Archive for the ‘Property News’ Category

Showcase of latest home decor trends

August 6th, 2011 No comments

VISITORS to the 10th Penang Fur-niture Exhibition (Penfurnex) exhibition will be spoilt for choice as 96 exhibitors have set up 430 booths showcasing a wide range of furniture and home fixtures.

The three-day exhibition, which ends tomorrow, will be held at the Penang International Sports Arena (PISA) from 11am to 9pm.

Organising chairman Richard Ooi said the event themed ‘Modern. Simple. Characteristic’ was organised by the Penang Furniture Manufacturers and Dealers Asso- ciation (PFMDA).

He said PFMDA was emphasising the state’s ‘Go Green’ campaign at the exhibition by setting up a corner called ‘Green Home and Healthy Living’ to raise awareness among the public.

PFMDA president Ngai Chin Soon said the association would donate RM5,000 from proceeds of the exhibition to the SJKC Beng Teik (Pusat) building committee.

He was speaking during the start of the event yesterday which also saw the launch of the quarterly magazine titled ‘Furniture Malaysia’.

Ooi said the magazine provided players in the furniture industry with an opportunity to share information.

He said the magazine, priced at RM6, would be available at bookstores and retail outlets.

The event also saw trophies presented to winners of the Best Booth Design competition.

Gama Marketing Sdn Bhd won the first prize while Yo Soon Timber Sdn Bhd and Glass House Enterprise bagged the second and third prizes respectively.

Visitors to the exhibition can take part in several competitions, in- cluding the ‘Buy and Win’ lucky draw contest, and stand a chance to win prizes worth more than RM65,000.

Admission to the exhibition is free.

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Polls a factor, property survey reveals

August 6th, 2011 No comments


GEORGE TOWN: The general election appears to be a factor in property purchasing decisions by certain investors, a survey carried out by an online property portal has revealed.

PropertyGuru, Asia’s leading property portal, and its Malaysian arm HomeGuru, have said 40 per cent of over 2,000 respondents of a survey carried out in Malaysia have said they will buy properties after the elections, while 49 per cent stated the polls would have no effect on their buying decision.

“About 800 of our respondents feel the coming general election will affect their property buying decision and say they will buy properties only after the election,” HomeGuru Sdn Bhd country manager Steven Tan told Business Times.

The findings were part of the company’s “Malaysia Property Sentiment Survey” for the second half of 2011.

He said 18 per cent of the respondents said they used the Internet to do a research on property market trends, 16 per cent for home loan packages, 15 per cent for real estate agents and 15 per cent scoured online for auction properties.

Tan was in Penang on Thursday with AllProperty Media Pte Ltd group chief executive officer Steve Melhuish to relaunch Property-Guru’s northern region property website,

Other finds of the survey included the fact that 20 per cent of its respondents said potential profit from capital appreciation of property is the most attractive reason to invest in property.

“About 19 per cent say property investment is good for retirement planning and 18 per cent see property as solid and safe investment,” Tan added.

“Our sentiment survey indicates that north Malaysia will continue to experience a sharp growth due to high demand from local and overseas buyers in the next two years,” Melhuish said.

“This is based on the fact that an average of 46 per cent of 120 survey respondents from northern Malaysia – notably Penang – say that property prices for apartments/condominiums, terrace and link-houses and town houses are reasonable.”

PropertyGuru, which was founded in 2006, has a presence in 8 countries, including offices in Malaysia, Singapore, Indonesia and Thailand, along with partnerships with property websites in Australia, Hong Kong, India and Macau.

SOURCE: Business Times

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Tambun sees strong demand for mainland Penang properties

August 5th, 2011 No comments

KUALA LUMPUR: Investors looking for exposure to the Penang property market have naturally gravitated to the island, with Eastern & Oriental Bhd (E&O) being the current hot favourite. They have largely ignored the mainland.

But if the latest sales numbers from leading mainland Penang player Tambun Indah Land Bhd are any indication, property companies focusing on the mainland could look as interesting as those across the narrow South Straits that separates it from Penang island.

Listed in January this year, Tambun Indah, a leading mainland Penang property player, on Thursday announced a 54.2% jump in revenue for 1HFY11 ended June 30 from RM57.32 million to RM88.4 million.

In a statement, managing director Teh Kiak Seng attributed the increase to contributions from ongoing development projects.

However, higher costs narrowed the growth in pre-tax profit to 16%, or RM21.76 million in 1HFY11, compared with RM18.76 million in 1HFY10. Due to higher minority interests, net profit fell 16% to RM11.12 million in 1HFY11, or 5.03 sen per share, compared with RM13.25 million in 1HFY10. The group registered a net profit of RM23.76 million in 2009, slightly higher than RM23.47 million a year before.

The substantial jump in revenue may be an indication that the property boom on wealthy Penang island is spilling over to the mainland. And the company offers good dividends too. It has proposed an interim single-tier dividend of 4.6 sen, to be paid on Sept 7. This translates into a net dividend yield of 6.1%.

"We commenced construction of five new projects in 1HFY11, recognising the rising demand for residential properties following the rapid industrial developments in mainland Penang. At the same time, we noted positive take-up rates for our ongoing Pearl Garden and Pearl Villa developments, which together constitute approximately half of 1HFY11 group revenue," Teh said.

Tambun Indah embarked on five new projects in 1HFY11 – Pearl Villas, Dahlia Park, Impian Residence, Tanjung Heights and Capri Park. Teh expects these projects to contribute to the group's performance in the remaining half of FY11 ending December.

"At present, our GDV [gross development value] stands at RM1.7 billion, which will last us until 2016, with unbilled sales of RM225 million," he wrote, adding that he is optimistic of the group's performance for the remaining half of FY11.

Tambun Indah started operations in 1995. Its maiden project was Taman Tambun Indah, a township of over 800 houses, 300 bungalows, 40 semi-detached units, shop offices and terraced houses. The group has a landbank of over 121ha, mainly in mainland Penang.

In a year that saw most IPOs falling under water, Tambun Indah's shares were last traded at 76 sen, up 8.6% from the IPO price of 70 sen. The stock has traded between 86.5 sen and 65.5 sen since it was listed, and is currently trading at 1.1 times its book value of 68 sen as at June 30.

The company has a market capitalisation of RM168 million. Based on annualised earnings for 1HFY11, it is trading at a price-earnings ratio of around 7.6 times earnings for this year.

In an earlier note issued during the listing, MIMB Research said it expects Tambun Indah's net profit to grow by 10% in 2011 and 11% in 2012, mainly underpinned by property projects in the pipeline with a GDV of RM1 billion. "Dividend yield of 7% to 8% is one of the highest in the property sector. We value Tambun Indah Land at a fair value of 81 sen, based on a 30% discount to realiasable net asset value," it said.

SOURCE: The Edge Property

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Foreign firms keen to build major roads in Penang

August 4th, 2011 No comments

INTERNATIONAL contractors from several countries have indicated that they are interested to build four proposed major road projects in Penang.

Chief Minister Lim Guan Eng said the contractors were from China, Singapore, Hong Kong, Japan and Korea.

He said the state government would invite those interested to bid for the projects via request for proposals (RFP) at the end of the year.

“The RFP will be out at the end of the year. It will take another six months before the contracts can be awarded to the successful bidders,” Lim said in an interview on Friday.

He said the time was needed for the state to evaluate the bids and for the bidders to conduct feasibility studies for the projects.

The proposed projects are the 4.2km Gurney Drive-Lebuhraya Tun Dr Lim Chong Eu by-pass, the 4.6km Lebuhraya Tun Dr Lim Chong Eu-Bandar Baru Air Itam bypass, the 6.5km Penang-Butterworth Tunnel, and a 12km proposed road connecting Tanjung Bungah and Teluk Bahang.

The Beijing Urban Construction Group (BUCG) is now carrying out a study for the 6.5km Penang-Butterworth Tunnel project that will connect Gurney Drive on Penang island and Bagan Ajam in north Seberang Prai.

Lim has said earlier that BUCG had stated that they had secured RM10bil in funds should the project move forward.

The Penang-Butterworth Tunnel project stemmed from a memorandum of understanding between BUCG and the state government signed in Putrajaya in April.

It was one of eight agreements signed between Malaysia and China in the presence of Prime Minister Datuk Seri Najib Tun Razak and Chinese premier Wen Jiabao.

Lim had earlier also said that while the state welcomed all proposals, the project would be awarded by open tender.

BUCG is an established state-owned company in China whose projects included the Bird’s Nest Olympic Stadium in Beijing.

Source: The Star

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AmInvest: Property bubble building up but not alarming

August 3rd, 2011 2 comments

KUALA LUMPUR: There is a property bubble building up in Malaysia and the region but it is nowhere near alarming levels as the main indicators are still at comfortable levels, AmInvestment Bank Group said.

“As an investor, I love bubbles because that’s where the money is. At this juncture, I see a small bubble in the property market, it’s no where near big yet and I’m not seeing any property bubble bursting soon,” AmInvestment Bank Group director of retail funds Ng Chze How said.

“For that to take place, I think you need to see a few factors taking place. Firstly, you need to see very high overall borrowings and leveraging, which is currently not happening. Secondly, is to look at the non-performing loans (NPLs). Across this region, the NPLs are still very healthy. Thirdly, you need to look at the liquidity in the market. There’s so much liquidity, so much cash sitting in the system.”

Ng was speaking to the media after the launch of the country’s first Asia Pacific REITs unit trust fund by AmMutual here yesterday.

The unit trust funds will be solely investing in REITs in Asia.

For a start, it is looking at Australia, Hong Kong, Singapore, besides a minimal exposure in Malaysia. The fund will be managed by Funds Management Division (FMD) of AmInvestment Bank Group.

“When we are creating this fund, we want it to be riskier than bonds but safer than equities. This fund does that. It offers investors opportunities to diversify away from stocks and bonds and thus, reducing investors’ overall portfolio risks,” said FMD chief executive officer Datin Maznah Mahbob.

She added that investors will receive high dividend yields from investing in REITs as the fund is structured to distribute a high percentage of its profit to shareholders.

Over the past five years, the performance of REITs in Asia had outperformed global REITs by more than three times. During the period, REITs in Asia grew 46.2 per cent, while REITs globally grew 14.4 per cent.

“We are comfortable with Asian properties, in line with the region’s continued growth, which will lead to an increasing demand for commercial occupancy rates in Asia, which are averaging to above 90 per cent.

“For certain countries in Asia Pacific, we are seeing an uptrend in rental rates for both offices and the retail sector, which will bode well for unitholders of REITs as this translates to higher income distribution,” said Andrew Wong, chief investment officer of equity, asset allocation, and fund management.

The approved fund size is 200 million units with an initial offer price of 50 sen per unit. The initial offer period ends this Sunday, and its minimum investment being RM1,000 for Malaysian residents and the minimum additional investment for Malaysian residents is RM500.

The fund is distributed by all AmBank branches, AmBank Agency sales force, AmPriority Banking, AmPrivate Banking and Hong Leong Bank.

Source: Business Times

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Property For Sale/Rent

RENT - RM 10,000/mth
Georgetown Heritage Pre War Ho
SALE - RM 745,000
Surin, Tanjung Bungah (Many Un
SALE - RM 1,350,000
Shineville Villa (Corner Unit)
SALE - RM 950,000
Zan Pavillon, Sungai Ara (Many
SALE - RM 1,050,000
Bayswater, Gelugor (Many Units
SALE - RM 680,000
Birch The Plaza (Times Square)
SALE - RM 610,000
The Peak Residences, Tanjung T
SALE - RM 500,000
All Seasons Park, Farlim (Many
SALE - RM 800,000
The Brezza, Tanjung Tokong (Ma
SALE - RM 600,000
Putra Place, Bayan Lepas (Many