KUALA LUMPUR: Tambun Indah Land Bhd acquired three property companies – Premcourt Development Sdn Bhd, Pridaman Sdn Bhd and Ikhtiar Bitara Sdn Bhd – in Penang for RM11.6 million, the group announced on Wednesday, Feb 16.

Through Premcourt Development, the group will build a mixed-development project on JV land of 4.19 acres in Bandar Jelutong with a gross development value (GDV) of RM180 million.

"As the joint venture land in Jelutong is situated in the heart of Penang Island, we intend for the mixed strata development project to feature modern apartments, office suites and shop lots, in order to meet the demand for commercial and lifestyle properties in the thriving central business district," said Tambun Indah managing director Teh Kiak Seng.

The development projects via the newly-acquired companies are expected to contribute about RM38.7 million in pre-tax profits over the expected development period from FY2011 to FY2014.

The acquisitions would increase the group's GDV by RM245 million, raising the group's total GDV to RM1.4 billion to last till 2016, it said. The group's landbank also increase to 238 acres from 16 acres.

"The layout plans for the projects in Pridaman and Ikhtiar Bitara have received necessary approvals from the authorities, and we expect to commence work soon," said Teh.

Tambun Indah, through its subsidiaries, operates as a real estate and property developer that develops and sells industrial buildings, commercial offices, and residential properties. Incorporated in 2008 and based in Butterworth, Malaysia.

SOURCE: The Edge Property

BM Permai, a freehold residential project comprises 38 terrace house, 36 semi-detached and 47 bungalow units.

Strategically located in Bukit Minyak, an easy access to Bukit Minyak and Perai Industrial Area. A mere minutes drive to Juru Autocity and Penang bridge.

Location : Bukit Minyak, Penang
Property Type : 2-Storey Terrace, Semi-Detached and Bungalow
Indicative Price : RM348,000 onwards
Developer : Taraf Ria Sdn. Bhd.
Contact Number : 04-5076533/010-7989333

Mah Sing Group Bhd (8583), Malaysia's fifth largest property developer by revenue, is ready to roll out RM3 billion worth of new launches this year on positive domestic economic outlook.

Group chief executive and managing director Tan Sri Leong Hoy Kum said he was bullish on sales moving fast paced as ripple effects from recent government initiatives will bring more to buy properties.

Speaking to Business Times, Leong said initiatives under the Economic Transformation Programme and 10th Malaysia Plan should boost property demand with expected increase in job creation, urbanisation, the standards of living and income level.

He expects wealth creation from the local stock market to also have an impact on the property sector as gains are invested in physical properties.
"The property market has done well in 2010 and we are confident that the momentum is sustainable into 2011 as the current buying pattern is backed by fundamentals of the economy and purchasers," Leong said.

Leong feels there will be sustained demand in mid-tier to high-end properties, both landed and high rise in the residential, commercial and industrial segments.

Mah Sing's new launches will comprise a mix of landed residential, niche size serviced residences, shop offices, retail units, small office/home office and industrial.

Leong said projects featuring lifestyle elements and community living with facilities like a clubhouse and pool will continue to do well.

To meet the demand in this segment, Mah Sing will offer Garden Residence in Cyberjaya, Kinrara Residence in Puchong, One Legenda and Hijauan Residence in Cheras, and Legenda@Southbay on Penang island.

These projects will feature superlink homes, semi-detached homes and bungalows.

Mah Sing will also offer smaller units for serviced residences and condominiums in the second half of this year to provide easier entry for investors, leading to higher take-up rates. Here, it will roll out M-City@Jalan Ampang, Leong said.

The company will also launch Icon Residence and Ferringhi Residence in Penang, and Austin Suites in Johor Baru, Johor.

For commercial projects, Mah Sing intends to launch Star Avenue in Damansara, and Icon City in Petaling Jaya in the first half of this year.

Meanwhile, the third industrial project under the iParc series, iParc3@Bukit Jelutong, will be launched by mid-year.

Leong said in line with the company's strategy of a fast turnaround, it will preview these new projects soon, while scouting for prime land.

"Although our landbank is enough to sustain us for the next seven years, we are looking for sizeable pieces of land and we have the balance sheet to fund the acquisition," he said.

Mah Sing, which has a cash pile of RM233 million, made 10 land transactions involving 118ha for RM756 million last year.

SOURCE: Business Times

Penang is set to feature a new treetop walkway as a nature attraction by the end of the year.

The project, to cost some RM3 million, is part of an eco-tourism venture that also includes an adjoining 1.6km nature trail, designed to boost environmental conservation and tourism in Penang.

The 200-metre walkway project will include a viewing deck and giant swings, and is to be designed to facilitate night excursions as well.

Chief Minister Lim Guan Eng said the cost of the development will be fully financed by Creative Quest Sdn Bhd.

The company will be granted a licence to manage and operate the venture for a period of 20 years, with an additional 15 years under terms and conditions to be mutually agreed to by the state and the company.

Creative Quest was also the only party that submitted a proposal following a site visit and tender briefing attended by five companies.

The project is slated to begin development next month, for completion by the end of the year.

The current longest canopy walk, measuring some 950m on an elevated steel pathway, is located in the Sungai Sedim forest reserve in Kedah.

The hill’s original 290m canopy walk, installed amid the famous tall dipterocarp trees there, was damaged by fallen trees due to a storm in September 2008.

Malaysia’s other canopy walks include those at Taman Negara in Pahang, Teluk Bahang National Park in Penang, Forest Research Institute of Malaysia (FRIM) in Selangor, the Kinabalu National Park in Poring, Sabah, and the Mulu National Park in Sarawak.

The entrance fee for the Penang Hill walkway, which is yet to be determined, will include insurance coverage. Senior citizens and pre-school children will not be charged, while students with identification cards will be entitled to a special price.

Source: TheSunDaily

KUALA LUMPUR: Penang has not been left out of the Economic Transformation Programme (ETP), contrary to claims by certain quarters, that the island-state was not being offered any project or development under it.

According to the Performance Management and Delivery Unit (Pemandu), some 95 entry points projects (EPPs), will be implemented in Penang over the next 10 years within 11 National Key Economic Areas (NKEAs).

In a statement on Friday, Feb 11, it said that in 2010, the Malaysian Investment Development Authority (Mida) facilitated the inflow of RM12.2 billion in investments involving 128 projects to Penang.

Pemandu also said it was inaccurate to adopt a proportional approach to determine the amount of investment that a state is entitled to, either as a whole or on a point in time such as the third ETP Progress Update, where 19 developments and projects were announced.

The ETP is a focused, inclusive and sustainable initiative that will transform Malaysia into a high-income nation by 2020.

Where inclusiveness is concerned, the ETP aims to share the wealth of the country with all segments of the population, whether urban or rural, regardless of gender and in all regions, including Penang, although the island is under the opposition pact government.

For example, in November 2010, at the second ETP Progress Update, it was announced that Cisco will be investing in Penang via the transfer of its manufacturing process and skills for a wide range of routing and switching products from the United States to Penang.

Traditionally, Penang is renowned as the hub for the Electronics and Electrical (E&E) sector and within the ETP, Penang will see developments in many of the 13 Entry Point Projects within this NKEA.

These EPPs cut across four subsectors that will strengthen Malaysia's capabilities across the value chain, particularly in higher value-add upstream activities.

Penang-grown Pensonic Bhd is embarking on an expansion over the next five years to realise the establishment of an electrical home appliance manufacturing hub and international distribution network.

"This is one of the EPPs identified in the ETP Roadmap within the E&E NKEA," Pemandu said.

Under the Tourism NKEA, Penang has been identified as a potential location for the development of EPPs such as the establishment of a Premium Outlet, becoming one of the stops for the Straits Riviera cruise, developing local expertise and better regulation of the spa industry. – Bernama

SOURCE: The Edge Property