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Association Calls For Level Playing Field In Property Management

Extract from The Star (20/11/10)

PROPERTY management practitioners want an open market and level playing field where the profession will be regarded as an open occupation based on competency, expertise and experience and not by mere legislation or purely by qualification.

According to Building Management Association of Malaysia (BMAM) president Datuk Teo Chiang Kok, if the proposed Bill to amend the Valuers, Appraisers and Estate Agents Act 1981 (VAEA) into the Valuers, Appraisers and Estate Agents (Amendment) Bill 2010 Act and changes pertaining to property management are to be passed, it will create an absolute exclusivity and monopoly for valuers to be the only ones allowed to undertake property management. Entrepreneurs who are now operating as managing agents will all have to wind up their businesses or become employees of valuers.

The two embedded clauses on property management in the proposed Bill will cast the net so wide to include facilities management, building maintenance management, building facilities management, building management and managing agents, he says.

Stressing that legislation compelling and restricting property owners to only appoint valuers to manage their properties has never been imposed anywhere in the world, Teo says property management is fundamentally a general management function like marketing management, sales management and operations management.


Growing Appetite For Investments

Extract from The Star (20/11/10)

Investors still committed to Iskandar Malaysia despite downturn, says Millennium Development

MILLENNIUM Development chairman Oussama Kabbani, whose company is involved in the development of Iskandar Malaysia, says the success of the growth corridor is its proximity to Singapore.

Once the bullet train to Singapore becomes a reality, it will be possible to time one's journey to the city state. Even if it is delayed, it will happen. And the same goes for Medini, says Harvard-trained urban planner Oussama who was in Kuala Lumpur recently.

Medini is a mixed-development comprising three important clusters namely lifestyle and leisure, cultural and Iskandar financial district in Iskandar Malaysia, Johor. The three clusters are pivotal to the whole development of Nusajaya City.
Oussama Kabbani ... ‘We are in a position to make the best of this recovery.’


Great Response To Green Homes

Extract from The Star (20/11/10)

THE first housing scheme with user-friendly green features in Penang has already attracted substantial registrations from Penangites and Singaporeans.

The project, known as Setia Greens located on a 29-acre site in Changkat Sungai Ara, comprises over 215 units of landed property and one block of condominium. It has an estimated gross sales value of RM468mil.

It is scheduled for launching by SP Setia Bhd in middle of next month.

Setia Property (North) general manager S. Rajoo said the company would kick off the first phase of the project comprising 149 terraced houses and 18 semi-detached houses.
Energy saving: A filepic of an artist's impression of Setia Greens in Sungai Ara.


A Paradise In The Making In Kuching

Extract from The Star (20/11/10)

ANOTHER best-kept secret paradise of Kuching has been revealed.

Not located on an island or a tropical rainforest, Sinar Serapi Eco Theme Park is at Km12 Jalan Sungai Tengah, off Jalan Matang, about 12km from the city center.

It is the first of its kind in Sarawak and officially opened its doors about two years ago in a low note.

Managed by Jalinan Bernas Sdn Bhd, the park offers days of fun, thrills and spills at its eco-friendly children’s water park, lakeside steamboat buffet, four-feet-deep recreational lake and waterfront cafe.


Shah Alam To Have Its Own Cineplex

Extract from The Star (20/11/10)

SHAH ALAM will finally see the first cinema at Space U8 mall in Taman Bukit Jelutong by the middle of next year.

Mainstay Development Sdn Bhd executive chairman Raja Mohd Azmi Raja Razali the seven-hall cineplex would be housed in the four-storey mall costing RM200mil.

“The cineplex, equipped with the latest audio visual technology, will be operated by MBO Cinemas. The cineplex will show 3D films as well,’’ he said.

Being a Shah Alam resident himself, Raja Azmi said, he shared the concerns of the residents on the need for a cineplex in the city. “They do not have to go to Klang, Subang Jaya, Petaling Jaya or Kuala Lumpur once the mall is opened,’’ he said.
Raja Azmi: ‘We are expecting the mall to become a hit among the working class.’


Atlan sells land for RM145m

Extract from Business Times (20/11/10)

ATLAN Holdings Bhd has sold seven pieces of land in Penang measuring 24.7ha to Utara Malaya Realty Sdn Bhd for RM145 million cash.

In a statement yesterday, Atlan said its wholly-owned subsidiaries Blossom Time Sdn Bhd and Radiant Ranch Sdn Bhd sold the land as part of its business strategies.

"The directors have decided to sell as opposed to continue with its original development plans for the land after taking into consideration the estimated time frame and resources required to develop the land over the next five years given the competition of other developments within the vicinity."

The sale will enable the company to realize proceeds of RM145 million and an estimated after-tax gain of disposal of about RM80 million.


Sunway Unit Gets RM14.7M Deals

Extract from Business Times (20/11/10)

SUNWAY Holdings Bhd's associate, Sunway Geotechnics (M) Sdn Bhd, has accepted contracts worth RM14.7 million at Bandar Springhill, Port Dickson, Negeri Sembilan.

The first contract from UCSI Education is for piling and pile-cap works for the Medical Center and Faculty of Medicine UCSI University for a block of 12-storey hospital, one block of two-storey M&E complex and one unit of guard house.

The second from UCSI Resort includes piling works for the construction of a 17-storey hotel with 319 units, 14-storey student hostel with 390 units, a single-storey restaurant and swimming pool and a three storey car park.

The medical university should be completed on March 21 2011 while the hotel is expected to be ready on February 27 2011.


OSK Research Neutral On Sunway REIT, TP 98c

Extract from The Edge (19/11/10)

KUALA LUMPUR: OSK Research has initiated coverage of Sunway Real Estate Investment Trust (Sunway REIT), which is the largest Malaysian REIT (M-REIT) with an asset size of RM3.7bn and a free float of about RM1.6bn.

It said on Friday, Nov 19 that it has accorded a Neutral call on Sunway REIT at 98 sen based on 1.0 times P/NAV with a Neutral call.

OSK Research said Sunway REIT provided investors with exposure to the retail, hospitality and office sub-sectors, Sunway REIT is a defensive REIT that offers unit holders a longer-term growth catalyst.

“Given its low dividend yield of 6.7% (vs the sector’s 8.0%) and the fact that it will be trading at 1.0x P/NAV, Sunway REIT may likely to appeal to only certain classes of investors, especially those with a defensive investment strategy,” it said.


Developers Unfazed By New Ruling

Extract from The Edge (20/11/10)

KUALA LUMPUR: Most developers participating at the Star Property Fair 2010 are unfazed with the lower loan-to-value ratio imposed by Bank Negara early this month on buyers taking up a third loan on a new house as they believe the new ruling would not significantly impact their bottom-line.

The decision to impose the new ruling is to cool down the property market and to curb speculations.

Effective from Nov 3, house buyers who have signed up for two mortgages and intend to apply for a third loan will only be eligible to get up to 70% financing of the value of the house.

The Haven Sdn Bhd personal assistant of principal Yeo Kong Meng said: As a medium to high-end developer, we have not found this new ruling to have impacted our sales so far.


Construction Boost For Kimlun As 3Q Profit Hits RM8.39M

Extract from The Edge (19/11/10)

KUALA LUMPUR: Kimlun Corp Bhd posted net profit RM8.39 million for the third quarter ended Sept 30, 2010 on the back of revenue RM119.41 million mainly due to a higher contribution from the CONSTRUCTION segment.

It said on Friday, Nov 19 it expected the increase in construction activities in Malaysia and Singapore to have spill-over effects on the building and construction materials.

“The group continues to bid actively for construction projects and orders for pre-cast concrete products particularly for the supply of tunnel lining segments to Singapore MRT projects,” it said.

The Johor Bharu-based company said earnings per share in 3Q were 4.48 sen while net assets per share was 76 sen.