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Sime Darby Property Reports Strong Sales At Three Townships


Kuala Lumpur, 28 October 2010
– Sime Darby Property, Malaysia’s premier sustainable community developer, is achieving impressive take-up rates for three of its townships – offering enticing investment opportunities to property buyers.

This is evidenced by the high rates of sales achieved from multiple residential property launches this year at its three townships: Denai Alam in Shah Alam, Bandar Bukit Raja in Klang and USJ Heights, in Subang Jaya.

The three phases of terraced houses at Denai Alam boast an average 85.6% take-up rate, while the two phases at Bandar Bukit Raja average an 93% take-up. The four recent phases at the USJ Heights development averaged an 90% take up, with one phase sold out within three months from launch.

According to Sime Darby Property Berhad Managing Director, Dato' Tunku Putra Badlishah, the trio of recent success stories “speaks volumes for the resilience of Kuala Lumpur’s property market”.

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Mutiara Goodyear Plans RM1.6Bil Projects


Extract from The Star (28/10/10)

Property developer sees timing right for high-end development

KUALA LUMPUR: Property developer Mutiara Goodyear Development Bhd targets to launch several high-end property projects with a total gross development value (GDV) of about RM1.6bil in the next 12 months.

Executive chairman Hamidon Abdullah said the Malaysian property market was on an upward trend and the timing was just right for the launch of its matured projects.

Hamidon Abdullah said the property projects that would be launched (in phases) were the Nadayu Melawati high-end property development comprising luxury bungalows, semi-detached homes, super links and commercial units (GDV: RM850mil).

The project is slated for completion by 2012.

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SunCity Mulls Over New Projects For REIT


Extract from The Star (28/10/10)

It’s considering nurturing office and retail assets to inject into Sunway REIT

PETALING JAYA: Sunway City Bhd (SunCity) is mulling over office and retail projects to be nurtured into yield-accretive assets which can later be injected into the Sunway real estate investment trust (REIT).

The listing of Sunway REIT on July 8 involved the injection of eight assets – Sunway Pyramid Shopping Mall, Sunway Carnival, SunCity Ipoh Hypermarket, Sunway Resort Hotel & Spa, Pyramid Tower Hotel, Sunway Hotel Seberang Jaya, Menara Sunway and Sunway Tower.

The listing exercise raised some RM520mil for SunCity’s project development activities, including land purchase.

SunCity property investment managing director Ngeow Voon Yean said the divestment and unlocking of the value of the assets marked a new chapter for SunCity.

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Mutiara Goodyear Bullish On outlook


Extract from Business Times (28/10/10)

Property developer Mutiara Goodyear Development Bhd has lined up four projects worth RM2.1 billion for the next 12 months to expand.

Executive chairman Hamidon Abdullah said he was bullish on next year's outlook, describing the market as buoyant.

Mutiara's new projects in Bandar Sunway, Kajang and Cyberjaya in Selangor and in Butterworth, Penang, are gated communities targeting the middle-to upper-income groups.

They are expected to appeal to buyers looking for a safe and secure environment.

"In my belief, properties are not being offered to the public in a wholesome manner. We have to create a community with proper amenities and landscaping. Then the products will move. "I do not expect a bubble if we put decent properties in the market for people to live in rather than flip," Hamidon said yesterday in Kuala Lumpur after the company's shareholder meeting.

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Equine Capital to sell Wisma KLIH for RM58 million


Extract from The Edge (27/10/10)

KUALA LUMPUR: Equine Capital Bhd is selling Wisma KLIH for RM58 million, the bulk of which will go towards the repayment of its bank borrowings and for working capital.

In a filing with Bursa Malaysia yesterday, Equine said its wholly-owned subsidiary Kuala Lumpur Industries Bhd (KLIB) had entered into a sale and purchase agreement (SPA) with Wonderful Vantage Sdn Bhd, a company engaged in property acquisition and development.

The RM58 million price comprises RM48 million for the freehold property and RM10 million for renovation and refurbishment, it said.

Under the SPA, Wonderful Vantage will pay a 5% deposit of RM2.9 million, with the remaining RM55.1 million paid within five months of the date of the SPA or two months from the unconditional date, whichever is later.

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Orang Asli Land Problems Is Kelantan PAS' Responsibility, Says Muhyiddin


Extract from Bernama (27/10/10)

GUA MUSANG -- Deputy Prime Minister Tan Sri Muhyiddin Yassin today alleged that the Kelantan PAS government did not look after the welfare of the Orang Asli who faced problems pertaining to land titles and encroachment in areas within the Galas state constituency, here.

He said land problems relating to compensation and encroachment should have been resolved by the state government.

The land problems of the Orang Asli would be among the main tasks of the Barisan Nasional (BN) candidate, Ab Aziz Yusoff, should he win the by-election for the Galas state seat on Nov 4, he told reporters after attending a program with the Orang Asli community at Pos Brooke, near here.

"I believe if the BN candidate is elected as the State Assemblyman here (Galas), he will raise the matter (with the state government)," he said.

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Mutiara Goodyear Eyes GDV Of RM1.6 Billion For Launches Under Nadayu Brand


Extract from Bernama (27/10/10)

KUALA LUMPUR -- Property developer, Mutiara Goodyear Development Bhd, expects the total gross development value (GDV) of RM1.6 billion for projects under the Nadayu brand.

Its executive chairman, Hamidon Abdullah, said there were four projects launched under the brand -- Nadayu Melawati, Nadayu 92 Kajang, Nadayu 28 Sunway and Nadayu 290 in Penang.

"Nadayu Melawati is a high-end development comprising luxury bungalows, semi-detached homes, super links and boutique commercial units.

"Nadayu 92 Kajang, which is slated for launch in 2011, is a mixed development while Nadayu 28 Sunway comprises serviced apartments and commercial units," he told a media briefing after the company's annual general meeting here Wednesday.

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Arreit Q3 Pre-Tax Profit Increases To RM10.78 Million


Extract from Bernama (27/10/10)

KUALA LUMPUR -- Amanah Raya Real Estate Investment Trust's (ARREIT) pre-tax profit for the third quarter ended Sept 30, 2010 rose to RM10.785 million from RM7.949 million in the same quarter 2009.

Its revenue jumped to RM16.284 million from RM11.765 million previously.

In a filing with Bursa Malaysia, ARREIT said the higher revenue was due to the upward revision in rental rates for several investment properties as well as additional rental income from the two new investment properties.

"The increase in property expenses is mainly due to a higher provision allocated for repair and maintenance for Wisma Amanah Raya Bhd, Jalan Semantan in financial year 2010," it said.

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RM1.5 Billion Luxury Residential Development Planned At Bandar Enstek


Extract from Bernama (27/10/10)

KUALA LUMPUR -- The Chedi brand, known for its luxurious resorts and hotels, will be making its debut in Malaysia in the form of a luxury residential development spread over 200 acres at Bandar Enstek.

The ultra low-density "Chedi Club and Residences" is projected to generate a gross development value of RM1.5 billion, said Bandar Enstek's master developer TH-NSTC Sdn Bhd in a statement Wednesday.

This followed the signing of a joint venture agreement last year between TH-NSTC, the Indian consortium of Davanam Constructions Sdn Bhd and Ascenteus Holdings Sdn Bhd.

Datuk Roszali Othman, chief executive officer of TH Properties Sdn Bhd, the parent company of TH-NSTC, said funds for the project will be raised by Davanam Constructions and Ascenteus from India and internationally through private equity and debt.

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Household Debt Not A Worry, Says Zeti


Extract from New Straits Times (27/10/10)

Going forward, Malaysia will implement measures to ensure it will not be a destabilizing factor for the economy, says Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz.

Bank Negara Malaysia is not concerned about rising household debt as the level of bad loans is still low and there are various ways to keep it in check.

The Malaysian Institute of Economic Research had noted that household debt had risen to 77 per cent of gross domestic product (GDP) last year, the highest in Asia, from 63.9 per cent in 2008.

"Right now, if we look at the non-performing loans for the household sector, they haven't increased significantly.

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