Archive for the ‘Property News’ Category

Bad Accident Near Plexus Traffic Lights – Oct 20

October 20th, 2011 No comments

Out of topic a little, but I think many are interested to know why it was a bad jam along Tun Dr. Lim Chong Eu Expressway this morning.

These photos are forwarded by one of the reader:

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Developer Mah Sing targets RM2.5bil sales next year

October 18th, 2011 No comments

PETALING JAYA: Mah Sing Group Bhd will focus on lower-priced and smaller units of serviced apartments in the next two years to cater to demand of the young population.

Managing director/chief executive Tan Sri Leong Hoy Kum said the property developer would also offer lower-priced strata landed units.

“We are targeting to achieve sales of RM2.5bil next year and, in order to do this, we will adjust our product mix, in line with today’s sentiment and needs,” he told StarBiz.

He said the group had a sales target of RM2bil for this year. As of September, it had already achieved RM1.74bil in locked-in sales, he said, adding that the company had a total of 30 on-going projects. Last year, the company enjoyed RM1.5bil in sales.

“We are still positive on the sector for the next year and we hope, despite a prolong European debt crisis, there will be a soft landing. We believe the demand for properties will continue to be buoyant because we have a young population and there is a lot of rural-urban migration,” he said.

Leong said property purchase was very much driven by two factors – job security and sentiment.

The country’s savings rate and healthy employment market are the other factors contributing to the strong property sector.

“Beginner homes below RM500,000 will meet buyers’ needs,” he said.

The company will be offering residential properties ranging from landed with gated and guarded communities, smaller serviced apartments and small and versatile offices on commercial titles for the coming Star Property Fair from Nov 25 and 27. It will be promoting its projects in Icon City in Petaling Jaya, Icon Residence in Mont’Kiara, M City Jalan Ampang, Garden Residence in Cyberjaya and Kinrara Residence in Puchong. Although the company is promoting its Klang Valley projects, the group is also active in Johor, where it has five projects and another five in Penang.

“We see continued demand for landed residential properties in good location, especially in gated and guarded schemes. Investors know that land is scarce and construction cost will always continue to rise, although in manageable doses. It is inevitable that properties in good locations will continue to appreciate as well, and astute buyers will want to lock in their investments at today’s prices,” he said.

In today’s market, he said, prices of high-end homes were expected to soften a bit.

“We expect mid- to high-end unit to be popular. Semi-detached units priced at about RM1.4mil or thereabouts will be in demand. For bungalows it will be those RM3mil or thereabouts. The location, accessibility and the availability of amenities are other contributing factors to the success of a project,” he said.

At the same time, the company is also replenishing its land bank. It recently purchased a piece of land in Rawang of about 90ha for RM92mil.

SOURCE: The Star

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Penang opposes Boustead's reclamation plans

October 18th, 2011 No comments

GEORGE TOWN: The Penang government has decided to go back on a land reclamation deal with Boustead Holdings Bhd, which was part of a compensation mechanism for the latter, after it scaled down its Royale Bintang Hotel project in the heritage core zone.

Penang Chief Minister Lim Guan Eng said the state government will discuss the issue with Boustead to avoid a legal recourse.

"After much public consultation, the Penang state government has taken cognisance of the views of the residents of Putra Marine, Gold Coast and Bay Garden and decided not to pursue the land reclamation at Bayan Bay to Boustead.

"This decision by the Penang state government is also pursuant to the legal notice of defamation sent by Boustead to Pantai Jerejak state assemblyman Sim Tze Tsin over his public remarks in defending the interests of his constituents, which the state government views with displeasure and as a form of pressure exerted on the state government.

"As the state government only submits to the people of Penang, to pursue the land reclamation deal with Boustead under the shadow of the legal notice of defamation sent by Boustead to YB Sim is wholly inappropriate.

"Boustead will still be required to comply with the World Heritage's building height control of 18m within the heritage core zone in George Town. The form of compensation to be paid and whether it should be paid is still subject to further negotiations with Boustead," Lim said at a press conference on Monday.

Boustead had agreed to submit a revised building plan for approval from the Penang Island Municipal Council (MPPP) which will not exceed the required height in consideration of the state government/MPPP agreeing to Boustead to reclaim up to 100 acres (40ha) or as sufficiently needed to provide for a minimum of 50 acres of net saleable development land area along the coastal area off Queensbay on a freehold basis to be formalised via a reclamation agreement.

This was supposed to be in lieu of monetary compensation sought by Boustead for having to scale down its 12-storey hotel to five storeys (18m), following the inscription of George Town as a Unesco World Heritage site in July 2008.

A signing ceremony was initially planned on June 27 this year for Boustead to enter into an agreement with the state government and MPPP.

"In that agreement, strictly without prejudice, I must emphasise, Boustead had agreed to revise the building plans of the hotel project by reducing from 12 storeys to five in exchange for compensation in the form of the reclamation project.

"However, I postponed the signing ceremony over the objections of Boustead, as I wanted to listen to Pantai Jerejak assemblyman YB Sim and the views of the residents in the surrounding affected areas," Lim added.

The project approved by the previous state government originally comprised the development of a 12-storey four-star hotel with 293 rooms and the restoration of a three-storey Heritage Building at No 1 & 2 Weld Quay, Penang on a 1.195-acre site.

Planning approval was obtained from MPPP on April 9, 2007 and building plans were approved on Feb 15, 2008.

"I must say this project was approved by the previous state government despite the fact that it had already submitted to Unesco that the limit of five storeys within the heritage enclave would be imposed.

"They were breaking their own promise, which they made to the international organisation and when the World Heritage site status was granted, this became an issue.

"This state government felt that since the commitment had been made, it had to be honoured," Lim added.

Before the land reclamation deal was initiated, Boustead had sought RM60 million in compensation claim from MPPP.

The Royale Bintang Hotel is among four projects affected by the Unesco ruling in the core zone of the World Heritage Site in George Town.

There are no problems with the other three projects, namely Asian Global Business Sdn Bhd's (AGB) Rice Miller Weld Quay Development in the core zone which has been rescaled to 18m in height, Eastern & Oriental Bhd's annexe building of the E&O Hotel in the buffer zone which has also been reduced in height and Low Yat group's project along Jalan Sultan Ahmad Shah.

SOURCE: The Edge Property

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Nadayu Properties to buy more land

October 18th, 2011 No comments

title=KUALA LUMPUR: Nadayu Properties Bhd, formerly known as Mutiara Goodyear Development Bhd, will use part of the cash from disposing of its non-core assets to buy land in the Klang Valley.

Yesterday, shareholders approved Nadayu's plan to dispose of four office lots and 3,087 car-park bays in Selangor to a company, called Park Access Sdn Bhd, for RM42.6 million.

Nadayu executive chairman Hamidon Abdullah is happy with the stakeholder approval as it will free up cash for the company, which should help it focus on property development.

"We will be able to buy more land now and expand our property development activities. We have pockets of land in Sunway, Melawati and Cyberjaya. If we want to spread our resources, we will look at land nearby these areas," Hamidon said after the company's extraordinary general meeting (EGM).

Hamidon aims to grow the company to become a niche developer, focusing on medium to high-end developments in the Klang Valley and Penang.

"As we move forward from one development to another, we will look for more innovation and incorporate green elements. We want to ensure our projects have elements of sustainability, hygiene and security," Hamidon said.

Nadayu has three projects worth RM1.5 billion for launches in Bandar Sunway, Cyberjaya and Bukit Gambir in Penang, starting from the current quarter.

On rising raw materials prices, Hamidon said the company will look into the matter to ensure its profit margin does not erode.

"Sometimes we have to bite the bullet to give the same template and that is when our profit margin will erode. So we have to build in volume and be mindful of what we provide," he said.

Meanwhile, Hamidon said he has no plans to sell Nadayu or merge with other developers despite being approached by several parties.

"We are not keen at this point. We are still in the process of adding value to the company and building the brand name," he said.

The company changed to its current on June 20.

SOURCE: Business Times

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Second Penang Bridge expected to be ready earlier than scheduled

October 17th, 2011 5 comments

GEORGE TOWN: The Second Penang Bridge which is 65% completed, is expected to be ready earlier than November 2013, the deadline.

Works Minister Datuk Seri Shaziman Abu Mansor said with the earnest effort put in by the contractor, he was confident the project would be ready two months earlier than scheduled.

"Everything is going on smoothly and the project contractor expects 70% completion by the end of this year," he said after visiting the project site here on Monday, Oct 17.

"The progress is affected to a certain extent by weather conditions, but if the weather permits, I believe the project will be completed earlier as the progress now is two% ahead of the schedule."

Shaziman also urged companies taking part in the construction of the Second Penang Bridge to train more people.

"I regret to learn that this year, there is no participation by local university engineering students in this project, as this is a good opportunity for them to gain knowledge from such a big project, " he said.

He said last year, about 50 undergraduates participated and they were given an allowance during their practical training.

"Such a bridge can be built anytime if we have the money, but gaining knowledge from it is important and I want our people to do that."

The Second Penang Bridge project, which costs less than RM4.5 billion, is a joint venture between China Harbour Engineering Company Ltd and UEM Builders Bhd. Construction began in 2008.

The 24km bridge, which is the longest in Southeast Asia, connects Batu Maung on the island and Batu Kawan on the mainland. – Bernama

SOURCE: The Edge Property

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