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Selangor Govt Asked To Be More Reasonable In handling Land Issues

Extract from The Star (01/12/10)

THE Selangor government should be more considerate when it comes to land issues faced by the people, said MCA secretary-general Datuk Seri Kong Cho Ha.

Kong said land premium should be reasonable and suggested Pakatan Rakyat to learn the measures taken by the Perak government.

He said the Perak government had offered discounts up to 80% to help the people in paying up their land premium.

The state government has to be more caring, he said when commenting on the problem faced by residents in Petaling Jaya Old Town recently.


MBI Sells Land To PNSB

Extract from Bernama (30/11/10)

SHAH ALAM -- Menteri Besar Incorporated (MBI), the parent company of Selangor state subsidiaries, sold two plots of land worth RM438.5 million to Permodalan Negeri Selangor Bhd (PNSB), a state agency, Tuesday.

A piece of the land, measuring 510.4ha and worth RM333.5 million, is located in Bukit Beruntung while the other land, measuring 528.2ha and valued at RM105 million, is in Bestari Jaya.

Menteri Besar Tan Sri Abdul Khalid Ibrahim, who attended the sale and purchase agreement signing, here, said the land was sold to PNSB at its original price.

He said the MBI obtained the land from Talam Corporation Bhd to settle the corporation's debt to state government's subsidiary companies worth RM392 million.


244km Stretch Of Roads To Be Built Under 10MP

Extract from The Star (30/11/10)

A total of 244km of rural and suburban roads will be constructed in Sarawak under the 10th Malaysia Plan (10MP).

Rural and Regional Development Minister Datuk Seri Shafie Apdal said the construction of these roads would comprise those that had yet to be completed under the Ninth Malaysia Plan.

“We are praying for good weather to enable us to complete the roads. Sarawak has been allocated with a sum of about RM3bil under the 10MP for rural infrastructure development,” he said after paying a courtesy call on Chief Minister Tan Sri Abdul Taib Mahmud in Kuching yesterday.

“The federal government had put its focus on the state and we want to ensure that the development also takes place in the rural areas too,” he said.


Long Line Of Interested Buyers For PPR Homes

Extract from The Star (30/11/10)

HUNDREDS of people living in low-cost houses in Setapak, Kuala Lumpur turned up in full force on Saturday for the Kuala Lumpur City Hall public housing bank carnival held at PPR Dataran Air Panas.

The carnival was carried out in conjunction with the sale of PPR homes and the National Economic Action Council (MTEN) units in the area.

Many city folks harboring hopes of owning their dream homes came armed with necessary documents to apply for bank loans. The areas involved were PPR Sri Semarak, PPR Sg Bonus, PPR Gombak Setia, PPR Wangsa Sari, PPR Kg Baru Air Panas.

Unlike the previous carnival, this one was better organized with the presence of four banks; Alliance Islamic Bank, Hong Leong Islamic Bank, Bank Simpanan Nasional and Bank Islam to assist with loan applications.
One-stop centre: The public queueing up to use the photocopy machine to make copies of their documents at the PPR Bank carnival.


Selangor To Announce Policy On Land Ownership By Year-End

Extract from The Star (30/11/10)

THE Selangor government has been researching on the legal and historical aspects of land titles in Petaling Jaya and will announce a policy statement by the end of the year.

Bukit Gasing assemblyman Edward Lee urged residents in Petaling Jaya to give the state a little more time to deal with the city’s land ownership matters. In other words, they should wait for the answer before applying for lease extension and paying the land premium that had doubled compared to four years ago.

“The state is aware of the anxiety and fears of the local population with regard to the impending expiry of land leases.

“We have been conducting an in-depth study into the legal and historical aspects in dealing with this issue, as well as its impact on the state. It is not confined to PJ Old Town, but also other areas in the city where they qualify,” he said.


Taman Cuepacs Residents Living In Fear

Extract from The Star (30/11/10)

RESIDENTS living along Jalan 2F at Taman Cuepacs Phase 1 in Cheras, Kuala Lumpur, are having sleepless nights since land clearing work for a housing project began at the back of their houses last month.

They are worried about the project to build 11 units of houses at the site behind their homes because landslips have occurred at the site before and they are concerned about its stability.

Taman Cuepacs Phase 1 residents association chairman Anthony Johnson said a rubble wall was built in 1986 as a temporary measure to prevent landslips.

“Even then, some house owners suffered land slips in 1986 and 1995 when the slope gave way and resulted in the wall crashing into the houses.


BCorp Unit In Brokerage Tie-Up With Kim Eng

Extract from The Star (30/11/10)

KUALA LUMPUR: Berjaya Corp Bhd (BCorp) subsidiary Inter-Pacific Sdn Bhd (Interpac) has signed an asset purchase agreement with Kim Eng Holdings Ltd for a strategic partnership in stockbroking.

The deal will involve the proposed transfer of Interpac's entire stockbroking and its related businesses in Malaysia to a newly incorporated special-purpose vehicle (SPV).

This would value the businesses at RM142mil comprising total net assets of RM100mil and business goodwill of RM42mil, the companies said in a joint statement.

The statement said Kim Eng would hold 70% stake in the SPV while Interpac would hold up to 30%, of which 5% may be held by key employees of the SPV subject to regulatory approval.


E&O's Unbilled Property Sales Soar To RM605M

Extract from Business Times (30/11/10)

EASTERN & Oriental Bhd (E&O) (3417) says its unbilled property sales as at September 30 have surpassed peak levels recorded in the year ended March 2008.

E&O, listed on Bursa Malaysia's main board, locked in unbilled property sales of RM604.8 million during the period compared to RM203.7 million registered as at March 31 2008.

This was due to stronger buying sentiments in the high-end segment where it has a niche, the company said in a statement yesterday.

This helped E&O to achieve a net profit of RM17.9 million for the six-month period to September this year, matching the performance of a year ago.


How Do The Three Mergers Stack Up?

Extract from The Edge (29/11/10)

1) Market capitalization Winner: UEM Land-Sunrise

Market size is important to attract investor interest, particularly given Malaysia’s two-tier market where institutional funds are heavily drawn to larger stocks and the FBM KLCI is currently bereft of property representation.

At just under RM10 billion, the merged UEM Land Holdings Bhd-Sunrise Bhd entity will be the country’s largest property developer by market capitalization.

This will be followed by the merged entity of IJM Land Bhd and Malaysian Resources Corp Bhd (MRCB) with RM7.2 billion. SP Setia Bhd comes in third with RM5.2 billion while the merged Sunway group, comprising Sunway City Bhd and Sunway Holdings Bhd will be at fourth spot with about RM3.5 billion.

However, the market capitalization of IJM Land-MRCB could be boosted by the conversion of IJM Land’s derivatives and debt instruments. They include 222.56 million outstanding warrants (exercise price: RM1.35) and RM400 million in unlisted redeemable convertible unsecured loan stocks (RCULS, conversion price: RM1.74) issued to its parent, IJM Corp.

Full conversion of these instruments will give IJM Land an implied total market value of RM5.7 billion, and the merged MRCB-IJM Land a total value of RM8.87 billion — not too far off from UEM Land-Sunrise.


MRCB-IJM Land Deal

Extract from The Edge (29/11/10)

The merger between Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd is expected to create the country’s second-largest property company with a market capitalization of over RM7 billion and landbank of more than 9,000 acres.

The newly merged entity (newco) is expected to be listed after the second quarter of next year while a more solid merger agreement is expected to be signed by Dec 14.

In the proposed merger, shareholders of both companies will exchange their shares for shares in the newco. Shareholders of MRCB and IJM Land will be offered a non-binding offer price for their shares at RM2.30 and RM3.65, respectively, which are at premiums of 15.6% and 18.1%, respectively, over their last traded prices last Friday.

The offer valued IJM Land at a price-to-book ratio of 2.43 times and MRCB at 2.61 times, based on their latest reported results as at Sept 30.