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Mah Sing Capable Of Hitting Sales Target of RM2 Billion, Says OSK

KUALA LUMPUR: Property developer Mah Sing Group Bhd has a bright potential of exceeding its sales target of RM2 billion this year with the positive responses to its recently-launched launched projects, says OSK Research.

Last year, Mah Sing broke the RM1 billion sales mark with total sales of RM1.5 billion sales, beating its initial internal target for the second consecutive year by 50 per cent

"Sales soared 113 per cent year-on-year from RM727 million in 2009.

"The fact that it has achieved total sales of RM975 million as at mid-May, or almost 49 per cent of its sales target for the whole this year is very encouraging," the research firm said, in its first coverage statement on Mah Sing, yesterday.


SP Setia Wants Remainder of KLEC

PETALING JAYA: SP Setia Bhd has proposed to acquire the remaining 40% stake in KL Eco City Sdn Bhd (KLEC) from Yayasan Gerakbakti Kebangsaan for RM75mil.

This will be satisfied via the issuance of 19.4 million new SP Setia shares at an issue price of RM3.87 per share.

Currently, KLEC is a 60%-owned subsidiary of SP Setia. Upon completion of the proposed acquisition, KLEC will become a wholly-owned subsidiary.


Ivory Wins Bayan Mutiara Project

GEORGE TOWN: Ivory Properties Group Berhad will develop the Bayan Mutiara mixed development project tendered out by the Penang Development Corp (PDC).

In a press release, its board of directors announced that the group had received and accepted the letter of acceptance from PDC on July 25.

“We received the letter for the proposal for purchase and development of 102.56 acres of land located in Bayan Mutiara of which 67.56acres are existing land and 35 acres are to be reclaimed for a proposed mixed development.

“The proposed project shall be subjected to the terms and conditions to be mutually agreed upon between the parties in an agreement to be entered into at a later date. Ivory will undertake to make the necessary announcements in due course.


Hotel Permai Inn Aims to Achieve RM10 Million Annual Revenue in Two Years

KUALA TERENGGANU: Terengganu state government-owned Hotel Permai Inn is aiming for an annual revenue of RM10 million in two years time.

Its chairman, Lt Gen (Rtd) Tan Sri Wan Abu Bakar Wan Omar said this target was achievable, as the hotel racked up almost RM1 million revenue for last month.

He said the hotel had its own plan to attract clients, especially tourists from both locally and overseas, visiting Terengganu.

"We are also constantly training the staff to provide four-star service even though the hotel is categorised as three-star," he told reporters here today.


SP Setia to Acquire 40 Pct of KL Eco City for RM75 Mln

KUALA LUMPUR: Property developer SP Setia Bhd has proposed to acquire 40 per cent equity interest in KL Eco City Sdn Bhd (KLEC) from Yayasan Gerakbakti Kebangsaan for RM75 million.

The acquisition will be through the issuance of 19,379,845 new ordinary shares of RM0.75 each in SP Setia at an issue price of RM3.87 per share, SP Setia said in a filing to Bursa Malaysia today.

The KLEC project is an integrated commercial and residential development.

The development was master planned by Jerde Partnership, an international award-winning architect and master planner well-known for integrated mixed-use commercial and residential developments.


Hua Yang Targets Maiden Home Buyers

Property developer Hua Yang Bhd is banking on strong demand for affordable houses from Malaysia's large young population to more than double its revenue to over RM500 million by 2015.

While most property developers are targeting high-end market to ride on the rising income of Malaysians, Hua Yang prefers to focus on the niche, untapped market of medium-cost properties.

Chief executive officer Ho Wen Yan said the company wants to fill the gap in the industry by providing affordable quality homes, especially to first-time home buyers and be a leading affordable housing market player.

"The loan-to-value ratio of 70 per cent for housing loans will not impact our target market (first-time home buyers)," he told Business Times in an interview recently.


Winning Formula for Sunway Vivaldiā€™s Eco Deck

Sunway City Berhad (SunCity)’s Eco-Deck at Sunway Vivaldi is a 2-acre green lung located within the perimeters of the high-end luxury condominium development. It serves as an eco-friendly cooling system that provides residents with a healthy back-to-nature living environment.

A valuable luxury for urbanites, Eco-Deck with 80% green features, functions to reduce the overall temperature for a refreshing environment. Also, it creates a soothing ambience for residents with picture perfect scenery of plants, water features, green roofs and trellises.

Ho Hon Sang, Managing Director said, “As a whole, Sunway Vivaldi was designed with green and sustainable features which resulted in the BCA Green Mark certification from Singapore’s Building and Construction Authority. We have also incorporated the ‘Lifestyles of Health and Sustainability’ (LOHAS) philosophy in our design to promote a holistic and environmentally-conscious living environment. “

With a gross development value (GDV) of RM734 million, this luxury condominium development sprawls over 7.7-acre or 30 units per acre of prime freehold land. Most units of the 228 units at the Sunway Vivaldi will be able to enjoy the picturesque view of the Eco-Deck, which includes not just the green features, but also a 50-metre length Olympic swimming pool, alongside squash and tennis courts and also indoor games room.


I & P Group Sells RM128m Shop-Office Units

KUALA LUMPUR: I & P Group Bhd has sold about RM128 million worth of shop-office units from its latest commercial development at Zone J6 in Bandar Baru Seri Petaling, Kuala Lumpur.

The entire project has a gross development value of RM144.9 million.

Zone J6 sits on a 3.89-acre site, which is being developed by its member company Petaling Garden Sdn Bhd.


Muhyiddin Launches RM100 Million Loans Fund for New Villagers

TEMERLOH: Deputy Prime Minister Tan Sri Muhyiddin Yassin Thursday launched a RM100 million loans fund for new villagers throughout the country.

He said the fund was to help the 1.2 million new villagers own property and improve their social status while upgrading their residential areas.

Addressing more than 2,000 residents of new villages in and around Mentakab here, Muhyiddin said the fund was not to fish for Chinese votes, but a continuation of efforts to help all communities in the country.


Another KLCC Prop Mixed Project in the Works

Kuala Lumpur: With the completion of Lot C by the end of this year, KLCC Property Holdings Bhd will be looking at the development of Lot D1, another 0.6ha plot of land adjacent to Hotel Mandarin Oriental.

A development plan for the area is only expected to be finalised in about a year.

"As usual, this is a mixed development and the trend for us is to have a mixed component of retail and service apartment or retail and office, depending on the demand at that time," its chief executive officer Hashim Wahir said after KLCC Property's annual general meeting yesterday.

As part of its risk management measures, KLCC Property only begins building once tenancy and clients for a development have been firmed up.