GEORGE TOWN: Penang Barisan Nasional chief Datuk Zainal Abidin Osman has produced a document which he claims proves that the Bayan Mutiara land sale was not done via open tender.

He has asked Chief Minister Lim Guan Eng to keep his word and retire from politics.

At a press conference yesterday, Lim had offered to retire from politics if it could be proven that the Bayan Mutiara land sale was not done via open tender.

He had challenged Zainal Abidin and Kota Belud MP Datuk Abdul Rahman Dahlan to retreat from politics if they could not prove that the sale of the land was not done through open tender.

Zainal Abidin produced the document, which was an announcement by Ivory Properties Group Berhad to the Kuala Lumpur Stock Exchange on Nov 11 last year, at a press conference at Menara Umno here.

“On the Penang Development Corporation (PDC) website, it is stated that the closing date for the open tender of the Bayan Mutiara project was Dec 31, 2010.

“However, it is clearly stated in this document that Ivory only submitted an application to the PDC to buy and develop the land on March 3, 2011,” he said.

“Until today, the Chief Minister has not revealed how many had entered for the open tender, who evaluated the open tender, who is in the tender committee, and what is the tender process,” he said.

Abdul Rahman said Lim should reply to the questions and not resort to political mud-slinging.

“Lim must understand that it’s not just about the price but because of the documents Ivory submitted to Bursa Malaysia that stated the price of the land was derived after negotiations between the company, CMI (Chief Minister Incorporated) and PDC, which contradicts his claim that it was done via open tender,” he said.

Meanwhile, Deputy Finance Minister Datuk Donald Lim said Guan Eng should not use a valuation by the Finance Ministry in 2009 as an excuse in the controversial sale of the land.

“He must get a new valuation for the year the land is sold,” he said.

On Wednesday, Guan Eng had said that the RM200 per sq ft reserve price for the land was much higher than the value set by the ministry’s Valuation and Services Department Department in November 2009, which he claimed had put the price as “not even worth RM150.”

SOURCE: The Star

BUTTERWORTH: Batu Kawan, once a rural swampland of oil palm estates, is set to become the next Bayan Lepas, Chief Minister Lim Guan Eng said.

He said three major investments from Robert Bosch, Boon Siew Honda and VAT Manufacturing Malaysia totalling about RM10bil in Batu Kawan would have spillover effects on different sectors, including thousands of jobs for those living in the area.

“At the same time, Batu Kawan will also have the country’s first integrated, streamlined and symmetrically designed affordable housing scheme.

“We have engaged the world’s best in this field, Surbana International Consultants — the privatised building and development division of Singapore’s Housing and Development Board (HDB),” he said before performing the ground breaking for the RM2.7bil Bandar Cassia Affordable Housing Scheme yesterday.

On the state’s choice of the consultancy firm, Lim said the state’s investment arm Penang Development Corporation (PDC) did not want to copy or model its affordable houses after some of the world’s best designs but to appoint the best in the industry to help with the planning.

Lim reiterated that the housing project, which would be given out to local contractors via an open tender, would be ideal for the middle-income earners.

“We do not want our middle-income earners to live in boxes. That is why proper planning is vital so that they can live with pride and enjoy quality living through this scheme.

“This eco-friendly designed project, on an 80ha plot of land, will have about 12,000 medium-cost housing units, three football fields, a man-made river and recreation parks,” he said.

Lim said the freehold units, ranging from 800sq ft to 1,000sq ft, would be housed in high-rise buildings of between nine and 16 storeys. The units are priced at between RM72,500 and RM220,000 each with a free car parking lot.

He said Surbana was committed to oversee the project’s progress throughout the scheduled 10-year development period over five phases with the Phase 1 expected to be ready by 2014.

“The state government will undertake the maintenance and management of these housing units once completed.”

He said the various projects would ‘create’ a population of about 250,000 residents.

Source: The Star

AVENUE Properties Bhd has introduced a scheme for retail investors to buy interests in properties.

The company launched yesterday Avenue Hotel Property Interest Scheme, offering 10,500 property interests or units where 70 per cent are available for the public to buy at RM4,800 each.

Chief executive officer Richard Woo said the scheme will offer property interest or unit holders seven per cent returns per annum, for the first 14 years of its 35-year tenure.

The rate of return is higher in comparison to fixed deposits, the Employees Provident Fund and endowment policies, where the returns are two per cent to six per cent, but lower than investing in properties and bonds.

Unit holders will be investing in a 130-room four-storey boutique hotel on Jalan Raja Uda in Butterworth, Penang, and the returns will be paid annually.

Woo told reporters that the rate of return will be more than seven per cent after the 14th year onwards, as the market matures.

He said the property interest is not transferable and neither can it be disposed of by unit holders during the first 12 months from the date of take-up.

"We expect the property interests to be fully subscribed over the next three to three-and-half-years, generating some RM50 million for the company," Woo said.

The business hotel, which is being constructed for as much as RM30 million, will be completed by the first quarter of next year. It is part of a 24ha rehabilitation project being undertaken by Avenue Properties.

Other components of the project, which is estimated to have a gross development value of RM500 million to RM600 million, are condominiums, a mall, and shop offices.

Khong Yue Chen, Avenue Properties group director for marketing and communications, said it is expecting an average room occupancy rate of 60 per cent in the first year of operation, with average rate of RM280 per room a night.

She said the company will offer a collection of resorts and villas next for unit holders to invest in.

SOURCE: Business Times

PETALING JAYA: Dijaya Corp Bhd wants to build up its market presence in Johor and Penang, and expects to see a bigger contribution from the two growth markets.

Although the central region of Selangor is still the biggest contributor accounting for more than 70% of the company’s sales and bottomline, Dijaya managing director Datuk Tong Kien Onn is looking at bigger contribution from the northern and southern regions.

“We want to build a stronger presence in these two markets to take advantage of the strong growth in Penang and Johor,” Tong told StarBiz.

Over the next two to three years when the projects started to move, he said contribution from Selangor was expected to drop to about 40%.

Dijaya plans to launch RM1.1bil worth of projects this year compared with about RM700mil last year. For 2012, it is targeting sales of between RM650mil and RM700mil. Last year, it sold about RM420mil worth of properties.

In Johor, Dijaya has two joint ventures with Iskandar Waterfront Sdn Bhd for projects in Danga Bay.

The first project, Tropicana Danga Bay on 37 acres is a 60:40 joint venture between Dijaya and its partner. The project under the joint venture company, Global Corporation Sdn Bhd is located only about five minutes to the Johor-Singapore Causeway. The land was purchased at a cost of RM318mil about 1½ years ago.

Tropicana Danga Bay with expected gross development value (GDV) of RM3.8bil will comprise 60% commercial and 40% residential components. It will take eight to 10 years to complete. The first phase comprising a block of 420 service residences was launched last December at average prices of RM620 per sq ft. Tong said about 90% of the non-bumi lots have been sold to-date.

Dijaya also has a 50:50 joint venture with Iskandar Waterfront Sdn Bhd to undertake the 225 acre Tropicana Danga Cove. The land was bought for RM220mil in the last quarter of 2011.

The RM2.8bil development is expected to take 10 to 12 years. Construction of the project may kick off in March with the first phase comprising 3-storey shop offices.

In Penang, Dijaya has set up a 55:45 joint venture with Ivory Properties Group Bhd to buy and develop a 41.02ha site in Bayan Mutiara. The joint venture company, Tropicana Ivory Sdn Bhd paid RM1.07bil for the land and the repayment period will be over five years.

Tropicana Ivory will undertake a mixed residential and commercial property project with GDV of RM9.8bil over the next eight to 12 years.

Last Thursday, Dijaya received the nod from its shareholders to enter into the joint venture with Ivory Properties.

Tong said the master plan for the Penang project would be finalised in the next two to three months and the mixed integrated development is set to showcase some iconic structures.

Meanwhile, in Selangor, projects in the pipeline this year will comprise two new projects in Tropicana Indah Resort Homes namely Golf Villas and Tropicana Garden.

In Subang, Dijaya plans to build three-storey link, semi-detached and bungalow houses, condominiums as well as commercial development on its 35.4ha landbank.

Also in the pipeline will be bungalows, link houses and semi-detached units at Tropicana Cheras and Tropicana Balakong.

SOURCE: The Star

Malaysia-listed premier lifestyle property developer Eastern & Oriental Bhd (E&O) has announced the official launch of Andaman at Quayside, luxurious Andaman Sea-facing condominiums touted to be the finest on Penang Island.%9

Andaman at Quayside is sited on 8.5 ha. of the final, most-prime plot on
E&O’s acclaimed world-class masterplanned development, Seri Tanjung Pinang, with 75 per cent of all suites providing unobstructed views of the sea and the famous Gurney Drive.

Featuring a 1.8 ha. signature waterpark and clubhouse surrounded by an
additional 2.8 ha. of tropical gardens along with a world-class retail
enclave, Andaman at Quayside offers lifestyle and entertainment experiences
by-the-sea.

Eric Chan, Deputy Managing Director of E&O, said, "We conceptualised Andaman at Quayside to celebrate the best facets of island living in Penang.
%9
"The Andaman at Quayside sits within Penang Island’s largest seafront
development and most sought-after residential address," he said in a statement here today.

Apart from competitive pricing, the project's interest-absorption scheme
offers another incentive for investors seeking to get a slice of vibrant
Penang’s property pie with just a 10 per cent initial down payment, while the
availability of up to 90 per cent financing (subject to eligibility) makes it
even more attractive. For more information, check out www.quaysideresort.com — Bernama


SOURCE: Business Times