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Extract from The Star (24/03/2010)

KUANTAN: Land for development in Pahang is scarce, and settlers with land titles must hold on to their properties for the sake of future generations and not sell for short-term gains.

“When you obtain the titles, there will be many people with loads of cash wanting to buy the land and these people may be locals and even foreigners,” Mentri Besar Datuk Seri Adnan Yaakob said before presenting titles to 62 people from Ladang Charu estate here yesterday.

“You must remember that the title is something that you have earned from years of hard work,” he said.

Adnan added that only 7% to 8% of Pahang was left for development despite it being the largest state in the peninsula.

Extract from Bernama (22/03/2010)

KUALA LUMPUR -- The issue price of UEM Land Holdings Bhd's rights shares has been fixed at RM0.80 per share, which represents a discount of 44.1 per cent to its five-day volume weighted average market price up to March 19 of RM1.43.

The rights shares were also a discount of 34.4 per cent to the theoretical ex-rights price of UEM Land of RM1.22 based on the five-day volume weighted average market price, the company said in a filing to Bursa Malaysia on Monday.

The issue price of the rights shares was at an entitlement basis of one rights share for every two existing UEM Land shares held by its entitled shareholders as at 5pm on April 5, it said.

UEM Land said the rights issue will involve the issuance of 1,214.1 million rights shares and raise gross proceeds of RM971.3 million.

Extract from Bernama (22/03/2010)

KUALA LUMPUR - Sepang Gold Coast Sdn Bhd (SGC) is optimistic of generating a revenue of between RM20 million and RM30 million from the operation of its Golden Palm Tree Resort.

The RM300 million resort, which will open for business in Bagan Lalang, Sepang, end-June, is 80 per cent sold to European and Middle East buyers.

"We expect to chalk up a revenue of between RM20 million and RM30 million in the first six months to a year of operations.

"The work progress is in the final stage. About 90 per cent is complete. We will hold a soft launch soon to give an opportunity to the public to view the resort, said SGC General Manager Francis Lee in an interview with Bernama recently.

Extract from Bernama (22/03/2010)

IPOH -- Putrajaya Holdings Sdn Bhd is expected to begin construction work on the multi-billion ringgit Tronoh Laketown Resort, near here, anytime soon, said Perak Menteri Besar Datuk Seri Dr Zambry Abdul Kadir.

He said the new township facing Universiti Teknologi Petronas (UTP) in Tronoh would cover 400 hectares of land.

"It is a matter of time before Putrajaya Holdings builds an impressive township for the area which will allow local and international students to study in a conducive environment.

"It will also be a catalyst for Perak's efforts to turn Tronoh and Seri Iskandar as a new development area and education hub in the state," he said after a working visit to the Darul Ridzuan Institute (IDR), here, on Monday.

Extract from Business Times (23/03/2010)

OILCORP Bhd’s unit D’Tiara Corp Sdn Bhd has agreed to sell property arm Magic Coast Sdn Bhd to Amanahraya Development Sdn Bhd for RM29 million.

The sale was necessary to ensure that the joint-venture project, Amanahraya Corporate Tower & D’Tiara Hotel Suites, continues since Oilcorp would have difficulty in procuring end-financing due to its Practice Note 17 status.

The project development cost is RM374.4 million and is expected to be completed by the end of this year.

Extract from Business Times (23/03/2010)

SUNWAY City Bhd (SunCity) has appointed Ho Hon Sang, 49, as its new managing director (MD) of property development for Malaysia from March 19.

He replaces Ngian Siew Siong, 58, who is now the MD of property development for international operations.

Ho has over 14 years of experience in the property development industry and joined SunCity in 1995.

Ngian was managing director for the Malaysian property development unit from August 26 2004.

Extract from The Star (23/03/2010)

KUALA LUMPUR: Talam Corp Bhd subsidiary Galian Juta Sdn Bhd has entered into two sale and purchase agreements with Malaysian Allied Health Sciences Academy Sdn Bhd to dispose of two pieces of land for RM35.4mil.

In a filing yesterday, Talam said the original cost of investment of the land was RM34.7mil.

It added that the sale proceeds from the proposed disposal would be utilised to pare down the interest and principal to the entire loan facility granted by EON Bank Bhd to Galian Juta and the balance for its infrastructure cost and working capital.

Extract from The Star (23/03/2010)

KUALA LUMPUR: LFE Corp Bhd’s 51%-owned subsidiary Bestgate Development Sdn Bhd (BDSB) has entered into a sale and purchase agreement with Adept Development Sdn Bhd for the disposal of 116 pieces of freehold land for RM4.9mil cash.

LFE Corp told Bursa Malaysia yesterday that the land was currently charged to AmBank (M) Bhd as security for the banking facilities granted to BDSB.

“The land (prior to subdivision) was acquired on Jan 10, 2005 at an aggregate original investment cost of RM3.71mil,” it said in a statement.

“As per the latest consolidated audited accounts dated March 31, 2009, the net book value of the land was RM5.72mil attributed to the additional sum of RM2mil incurred in the development of the land and maintenance thereof since the date of acquisition.”