Thinkproperty Blog

Extract from Business Times (10/02/2012)

PROPERTY developer Dijaya Corp Bhd aims to launch RM1.1 billion worth of projects this year after accumulating land for development in the past 18 months.

Last year, the master property developer of Tropicana Golf & Country Resort and Tropicana Indah Resort Homes in Petaling Jaya only launched RM700 million worth of properties.

"For 2012, we are targeting sales between RM650 million and RM700 million. It is a conservative target but we hope to achieve more than that," Dijaya managing director Datuk Tong Kien Onn told pressmen after the company's extraordinary general meeting in Petaling Jaya yesterday.

Last year, Dijaya sold about RM420 million of properties.

Extract from Business Times (10/02/2012)

THE annually-held Malaysia Property Exposition (Mapex) will see the participation of foreign property developers for the first time this year.

Mapex chairman Datuk Ng Seing Liong said up to five foreign property developments in Thailand, Australia, the UK and the Philippines are likely to be featured at the event to be held from March 2 to March 4.

To date, companies with projects in Thailand and the Philippines have registered to participate and the organiser, Real Estate and Housing Developers' Association Malaysia (Rehda), is still awaiting confirmation from the Australian participants.

The Thai company will be promoting a property development in the UK as well, he told a press conference here yesterday.

Extract from Bernama (09/02/2012)

KUALA LUMPUR: The opposition should never doubt the repayment ability of house buyers under the special scheme for the purchase of People's Housing Programme-National Economic Action Council and Kuala Lumpur City Hall (DBKL) public housing, said Federal Territories and Urban Well-being Minister Datuk Raja Nong Chik Raja Zainal Abidin.

He said this was because the ministry would ensure that eligible buyers would be those who do not have outstanding DBKL flat rentals and bad loan repayment records.

"The house buyers will be former squatters, who are now renting DBKL flats, and interested buyers, who want to own PPR (people's housing project) houses.

"The houses could not be offered to them before for the situation was not right then. Now they have the opportunity to finally own a house in the capital after renting a flat for decades," said Raja Nong Chik in an interview with Bernama.

Extract from Bernama (09/02/2012)

KUALA LUMPUR: The National Feedlot Corporation Sdn Bhd (NFCorp), in defending its involvement in the property sector, said it was deemed more astute business to invest in property in the short-term rather than just placing NFCorp monies in money market instruments.

NFCorp chief executive officer Wan Shahinur Izmir Mohamad Salleh said making investments in the property sector was putting the money where it was sound, as each investment had been calculated for its secure and definite returns.

"Moreover, tenanted properties bring in rental income that is considered a plus point, if not a bonus in fund management.

"The property market is sound and secure, more protected and less volatile than others," he said in a statement Thursday.

Extract from Bernama (09/02/2012)

KUALA LUMPUR: Property developer Suntrack Development Sdn Bhd (Suntrack) has launched its latest industrial development, Suntrack HUB @ Bangi, with a gross development value of RM110 million.

The project comprises 42 industrial showrooms located in Bangi Industrial Park, Bandar Baru Bangi, Selangor, the company said in a statement today.

Its project director James Tan said the 4.76 ha development offers purchasers three different types at a starting price RM2.59 million.

Differing in facade and size, each unit has a built-up area ranging from 476.9 sq m to 508.9 sq m, he said.

Extract from Business Times (08/02/2012)

JOHOR BARU: Businessman Datuk Lim Kang Hoo, who recently made a privatisation bid for developer Tebrau Teguh Bhd, is planning a more than RM13 billion project at Danga Bay here.

The soon-to-be-launched project is billed as the most exclusive and unique waterfront development in Iskandar Malaysia southern economic corridor over the next five years.

It will spread over 120 hectares at the estuaries of three rivers at the Danga Bay.

The Danga Bay waterfront development is an important component in one of the flagship developments in Iskandar Malaysia.

Extract from Bernama (07/02/2012)

SIBU: The Sarawak Housing Development Commission, in collaboration with Amcorp Group, will invest about RM1 billion for the total development of the new Sibujaya township.

"The development will be carried out under a revised masterplan and will be the biggest and most uniquely planned housing area in the state," said State Housing Minister Datuk Amar Abang Haji Abdul Rahman Zohari Tun Abang Haji Openg.

About 106 hectares, out of 567 hectares earmarked for development under the masterplan, has already been developed with a gross development value of RM470 million.

The current development includes 4,986 houses, 174 commercial and 96 industrial units serving a population of 25,000 people," he told reporters after launching a housing project here Tuesday.

Extract from Borneo Post (06/02/2012)

KUCHING: Award-winning developer, Hock Seng Lee Construction Sdn Bhd (HSL) recently launched its the first phase of its ‘English Tudor-styled’ residential development in Samariang Aman 2.

The wholly-owned subsidiary and property development arm of Hock Seng Lee Bhd opened for sale 21 units of single-storey terraced and semi-detached homes.

“Half of these new houses sold out at the launch, while a limited number still remain available for a few lucky buyers,” the property developer said in a press statement.

According to HSL, Samariang Aman 2 is sited on flood-free, mixed zone land with a 99-year lease title and stunning views of Mount Santubong. It also stated that the site has excellent access via a new road and the future riverine loop road linking Matang, Samariang and Petra Jaya.

Extract from Borneo Post (06/02/2012)

KUALA LUMPUR: Syarikat Perumahan Negara Bhd (SPNB), an agency set up to revive abandoned housing projects, will no longer rehabilitate such projects due to a policy change.

Under the latest policy, abandoned projects would be fully managed by the Housing and Local Government Ministry through the Commissioner of Buildings, managing director Datuk Dr Kamarul Rashdan Salleh said.

“I understand that the ministry will work with private developers to revive abandoned houses,” he told Bernama in an exclusive interview.

Kamarul, however, expressed his concern over the escalating costs to restore private developers’ housing projects comprising low or medium-low-cost houses because of the requirement to maintain the original house price.

Extract from Borneo Post (04/02/2012)

KUCHING: Tune Hotels earned triple recognition for its hotels in Penang – Malaysia, Hat Yai – Thailand and Bali – Inodonesia.

According to a press release, the travel website ‘TripAdvisor’ ranked Tune Hotel in Downtown Penang in the top 25 bargain hotels in Malaysia, alongside globally renowned brands in its ‘Travellers’ Choice Awards 2012’. The rating was based on reviewed by travellers who stayed in the hotels.

TripAdvisor also ranked Tune Hotel in Hat Yai as the number one hotel in the city, meanwhile Tune Hotel Double Six in Legian, Bali was awarded ‘The Best Hotel and Service Excellence of the Year’ by the ‘Indonesian Quality and Service Excellence Tourism Awards’.

The winners would be running for the annual ‘Indonesia Top 100 Awards’ that to be announced in Jakarta in December. The awards were supported by the Indonesian government and the Indonesian Chamber of Commerce and Industry.

Extract from Business Times (03/02/2012)

KUALA LUMPUR: Sime Darby Property Bhd has won two awards for outstanding achievements in the property development sector in Malaysia and Southeast Asia.

It bagged the BCI Asia Awards 2011, the second consecutive year that it has won the honour. The award covers Malaysia, Hong Kong, Indonesia, the Philippines, Singapore, Thailand and Vietnam.

Sime Darby Property managing director Datuk Wahab Maskan said it was an honour to be one of the top 10 developers in Asia and to be acknowledged for its sustainable efforts in Malaysia.

"These awards reflect the appreciation of society and customers for our efforts to provide sustainable development for our stakeholders. We will continue to work even harder to be the preferred developer in the region," he said.

Extract from Borneo Post (1/02/2012)

KUCHING: Sentoria Group Bhd (Sentoria), a property developer and resort operator will use a portion of the proceeds of its initial public offering (IPO) for the development of Bukit Gambang Safari Park.

In its press release yesterday, the group aimed to raise RM51.6 million, of which RM27.7 million would be allocated for working capital, RM11.2 million for repayment of bank borrowings, RM9 million for purchase of property, plant and equipment, and the balance RM3.7 million to defray listing expenses.

Sentoria’s IPO entailed a public issue of 60 million new ordinary shares an offer-for-sale of 40 million promoter’s shares.

Of the 60 million new ordinary shares under public issue, 20 million were allocated for public balloting and 10 million shares for eligible directors, employees and business associates of the group at IPO price of RM0.85 per share.

Extract from Bernama (31/01/2012)

KUALA LUMPUR: Syarikat Perumahan Negara Berhad (SPNB) will complete 10,000 houses through the "Projek Mesra Rakyat" affordable housing scheme by the end of this year with an estimated cost of RM650 million.

SPNB chairman Datuk Idris Haron said the project would be implemented through the Industrial Building System (IBS) wholly funded by Bank Simpanan Nasional, targeting 1,000 units a month.

"We have tied up with the Construction Industry Development Board (CIDB) to provide assistance on the IBS to 300 class F contractors in phase one of the project," he said.

"The first part would involve transfer of knowledge on the technology in Negeri Sembilan, Melaka, Selangor and Perak, before its expanded to the whole country," he said after declaring open a seminar on the IBS Technology for Class F contractors at the CIDB Convention Centre here, Tuesday.

Extract from Bernama (31/01/2012)

KUALA LUMPUR: Online property group, iProperty Group today launched its new mobile strategy and development team to deliver better mobile products and solutions for property buyers and investors in Malaysia, Hong Kong, Indonesia and Singapore.

In a statement today, iProperty said the team will be working to deliver innovative solutions to increase the group's presence on all non-computer platforms comprising mobile phones, smartphones, tablets, smart televisions and other devices.

iProperty Group's Chief Executive Officer, Shaun Di Gregorio, said with the right tools at their disposal, consumers would be able to make quicker and better decisions when deciding on their next or first property investment.

Headquartered in Kuala Lumpur, the iProperty Group is listed on the Australian Securities Exchange and operates 18 property websites around the region.

Extract from Bernama (30/01/2012)

KUALA LUMPUR: The Federal Territory and Urban Well-being Ministry is targeting to buy 35,000 houses through the special funding scheme for houses under the National Economic Action Council's People Housing Programme and the City Hall public housing programme this year.

Its minister, Datuk Raja Nong Chik Raja Zainal Abidin, said through the scheme, those eligible could buy apartments for between RM25,000 and RM35,000.

"They only have to repay between RM150 and RM300 a month for 25 years," he told reporters at a tea reception with taxi drivers at the Kerinchi People's Housing Project attended by more than 200 Klang Valley taxi drivers.

The scheme, announced by Prime Minister Datuk Seri Najib Tun Razak last Saturday, will begin on March 1.

Extract from Business Times (30/01/2012)

KUALA LUMPUR: Trinity Corporation Bhd (TCB) has proposed additional collateral to the holders of the balance of its RM84.65 million Sukuk Al-Ijarah in the form of sales proceeds of 40 units of shop offices at Saujana Putra totalling RM40 million, arising from a proposed joint venture.

This is in addition to the existing securities in the form of the balance of three commercial buildings, namely Midpoint Shopping Complex, Menara Maxisegar Commercial Building and Pandan Kapital Shopping Complex.

The company issued the RM150 million sukuk in January 2005.

Extract from Business Times (30/01/2012)

HOTELS in Malaysia, particularly those in the Kuala Lumpur City Centre, are expected to fill more rooms this year, says the Malaysian Association of Hotels (MAH).

Hotels within the Kuala Lumpur city centre could finish the year at an average occupancy rate of 68 per cent, up from 65 per cent in 2011, said MAH vice-president Ivo Nekvapil.

"This year should be stronger than last year... I do not foresee a dramatic drop in the number of arrivals," Nekvapil told Business Times.

"Asia is very strong, China business is strong, too, and India (performance) is coming along great," he said.

Extract from Business Times (30/01/2012)

KUALA LUMPUR: Malaysian Rating Corporation Berhad (MARC) has affirmed its rating on DutaLand Berhad’s (DutaLand) outstanding RM20,649,024 Redeemable Unsecured Loan Stocks (RULS) at B with a stable outlook.

The rating action incorporates DutaLand’s improving operating performance, underpinned by a higher contribution from its plantation division that has offset weaker earnings from its property development activities, and its reliance on asset disposals to generate liquidity to meet its significant financial commitments.

DutaLand’s major property project, the 73-acre Kenny Heights Development, which is located in the Sri Hartamas vicinity in Kuala Lumpur and jointly undertaken with a related company, Olympia Industries Berhad, has seen slower-than-expected progress due partly to liquidity constraints.

As of date, only one project consisting of 49 units of 4-storey villas with a gross development value of 216.0 million ringgit was completed and handed over in April 2011.

Extract from Bernama (26/01/2012)

KUALA TERENGGANU: The Terengganu government encourages developers in the state to incorporate traditional elements in their projects, its Menteri Besar Datuk Seri Ahmad Said said.

He said the existence of these buildings would provide a fresh perspective in the state's development landscape.

The state government would not force them to do so but would encourage creativity in their development projects, he said.

"We've instructed the Kuala Terengganu City Council and the local authorities to build buildings with traditional concept," he told reporters after accompanying Sultan of Terengganu Sultan Mizan Zainal Abidin for a visit at the city council today.

Extract from Bernama (26/01/2012)

KUALA LUMPUR: The Federal Territories and Urban Well-being Ministry will launch the Federal Territory Foundation in March to help tenants of the People's Public Housing Project (PPR) and Public Housing Project (PPA) buy their own homes in the capital.

Its minister, Datuk Raja Nong Chik Raja Zainal Abidin said the foundation, a collaboration between the ministry and the Employees Provident Fund (EPF), would provide a loan up to RM35,000 to applicants.

"The foundation will assist PPR and PPA tenants, particularly DBKL Public Housing tenants to purchase a more comfortable home.

"We know that sometimes banks are reluctant to give out loans due to factors like affordability to service the loan, applicant's age or blacklisted name," he told Bernama after giving an interview in the "Ala-Carte Pagi" programme on Bernama Radio24 here Thursday.