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Precinct 11 @ Putrajaya

SP Setia To Launch Four Residential Projects Worth RM546Mil


Extract from The Star (26/10/10)

GEORGE TOWN: SP Setia Bhd plans to launch four new residential projects with an estimated gross sales value RM546mil on the island beginning this December and next year.

SP Setia property (North) general manager S. Rajoo told StarBiz that the projects comprised the RM175mil Setia Greens, RM60.5mil Brook Residences, RM170mil Setia V Residences, and the RM139mil Pearl Villas in the Setia Pearl Island scheme.

Setia Greens, comprising 149 three-storey terraces and 18 semi-detached houses with dual frontage in Sungai Ara, would be launched in December.

“The selling price starts from RM918,000 onwards for terraced units with built-up areas ranging from 2,400sq ft and 3,200sq ft.

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ECM Libra Maintains "Buy" Call On Sunway


Extract from Bernama (25/10/10)

KUALA LUMPUR-- ECM Libra Investment Research has maintained a "buy" call on Sunway Holdings Bhd with its target price remaining unchanged at RM2.61.

This is premised on strong earnings growth of 67.6 per cent in the financial year 2010, more landbank acquisitions in the pipeline, and its strength in securing overseas construction contracts, ECM Libra Investment said in a research note on Monday.

Last Friday, Sunway announced that it had entered into a Memorandum of Understanding (MoU) with Shanghai Zhushengyuan Real Estate Co. Ltd (SZRE).

The MoU is for the purpose of exploring the feasibility of undertaking a mixed development project comprising commercial and residential units in "Wuguang New City" in Wuguangxincheng, Changsha, China as well as other projects in China.

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SP Setia’s KL Eco City’s Deep Value Underappreciated


Extract from The Edge (25/10/10)

SP Setia Bhd
Maintain buy at RM4.74 with higher fair value RM6.50 (from RM4.84): We maintain our “buy” rating on SP Setia Bhd and raise our fair value from RM4.84 per share to RM6.50 per share pegged to a 5% discount to our upward revised fully diluted net asset value (FD NAV) of RM6.82 per share.

We have lifted our FD NAV from RM4.61 per share to RM6.82 per share to reflect more aggressive pricing and demand assumptions for KL Eco City, as we turn bullish on this massive RM6 billion development following a company visit.

We have also raised our earnings estimates 17% to RM233 million for FY10F, 14% to RM265 million for FY11F, and 15% to RM313 million for FY12F. This puts its three-year EPS CAGR at 23% (FY08-FY10: -1%).

In our opinion, the market may have under-appreciated the deeply embedded value of Eco City, given the current bearish consensus view on condominium and office space due to oversupply concerns. But, this will soon change. KL Eco City will again be a testament to SP Setia’s slick execution and uncanny ability to strike deals.

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Risda Plans To Develop 2,000 Hectares Of Land In Sabah


Extract from Bernama (25/10/10)

SANDAKAN -- The Rubber Industry Smallholders Development Authority (Risda) plans to develop 2,000 hectares of land in Sabah to assist smallholders, especially those in the rural areas.

Risda chairman Tan Sri Rahim Thamby Chik said this is in line with plans to expand its operations in the state to assist in boosting the income of those in the rural areas.

He said the development would be implemented through various programs, among which are, Risda's assistance in replanting and to boost productivity.

According to Rahim, the stated programs were effective in helping smallholders in Peninsular Malaysia boost their income and also draw them out of poverty.

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Parkroyal Serviced Suites Targets To Surpass Average Occupancy Rates


Extract from Bernama (25/10/10)

KUALA LUMPUR -- Parkroyal Serviced Suites Kuala Lumpur has target to surpass the market average of 75-80 per cent occupancy in the first year of its operations, said general manager Cheah Chin Kim.

Cheah said the suites are set to attract expatriates, domestic as well as regional travelers.

"We are offering rooms that are competitive in terms of price as well as its unique location in the Bukit Bintang area," she told reporters after a sneak preview of the suites here, Monday.

Parkroyal Serviced Suites Kuala Lumpur is a brand under the Pan Pacific Hotels Group. It is also the first serviced suites outside of Singapore under the brand name.

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Glomac Subsidiary To Acquire 18 Apartment Units For RM38.41 Million


Extract from Bernama (25/10/10)

KUALA LUMPUR -- Berapit Pertiwi Sdn Bhd, a wholly-owned subsidiary of Glomac Bhd, has proposed to acquire 18 apartment units forming part of the Suria Stonor Condominium project for RM38.41 million.

The company has entered into a sale and purchase agreement with Dekad Darat Sdn Bhd and Progressive Berg Sdn Bhd for the proposed acquisition.

"The proposed acquisition of the 18 apartment units at Suria Stonor represents an excellent investment opportunity with strong potential for quick turnaround," Glomac said in a filing to Bursa Malaysia Monday.

"As the transaction is a bulk purchase, the acquisition is priced at a approximate discount of 35 per cent to the last transacted price of RM1,000 per square foot for comparable properties at Suria Stonor," it said.

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Building Projects Unsustainable In Long Run, Say Analysts


Extract from The Malaysian Insider (25/10/10)

KUALA LUMPUR — Putrajaya’s focus on mega construction projects instead of key reforms in its economic plans — symbolized by the 100-storey Warisan Merdeka tower — will hamper the country’s goal of becoming a high-income nation, analysts have said.

They have stressed that economic and institutional reforms to increase market efficiency and human capital development were the crucial elements to lift Malaysia out of its middle-income trap.

“It is not sustainable as we will have first-class infrastructure and facility and third-world work ethics and mentality,” RAM Holdings group chief economist Dr Yeah Kim Leng told The Malaysian Insider.

“The soft part of the development, which is the human capital, will have to take center stage for the high-income transformation drive to be successful,” he added.
Najib’s Budget 2011 had contained several big-ticket construction projects.

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Rising Concerns Over Household Debt And Bankruptcies Among Young M'sians


Extract from The Star (25/10/10)

Household debt to GDP rose to 76% last year from 64% in 2008

PETALING JAYA: Rising concerns over household debt and bankruptcies among the young have prompted several suggestions on how to tackle the problem at source.

Apart from the expected curbs on property loans and possible limits on credit card usage, other steps include the creation of a personal credit scoring system, enhanced education and awareness among consumers as well as the financiers themselves.

RAM Ratings head of financial institution ratings Promod Dass said: “Based on the latest available Bank Negara statistics, household debt to gross domestic product (GDP) has marched upward from about 64% in 2008 to around 76% last year. (Last year, this amounted to about RM389 bil).

“This level is similar to that in Singapore and far lower than in Japan, the United States and Britain which are well above the 100% threshold.

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Hearing Fixed For Developer's Appeal


Extract from New Straits Times (24/10/10)

SUBANG JAYA: Sime Darby Property will have its case to redevelop Subang Ria Park heard by the Selangor State Appeals Board on Nov 11.

Subang Jaya Municipal Council (MBSJ) president Datuk Adnan Md Ikshan said the hearing was scheduled after the council rejected the redevelopment plans last year. He declined to comment further.

It was reported in Streets on June 2 that the council had rejected Sime Darby Property's application to subdivide the land and reclassify part of it as residential and commercial land.

The council turned down the application to subdivide 8ha of the 29.3ha plot for residential and commercial purposes.

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