THE Petaling Jaya City Council (MBPJ) has refuted the allegation that 500 council employees had owned low-cost flats illegally.
According to a statement issued, the policy encouraging staff members to buy the surplus of low-cost flat units built on private land began in 2000.
The eight low-cost flat schemes built on private land offered by the developer to MBPJ staff members are:
* Damai Flats by Tetuan Tropicana Golf and Country Resort Sdn Bhd
* Flora Damansara Flats by Tetuan Saujana Triangle Sdn Bhd
* Damansara Damai Flats by Tetuan Medan Prestasi Sdn Bhd
* Sri Damansara Flats by Tetuan Bandar Sri Damansara Sdn Bhd
* Sri Jati Flats in Ara Damansara by Tetuan Sime Pilmoor Development Sdn Bhd
* Desa Mutiara Flats by Tetuan Mutiara Damansara Sdn Bhd
* Prima Damansara low-cost units by Tetuan Prima Damansara Sdn Bhd
* Kota Damansara low-cost units by Perbadanan Kemajuan Negeri Selangor
- Created on Friday, 21 May 2010 17:04
MAYBANK Investment Bank Research has cut its target price on KLCC Property Holdings Bhd (KLCCP) (5089) by about 20 per cent, even though the company's earnings were within the research house's forecast.
"We have turned lukewarm on KLCCP as its scarcity value as a big-cap/stable rental property play will end with the imminent listing of similar market cap size REITs, which offer higher net dividend yields; and REITs are also more tax efficient and have more visible asset injection pipelines," said Maybank IB this week.
The company's revenue grew 1 per cent to RM881.34 million for the financial year ended March 31 2010. Its net profit rose by 20 per cent to RM647.6 million during the period.
"Overall, EBIT margin remained stable at the 72 per cent level. A RM758m revaluation surplus of its investment properties (+9 per cent on FY09 book value) was made, with the bulk from the Petronas Twin Tower (+8 per cent) and Suria KLCC (+12 per cent). However, unless sold, asset revaluations are non-cash items and do not translate to higher DPS," said the research house.
- Created on Friday, 21 May 2010 16:57
PENANG: MAH SING GROUP BHD bagged an award as best developer in the future waterfront development for its Southbay project in Penang Island at the 2010 Cityscape Asia Real Estate Awards Ceremony in Singapore on Tuesday, May 18.
The first phase of the billion-ringgit township development has been opened for registration with more than 1,500 registrants thus far, said the company in a statement on Thursday.
Southbay is located at Batu Maung, Penang Island. The development comprises residential, commercial and tourist attractions, with shopping and dining districts.
Group managing director Tan Sri Leong Hoy Kum said Mah Sing was pleased with the award, which was its seventh for the year.
- Created on Friday, 21 May 2010 16:42
KUALA LUMPUR: Stop-work orders for hillslope developments in Kuala Lumpur remain in force, Federal Territories and Urban Well-being Minister Datuk Raja Nong Chik Raja Zainal Abidin told theedgeproperty.com yesterday.
“We’re still waiting for the cabinet to make the decision on the other projects,” Raja Nong Chik said. Aside from United Malayan Land Bhd’s (UM Land) project in Bukit Ceylon, the status quo remains for other hillslope developments in Kuala Lumpur.
UM Land’s 34-storey condominium project was given the go-ahead by Kuala Lumpur City Hall (DBKL) on April 22 to continue construction, following a stop-work order on hillslope developments in Kuala Lumpur after the Bukit Antarabangsa landslide tragedy in 2008. The project is expected to be completed by December 2012.
According to recent reports, UM Land CEO Pee Tong Lim said studies on the project carried out by the Public Works Institute of Malaysia (Ikram), engaged by DBKL, showed that it was safe to proceed with the development. Pee said the main building was designed to be built on the flat side of the land, while the car park structure will further strengthen the slope. The soil condition, he said, was suitable for high-rise development.
- Created on Friday, 21 May 2010 16:39
PETALING JAYA -- Jaringan Kampung Orang Asli Semenanjung Malaysia (JKOASM), a non-governmental organisation representing indigenous people in Peninsular Malaysia, Thursday submitted a protest memorandum to the Rural and Regional Development Ministry concerning land rights of the community.
JKOASM coordinator Tijah Yok Chopil said the memorandum was to protest the government's policy of awarding land titles pertaining to native customary land, which was passed on Dec 4 last year.
"The government only focused on implementing the policy but not on getting the views of the Orang Asli at various levels. What was done was only campaigns to make the Orang Asli accept the policy," she told a press conference here.
She said the memorandum was earlier handed over to the ministry in Putrajaya and was received by a ministry official.
- Created on Friday, 21 May 2010 16:32
Mitraland is proud to welcome Accor’s latest premium brand – the all seasons hotel which will be the final link in the C180, South Cheras lifestyle centre. C180 is the brainchild of Mitraland comprising 6 key components, namely; The Longitude, The Latitude, The Pulse, The Centerstage, The Gateway and The Nest. These components will synergize to bring to life South Cheras’ latest mixed commercial/residential hub.
The Accor Group (which also owns the Sofitel and Novotel brands) was represented by – Mr. Gerard Guillouet, Vice President of Accor Malaysia, Indonesia, Singapore while Dato’ Johan Ariffin (Chairman) and Mr. Chuah Theong Yee (Managing Director) represented the Mitraland Group.
Dato’ Johan Ariffin said, “We are ecstatic the Accor Group has chosen C180 as the maiden Malaysian location for its latest brand. One of the main reasons why we decided on the Accor Group is their sterling reputation and unparalleled influence within the hotel community. We are 100% committed to this alliance and look forward to a mutually beneficial partnership.”
The all seasons promises a vastly different environment and creates a refreshing setting for its patrons. The hotel is committed to quality and to offering the best possible experience to all who walk through their doors. Together with the commercial, retail, office and residential elements of the 6 key components of C180, the all seasons hotel is set to transform life in South Cheras as we know it.
Astute Malaysians who have swiftly invested in the C180 project should soon see attractive returns on investment when Phase 1 is completed by the end of 2010. The sold out status for all three phases launched thus far with a GDV of RM282 million is evidence that C180 is much sought after as an investment grade freehold commercial property.
For more inquiries about C180, kindly log into http://www.c180.com.my or contact Ms. Carmen at 603-6204 0828/Ms. Ivy at 603-9075 4868
- Created on Thursday, 20 May 2010 19:07
|Extract from The Star (20/05/10) |
THE Subang Jaya Municipal Council (MPSJ) will be conducting regular operations to confiscate the assets of property owners who have not been paying their assessment tax arrears since the end of February.
A total of 250,148 bills with a total value of more than RM74 million had been issued for the first term of 2010.
As of April 30, the MPSJ had been able to collect 89.9% of current taxes.
The council aims to collect up to 80% of the estimated RM6.8 million assessment tax arrears that has yet to be paid.
During a morning operation last week, MPSJ officers visited five premises in Taman Perindustrian Subang and Puchong Prima. While a couple were given final warnings or sealed by the officers, one furniture shop had its furniture items confiscated for ignoring the council’s previous notices.
- Created on Thursday, 20 May 2010 16:40
PRIORITY will be given to contractors using Industrialised Building Systems (IBS) to implement new affordable housing projects undertaken by the government, said Housing and Urban Development Minister Datuk Amar Abang Johari Tun Openg.
He said the Government would build 20,000 units of affordable houses under the 10th Malaysia Plan (10MP) to provide quality home for squatters and extended families in Sarawak, and he wanted all to be constructed using the new method.
Johari said the concerns of local contractors that the technology was not available had been overcome as the ministry had started using the technology on its projects in Sibu and Samarahan.
“We have proven that the technology is available here, so there should be no more fear among our contractors,” he told reporters after launching the Civil Defence Employees’ Union (Kesatria) Workers’ Day celebration in Kuching yesterday.
- Created on Thursday, 20 May 2010 16:33
PAHANG-BASED oil palm plantation group Kurnia Setia Bhd (KSB) (5193) plans to invest up to RM2 billion over the next 15 years to develop an integrated township called Kota Sri Ahmad Shah (KotaSAS) in Kuantan, Pahang.
The group's maiden venture into property development will be via its property arm, KotaSAS Sdn Bhd.
KSB director Tengku Datuk Zubir Tengku Datuk Ubaidillah said the group was following in the footsteps of other plantation companies like IOI and Sime Darby, which have expanded into property development by developing their former plantation land into townships and housing estates.
"We are always looking for opportunities, although our plantation land are mainly located in remote areas. But if the areas surrounding the land have potential for property development like that of KotaSAS, we will do so," Zubir said.
Nevertheless, plantation of oil palm will remain its core business. KSB has some 14,000ha of oil palm plantations in Pahang.
- Created on Thursday, 20 May 2010 16:04
KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) will lead the development of most of the government land, particularly in the Klang Valley, with a view to ensuring returns to the government are maximised, said sources.
1MDB, set up with RM5 billion raised from the capital markets, will be the master planner and overall responsible for the strategic development of almost all government land, said sources.
It will partner foreign sovereign wealth funds such as the Qatar Investment Authority (QIA) in drawing up the masterplan and putting up the initial infrastructure for the property development.
“Only after the masterplan has been drawn and details of development firmed up will the project be open to all other developers, including locals.
Because the masterplan will be firmed up, the development will be controlled,” said a source.
- Created on Thursday, 20 May 2010 15:59