KUALA LUMPUR: Sunway Bhd has expanded its landbank in Johor with the acquisition of two parcels of leased land worth RM745.3mil in Medini Iskandar via a joint venture vehicle with Khazanah Nasional Bhd.

The two parcels, which are adjacent to each other, total about 691 acres and has an estimated gross development value (GDV) of RM12bil.

The newly acquired land known as Zone F Medini will boost Sunway’s landbank by 30% from the previous 2,145 acres, while the proposed development will boost the company’s current GDV to RM32bil,” Sunway said in a statement yesterday.

“With the acquisition, Sunway will have 755 acres of development land in Johor, in addition to the existing land at Bukit Lenang, with an estimated total GDV of RM13bil.”

Zone F Medini is strategically located in the heart of Iskandar Malaysia. It is about 10 minutes from Singapore via the Second Link Expressway and 25 minutes from the Senai International Airport.

Also in the vicinity are Legoland Malaysia and Pinewood Iskandar Malaysia Studios, which are expected to be completed by 2012 and 2013 respectively, Edu City, Kota Iskandar and the International Financial District, the company said.

This is Sunway’s largest acquisition after the merger of the businesses of two public-listed companies, Sunway Holdings and Sunway City in August which resulted in the merged entity becoming one of the top five property-construction companies listed on Bursa Malaysia.

Sunway also announced a joint venture (JV) with Dayang Bunting Ventures Sdn Bhd, a wholly-owned subsidiary of Khazanah, to form Semerah Cahaya Sdn Bhd. which will principally be involved in conceptualising, managing, implementing and developing the said land.

Sunway currently holds 38% in the JV but will increase its holdings to 60% within 54 months from the date of the lease purchase agreement.

Commenting on the successful acquisition, Sunway founder and chairman Tan Sri Dr Jeffrey Cheah said the acquisition was in line with the company’s strategy to continue extending its expertise in building and managing integrated cities, as exemplified in its integrated developments in Bandar Sunway, Sunway City Ipoh, Sunway Velocity and Sunway Damansara.

“We want to replicate this expertise in Johor and develop an iconic development which will capture the local, regional and international market segments as we have done with our integrated developments.

“Together with Khazanah, we are confident that we will be able to successfully establish a strong foothold in the state in the near future,” said Cheah, adding that the project was expected to contribute positively to Sunway’s future earnings and cash flow by 2013.

Khazanah managing director Tan Sri Azman Mokhtar said he welcomed Sunway as the latest major Malaysian developer to participate in Iskandar Malaysia.

“Sunway has a proven track record as a successful master developer in Malaysia and this JV is an indication of Khazanah’s deepening collaborative partnerships with the private sector. We are confident this joint venture will further boost Medini Iskandar’s progress as a catalyst development for Iskandar Malaysia.”

Sunway has established its presence in Iskandar Malaysia through its construction division which is undertaking three major construction jobs in Iskandar Malaysia, including Legoland, Pinewood Iskandar Malaysia Studios and the Central Utilities Facility at the Bio-XCell biotechnology park.

MRCB said on Wednesday, June 30 it had proposed to acquire 22.82 million shares or 60% stake in GSB Sentral Sdn Bhd with 17.91 million redeemable preference shares of 1 sen each in GSB for a total of RM105 million.

It is acquiring the stake from Gapurna Sdn Bhd, which is principally engaged in property development.

GSB Sentral owns 91,040 sq ft of land which has been approved for a mixed development of office and service apartments with total gross floor area of 1.468 million sq ft and an estimated gross development value of RM850 million.

The development on the lot started in March 2009 and is expected to be completed by the fourth quarter of 2012.

By The EDGE Malaysia

Wednesday, June 30, 2010

“We have a serious strategy in identifying new revenue streams. We are now active in looking for land outside Nusajaya, Johor, to supplement our income,” he told reporters after the company’s annual general meeting here today.

Wan Abdullah said the vision going forward was to make the company less Nusajaya-centric. “In order to be a national player, we must have projects not just in Nusajaya and need to have exposure elsewhere.

“There are discussions currently and we have also received proposals from Penang,” he said. The company currently has 3,200 hectares in Nusajaya which are yet to be developed while in Cyberjaya, it has about 39.2ha.
Meanwhile, its chairman, Tan Sri Dr Ahmad Tajuddin Ali, said UEM Land expected this year to be better. Ahmad Tajuddin said the company planned to launch a new project — Symphony Hills — in Cyberjaya next month.

“The high-end project will consist of six phases and it has an estimated gross development value (GDV) of RM1.01 billion,” he said.

He said the company also planned to launch 480 units of houses in Nusa Bayu project in Johor in September.

“Nusa Bayu is a residential project and will consist of 4,942 houses with a GDV of RM800 million. “The project is targeted at medium- to low-income groups,” he said.

UEM Land’s pre-tax profit for financial year ended Dec 31, 2009, rose to RM129.582 million from RM75.700 million in the same period of 2008.

Its revenue, however, fell to RM403.085 million from RM511.647 million previously.

By Bernama

Thursday, June 10, 2010

BKP group managing director NK Tong said at a media briefing on Wednesday that the company was looking to expand land-bank in central Kuala Lumpur as well as central Klang Valley.

“We’re looking actively to acquire land, smaller plots in KL for high-rise projects and bigger parcels in the suburbs for landed and gated developments,” he said.

Tong added that the size of the land parcel in the suburbs would have to be about 20ha to 40ha and preferably freehold.

He said the possibilities for land acquisition existed in locations between KL and Putrajaya. “There’s still room to grow there.”

Currently, the company is developing the second and third phases of Verve Suites on a 2.35ha freehold land in Mont’ Kiara. The first phase has been completed and sold.

The second phase, known as Vibe Tower, is fully sold while the third phase, known as Vogue tower, is nearly sold out.

The fourth and final phase, the 34-storey RM216mil Vox Tower, which was previewed in early June, has seen more than three-fourths of the 250 units sold at average prices of RM1,200 to RM1,300 per sq ft.

Tong said the company was keeping options open on the whereabouts of the larger parcels to be acquired.

“We haven’t found anything just yet, but I think if we find the right place, we’ll be ready,” he said.

On Tuesday, BKP, represented by Tong and members of the management team, signed a memorandum of agreement with BSH Home Appliances Sdn Bhd, the maker of Bosch home appliances at the Shanghai World Expo.

The agreement would see BSH furnish the second through fourth phases of Verve Suites with Bosch washer cum dryer. BSH in an earlier agreement signed in 2007 with BKP is furnishing the first three phases of Verve Suites with Bosch kitchenware.

The fourth phase comes with suites sized from 462 sq ft, 926 sq ft and 1,395 sq ft, and with one to three bedrooms.

This phase would feature a sky lounge, known as the Versilica Sky Beach where residents could sunbathe or swim with a view of the KL skyline. Besides Verve Suites, BKP has two other projects in the pipeline – The Ambangan located along Persiaran Madge, consisting of 19 units in a five-storey block and Verve Suites KL, a 20-storey, 170 luxury serviced apartment units.

By The Star

Friday, July 2, 2010

A carpet, purchased 150 years ago to decorate the tomb of the Prophet Muhammad in Media is due to be auctioned today.

The carpet, which is largely red and blue and decorated with pearls, was made in the 1860’s and was bought by the Prophet’s descendants in around 1860 from their local branch of Courts. It was used between 1860 and around 1909 as a decoration to the tomb’s bathroom, where its rubber backing was seen as a godsend. Or, obviously enough, an Allah send.

The current owner, a Mr A Hamza of Belmarsh, is reported to be selling the precious loomed heirloom to pay for some snout he owes ‘Crusher’ Willis on B Wing, said, “It’s as good a piece of Wilton as anyone’s going to find, I’m sad to be getting rid of it, truth be told”.

Auctioneers Floggit Gavel have been commissioned to sell the rug, are expecting it to sell for ‘upwards of £5, perhaps as much as £20′, and orange antique specialist David Dickinson said, “at that price it’s cheap as chips, and it’ll be right as rain once someone gets the stains out”.

This is the first of the carpets from the Prophet’s tomb to be sold on the open market. A stair carpet, believed to have been used in Muhammad’s student days when he resided in a 3-bedroom semi in Luton, is due to be sold next week and has a reserve price of £0.99 on eBay.

Thursday, 19 March 2009

And they’re nice ones too, barely or never worn, averaging about $350 a pair each. Among the personal possessions being auctioned off from the Madoff estate are more than 200 pairs of his casual and dress shoes. Provided you’re a size nine and a half, you can actually walk a mile in the shoes of one of history’s greatest scam artists.

While Madoff made off with untold millions in investor money, wiping out retirement funds, pension funds and even the personal investments of people who were supposed to be his friends, he had amassed a treasure trove of clothing, shoes and jewelry. Nothing cheap, of course. You can’t look like a Wall Street messenger boy when you’re bilking your friends out of their life savings. And Bernie did look good, so now you can too.

The auction continues through this week, though some of the best items, including his wife’s 10 carat engagement ring, are already gone. Then again you would have needed close to $600K to pick up that little bauble. But shoes? Those are averaging out at auction for a mere $50 a pair. It might be worth the 50 bucks even if they don’t fit. Hang them on a wall. Add some overhead accent lighting. Keep them as a reminder to trust almost nobody when it comes to your own personal finances. You might not actually want to wear them at all. Bad karma and all. Walking a mile in Madoff’s shoes just puts you in jail, and there’s a reason the slang term for jail is “Pokey”.

Thanks for the nice Ferragamos, Bernie. You might want to keep some extra Vaseline on YOUR shelf though. We hear it helps during the break in period.

Sunday, 14 November 2010

Clutter
Some people may like the look of trinkets in every corner but often times, a space filled with too many odds and ends leads to a feeling of chaos. A space filled with simply too much stuff, no matter how attractive they may be, can leave a person feeling disorganized and unable to think as clearly. Some people prefer a minimalist look because of this very reason. The clean lines and surfaces leaves them feeling organized, uplifted, and ready to take on their day to the fullest. But not every home has to have a minimalist look to uplift your sprits and help you feel organized. You just need to figure out the amount of furniture and other pieces that feels comfortable for you, and don’t be afraid to edit.

Colors
Psychologists have known for awhile now that different colors have the power to influence our feelings and moods. The science has been well established and even advertisers and product manufacturers use colors to influence consumers. In a home, different colors in paint, furniture, art and other decorative items can illicit certain moods. For instance, blue can help bring on peace, calm, tranquility, and help bring in a sense of cleanliness. For that reason, people may choose to incorporate more blue color into a bathroom, bedroom or living room where a calming, relaxing environment is desired. Red or orange on the other hand are known to help raise energy and is associated with strength and passion. That’s why people choose these colors for their home offices or, sometimes, kitchen. Yellow can brighten up a space and induce feelings of joy and happiness.

Photos and memories
Nothing can improve mood better than happy memories and meaningful keepsakes. That is why an interior design of a home that incorporates personal touches and remind people of happy memories and the people they love can have the power to substantially improve a person’s mood. Meaningful photos should be incorporated into a space using stylish frames. Other important items collected from special vacations or passed down from family members shouldn’t just be on display, but their layout should be well planned and should fit well in the space to prevent the feeling of clutter. Items don’t have to be obvious. For instance, a very small jar of sand from your favorite beach placed in your bathroom can help make your mornings a little bit easier. Incorporating little touches that you love into your space makes your home feel less like a hotel room and more like a personal sanctuary, which is sure to lift your mood no matter what.

By Richard Hubbard | Feb 22, 2010

Meanwhile in the UK, the market has been growing strong with prices still on the rise. However, many property analysts feel that the better investment opportunities for the UK have passed.

In Europe, France and Germany are expected to have a robust year ahead while other European countries continue to suffer from flat markets where investors remain sidelined.

The outlook on Asia
Property sectors in Asia are expected to grow due to its strong economic recovery with China and India leading the pack.

Singapore is upbeat about its economic outlook in 2010, especially with the soon-to-be-opened casinos and the positive equity market sentiment. It is safe to say that Singapore is set to see an increase in property investment activity in 2010.

Back home in Malaysia, the economy was not spared from the global recession. In the first quarter of 2009, our export hit an all-time low of 6.2% (year over year). However, the market improved in the second half of 2009 yet remained relatively weak when compared to other regional markets such as Hong Kong and Singapore.

For 2010, many industrial players feel that Malaysia’s property market will be performing well because:
1. The interest rate is still very attractive despite its tendency to increase in the near future because of the economy’s improving conditions. Furthermore, finance institutions are moving toward risk-based pricing in determining more sustainable interest rates for the industry.
2. Due to the population growth in Malaysia, the demand for residential properties will remain strong for years to come.
3. The removal of the 30% Bumiputra equity quota for companies seeking to list on Bursa Malaysia will encourage more domestic and foreign direct investment, which will further stimulate the property industry.
4. Developers continue to roll out housing projects with innovative designs, higher quality, 10/90 property financing scheme etc.
5. As the economic condition improves and the household income gradually increases, Malaysians will be prepared to commit to more capital spending such as buying houses.
6. As global economy gradually recovers, foreigners are flocking back to Malaysia to buy properties as we have one of the highest quality and cheapest properties to offer in Asia.

Hopefully, with the government playing a more active role in creating employment opportunities and improving the purchasing power of its citizens, 2010 will be a promising year for property investment