Anson Cube, a new commercial development by AZEA Property Investment (API), a Singapore-based company, and its local partner Dot Greenland Sdn Bhd. It is strategically located along Jalan Anson within UNESCO World Heritage Site in George Town. This project comprises 1 block of 5-storey retail lots and offices.

* This project is currently abandoned. Please let us know if you have any update *

Property Project : Anson Cube
Location : Jalan Anson, Georgetown, Penang
Property Type : 5-Storey Complex
Built-up Area: 400 sq.ft to 4,809 sq.ft
Indicative Price: from RM234k to RM2.8m
Land Tenure: Freehold
Developer : Tri Mega Venture

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KUALA LUMPUR: Shares of SP Setia Bhd, the largest property stock on Bursa Malaysia, rose 5 sen to RM4.15 after meeting earnings expectation for the half way mark of its financial year with analysts confident the company would be able to meet its full year sales target of RM3bil.

Sales for the second quarter and the first half had surpassed previous highs, and revenue for the seven months of its financial year ending October 2011 was already higher than any other full year except for its 2010 financial year.

“Current unbilled sales have touched a record RM3.2bil following strong year-to-date (7 months) pre-sales of RM1.66bil. Setia is very much on track to meet its sales target of RM3bil,” said AmResearch in a note yesterday.

CIMB Investment Bank in a report said some 57% of the sales came from the Klang Valley.

“The four townships in Johor contributed huge sales of RM510mil or 36% of the total while Penang chipped in 7%. The Johor sales were very commendable, being an unprecedented RM1bil on an annualised basis compared with past sales of RM400mil to RM500mil per annum,” it said.

“SP Setia’s second half sales should exceed first half sales comfortably as sales from KL EcoCity should be considerable.”

Expected to drive sales this year will be the company’s KL Eco-City project. HwangDBS Vickers Research in its note said KL Eco-City’s RM1.8bil worth of bookings from boutique and strata offices and recent condo tower launch at an average selling price of RM1,200psf, which was a 40% premium to adjacent properties, should be converted soon, following the signing of S&P agreements from mid-June onwards with the completion of DBKL’s land privatisation exercise.

It pointed out that other launches to watch were V Residences and Brook Residences (with a gross development value of RM233mil), Fulton Lane@Melbourne with a projected GDV of RM1.4bil and Aeropod@ Kota Kinabalu (projected GDV of RM1bil but is awaiting approvals).

“SP Setia will be one of the biggest beneficiaries of the mass rapid transit with 25% of RNAV exposed to potential interchanges ie KL Eco-City and Jalan Bangsar (near KL Sentral),” said Hwang DBS.

It said SP Setia could be involved with more landbanking deals. Hwang DBS said SP Setia has been the most aggressive developer with four acquisitions year-to-date with a GDV of RM15bil.

AmResearch expects land acquisitions to be the primary valuation driver. “Based on its township track record, SP Setia would be the leading candidate to co-develop a parcel of the prime residential land in Sg Buloh with EPF-owned Kwasa Land, leveraging on its successful Eco Park brand,” it said.

“We are expecting stronger newsflow on this front in the next few months. It is also bidding for the 100-acre seafront land in Bayan Mutiara, Penang – believed to be valued at over RM900mil including reclamation cost, and a potential GDV of over RM5bil,” said the report.

SOURCE: The Star

AZEA Property Investment (API), a Singapore-based company, and its local partner Dot Greenland Sdn Bhd, are investing RM43mil to build a commercial complex.

API chief executive officer Tan Yang Po said the 28,000sq ft complex called Anson Cube would be located on Anson Road in Penang.

She added that it was destined to become Penang?s newest meeting point and business hub due to its strategic location.

?The project site is right smack in an area earmarked for major urban rejuvenation, with two private high-end condominiums also coming up in the locality.?

A joint-venture company, Tri Mega Venture Sdn Bhd, has been set up to undertake the Anson Cube project.

Anson Cube will be a stand-alone five- storey building with the ground floor designated for food and beverage shops and the first floor reserved for alfresco dining.

The second floor has a unique feature as it will be bridal-themed and there will be shops offering wedding-related items and services, while the higher floors in the building will house corporate offices.

?We are now working on getting branded retailers to take up the retail space and as anchor tenant,? said Tan.

?We are targeting high-end tenants for Anson Cube.

?We are now pre-qualifying some of the potential tenants, to ensure that we have the right mix,? she said.

Construction work is scheduled to begin in August 2011 and the building is due to be completed in early 2014.

The company also completed a bulk purchase of 20 luxury high-rise serviced apartment units in Setia Sky Residences near the Kuala Lumpur City Centre for RM28mil late last year.

API, since its inception in 2008, has invested in property around the world, including ?3mil (about RM15mil) worth of Victorian-style apartment blocks in London.

It has also bought 200 units of landed property valued at over US$7mil (about RM21.7mil) in Houston, USA.

In Johor, it is teaming up with two companies linked to the Danga Bay Group to develop Azea Properties @ Danga Bay ? a RM500 million high-end waterfront condominium development.

SOURCE: The Star

Pearl Square 1 & 2, an upcoming commercial development by Tambun Indah. Strategically located in a self contained township, about 5 minutes from North South Expressway and 15 minutes to Penang bridge.

Property Project : Pearl Square 1 & 2 @ Pearl City
Location : Simpang Ampat, Penang
Property Type : 2-Storey Shop Office
Units: 96 units (Pearl Square 1), 56 units (Pearl Square 2)
Land Tenure: Freehold
Developer : Tambun Indah

Property developer Mutiara Goodyear Development Bhd expects to launch several mixed development projects amounting to RM1.3 billion in gross development value (GDV) this year, said its executive chairman, Hamidon Abdullah.

Among the upcoming launches are Nadayu 28 Sunway, Nadayu 290 Penang and Nadayu Cyberjaya, Hamidon told reporters after the company’s annual general meeting (AGM), today.

“We have successfully launched Nadayu 92 in Kajang with overwhelming response. We launched 286 units of link houses, four units of bungalows and 24 units of semi-detached homes,” he said.

The Nadayu 28 Sunway project meanwhile will comprise 10 units of shoplots and 411 condominium units while Nadayu 290 will have 142 units of condominiums and seven units of villas.

The company which has vast experience in commercial and residential developments currently has a land bank of 876 acres.

Asked on the proposed change in the company name to Nadayu Properties Bhd, Hamidon said it was part of its branding strategy to establish the Nadayu brand for all its property development projects.

It would be in line with the group’s objective to maintain strength and value in product quality, project execution and timely delivery while it pursues its vision of becoming an innovative property developer in the local and global market, he added. — Bernama

SOURCE: Business Times