Home News

Encorp eyes top 10 ranking in property development

Extract from The Sun Daily (12/8/2014)

PETALING JAYA: Encorp Bhd, which is now 72.27%-owned by Felda Investment Corp Sdn Bhd (FIC), aims to be one of the top 10 players in the property development and construction industry in Malaysia in 10 to 15 years, from the top 30 currently.

Its group CEO Mohd Ibrahim Masrukin said Encorp is currently a mid cap company, with a market capitalisation of RM448.14 million.

Encorp has five signature development projects currently with a total gross development value of RM3.4 billion, which will last it until 2017. They have a total undeveloped land bank of 90,388 ha.

"If you compare us with the big property developers, you're looking at quite a huge difference in terms of GDV and land bank. We're currently developing our strategic plan and once it is ready, we (the management) will pass it to the board and we'll be able to share," he told a press conference after the unveiling of the Encorp New Journey logo and Aidilfitri celebration here yesterday.


Retail business lifts Sunway REIT net profit

Extract from The Star (12/8/2014)

PETALING JAYA: Sunway Real Estate Investment Trust’s (REIT) net profit rose 2.7% to RM235.21mil for the fourth quarter ended June 30, 2014, from RM228.97mil in the previous corresponding period.

In its filing with Bursa Malaysia, the property manager said its net profit growth was mainly attributable to higher net property income from the retail segment, higher interest income coupled with lower trust expenses and fair value gain on investment properties.

Sunway REIT has proposed a distribution per unit (DPU) of 2.03 sen for the fourth quarter, bringing the total DPU for the financial year (FY14) to 8.36 sen, compared with 8.3 sen in FY13.

During the quarter, Sunway REIT’s revenue grew 5.1% to RM109.22mil from RM103.91mil previously.


Berjaya Corp sells land for RM743mil




Extract from The Star (12/8/2014)

PETALING JAYA: Berjaya Corp Bhd (BCorp) is selling 15 parcels of freehold palm oil plantation land measuring 10,726 acres in Ulu Selangor to Tagar Properties Sdn Bhd for RM743mil.

The proposed transaction values the land at RM70,000 per acre.

“The proposed disposal represents an opportunity for BCorp to unlock a substantial portion of the value of the land,’’ it said.

The company will set aside RM350mil to repay borrowings, while the balance RM393mil will be reserved for working capital.


Mah Sing acquires land in South of Klang Valley for RM359.60 million

Extract from Bernama (11/8/2014)

KUALA LUMPUR: Mah Sing Group Bhd has acquired 388.50 hectares of land south of Klang Valley in Seremban for RM359.60 million to embark on its biggest freehold township development.

The company said the land was strategically located south of its Southville City along the North-South Highway with a 2.5 kilometer frontage along the highway.

In a statement Monday, the group said it was planning for a mixed development township with the focus on first time house buyers and starters' houses, with an estimated gross development value (GDV) of approximately RM7.5 billion.

The selling price for the landed residence would start from RM350,000 and the group was planning to kick start the registration of interest in the beginning of next year.


Mah Sing enters Seremban in maiden foray into Negri Sembilan




Extract from The Star (12/8/2014)

PETALING JAYA: Mah Sing Group Bhd is continuing its land acquisition spree, this time in Negri Sembilan, involving 425.3ha in Mukim Rantau, Seremban for a cash consideration of RM359.56mil

The proposed acquisition by Mah Sing’s wholly owned unit Grand Prestige Development Sdn Bhd will mark the group’s maiden foray in the state.

In a filing with Bursa Malaysia, Mah Sing said it was planning a mixed-development project with an estimated gross development value (GDV) of RM7.5bil on the site.

“With this acquisition, the group will have about 566.5ha of land south of Kuala Lumpur and will be better positioned to reach out to a broader range of customers by offering products suitable for the mass and upgrader markets,” Mah Sing said in a statement.


Tropicana, Selangor amend terms of land sale

Extract from The Star (11/8/2014)

PETALING JAYA: Tropicana Corporation Bhd and the Selangor state government had entered into a supplementary agreement to amend and incorporate additional terms and conditions with regards to the sale of a piece of land in the vicinity of Kota Kemuning previously known as the Canal City.

Among the salient points of the amendments are that the state will receive accelerated payment amounting to RM173mil instead of RM85mil for a portion of the land that Tropicana had sub-sold to Prominent Stream Sdn Bhd, a subsidiary of Eco World Development Group Bhd.

According to a statement by Tropicana last Friday, the other matter in the amended agreement is that the Menteri Besar Selangor (Pemerbadanan) (MBI) has appointed Permodalan Negeri Selangor Bhd (PNSB) as the agent and project manager to manage its interest subsequent to the new agreement.

The deal between Tropicana and the state can be traced to April 15, 2013 when the property developer’s subsidiary, Sapphire Index Sdn Bhd (SISB), acquired 1,172 acres of leasehold land in what was previously known as Canal City for close to RM1.3bil.


Mah Sing plans RM3.4bil projects in KL and Penang

Extract from The Star (11/8/2014)

GEORGE TOWN: Mah Sing Group Bhd will develop RM3.4bil worth of residential projects in Penang and Kuala Lumpur over the next five years.

Group chief executive officer Ng Chai Yong told StarBiz two of the projects would be located in Penang, while another two would be in Kuala Lumpur.

In Penang, Mah Sing plans to develop The Coastal for the RM320mil Southbay City in Batu Maung and the RM750mil Ferringhi Residence Precinct 2 in Batu Ferringhi.

The projects, opened for registration now, will be launched in October and November respectively.


Prinsiptek plans RM300m property launches

Extract from Business Times (8/8/2014)

Prinsiptek Corp Bhd is set to launch property projects worth about RM300 million in Shah Alam and Penang.

Group managing director Datuk Foo Chu Jong said “we are looking to launch two new property projects worth over RM300 million in Shah Alam and Penang in the next 12 months”. 

While Bank Negara Malaysia’s cooling measures have tightened housing loans since the start of the year, Foo noted that Prinsiptek’s projects will continue to see good take-up among higher-income earners because of their strategic locations.

He was speaking after the company’s extraordinary general meeting, here, yesterday. Also present were group financial controller Teoh Yee Shien and non-executive chairman Tan Sri Mohamad Noor Abdul Rahim.


I-Bhd Q2 pre-tax profit rises to RM25.7 million

Extract from Bernama (8/8/2014)

KUALA LUMPUR: I-Bhd's pre-tax profit for the second quarter ended June 30, 2014 increased by 221 per cent to RM25.7 million from RM8.01 million registered in the same period last year.

Revenue rose to RM70.65 million from RM33.80 million previously.

In a filing to Bursa Malaysia, the company said for the first six months of this year, it posted a higher revenue and pre-tax profit of RM60.9 million and RM13.1 million respectively.

Deputy Chairman Datuk Eu Hong Chew said the overwhelming performance was anchored by the rapid growth of the property development segment which contributed 76.9 per cent to the group's revenue.


Prinsiptek Corp to raise RM34 million via corporate exercise

Extract from Bernama (8/8/2014)

PETALING JAYA: Prinsiptek Corp Bhd (PCB) has obtained shareholders' approval to undergo a corporate exercise to raise RM34 million via a rights issue which will enable the company to expand its property development business.

Group Managing Director Datuk Foo Chu Jong said the corporate exercise was expected to be completed by the fourth quarter of the year.

"The corporate exercise entails a proposed par value reduction via the cancellation of RM0.40 of the par value of every existing ordinary share of RM0.50 each in PCB," he told reporters at the company's extraordinary general meeting here Friday.

"Going forward, we are confident that the liquidity and financial flexibility of PCB will be improved, together with the business opportunities arising from the proceeds raised," Foo said.