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Tambun Indah falls after cancelling RM150m land deal

Extract from Business Times (12/11/2014)

KUALA LUMPUR: Shares of Tambun Indah Land fell to a low of RM2.07 on Wednesday after it was downgraded following the cancellation of its RM150mil land purchase deal in Seberang Perai, Penang.

At 10.37am, it was down seven sen to RM2.11. There were 2.15 million shares done at prices ranging from RM2.07 to RM2.17.

On Tuesday, Tambun Indah announced the cancellation of its sale and purchase agreement with TPPT Sdn Bhd to buy 27 parcels of land totalling 209.5 acres in Seberang Perai due to non-fullfillment of a condition precedent.

Hong Leong Investment Bank (HLIB) Research said there was no financial impact over the short-term as the intended development on the land was expected to start four to five years later.


IOI Prop may ready fund for landbanking

Extract from Business Times (12/11/2014)

KENANGA Investment Bank Bhd says IOI Properties Group Bhd (IOI Prop), which announced a cash call on Monday, is probably readying funds for future overseas or local landbanking as it hopes to capitalise on low purchase prices in challenging economic circumstances.

IOI Prop has proposed a rights issue exercise on the basis of one rights share for every six existing IOI Prop shares at RM1.90 per rights share, which is expected to raise RM1.03 billion.

Kenanga said in its research note yesterday that it remains neutral on IOI Prop with a target price of RM3.10 because “it does not translate into near term excitement as new landbanking is unlikely to add to IOI Prop’s valuation considering its massive gross development value base, while the stock is already trading at a peak 55 per cent discount to its revalued net asset value”.

TSR to launch project in Bandar Enstek

Extract from Business Times (11/11/2014)

KUALA LUMPUR: TSR Group to is set to unveil its integrated commercial development in Bandar Enstek, Negri Sembilan, next year with its gross development value (GDV) estimated at RM600 million.

TSR’s director Datuk Wan Abd Razak Ismail says the project has high potential due to the current gap in terms of business facilities in the area as well as its strategic location sitting along the main development corridor served by a dedicated highway from Seremban to Kuala Lumpur International Airport (KLIA) and the Klia2.

“We aim for the project to be completed within the next five to seven years,” he said yesterday.

Located within Enstek, the Ritz Business Centre (RBC) will be developed in five phases, with the first involving 32 lots of shop office and supermarket to be completed in two years and revenue expectation to hit about RM35 million.


Johor UMNO Youth proposes 'one-off' rebate to buy houses

Extract from Bernama (11/11/2014)

JOHOR BAHARU: The Johor UMNO Youth has proposed that the state government consider giving a one-off financial rebate to reduce the burden of the public in wanting to buy a house.

Its head, Hahasrin Hashim wants a review of the eligibility that total household income not exceeding RM2,000 was needed to own an affordable home as currently, the people were burdened by an increase in the price of essential goods.

"The people, especially the young, have voiced in various social media platforms, their unhappiness that ownership of affordable homes was still hampered by various obstacles," he said.

Hahasrin was commenting on the coming tabling of the state budget by Menteri Besar Datuk Seri Mohamed Khaled Nordin at the State Assembly sitting on Thursday.


iProperty records 38 per cent growth in mobile users

Extract from Bernama (10/11/2014)

KUALA LUMPUR: iProperty.com recorded a 38 per cent increase of mobile users and a 16 per cent rise in visitors to its website.

iProperty Managing Director & Chief Executive Officer, Georg Chmiel, said the portal also reported a similar increase in its customers responding to the inquiries of properties.

"The portal, which is Asia's No.1 property portal network, saw tremendous growth in the number of mobile users and visitors to its website.

"The significant increase in the number of leads generated for our customers is an affirmation that more and more Malaysians are turning to iProperty.com Malaysia to find their dream home or next property investment," he said.


CIDB: Quality of affordable houses still not up to the mark

Extract from Borneo Post (11/11/2014)

KUALA LUMPUR: The quality of affordable houses in the country is still not up to standard, said the Construction Industry Development Board (CIDB) Malaysia.

Development Sector senior general manager Ahmad ‘Asri Abdul Hamid said of the 700 projects assessed to date by the CIDB under the Quality Assessment System in Construction (Qlassic), the majority were medium and medium high cost housing undertakings.

“Based on the assessment, the developers involved in this segment are the ones approaching us, and not those charged with affordable housing,” he told reporters after media workshop on Qlassic yesterday.

He said that the agency is also in talks with the 1Malaysia People’s Housing Scheme (Pr1ma) to evaluate the affordable housing projects.


CIDB to promote QLASSIC among house buyers

Extract from The Sun Daily (11/11/2014)

KUALA LUMPUR: The Construction Industry Development Board Malaysia (CIDB), which has assessed 700 projects under the Quality Assessment System in Construction (QLASSIC) quality rating system since 2007, aims to grow the number of projects assessed by spreading awareness of the rating system among house buyers.

QLASSIC has four areas of focus namely structural works, architectural works, external works and mechanical and electrical works. The assessment emphasises quality of workmanship regardless of the size, type, location and design of the project.

CIDB senior general manager of development sector Ahmad 'Asri Abdul Hamid said it has assessed 237 projects so far this year and is on track to achieving its target of 250 projects.

"Definitely (we) will hit the target because there are many projects in the pipeline. We are now doing the assessments. Next year we intend to do a bit more, maybe about 300 projects," he told reporters at a media workshop on QLASSIC organised by CIDB yesterday.


Fulfilling pledge on affordable housing

Extract from Business Times (10/11/2014)

UEM Sunrise Bhd, which has been focusing on projects largely within Kuala Lumpur’s affluent Mont Kiara, is keeping its pledge to build another 10,000 affordable houses in Johor.

The company recently had a groundbreaking ceremony for Denai Nusantara in Nusajaya, a project under the Johor affordable housing scheme. 

UEM Sunrise, the master developer of Nusajaya, one of the five flagship zones of Iskandar Malaysia, had in March pre-launched 321 units of affordable terraced houses and 30 shoplots in Nusa Bayu, Nusajaya.

To date, the company has delivered 3,535 units of affordable houses in Taman Nusantara, adjacent to Nusa Bayu. 


KLCC Property shares likely to be subdued

Extract from Business Times (10/11/2014)

CIMB Research said KLCC Property Holdings (KLCCP) share price performance would likely be subdued, given the lack of fresh catalysts, coupled with the market’s current lacklustre interest in real estate investment trust (REIT).

The research house maintains its “hold” call on the stock with target price raised from RM6.40 to RM6.90. 

KLCCP’s third quarter 2014 (3Q2014) year-on-year (yoy) revenue grew by 3.2 per cent, driven by growth in its retail, hotel and management services by 5.5 per cent, 2.5 per cent and 6.2 per cent, respectively.

Higher rental rates underpinned by the rental of its new outlets and rental reversions of existing outlets are the main factors for its retail revenue growth. 


Two Starwood hotels listed in Reader’s Choice Awards

Extract from Business Times (10/11/2014)

KUALA LUMPUR: Luxury and lifestyle travel magazine Conde Nast Traveler recently listed two Starwood Hotels & Resorts in Malaysia --- the Le Meridien Kota Kinabalu and The Andaman, A Luxury Collection Resort --in the "Best in World" Reader's Choice Awards 2014.

In a statement here, Starwood Hotels and Resorts Malaysia said the Le Meridien Kota Kinabalu was voted under the category of Best Hotels in Southeast Asia and The Andaman, A Luxury Collection Resort under the Top 20 Resorts in Asia category.

"We at Le Meridien Kota Kinabalu are thrilled to receive such recognition. This accomplishment has definitely set a higher benchmark for us to continue striving to deliver our best to all our guests and customers and within the hospitality industry," Le Meridien Kota Kinabalu general manager Fiona Hagan said.

Located in the heart of Sabah's capital city, the Le Meridien Kota Kinabalu is a five-star business hotel just 15 minutes from the Kota Kinabalu International Airport.