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Hua Yang eyes Sabah next after its foray into Penang

Extract from The Star (21/2/2015)

Affordable housing developer Hua Yang Bhd has set its sights on Sabah as the next market to venture into, following its maiden foray into Penang recently.

Chief executive officer Ho Wen Yan says that the company is constantly seeking opportunities to expand available landbank for development. “It has been our intention to broaden our reach into Penang and Sabah. The recent land acquisitions in Bukit Mertajam, Penang, is in line with our broad landbanking strategy to diversify developing activities to fuel longer-term growth,” he tells StarBizWeek via email.

The mid-cap developer valued at RM583.44mil has 11 ongoing projects in the key regions of the Klang Valley, Johor, Perak and Negri Sembilan.

It has a total landbank of 486 acres across these areas with a potential gross development value (GDV) of RM2.8bil that will keep the company busy for the next five to six years. “The recent land acquisitions in Bukit Mertajam have expanded our available acreage to 494 acres and raised our total available GDV to about RM3.1bil,” says Ho.


Iris sees development potential in countries in the Pacific

Extract from The Star (21/2/2015)

Property development will become Iris Corp Bhd’s biggest earnings contributor by 2017 should plans put in place over the last two years bear fruit. While it is still early days, the agreements and proposals of the last few years is certainly setting the company on that path.

The technology-based conglomerate, better known for its smart card solutions for passport and other identity documents, is planning to develop property in Papua New Guinea’s (PNG) capital, Port Moresby, the neighbouring Solomon Islands and the tiny island-nation of Palau. This is in addition to inking another deal last month to jointly develop 11.69ha of land in Bukit Jalil, Kuala Lumpur with Technology Park Malaysia Sdn Bhd, a government agency and current projects joinly developed with other Malaysian government and state government agencies.

Iris chief executive officer/group managing director Datuk Tan Say Jim sees a lot of potential in these countries located in the Pacific, given the need for quality residential and commercial properties. He jumped at an opportunity to develop property in PNG using Iris’ proprietorial industrialised building system (IBS) technology, called Koto, after a failed proposal to set up an e-passport system for the country.

“I wouldn’t be surprised that property revenue will overtake trusted identification solutions turnover by 2017,” Tan tells StarBizWeek in Port Moresby recently. For the financial year ended March 31, 2014, the latest full-year available, trusted identification solutions’ revenue of RM391mil is approximately two-thirds of full-year revenue of RM573.23mil. Iris has eight divisions with trusted identification solutions the bread-and-butter of the group. In comparison, the group’s property development activities, which comes under the sustainable development division, posted RM75mil in revenue.


E&O upbeat on new UK properties

Extract from The Star (21/2/2015)

Eastern & Oriental Holdings Bhd (E&O) will leverage on its UK properties, with a combined gross development value (GDV) of up to £400mil, to expand its presence there.

E&O now has a platform to expand after its purchase of two office buildings in London – the 11-storey Thames Towers and 15-storey Landmark House – for £57mil (RM308.94mil) in January.

E&O deputy managing director Eric Chan Kok Leong says with the two buildings in addition to the two current properties of Princes House and Esca House in the UK, the base case of the combined GDV would be from £270mil to £400mil.

Currently, the GDV of Princes House is RM325mil (£60mil) and Esca House RM434mil (£80mil). Chan says the latest acquisitions of Thames Towers and Landmark House represent a sizeable project that will anchor E&O’s portfolio.


MRCB on expansion drive with new township project

Extract from The Star (21/2/2015)

After all the excitement over the last several years, the Kwasa Damansara project in Sungai Buloh is moving along. Last week, further inroads were made, which is a boon in view of today’s weak property market.

The first was an EGM by Malaysian Resources Corporation Bhd (MRCB). The second was the conclusion of a bumiputra tender for residential project R3-2. A third tender is scheduled to be called late next month for another residential parcel R2-1 among Tier 2 developers with shareholders’ funds or paid up capital of RM300mil and above. An announcement on another parcel is underway.

The Employees Provident Fund (EPF) is the land owner. It is also the main shareholder of MRCB. So this is a related party transaction which is of major significance in the property sector. Kwasa Land Sdn Bhd, a wholly-owned subsidiary of the EPF, is the master developer.

MRCB won the first tender last year to develop a 64-acre parcel, earmarked as a town centre for the new township known as Kwasa Damansara. However, it needs shareholders’ approval to subscribe to a majority stake in a special purpose vehicle, Kwasa Development (2) Sdn Bhd (KDSB), in a 70:30 partnership with KDSB holding the rest.


Naim launches Permy Street Mall

Extract from Borneo Post (21/2/2015)

KUCHING: Naim Land Sdn Bhd (Naim Land), a wholly-owned subsidiary of Naim Holdings Bhd (Naim) just launched the Permy Street Mall during its Miri branch’s Chinese New Year celebratory event yesterday.

According to a press release, Naim’s senior general manager for Sales and Marketing, Alice Ting said that Permy Street Mall, which was Bandar Baru Permyjaya township’s first street mall, was set to offer a different retail and shopping experience for business owners and customers.

“For those interested, think of the street mall as something similar to a shopping mall, but with a cheaper entry cost for your investment. That’s something worth looking into,” said Ting.

Conceptually as well as architecturally, Permy Street Mall has a few interesting attributes. The colourful and unique ‘zig zag’ window façade exudes a cheerfulness which is beckoning. Besides offering generous spaces, its design allows good visibility of the retail units.


Palm Residence designed with ‘nature’ in mind

Extract from Borneo Post (21/2/2015)

KUCHING: Central Land Development Sdn Bhd’s (Central Land Development) Palm Residence three storey terrace houses has been designed by bringing the nature into the house, built in a way that two generations can live harmony together.

Palm Residence, a luxurious and modern three storey semi-detached and terrace houses is located at Jalan Stapok Utama, a five minutes’ drive to Third Mile Interchange, Timberland Medical Center, Boulevard Shopping Mall and Everrise Department Store, and just a ten minutes’ drive to Kuching International Airport.

Manager Yap Min Su explained that the Palm Residence’s theme ‘designed with you in mind’ is 85 per cent completed, with an end-date of August this year.

Palm Residence has a total of 80 units, 62 of which are terrace houses while 18 are semi-detached houses. Out of the semi-detached houses, there are 14 units of three-storey houses and four units of double-storey houses.


Vermont Suites match demand for chic units

Extract from Borneo Post (21/2/2015)

KUCHING: Vermont Suites Sdn Bhd’s (Vermont Suites) main condominium development is conceptualised to cater to the rising demand for condominiums especially by the younger generation in Kuching.

The company noted that as the younger generation’s taste is different from the previous one, the company took notice of the increasing demand for such development due to its security and ease of care.

Vermont Suites’ condominium project named Vermont Suites Condominium@Stutong is a 100 unit, six to eight storey medium rise tower with external frontages and view towards the city, airport and sprawling suburban residential areas.

Internally, it is designed to enclose a central elevated courtyard and smaller pocket gardens embodying a ‘green’ concept for all tenants. Ample parking is offered on level 1 sheltered by the elevated courtyard and garden deck on level 2 where the apartment tower is situated.


Olympia seeks more time to finish condo

Extract from The Star (19/2/2015)

PETALING JAYA: Olympia Industries Bhd has entered into a third supplemental agreement (TSA) with City Properties Sdn Bhd (CPSB) and Rodem Sdn Bhd to seek an extension to March 31 for the physical completion of the 9 Madge condominium project in Taman U-Thant, Kuala Lumpur.

It told Bursa Malaysia that it sought up to April 30 as grace period for CPSB and Rodem to obtain certificate of completion and compliance.

“The delay in the completion of the project was due to the shortage of building materials which have held up the remaining 13% of the final stages of works,” it said.

Olympia had earlier entered into a supplemental agreement with CPSB and Rodem for an extension to settle RM55.3mil out of the original settlement sum of RM125mil owed by CPSB to Olympia on Jan 10, 2014.

MUI Properties swings into the red in FY14

Extract from The Star (18/2/2015)

KUALA LUMPUR: MUI Properties Bhd posted net losses of RM14.88mil in the financial year ended Dec 31, 2014 from earnings of RM4.68mil a year ago as property sales declined.

It said on Wednesday revenue fell to RM32.70mil from RM47.16mil due to lower sales of the group's property development project in Bandar Springhill and the one off revenue from the disposal of development land at Port Dickson in 2013 of RM11.6mil.

“Pre-tax loss for the financial year was mainly attributed to the impairment loss on investments, goodwill and legal claim settlement amounting to RM11.2mil compared with the one off gain on the disposal of development land of RM6mil at Port Dickson in 2013,” it said.

MUI Properties said gross profit margin declined to 33% for FY14 compared with 40% in the previous year.


PKNM, Shazac to build elderly residential, health centre

Extract from Bernama (18/2/2015)

MELAKA: The Melaka State Development Corporation (PKNM), in collaboration with Shazac Worldwide Sdn Bhd, will build an elderly residential and health centre costing RM150 million in Bukit Katil here.

Shazac Executive Chairman Datuk Mohd Shafie Abdullah said unlike a welfare home, elderly residents at the centre would have their own homes and could mingle among themselves like in a residential area.

Scheduled for completion in three years, he said the residential community project would be built in stages on a 5.18-hectare site.

The project promotes a healthy and sustainable living for the elderly as it will have a recreational area, a clinic and a health centre, he added.