Bandar Raya Developments Bhd has residential property developments worth about RM6bil in recognisable gross development value (GDV) over the next three to five years, according to the group’s chief executive officer Datuk Jagan Sabapathy.

The group is aiming to deliver property developments worth RM1bil in GDV every year, starting from its financial year ending Dec 31, 2012.

In the Klang Valley, the group’s first phase of the Verdana residential development, consisting of two condominium towers in north Kiara, was launched in July with a take-up rate of more than 70% within a month.

The second phase will be launched in 2012 and the two phases are on 4.6 ha with a combined GDV of RM1bil.

Meanwhile, BluWater, a gated and guarded landed community development in Seri Kembangan, Kuala Lumpur, will be launched in four phases through 2011 and 2013.

Spread over 19 ha of waterside land, BluWater has a GDV of RM700mil.

Also set to launch at the end of this year is a residential development in Medang Serai, Bangsar.

Located on 2.4 ha of prime land in Bukit Bandaraya, this development is limited to 121 units and will net RM900mil in GDV for BRDB.

Plans are also in the pipeline to launch luxury residences in Taman Duta, Kuala Lumpur late next year with a projected GDV of over RM900mil.

“Having been established as a leading developer of luxury developments, primarily in the Bangsar neighbourhood, we are now diversifying into newer locations and different target markets. Our vision is to bring forward this unique cosmopolitan Bangsar lifestyle that we have been closely associated with and further strengthen our brand via intelligent design and inspiring aesthetics,” says Jagan.

Earlier this year, BRDB also entered into a joint venture agreement with Multi-Purpose Holdings Bhd (MPHB) to develop land in Penang as well as Mimaland and Rawang in Selangor.

The joint venture in Penang consists of 32 ha of freehold land to be developed near the Penang International Airport with a projected GDV of RM600mil.

The 130 ha Mimaland project is envisioned as a community set amongst natural water features and has a projected GDV of RM2.2bil while the106 ha Rawang development, with a GDV of RM1.4bil, will consist of landed residential homes and a commercial village. These three joint ventures will be launched at the end of 2012.

Another project to look out for is the 10 ha mixed development in Subang with commercial, retail and residential components, which is due to be launched in 2012 with a projected GDV of RM2bil.

In Johor, the third to sixth phases of The Straits View Residences in the Permas Jaya township will be launched over the next two years, with a GDV of RM188mil.

The area will also see the launch of three-storey shop offices with a GDV of RM61mil later this year.

Elita, the final phase of The Straits View Condominium, was recently launched with a GDV of RM89mil.

BRDB also has an agreement with UEM Land Holdings Bhd to jointly develop Puteri Harbour in Nusajaya, Johor as a prime waterfront destination for the region.

To be developed in six phases over seven years, the 44ha development in Nusajaya is expected to have a GDV of RM2.3bil with the first phase scheduled to commence next year.

SOURCE: The Star

KUALA LUMPUR: Mah Sing Group Bhd won big at the NST Property Awards last night.

Group managing director/group chief executive Tan Sri Leong Hoy Kum was named Property Man of the Year and the group bagged the Best Lifestyle Developer award.

Held for the second time, the NST Property Awards saw the newspaper's property section, Property Times, honouring five nation builders at the Editor's Choice Awards.

The categories were Best Economic Redevelopment Zone, Best Broadband Utility, Best Property Management Company, Best Project Management Company and Best Real Estate Investment Trust. The recipients were Sepang Gold Coast, Telekom Malaysia Bhd, Sunrise Bhd, Andaman Property Management and Sunway Bhd respectively.

Meanwhile, the second S.C. Cheah Choice Awards, named after the veteran property journalist and NST Property Eyes columnist, saw 12 awards given out.

Recipients included Nadayu Melawati for Best Boutique Bungalow Development; K Residence KL for Best Luxury Residential Highrise Development; Ivory Properties Group Bhd for Best Penang Developer; Sagajuya (Sabah) Sdn Bhd for Best Sabah Developer; Superboom Projects Sdn Bhd for Best Perak Developer; Platinum Park for Best Iconic Development (by Naza TTDI Sdn Bhd); and The Haven Lakeside Residences for Best Resort Condominium (by The Haven Sdn Bhd).

SOURCE: Business Times

EWEIN Berhad is buying Menara IJM Land for RM50mil from IJM Properties Sdn Bhd, a subsidiary of IJM Land Berhad.

In its announcement to Bursa Malaysia yesterday, Ewein said the expected total gross income per annum from the renting of the units and car parks comprising Menara IJM Land was about RM4mil per annum.

“The proposed acquisition will widen and diversify the business activities as well as provide an additional recurrent regular income stream for the group,” according to the announcement.

Menara IJM Land, located on Lebuh Tunku Kudin, next to e-Gate commercial centre and Tesco hypermarket along the Tun Dr Lim Chong Eu Expressway in Penang, has a net lettable area of 94,413sq ft.

Of the total, 91,496sq ft is currently occupied, representing an occupancy rate of 97%.

Menara IJM Land, comprising a 16-storey building and a seven-storey car park, is located on a 46,823sq ft freehold site.

The acquisition is proposed to be funded through a combination of internally generated funds and bank borrowings.

The acquisition of the property is expected to be completed within three months from the unconditional date of the agreement as stated in the announcement.

Upon completion of the acquisition, Ewein will rent to the vendor the office units currently occupied by IJM Properties, as stated in the agreement, for a period of 10 years.
SOURCE: The Star

The Edge weekly reported that the Penang government is mulling over RM8 billion worth of projects to enhance connectivity within the state, apart from resolving its traffic woes.

At the forefront is a third link that involves an underground tunnel from Gurney Drive to Bagan Ajam on the mainland. The 7km-long tunnel is roughly a third of the span of the second Penang bridge. It is estimated to cost around RM5 billion.

The second project involves building an underground tunnel from Gurney Drive to Jelutong Expressway. The third is an alternative road connecting Gurney Drive right up to Batu Feringhi. The state government is considering calling for request for proposals (RFPs) by the end of this year, ahead of the targeted commencement of these projects towards end-2012.

We gather the Penang government aims to rope in private sector participation to spur these projects. These proposals may involve a land swap in return for constructing the infrastructure. Thus far, we gather that a slew of foreign companies have expressed their interest in the projects. They include two from China (Beijing Construction Group and CITIC Group), a Singapore company and another two from South Korea, including SK Group.

Similarly, theSun daily reported that the Penang government might issue an RFP for the development of an integrated waterfront and seaport in George Town, where the Swettenham Pier is located. Under the deal, the state government is planning to transform a 14,000 sq m area around the new cruise terminal complex that was completed in November 2009 for RM65 million. This would encompass the old Swettenham Pier building and an extension where a tourist arrival and wharf for large ships and ferries are sited.

The project is expected to complement a RM351 million job to deepen the northern section of the Penang Channel from 12m to 15m that has been delayed for more than a year. It was originally scheduled to take 18 months to complete.

We remain neutral on this development for now. First, these proposals are still at the initial stages pending the issuance of the RFPs. Secondly, the financial viability of the projects involving land as payment-in-kind remains uncertain at this juncture.

For instance, we gather that the proposed Second Outer Ring Road that involved a land swap has yet to take off due to the large amount of capital required upfront – the project’s cash flow would likely be negative during its first three to five years. Third, we gather that the RM5 billion third link in Penang may still need federal approval, as the tunnel would be built across Malaysian waters.

Should some of these proposals involving reclaimed land take-off, we reckon Benalec Holdings could be a main beneficiary due to its rising status as an integrated marine engineering specialist. Benalec could either bid for projects on a cash basis or via its unique business model of reclaiming land in return for some of the prime seafront land in Penang. – AmResearch, Sept 20

SOURCE: The Edge Property

Quattro Zen, an upcoming residential development by Marvellous Land Sdn. Bhd. It is located along Jalan Sempadan within the established township of Ayer Itam.

Property Project : Quattro Zen
Location : Ayer Itam, Penang
Property Type : 3-Storey Terrace
Tenure : Freehold
Total Units : 12
Developer : Marvellous Land Sdn. Bhd.