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TH Prop unveils latest homes at Enstek

Extract from Business Times (12/12/2014)

KUALA LUMPUR: TH properties has unveiled its latest offering in Bandar Enstek, Negri Sembilan, featuring two-storey super-link homes aimed at professionals with young families and those seeking a lifestyle upgrade.

Hundred East@enstek comprising 100 units of two-storey homes in three different lot sizes are set to be built over two phases. Phase 1 will offer 46 units priced from RM574,400 onwards, said its senior manager of marketing and sales, Mohd Adlee Yusof.

He said prospective house buyers and long-term investors will find Hundred East@enstek compelling, especially since the current market features more small built-up units and higher cost per square feet.

“Bandar Enstek homes also provide grander habitats for less,” Mohd Adlee said in a statement.


IOI Properties: No plans to manage Taipei 101

Extract from Business Times (12/12/2014)

PUTRAJAYA: IOI Properties Group Bhd said it is not seeking to manage the Taipei 101 skyscraper it wants to buy into.

IOI Properties, Malaysia’s second-biggest property developer by market capitalisation, announced last week that it was planning to buy a 37 per cent stake in Taipei Financial Centre Corp (TFCC) for US$790 million (RM2.75 billion).

In its filing to Bursa Malaysia, IOI Properties said it had inked a conditional share sale agreement with Golden Shine International Holding Ltd, Ting An Ltd, Ting Ji Development Co Ltd and Ting Li Development Enterprises Co Ltd to acquire 546.5 million shares of NT$10 (RM1.12) each in TFCC.

Taiwan’s Investment Commission, however, said it would give the deal a strict review after Finance Minister Chang Sheng-Ford said the iconic skyscraper should not be controlled by foreigners.


Ametis is Subang Bestari’s latest attraction

Extract from Business Times (12/12/2014)

AMETIS is a luxury semi-detached development built to serve lifestyle-seeking home buyers. The 20-unit semi-detached homes worth RM34 million in gross development value carry the same key features and concept of the latest properties developed by Worldwide Holdings.

“Designed with perfect home-living and privacy in mind, Ametis is the last offering of luxury semi-detached units with spacious family homes and private gardens within the Subang Bestari township,” said Worldwide Holdings head of property Rosli Ismail.

He said space is indeed a luxury with unit sizes ranging from 3,049 sq ft to 7,841 sq ft and built-up areas between 3,284 sq ft and 3,743 sq ft. There are four designs to select from, offering 4+1 rooms and five bathrooms each. Each unit is priced from RM1.6 million.

Ametis is located in the matured Subang Bestari township, which has schools, college, a public hall, mosque, shops, offices, shopping centre and recreation areas.


EPF subsidiary Kwasa Land project gets 8 bids

Extract from The Star (12/12/2014)

PETALING JAYA: Kwasa Land Sdn Bhd has received eight tender submissions from eight companies for its inaugural bumiputra residential project dubbed “Project R3-2” near Sungai Buloh, Selangor.

It said the companies were Ahmad Zaki Sdn Bhd, ARK Resources Bhd, Impiana Land & Development Sdn Bhd, ISY Holdings Sdn Bhd, Johawaki Development Sdn Bhd, Kinta Berkat Sdn Bhd, Prima Nova Sdn Bhd, and Sensatimur Sdn Bhd.

“Under the qualitative evaluation, tenderers are required to submit development concept and layout proposals for the R3-2 parcel based on approved density, development phasing, and unique features of the proposal complete with overall planning layout, 3-D massing and landscape plans.

“Property sales for the whole development within the R3-2 land area should be fully completed within six years,” Kwasa Land said in a statement yesterday.


Kwasa Land gets 8 submissions for first Bumiputera project

Extract from Bernama (11/12/2014)

KUALA LUMPUR: Kwasa Land Sdn Bhd, the master developer of the 932-hectare Kwasa Damansara township, has received eight submissions for its inaugural Bumiputera development, the Project R3-2, tender.

Its managing director Datuk Mohd Lotfy Mohd Noh said as the adjudication process for all the submissions by an independent panel of consultants from various fields would take one to two months, the successful tenderer would be announced thereafter.

The eight companies were Ahmad Zaki Sdn Bhd, ARK Resources Bhd, Impiana Land & Development Sdn Bhd, ISY Holdings Sdn Bhd, Johawaki Development Sdn Bhd, Kinta Berkat Sdn Bhd, Prima Nova Sdn Bhd and Sensatimur Sdn Bhd, he said in a statement.

Project R3-2 is a residential development that encourages a mixed project within a neighbourhood with each residential cluster consisting of a variety of housing types and sizes.


Government urged to relook GST on stratified properties

Extract from Bernama (11/12/2014)

KUALA LUMPUR: A consortium of property related professional bodies today urged the government to relook the Goods and Services Tax (GST) on stratified development properties.

The bodies are the National House Buyers Association (HBA), The Royal Institution of Surveyors Malaysia (RISM), the Malaysian Institute of Professional Property Managers (MIPPM), and the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS).

At a press conference here Thursday, they said that GST, to be imposed from April 1 next year, is expected to affect about six million stakeholders in the 15,000 stratified development areas in peninsular Malaysia.

HBA Secretary General Chang Kim Loong said the professional bodies had sent a petition to Prime Minister Datuk Seri Najib Tun Razak who is also the Finance Minister, to change the classification from standard rated tax supply to zero rated for maintenance charges, sinking fund and all other related charges paid by parcel owners.


IOI Properties not seeking control in buying 37% of Taipei 101 owner

Extract from The Star (11/12/2014)

KUALA LUMPUR: IOI Properties Group, whose purchase of a 37.17% stake in Taipei 101 for RM2.74bil, was opposed by Taiwan’s government, stated it had never intended to seek management control in the iconic landmark.

IOI Properties - which is buying the stake from the owner, Taipei Financial Center Corporation (TFCC) - said on Thursday “we are sincere in our approach on the proposed acquisition and if the said proposal goes through, we will abide by Taiwanese laws in all respects”. 

“IOI Properties is apolitical and has no hidden political agenda behind the proposed acquisition,” it said.

IOI Properties said that by allowing a foreign investor in TFCC, it would not be in conflict with the nationalism as Taiwan will still maintain the management control.


Eco World sets 2-year sales target at RM7b

Extract from The Sun Daily (11/12/2014)

KUALA LUMPUR: Eco World Development Group Bhd (Eco World Bhd) has announced a new sales target of RM7 billion for the next two financial years ending Oct 31, 2015 (FY15) and Oct 31, 2016 (FY16), driven by launches in new and ongoing projects, said its president and CEO Datuk Chang Khim Wah.

"We actually gave a projection last year of RM5 billion for FY14 and FY15 but we've exceeded the first year projection. So for the next two years, we are giving a combined sales projection of RM7 billion. The RM7 billion will come from all our projects, those that we've already launched as well as the projects that we have not launched. These projects are in the Klang Valley, Iskandar Malaysia and Penang," he told reporters at a briefing on its FY14 financial results yesterday.

He said the group is targeting sales of RM3 billion for FY15 and RM4 billion for FY16.

As at Oct 31, 2014, the group achieved cumulative sales of RM3.186 billion, exceed its initial target of RM2 billion. Out of this, RM1.4 billion came from projects in the Klang Valley and the remaining RM1.8 billion from Iskandar Malaysia.


I-Berhad sees equal revenue from 3 key segments by 2018

Extract from Business Times (10/12/2014)

SHAH ALAM: I-Berhad, which is developing the i-City township here, expects its three key business segments to grow and contribute equally to revenue by 2018.

The three business segments — property development, leisure and property investment — currently contribute 70 per cent, 20 per cent and 10 per cent, respectively, to the company’s revenue.

I-Berhad has invested RM70 million to develop the leisure component, comprising theme parks and hotels.

It is also scaling up its property development activities due to strong demand for residential and commercial assets in i-City.


RHB upbeat on Sunway

Extract from Business Times (10/12/2014)

RHB Research is upbeat on Sunway Bhd’s continuous  effort in unlocking  its  asset  values.

Sunway on Monday  announced  its  proposed  disposal  of  Sunway Hotel  Georgetown for RM74 million  and  Wisma  Sunway for RM60 million,  worth  a combined value of RM134 million, to Sunway REIT. 

The disposal of the four-star  hotel  is likely be completed in late second quarter (Q2) of next year.

“According to the announcement, the disposal is estimated  to  yield  a  net  gain  of  RM23.4 million (or 1.4 sen  per  share).  The bulk of the proceeds will be  retained for working capital (RM89 million) and the balance RM45 million will be  used to repay bank borrowings,” RHB said in its note yesterday.

It said the impact of the disposals is minimal  as  Sunway  Hotel  Georgetown  and  Wisma Sunway  have  an  annualised  earnings before interest, taxes, depreciation, and amortisation  of  RM4.4 million  and  RM4 million, respectively,  about one to two per cent  of the  bottomline  on a  net  basis.