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SP Setia's Australian Venture records 70 pct take-up rate

Extract from Bernama (19/6/2017)

KUALA LUMPUR: Property developer SP Setia Bhd's mixed development project in the Melbourne Central Business District (Melbourne CBD), the Sapphire By The Gardens, recorded an over 70 per cent take-up rate within the first week of launch.

The project was launched simultaneously in Kuala Lumpur, Jakarta, Sydney and Melbourne over the weekend and in Hong Kong, Beijing, Shanghai and Singapore next week.

In a statement today, President and Chief Executive Officer Datuk CJ Khor said the company was confident that the units would be fully taken up in the coming weeks.

Located in the heart of Melbourne, Sapphire By The Gardens is part of a two-tower development, with the second housing the five-star Shangri-La Hotel and comprising 345 luxury apartment units, office and retail space.


Elara Tech, REA Group tie-up for global property listings

Extract from Bernama (15/6/2017)

KUALA LUMPUR: India's Elara Technologies' group of companies have teamed up with global property consultant REA Group offering buyers access to international properties in 72 countries, it was announced here.

The collaboration also covers REA Group owned and partner sites across China, the United States, Australia, Indonesia, Malaysia, Singapore, Thailand, Hong Kong and Macau, including leading portals such as realtor.com, realestate.com.au and iproperty.com.my.

According to a statement issued by iproperty.com.my, customers looking for properties would now have access to over 4.5 million listings from 72 countries.

It said the listings on the global property network would be reachable to more than 450,000 visits and 4.6 million page views globally each month.


Building materials sector looking promising in the near-term

Extract from Borneo Post (12/6/2017)

KUCHING: The building materials sector is looking to be highly promising in the next six to 12 months as they continue to be supported by stronger demand from ongoing and commencing mega infrastructure and housing projects.

AmInvestment Bank Bhd (AmInvestment Bank), positive on all sub-segments of the building materials sector with the exception of the cement industry in peninsular Malaysia which is currently oversupplied.

“The prospects of the sector are bright, underpinned by the stronger demand for building materials based on record orderbooks of the construction players in the country.

“These include various mega infrastructure projects such as the East Coast Rail Link (ECRL), MRT2, Pan Borneo Highway, Pan Borneo Sabah highway, LRT2, Gemas-Johor Bahru electrified double tracking rail and KL-Singapore high speed rail,” said the firm, who added that mega-scale township developments in Peninsular such as TRX, KL118 and so on would also be a huge contributor the demand in the sector.


No merger plans for Hua Yang, Magna Prima

Extract from Borneo Post (9/6/2017)

KUALA LUMPUR: Hua Yang Bhd, which yesterday received the greenlight from shareholders to acquire an additional 20.12 per cent stake in Magna Prima Bhd, is not eyeing a merger in the near future.

Hua Yang chief executive officer Ho Wen Yan said the company’s business mainly revolved around the affordable housing development and the acquisition allows it to tap the mid- to high- segment.

“I have just joined Magna Prima as an executive director. My role is to help the company unlock the value of its landbank. Currently, there are no plans for a merger of the two companies,” he told a press conference after Hua Yang’s extraordinary general meeting (EGM) yesterday.

Hua Yang acquired a 10.84 per cent stake in Magna Prima on Jan 25 this year and the additional 20.12 per cent stake involved the purchase of 66.9 million shares for RM123.7 million (RM1.85 per share), subsequently making Magna Prima an associate company of Hua Yang.


Senturia Capital launches RM500m investment funds

Extract from The Sun Daily (9/6/2017)

PETALING JAYA: Private equity fund manager Senturia Capital Sdn Bhd has launched RM500 million in real estate investment and strategic capital funds, specifically targeting investment opportunities in Malaysia, Singapore, China and Australia.

In a statement yesterday, the firm said its RM200 million real estate investment fund follows core, core-plus, value-added, or opportunistic strategies when making real estate investments, although most of its real estate investment fund will be in core or core-plus real estates.

“We believe that core real estate should be the bedrock of a diversified portfolio. Core investments are almost as safe as bonds, but with much higher returns. Unlike the stock market, core investments hold up extremely well in business cycle downturns,” its managing partner Datuk Marco Yap said.

Meanwhile, the firm said its strategic capital fund is raising RM300 million to provide flexible, medium-term alternative capital to operationally-sound businesses across a wide range of sectors.


No plans afoot to develop land in Jalan Ampang: Hua Yang

Extract from The Sun Daily (8/6/2017)

SELAYANG: Hua Yang Bhd, which received shareholders’ nod yesterday to increase its stake in Magna Prima Bhd by 20.12% for RM123.75 million, has no firm plans to develop the latter’s most valuable prime land in Jalan Ampang, where the Lai Meng Primary school was located, in view of the market conditions.

“The project team in Magna Prima has started to relook at the components in view of the current market situation,” said Hua Yang Bhd CEO Ho Wen Yan, who was appointed Magna Prima executive director on Feb 13.

“This situation is always changing. There’s more development as well as planning guidelines. They are now re-submitting for new approvals,” he told reporters after the company’s EGM yesterday.

The 1.06ha land is Magna Prima’s most priced land and Ho hopes to unlock the value of it once the property market recovers.


Jaks looks to exit loss-making property business

Extract from The Sun Daily (9/6/2017)

PETALING JAYA: Jaks Resources Bhd is expected to exit its loss-making property development business post the completion of its on-going Pacific Star project, and focus on domestic construction project and Vietnam power plant project going forward.

It was reported that the group’s property division continues to be loss making due to the liquidated and ascertained damages (LAD) penalty from the Pacific Star project and losses from its Evolve Concept Mall.

Jaks has a 51% stake in Evolve Concept Mall, Ara Damansara which opened in Q3 2015. As of January 2017, only 62% of its tenants opened for business.

“We believe the management will reduce its exposure post the completion of Pacific Star project, and is likely to dispose the remaining asset (Evolve Concept Mall) and land bank on its balance sheet,” Affin Hwang Capital Research analyst Ng Chi Hoong told SunBiz recently.


Encorp, Sinmah Capital to jointly develop RM865m mixed development project in Malacca

Extract from The Sun Daily (9/6/2017)

PETALING JAYA: Encorp Bhd and Sinmah Capital Bhd (SCB) will jointly develop 77.9 acres of the Bukit Katil land in Malacca into a mixed development consisting of a medical college, hospital and residential properties.

In a statement today, Encorp said the total estimated gross development value (GDV) for the proposed mixed development is RM865 million.

The group said its indirect wholly-owned subsidiary Encorp Bukit Katil Sdn Bhd (EBKSB) has entered into a joint venture and shareholders agreement (JVSA) with Sinmah Development Sdn Bhd (SDSB) and Sinmah Development JV Sdn Bhd (SDJSB).

SDSB is a wholly-owned unit of SCB, formerly known as Farm's Best Bhd, while SDJSB is a JV company set up to carry out the development project.


Nexgram responds to Bursa's queries on Angkasa Icon City project

Extract from The Sun Daily (8/6/2017)

PETALING JAYA: Nexgram Holdings Bhd, which took seven market days to respond to Bursa Securities’ queries on its latest agreement, has disclosed that an amended offtake agreement with MyAngkasa Bina Sdn Bhd for the Angkasa Icon City project is to include China Asian Capital Holding Bhd into it following the joint development agreement (JDA) signed on May 19, 2017.

Nexgram was to have responded to the queries issued on May 26, 2017 in one market day.

The queries involve the almost three-year wait for the RM1.15 billion project – the agreement for which was signed in December 2014.

Announcements on the project, which is to see a subsidiary of cooperative Angkasa take over an entire development in Cyberjaya upon completion, have been sporadic and lack clarity.


Ikhmas Jaya wins RM188.6 million contract from Bukit Bintang

Extract from Borneo Post (7/6/2017)

KUCHING: Ikhmas Jaya Group Bhd (Ikhmas Jaya) has won an RM188.6 million substructure package of Bukit Bintang City Centre from BBCC Development Sdn Bhd.

In a filing from Bursa Malaysia, the construction group announced that the BBCC package entailed a variety of works ranging from earthworks, piling, diaphragm wall and reinforced concrete works for Parcel two and three of BBCC’s substructure package B1.

The duration of the project is estimated to be 24 months and will commence on the June 8 2017.

In a company report by AmInvestment Bank Bhd (AmInvestment Bank), the bank noted that the BBCC contract win had boosted Ikhmas’ year to date (YTD) job wins to RM333.3 million and its outstanding orderbook to RM881.6 million.