Archive for the ‘Property News’ Category

Mah Sing earnings up on existing projects

May 26th, 2011 No comments

PETALING JAYA: Mah Sing Group Bhd’s net profit jumped 47.6% to RM41.1mil for the first quarter ended March 31 due to progressive recognition of development revenue and contribution from its property projects in the Klang Valley, Penang and Johor Bahru.

The company said in a statement yesterday that revenue for the quarter rose to RM311.7mil against RM238.3mil a year ago. Earnings per share stood at 4.95 sen.

Mah Sing said projects that contributed to the group’s profit and revenue included Perdana Residence 2 in Selayang, Garden Residence in Cyberjaya as well as Hijauan Residence and One Legenda in Cheras.

“Also contributing are projects such as Residence @ Southbay and Legenda @ Southbay in Penang as well as Sierra Perdana, Sri Pulai Perdana 2 and Austin Perdana in Johor Bahru.

“Our plastics division also contributed positively to revenue and profit,” it said.

The developer added that its balance sheets remained healthy with net gearing ratio at 0.32 as at March 31.

“The group has 22 ongoing projects and another seven in the pipeline for continued earnings growth in the near and medium term,” it said.

As at May 13, Mah Sing achieved RM975mil in sales, meeting 49% of its full-year sales target of about RM2bil. The group has unbilled sales of about RM1.6bil as at March 31.

SOURCE: The Star

Categories: Property News Tags:

Fajarbaru JV buying 44ha site in Balik Pulau

May 26th, 2011 No comments

Kuala Lumpur: A joint venture (JV) between Fajarbaru Builder Group Bhd and Sagajuta (Sabah) Sdn Bhd is on the verge of buying 44ha of land in Balik Pulau, Penang, via a private tender, people familiar with the matter said yesterday.

At least two people with direct working knowledge of the two companies independently confirmed the JV's plan to acquire the land from a local non-government organisation in a cash deal valued at around RM200 million.

According to land brokers, land in Balik Pulau sells at between RM16 per sq ft (psf) and RM35 psf, depending on the type of land.

Among factors taken into consideration are if the land is leasehold or freehold, and whether it is agriculture, industrial, estate, orchard or housing land.

Business Times was told that an announcement by the JV on the matter will be made by as early as next month.

It is understood that the JV intends to undertake medium- to high-end property development projects, which collectively boast a gross development value exceeding RM3 billion.

Securing the project will be a critical boost for Fajarbaru, which is partly controlled by Datuk Low Keng Kok, former managing director of Road Builder (M) Holdings Bhd.

Fajarbaru is a successful medium-sized construction company, but it has been facing a margin squeeze as construction margin here is not as lucrative as before.

For the nine months ended March 31 2011, Fajarbaru posted a lower group level pre-tax profit of RM15.75 million versus a group pre-tax profit of RM19.31 million in the same period a year ago.

This is despite revenue for the period under review growing marginally to RM126.01 million from RM121.27 million before.

Analysts said construction margins are currently between 8 per cent and 12 per cent, while margins for property development vary from 18 per cent to as high as 30 per cent.

The planned township, which will take five to 10 years to develop, will comprise landed and high-rise residences, a commercial hub, mall and leisure properties, a source said.

Zerin Properties founder and chief executive officer Previn Singhe said with strong demand for landed properties in Penang Island, the project will be well-received if given the approval.

"Penang is a strong market. If you build good condominiums, people would buy. We expect sales to be very domestically-driven," he said.

Fajarbaru's partner in the JV, the privately-held Sagajuta, recently gained prominence after it emerged that the Sabah-based company had identified Robert Kuok Hock Nien's Jerneh Asia Bhd as a possible reverse takeover target.

Both companies are now in the midst of trying to finalise the deal, Jerneh Asia's filings to the stock exchange show.

One of the key driving forces of Sagajuta is its managing director Datuk Chan Boon Siew.

In Sabah, Sagajuta is famous for its 1Borneo development project, the first and largest lifestyle hypermall in the land below the wind.

SOURCE: Business Times

Categories: Property News Tags:

VistaBay Semi-D

May 24th, 2011 1 comment

VistaBay Semi-D is a new project by Reeki Group located along Jalan Telaga Air in Butterworth, Penang. It is strategically located with easy access to Penang Bridge and Butterworth outer ring road.

Property Project : VistaBay Semi-Detached
Location : Jalan Telaga Air, Butterworth
Property Type : 2-sytorey Semi-Detached
Built-up Area : 3,100 sq.ft. (24′ x 50′) onwards
Land Area: 32′ x 100′
Developer : Reeki Group (Cendana Realty Sdn. Bhd.)
Indicative Price: RM 680,000 onwards

Categories: Butterworth, Property News Tags:

JMB election meeting turns rowdy

May 23rd, 2011 No comments

GEORGE TOWN: A shouting match ensued among residents of Taman Sri Idaman Block B during an annual general meeting which was held to elect new joint management body (JMB) members.

Both rival groups argued over the eligibility of certain residents who wanted to either vote or nominate themselves as candidates.

Komtar assemblyman Ng Wei Aik, also the political secretary to the Penang Chief Minister, intervened to prevent the situation from turning uglier.

Ng explained that only those who had settled their maintenance fees were allowed to vote or run for JMB posts.

Five new committee members were then voted in, with Sashi Kumar Murugayan elected as the new JMB chairman.

The project at Bandar Baru Air Itam comprises 322 units and 10 commercial lots.

Its JMB took over the property’s management duties last year after the project developer wound up its operations.

Earlier, Ng said the residents were unhappy over the whereabouts of RM400,000 in the sinking fund and the performance of the flats? management company.

He added that it was inappropriate for the management ‘appointed by the now-defunct developer’ to collect professional charges amounting to RM8,973 from the JMB.

‘The amount was owed by the developer themselves before this JMB took over.’

On residents who did not pay maintenance fees to the previous management, Ng said he would ask the state insolvency department to look into the matter.

SOURCE: The Star

Categories: Property News Tags:

Mutiara Residence @ Balik Pulau

May 23rd, 2011 22 comments

Mutiara Residence, strategically located within the established township of Balik Pulau, Penang. The project comprises 24 units of 2-storey terrace and 2 units of 2-storey bungalow houses.

Property Project : Mutiara Residence @ Balik Pulau
Location : Balik Pulau, Penang
Property Type : 2-storey terrace & bungalow
Land Area: 22′ x 70′ ft. (Terrace),
Built-up: 2,163 sq.ft. (Terrace), 3,103 sq.ft. (Bungalow) onwards
Total Units : 24 (Terrace), 2 (Bungalow)
Developer : Malton Bhd

Categories: Balik Pulau, Property News Tags:

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