IJM Land Bhd posted a lower pre-tax profit of RM76.3 million for the third quarter ended Dec 31, 2011, from RM105.6 million in the same period previously.

Revenue, however, rose to RM292.9 million against RM255.2 million before.

In a filing to Bursa Malaysia, it said the lower pre-tax profit was mainly due to the recognition of gain on disposal of Delta Awana totalling RM62.95 million in the corresponding quarter previously.

The higher revenue came from the property development segment, particularly the Light development in Penang and Shah Alam 2 project in Selangor.– BERNAMA

SOURCE: Business Times

Balik Pulau MP Yusmadi Yusoff has asked Malaysian Anti-Corruption Commission (MACC) to probe possible irregularities in development projects in Balik Pulau, Penang.

“I invite them to investigate but if there is none (no irregularities), then it is fine.

“So far there are about 80 families which are facing court cases after they were asked to leave by developers,” he said.

“I was told by those affected that there were no discussions made nor were they informed by the Penang Municipal Council (MPPP) on the development projects that were approved,” he added.

“If the council said that they had discussed with the villagers involved, please show us the proof.

“We do not reject development but what we want is development that can benefit the people and is sustainable,” he said.

Yusmadi said the affected villages in Balik Pulau had elected a representative each and had formed a task force called the ‘Rights to Land & Housing Task Force’ which he heads.

Speaking at a press conference at his People’s Rights Centre in Pekan Simpang Empat on Jalan Balik Pulau, yesterday, he said the task force was set up to manage housing rights such as eviction and the welfare of those affected.

Yusmadi also pledged that he would not offer himself to contest again for the Balik Pulau parliamentary seat should any house that he was representing be demolished.

MPPP councillor Harvinder Singh said when a developer proposed a project, the council’s One Stop Centre (OSC) would view his proposal and would ask the council’s Planning Department to issue notification letters to the site’s neighbouring lot to see if there were any objections.

“This is done under Section 21 (6) of the Local Act. Should there be no objection from the neighbouring lots, a second notice will be issued to inform them on the development which will happen in their area,” he said when contacted.

“Letters will be issued to neighbouring lot within 20m of the surrounding project site,” he said.

Harvinder, who is also an OSC committee member, said the centre would then review the proposal again and impose conditions to the developer based on the feedback from neighbouring lots as well as infrastructure companies.

Source: The Star

GEORGE TOWN: Penang Chief Minister Lim Guan Eng has refuted claims that Ivory Properties Group Berhad – the winning bidder for the purchase of a 41.5ha plot of land in Bayan Mutiara – had submitted its tender proposal after the close of the bidding period.

Lim said the company’s proposal was given before the Dec 31, 2010 deadline and not in March, as has been alleged.

“(Penang Umno chief Datuk) Zainal Abidin (Osman) and (Kota Belud MP Datuk) Abdul Rahman (Dahlan) are again lying and we all know who are the ones who should retire from politics,” Lim said.

Lim had previously offered to retire from politics if it could be proven that the Bayan Mutiara land sale was not done via open tender.

On Saturday, Zainal Abidin had said that Ivory Properties Group only sent its bid to the Penang Development Corporation (PDC) on March 3 last year.

He said this information came from a document sent by the company to the Kuala Lumpur Stock Exchange on Nov 11 last year.

Asked for details about the bids, Lim said he had not been furnished with the documents but would disclose the information soon.

PDC general manager Datuk Rosli Jaafar said there had been four bidders for the Bayan Mutiara land.

Ivory Properties Group chairman and group CEO Datuk Low Eng Hock said the company had submitted its bid on Dec 31, 2010 before the noon deadline.

On another matter, Lim said a second debate between himself and MCA president Datuk Seri Dr Chua Soi Lek should be televised.

The first showdown between the two leaders was held in Mandarin on Saturday and was telecast live from Berjaya Times Square on two Astro channels.

Lim also accused the mainstream media of “whitewashing” personal attacks made against him during the debate.

He also refuted a news commentary that he (Lim) wanted a second debate to “repair the damage” from the first debate.

“I wrote to the debate’s co-organiser, Asli (Asian Strategy and Lea­dership Institute), on Feb 15 asking for a second debate,” Lim said.

Source: The Star

The long wait for the completion of a 1.3km-long road widening project between Federal Route One in Simpang Ampat and the traffic lights near the North-South Expressway’s (NSE) toll plaza at Batu Kawan, Penang, will be over soon.

Chief Minister Lim Guan Eng said the Public Works Department (PWD) was confident of completing the RM16mil Federal Government project by June.

He said the project, which began in June 2008, was originally scheduled for completion by December 2010.

He said although the PWD later extended the completion date to September last year, it still could not meet the deadline.

“The PWD said the delay was not caused by the project contractor but by PLUS, which delayed in giving its consent for the contractor to build a 70m-long bridge over the NSE alignment there.

“PLUS only gave the green light last December and so, JKR is now confident of completing the project by June,” he said after checking on the bridge’s construction on Thursday.

Also present was Penang JKR deputy director Mohd Hassan Harun and Bukit Tambun assemblyman Law Choo Kiang.

Lim said many residents had complained of bottle necks, especially near the mini roundabout outside the NSE’s Bukit Tambun toll plaza due to the project’s delay.

He said the project involved widening the two-lane stretch to four lanes.

Source: The Star

GEORGE TOWN: Ivory Properties Group Berhad (IPGB) has clarified that it won the bidding for the sale of the 41.5ha land in Bayan Mutiara through open tender.

Its chairman and group CEO Datuk Low Eng Hock said the company had participated in the tender called by the Penang Government, which closed on Dec 31, 2010.

It emerged successful in its bid at the price of RM240 per sq ft or RM1.072bil.

He said the state government, in awarding the tender to IPGB as the highest bidder, imposed an additional requirement of reducing the term of payment from the original eight to five years.

“This was agreed to by IPGB and all necessary announcements were lodged with Bursa Malaysia. The group had paid the deposit of RM22.1mil.

“The remainder will be paid according to the scheduled progress payment after IPGB’s shareholders’ approval at the extraordinary general meeting scheduled on March 5,” Low said in a press statement yesterday.

A controversy had erupted when Barisan Nasional Back-benchers Club vice-chairman Datuk Abdul Rahman Dahlan tweeted recently that the “super-prime land” had been sold for “pittance”, adding that the price was negotiated.

The RM240 per sq ft price tag was a lot cheaper than surrounding land which he claimed was priced at RM420 per sq ft.

On Friday, Chief Minister Lim Guan Eng challenged Penang Umno chiefDatuk Zainal Abidin Osman and Abdul Rahman to retire from politics if they could not prove that the deal was not done through open tender.

Lim also offered to retire from politics if there is proof that the sale was not made through open tender.

Zainal Abidin later produced a document which he claimed otherwise.

Yesterday, Lim said he would explain the issue tomorrow with documents.

“We will see who will have to retire from politics,” he said after opening the True Moderation’ conference at a hotel here.

Source: The Star