Home News

Fresh Optimism To Boost KL Stocks

Extract from Business Times (08/11/10)

OSK Research and AmResearch both recommend SP Setia as their top pick while other property stocks -- Sunrise, Bandar Raya, IJM Land and Ivory Properties -- get a 'buy' call

THE Malaysian stock market may rise this week on renewed optimism over the US economy and that property stocks could be in focus after a major takeover deal and new rules to cool speculation in the sector.

The latest data from the world's biggest economy showed that the US added jobs in October for the first time since May as private-sector hiring picked up.

The US Federal Reserve also announced the second round of quantitative easing, or the printing of fresh money, where it will buy an additional US$600 billion (RM1.8 trillion) of US debt to keep borrowing costs low and sustain the economic recovery.

Analysts also expect the benchmark FTSE Bursa Malaysia KLCI to break the all-time closing high of 1,516 points, recorded in 2008, but they were unsure if this could happen this week.


Most JB Buildings Not Friendly To Disabled

Extract from New Straits Times (07/11/10)

MOST buildings in Johor Baru have no facilities for the disabled.

State Welfare Department director Nik Omar Nik Abdul Rahman said without proper facilities the disabled would find it difficult to get around.

"Basic facilities such as car parks, lifts, toilets and access into buildings are not built with the disabled in mind. To do a simple errand such as paying their phone bills can be an uphill task when government and private sector buildings do not have these facilities," he said.

He said or those who were visually-impaired, there should braille on lifts with the floor buttons not too high to make it easy for them to get to the right level.
Nik Omar Nik Abdul Rahman (left) with the special trishaw for the disabled.


Developer Offers Greener Living Experience In Putra Nilai

Extract from The Star (06/11/10)

NILAI: GD Development Sdn Bhd is undertaking a mixed development, Green Beverly Hills in Putra Nilai, that could potentially generate a total of RM5.3bil in gross development value (GDV) when completed in eight years.

Its joint chairman Datuk Yeat Sew Chuong said the project, which comprises residential properties and commercial properties as well as a hotel, would be developed in seven phases.

“The first phase comprises the development of 334 condominium units and 61 bungalows.

“Our condominium project is over 75% taken up even before the official launch today and we plan to launch our bungalows in two months,” he told StarBizWeek yesterday at the launch of Green Beverly Hills.
Datuk Yeat Sew Chuong


Flats For Former Squatters Ready By February

Extract from The Star (06/11/10)

FORMER squatters of Kampung Berembang are put through yet another waiting game as the low-cost flats are only expected to be completed by February next year instead of March 2008 as promised.

According to state Housing, Building Management and Squatters Committee chairman Iskandar Abdul Samad, who paid a surprise visit to the construction site of the flats, the 694 former squatters have been waiting for the units since they moved out from Kampung Berembang squatter settlement in 2005.

“According to the sale and purchase agreement, the flats were supposed to be completed in March 2008. However, there were changes of contractors and delays.

“When I informed I was coming for a visit, there were 85 workers on site yesterday. However, when I came unannounced on Thursday, there were only 32 workers,” he said.


BRDB In Tie-up To Expand Presence In Nusajaya

Extract from The Star (06/11/10)

KUALA LUMPUR: Bandar Raya Developments Bhd (BRDB), which recently signed supplemental agreements with UEM Land Bhd, the master developer of Nusajaya, to buy a 60% stake in a special-purpose vehicle used for the development of Residential North in Puteri Harbour, is planning to expand its presence in the township.

The project, on a 111-acre freehold parcel, would be launched in the third quarter of next year and would be completed in six phases over seven years. The expected gross development value (GDV) for the project is RM2.3bil.

BRDB chief executive officer Datuk Jagan Sabapathy said the partnership with UEM Land was just the first step in a strategy to grow the company’s presence in Nusajaya, the flagship township of the special economic zone of Iskandar Malaysia in Johor.

The signing of the agreements was a follow-up to the July announcement by BRDB of the acquisition of the stake in Haute Property Sdn Bhd, the special-purpose vehicle set up for the Residential North project, from Dubai World, the emirate of Dubai’s flagship investment arm.


UEM Land Bid Gets 40% Votes

Extract from The Star (06/11/10)

KUALA LUMPUR: UEM Land Holdings Bhd’s proposed takeover of Sunrise Bhd for RM1.39bil, or RM2.80 per share, has received an acceptance level of 40.3% from three major shareholders of Sunrise.

UEM Land managing director/chief executive officer Datuk Wan Abdullah Wan Ibrahim said the group had received irrevocable undertakings to accept its offer from Datuk Tong Kooi Ong, Tan Sri Tan Chee Sing and Datuk Lim Kim Huat

According to filings with Bursa Malaysia, Casa Unggul Sdn Bhd (a company controlled by Tong) owns 24.41% stake in Sunrise. Other shareholders include Phoenixflex Sdn Bhd (8.46%), Lim (7.24%), Tong (0.22%) and Tan (0.01%)

“We do not intend to maintain the listing status of Sunrise if the public shareholding spread of Sunrise is not met pursuant to the offer,” Wan Abdullah said at a briefing to announce the takeover offer on Thursday.
"If we don’t get that (50%), we will take a walk (from the deal)" - UEM LAND HOLDINGS BHD MANAGING DIRECTOR/CEO DATUK WAN ABDULLAH WAN IBRAHIM


Stocks To Watch: UEM Land, Sunrise, O&G, Sapura Resources

Extract from The Edge (06/11/10)

KUALA LUMPUR: Stocks at Bursa Malaysia and Singapore may play catch-up with the global markets and Wall Street on Monday, Nov 8 after US stocks closed higher, spurred by political changes and more cheap money from the Federal Reserve.

U.S. stocks rose for the fifth straight week as investors took heart from Republican gains in the elections and on news that more cheap money from the Federal Reserve was on the way.

According to Reuters, following a 3.6% rise in the S&P 500 this week, investors locked in profits on Friday, Nov 5, offsetting an unexpectedly strong payrolls report that reinforced optimism about the economy.

The Dow Jones industrial average edged up 9.24 points, or 0.08%, at 11,444.08. The Standard & Poor's 500 Index added 4.78 points, or 0.39%, to 1,225.84. The Nasdaq Composite Index rose 1.64 points, or 0.06%, to 2,578.98.


Amendments To Valuers Act Get Second, Third Reading

Extract from The Star (06/11/10)

THE proposed amendments to the Valuers, Appraisers and Estate Agents Act 1981 into the Valuers, Appraisers and Estate Agents (Amendment) Bill 2010 is underway with the bill tabled in Parliament for second and third reading so far.

The Board of Valuers, Appraisers and Estate Agents had proposed to amend the Act which seeks among others, to make it an offense for a person to aid or abet in committing an offense under the Act.

Currently, the law makes it an offense to procure or attempt to procure registration to practice under this Act by knowingly making or producing any false or fraudulent declaration, certificate, application or representation.

It is also an offense to impersonate a registered valuer, appraiser or estate agent or sell, transfer or permit an unauthorized person to use the license issued.
Elvin Fernandez ... ‘The amendments to the Act relate largely to housekeeping issues.’


Residents Against More Commercial Buildings

Extract from The Star (06/11/10)

MORE talk of hijacked institutional land surfaced during a public hearing at the Petaling Jaya City Council (MBPJ) headquarters recently.

About 20 Ara Damansara residents attended two back-to-back public hearings to raise their concerns about the proposed development of two projects on PJU 1A/20.

The session was chaired by MBPJ councillor Tiew Way Keng and attended by officers from the engineering and town planning departments.

The same group of residents had earlier attended two briefing sessions by the developers and had raised several issues regarding the projects.
Eyesore: Ara Damansara residents are worried that the proposed developments would end up like this abandoned Platinum Damansara project along PJU1A/3.


Plaza Rakyat Developer Asks For RM1bil In Costs, Damages

Extract from New Straits Times (05/11/10)

KUALA LUMPUR: The original developer of the abandoned Plaza Rakyat project is asking for RM1 billion in compensation from the government.

Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin said, among others, the claims were for construction costs and damages.

"I was told about the claims and City Hall is now in the midst of ironing out the details with the developer, Global Upline Sdn Bhd.

"I have told them to settle this with the developer within a year so that we can get a new developer to resume work on the project."