THE Gurney Drive roundabout in Penang is undergoing major maintenance sponsored by IJM Properties Sdn Bhd and is expected to be completed before the Hari Raya-National Day double celebrations.

A Penang Municipal Council spokesman said several features in the steel structure adorned with bird-shaped sculptures were in need of maintenance.

?The maintenance project that started about two weeks ago will have the water pump, nozzles and cabling replaced.

?It is a routine maintenance. The roundabout will also be cleaned as rubbish has been found in the vicinity.

?Hopefully, the project can be completed by end of this month in time for the Hari Raya and National Day celebrations,? she added.

The roundabout received a major uplift in 2008 following the completion of the RM498,608 beautification project by the same sponsor to have a sculpture with the theme ?wave and birds? featuring curvy metal poles depicting waves.

SOURCE: The Star

PETALING JAYA: Property developer Mah Sing Group Bhd’s net profit rose 47.9% for the quarter ended June 30 to RM43.13mil from RM29.16mil recorded in the same period last year.

The growth was driven by property development activities in Kuala Lumpur, Klang Valley, Johor Bharu and Penang island, the company said in a statement yesterday.

Revenue increased 44% to RM416.1mil from RM289.05 previously.

For the first half of its current financial year, Mah Sing recorded a net profit of RM84.3mil and revenue of RM727.9mil, which was 48% and 38% higher respectively compared with the same period last year.

SOURCE: The Star

IVORY Properties Group Berhad continued its winning streak when the property developer bagged the International Standard Quality (ISQ) 2011 award.

Handed out by the European Union Analysis Alliance (EUAA), the award was for ‘Quality Property Developer & Contractor’.

Ivory’s non-independent non-executive director Ooi Choi Kiat said the award came right on the heels of the group winning the bidding for a 41.5ha plot of land at Bayan Mutiara in Penang.

“This is yet another recognition for us. We will continue serving the community by ‘building a better world for our future generations’ (Ivory’s tagline).

“We will work harder to live up to our status as one of the most established and reputable property developers in the northern region,” he said.

He was speaking after receiving the award from Domestic Trade, Cooperative and Consumerism Deputy Minister Datuk Rohani Abdul Karim.

In May, the group’s Moonlight Bay pro-ject in Penang earned the highly commended citation as the Best Leisure Development at the Asia Pacific Property Awards 2011.

The ISQ award was aimed at recognising companies and individuals who have demonstrated excellence and dedication in the corporate sector.

SOURCE: The Star

The PGCC was a proposed project to be located at the PTC grounds, carrying a gross development value of RM25 billion and to be built over a span of 15 years by its developer Abad Naluri Sdn Bhd, an associate company of Equine Capital Bhd.

Abad Naluri bought the land for RM488 million from the club in 2002 and had, among others, planned to include two five-star hotels, a performing arts centre, retail complex, monorail transportation and a world-class convention centre.

Following public opposition to the development, which was considered misleading and lacking in transparency with issues such as land rezoning and traffic congestion, along with a host of other concerns, the proposed project was officially declared “dead” after the Penang Island Municipal Council in 2008 rejected it on the basis of the developer’s failure to submit the layout plans on time and comply with the council requirements.

On Tuesday, Berjaya Corp Bhd founder and chairman Tan Sri Vincent Tan was in Penang to ink a sale-and-purchase agreement between Berjaya Land Development Sdn Bhd (BLand) and Penang Turf Club (PNTC).

BLand is buying 22.8ha of freehold prime land within PNTC for RM459 million cash, and is proposing to develop a low-density, exclusive, guarded and gated housing development comprising bungalows, semi-detached homes and low-rise condominiums with an abundance of landscape and garden areas to complement the serenity and exclusivity of the surrounding areas.

The company, unlike other property developers which have entered Penang in recent times, is set to meet the requirement of building affordable housing units within the same site, although these homes will be located away from the high-end residential units.

Tan made it clear to reporters when he was asked if there would be any controversy on the project, that he was not expecting any from those living in the neighbourhood of the PNTC.

This he said is because there is no retail component to the proposed development, and the condominium would only include two low-rise blocks.

As concerns about traffic congestion owing to an incremental impact of new residents to the area are likely to surface in due time, it would be prudent for BLand to take proactive measures and devise a traffic dispersal system.

On its part, the PNTC has to contend with decreasing horse-racing revenues, while doling out large sums in quit rent and assessment in recent times.

This is because the present site of the PNTC was originally given by the government for a nominal sum and zoned as an “Open Space”. However, this was changed in 2007 to a “Mixed Development” zone, to facilitate the PGCC project.

The club is now saddled with paying revised rates and has been making efforts to increase its revenue base.

In 2009, PNTC said it was planning to embark on a RM30 million development project to build 25 bungalow units on the fringes of the club, which can be rented out to generate income.

Plans for this development is still on the cards, the club’s officials said, and it is currently awaiting the necessary approvals to proceed with the project.

While BLand has made it clear that Penang has become much more attractive as an investment destination in recent times and the company is on the lookout for other opportunities, there should be no major issues or opposition arising from its planned development on the PNTC grounds.

At the end of the day, it is simply a property transaction between two parties, with hopefully no “ghosts” lurking in the shadows.

SOURCE: Business Times

PETALING JAYA: Berjaya Land Bhd (BLand) has entered into a conditional sale and purchase agreement with Penang Turf Club to acquire 57.3 acres of prime freehold land for RM459mil cash for high-end residential property projects.

In a filing with Bursa Malaysia yesterday, BLand proposed development that includes (but not limited to) the construction of bungalows, semi-detached houses, condominiums and apartment units on the newly acquired land.

“The salient features of the development are a low-density exclusive guarded and gated-up housing development comprising bungalows, semi-detached houses, condominiums and low medium cost housing (as required by the local regulations) cum abundance of landscape and greenery,” it said.

BLand added that estimated GDV of the project was RM1.52bil, However, the total development cost and the source of funds for the development would only be ascertained once the development plans were finalised. The property development is expected to be developed over five years.

Upon the execution of the sale and purchase agreement, BLand has to pay a deposit of RM20mil to Penang Turf Club while the balance of the deposit of RM25.9mil to be paid within 14 days after obtaing the planning approval. Subsequently, BLand will make the first payment of RM137.7mil within 12 months from unconditional date of the sales and purchase agreement while second payment to be paid within 12 months after the first payment followed by a third payment at a 12 months interval from the second.

BLand said the purchase price at about RM8.01mil per acre or RM184 per square feet.

“The purchase price will be funded through the internally generated funds of the BLand group and borrowings. The actual mix will be decided at later stage after taking into consideration the BLand group’s gearing, interest costs and other working capital requirements,” it said.

Meanwhile, Bernama quoted Berjaya Corp Bhd founder Tan Sri Vincent Tan as saying: “We’ve won the bid to buy 57 acres of land and we’re now planning to develop the land into an exclusive residential area comprising bungalows, semi-detached houses and low-rise condominium.”

Given the strong demand for high-end landed properties in Penang, Tan hoped the exclusive homes could further boost value of suburban housing in the area.

“In fact, at first, I wondered whether we’ve overpaid the price for the land, but we believe in the long term, it will turn out to be a good investment. We’re confident that with Berjaya’s commitment, this property will be developed into an important residential landmark in Penang,” he said.

Tan said Berjaya established its first property and hotel development in Penang in mid-1990s. “We’re happy to be back here again and to be associated with an established and reputable name like Penang Turf Club,” he said.

He said development of the 57 acres would not affect the turf club horse-racing activities which would be held on the newly repaired and rejuvenated main racing track.

Tan also said BLand was looking for other strategic and attractive places in Penang for investment.

In 2004, BLand has won the bid to relocate the Selangor Turf Club in Sungei Besi for RM640mil, and in return BLand gets the club’s land in Sungai Besi and plans to carry out a mixed development project valued at RM6.3bil.

SOURCE: The Star