acquire a 43 storey-115 unit condominium project together with the accompanying 115 car-parking bays en bloc basis, for RM207 million.

DNP and USI share a common major shareholder in Wing Tai Holdings Ltd, which owns 55.26% of DNP and 33.63% of USI.

Upon the completion of the project, Kuality Gold will operate the condominiums as service apartments for recurring income.

cool...43storey...another cool project
i think dis is the one
 

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PROUD 2 B MALAYSIAN
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38,452 Posts
Discussion Starter · #12 ·
The Condominium pursuant to the proposed acquisition of the Condominium is aproposed condominium block, forming part of an on-going high-end condominiumand service apartment development by Starpuri comprising of the following:-

(i)3 blocks of 43-storey condominium (Tower A, B and C);
(ii)1 block of 4-storey service apartment (Tower D);
(iii)5-storey multiple level car park block;
(iv)2 basement levels car park; and
(v)Swimming pool and condominium/ service apartment facilities.


The aforesaid proposed development comprises a total of 417 condominium unitsand 6 service apartment units together with a total of 988 car parking bays.The proposed development is to be sited on the Land, with tenure of interest inperpetuity. The proposed development is currently at the initial stage of construction,i.e. with the infrastructure, earthwork and sub-structure piling being carried out byStarpuri.

The purchase consideration of approximately RM139,750,000 for the Condominiumwas arrived at on a willing-buyer willing-seller basis after taking into consideration ofthe following:-

(i)The market value of the Condominium of approximately RM139,750,000 onan en bloc basis after taking into account of bulk discount, based on thevaluation report dated 19 March 2008 by the independent registered valuer,Knight Frank (Ooi & Zaharin Sdn Bhd); and

(ii)The expected future cash flows and earnings contribution of theCondominium to the JVCo as mentioned in Section 5 of this Announcement.

The development of the Condominium is expected to be completed within three (3)years from the date of the signing of the PA.
 

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PROUD 2 B MALAYSIAN
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Discussion Starter · #13 ·
Wing Tai Buys 115 Condos in KLCC Area
Source: New Straits Times
Publication date: 2008-05-10

SINGAPORE-based Wing Tai Holdings Ltd's associates, Hong Kong based USI Holdings and Malaysian subsidiary DNP Holdings Bhd, have entered into a joint-venture for the en-bloc purchase of 115 condos with car-parks in Kuala Lumpur's Golden Triangle for RM139.75 million. The price was based on RM700psf for the nett floor area of 199,639sq ft.
USI and DNP will have equal stake in the joint-venture company, Kualiti Gold Sdn Bhd.

The block is part of an ongoing high-end residential and serviced apartment project consisting of three blocks of 43-storey condos, one block of four-storey serviced apartments, a five-storey car- park block and a swimming pool. DNP's wholly-owned subsidiary, Starpuri Development Sdn Bhd, is developing the project, which is in the initial stage of construction.
 
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