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KL Sports City's phase 1 completion date may be extended

Extract from The Star (2/2/2016)

KUALA LUMPUR: Malaysian Resources Corp Bhd’s (MRCB) 85% owned indirect subsidiary Rukun Juang Sdn Bhd has signed a supplemental agreement to the RM1.63bil Kuala Lumpur Sports City contract which allows for the extension of Project 1’s completion period beyond 17 months.

In a filing with Bursa Malaysia, the construction and property development firm said the supplemental agreement signed with the Youth and Sports Ministry and Syarikat Tanah dan Harta Sdn Bhd (a company under the Minister of Finance Inc) amended Project 1’s construction period to “the period of construction and completion of the project which shall be within 17 months from the construction commencement date (of) Project 1 or any extended period thereof.” 

The supplemental agreement also modified certain deliverables - which MRCB did not elaborate on in the announcement - in relation to the fulfilment of conditions precedent (CPs) and the construction works programme.

Rukun Juang had already received two one-month extensions to fulfill the CPs in the contract to refurbish and upgrade the facilities at the National Sports Complex in Bukit Jalil.

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JCY unit to acquire land in Penang for RM23 million

Extract from Bernama (2/2/2016)

KUALA LUMPUR: JCY International Bhd's wholly-owned unit, JCY HDD Technology Sdn Bhd, has signed a sales and purchase agreement with PCA Mahlin Technology Sdn Bhd to aquire a piece of leasehold land worth RM23 million in Seberang Perai Tengah, Penang.

In a filing to Bursa Malaysia today, JCY said barring unforeseen circumstances, the acquisition of the 1.62 hectares was expected to be completed by the first quarter of calendar year 2016.

It said the acquisition will not have any effect on the issued and paid-up share capital of the company, as well as on the substantial shareholders' shareholdings.

"It is also not expected to have any material effect on the earnings per share, net assets per share and gearing of JCY for the financial year ending September 30, 2016.

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PKNS turns to turnkey contractors for affordable housing

Extract from Bernama (2/2/2016)

SHAH ALAM: The Selangor State Development Corporation (PKNS) has opened its tender to turnkey contractors to bid for its affordable housing development projects, a step to manage its cash flow and borrowings.

General Manager Azlan Md Alifiah said the 'Request for Proposal' (RFP) exercise was expected in June for its upcoming 7,500 units of 'Rumah Selangorku' affordable housing, to be built over the next five to eight years.

"Turnkey contractors will not only construct the houses but would also be able to finance the project. This way, we do not need to slow down operations even though the current economic situation is challenging.

"We will also be able to optimise cost, limit our liabilities and utilise our resources compared with the conventional contracting scheme," he told Bernama.

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MetroCity to transform Matang into vibrant, modern metropolis

Extract from Borneo Post (30/1/2016)

KUCHING: CKH Realty Group (CKH Realty) is confident that its MetroCity development will transform Matang into a vibrant and modern metropolis.

Spanning 183 acres, Metropolis is an ongoing commercial and mixed-use development situated along Jalan Matang, five kilometres from Kuching city centre.

In a briefing with the media, CKH Realty chairman and managing director Dato Chong Kia Hoi explained that MetroCity was conceptualised with the governing vision of transforming Matang into a modern metropolis.

“Many have questioned my decision to launch such an ambitious project in Matang. My reasons are simple: there are no longer large parcels of land available within five kilometres of our city centre for a properly planned large-scale development.

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Hap Seng, Naza TTDI in RM3.8bil property project

Extract from The Star (29/1/2016)

PETALING JAYA: Hap Seng Consolidated Bhd and Naza TTDI Sdn Bhd will co-develop a 8.95-acre mixed development project in Kuala Lumpur with a gross development value of RM3.8bil.

In a joint statement on Friday, the companies said Hap Seng Land Development Sdn Bhd, a wholly owned subsidiary of Hap Seng Consolidated, had signed both a shareholders’ agreement and a development rights agreement with TTDI KL Metropolis, a wholly owned subsidiary of Naza TTDI.

To develop the leasehold land, the companies will set up a joint-venture (JV) company, Golden Suncity Sdn Bhd, with Hap Seng Land Development Sdn Bhd and TTDI KL Metropolis Sdn Bhd having 70% and 30% stake respectively.

Under the development rights agreement, Golden Suncity Sdn Bhd will be granted exclusive right to develop the land within the KL Metropolis masterplan. This includes the right to design, develop, build and complete a proposed mixed commercial development on the land. 

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Hap Seng Land Partners TTDI Kl Metropolis To Develop Land

Extract from Bernama (29/1/2016)

KUALA LUMPUR: Hap Seng Consolidated Bhd's wholly-owned subsidiary, Hap Seng Land Development Sdn Bhd, today signed two agreements with TTDI KL Metropolis Sdn Bhd to jointly develop a 3.622 hectare (8.95 acre) leasehold land within the KL Metropolis masterplan.

In a statement, the company said it signed a shareholders' agreement and a development rights agreement with TTDI KL Metropolis, a wholly-owned subsidiary of Naza TTDI Sdn Bhd, to form a joint venture (JV) company.

"The joint development will have a potential gross development value of RM3.8 billion.

"Golden Suncity Sdn Bhd is the 70-30 JV company formed under the shareholders' agreement between Hap Seng Land Development and TTDI KL Metropolis," it added.

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PKNS to launch 146 units of 2-storey link houses in Serendah

Extract from Bernama (29/1/2016)

KUALA LUMPUR: The Selangor State Development Corporation (PKNS) will launch 146 units of two-storey linked houses priced at between RM776,550 and RM838,476 in Serendah, Rawang on Sunday.

Public Relations Manager Ishak Hashim said in a statement the Azhara units, of between 252 and 259 sq. m., are strategically located in the new growth area of Antara Gapi near the Serendah railway station and a Giant supermarket, with easy access via the North South Highway.

The project is only 12 km. from Rawang town and a 30-minute drive to Kuala Lumpur, he added.

TG offers commercial properties in Cyberjaya to co-ops

Extract from Bernama (29/1/2016)

SEREMBAN: Property developer Tujuan Gemilang Sdn Bhd (TG) is offering commercial properties at Tamarind Square, Cyberjaya to cooperatives nationwide.

General Manager Abd Rahman Mohd Nor said the properties comprise 40 units of three-storey offices, space suitable for a supemarket, 2,672 parking lots and a 0.405 ha. courtyard.

"Construction is expected to be completed in January 2017. The development is strategically located and offers economy of scale," he said here today after a briefing for representatives from the state's cooperatives organised by the Cooperative Commission of Malaysia (CCM)

He said a Coop Mall Square is planned for Tamarind Square in line with the call in the National Cooperative Policy 2011-2020 for cooperatives to become more competitive.

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Maybank IB maintains ‘buy’ on Eco World

Extract from The Star (29/1/2016)

KUALA LUMPUR: Maybank Investment Bank (IB) Research has trimmed its FY16/17/18 net profit forecasts for Eco World Development Group Bhd by 0.6%/1.2%/3.8% respectively to factor in slower take-up  assumptions for Eco Terraces and Eco Marina. 

“We prefer Eco World’s southern and central projects over its Penang projects given its stronger hold in these areas and their more strategic locations,” it said.

Maybank IB said the while it was pleasantly surprised by the strong take-up at Eco Meadows, it remained cautious on Eco World’s Paya Terubong project. As for Eco Marina, the project could take a longer gestation period as Batu Kawan (BK) was still at its infant stage.

“We trim our FY16-18 net  profit forecasts by 1%  to 4%.  Our RNAV- target price is  largely  unchanged  at RM1.67 (-1sen; 40% discount to RM2.79 RNAV estimates),” it said, adding that it had maintained its “buy” call on Eco World.

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Tropicana sells Dijaya Plaza for RM140mil

Extract from The Star (29/1/2016)

KUALA LUMPUR: Tropicana Corp Bhd’s wholly-owned unit, Tropicana Plaza Sdn Bhd, is selling its Dijaya Plaza tower in Jalan Tun Razak here to Kenanga Investment Bank Bhd for RM140mil.

In a statement, Tropicana said the cash inflow was expected to improve the groups financial position by freeing up net proceeds of about RM51.6mil.

“Based on the unaudited results as at Sept 30, 2015, the total borrowings will be reduced from RM1.75bil to RM1.66bil resulting in further improvements in the net gearing position of the group,” it said.

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