SUBANG JAYA: IJM Land Bhd, the property arm of IJM Corp Bhd, is confident of a good 2011 despite a challenging year brought about by the global economic slowdown and European debt crisis.

IJM Land chief executive officer and managing director Datuk Soam Heng Choon said despite a slowdown in some areas such as the Kuala Lumpur City Centre and Mont Kiara, the property market is still resilient in other areas like Penang and Sandakan.

"Property projects, which cost RM500,000 a unit, are still selling strong and the government's mass rapit transit project and the various economic transformation programmes will have strong spillover and multiplier effects in terms of property value and spending," Soam said after the company's annual general meeting.

Soam said the company, which is 67.07 per cent owned by IJM Corp Bhd, will launch projects with a gross development value (GDV) of RM2 billion and RM1 billion within the current financial years ending March 2012 and March 2013 respectively.

IJM Land has a landbank of 1,943.3ha nationwide with a GDV of more than RM19 billion, enough to keep it busy for the next 12 years.

Soam said the company is still open to mergers and acquisitions despite the failed tie-up with Malaysian Resources Corp Bhd.

It will not expand its overseas projects in China and Vietnam for the time being.

The company expects to register slower growth this year as the property market had stretched last year, which saw 375,000 units of various property units launched with a combined GDV of RM109 billion.

SOURCE: Business Times

BUTTERWORTH: The 44-year-old Butterworth Railway Station will soon be pulled down to make way for a multi-million-ringgit state-of-the-art replacement.

The old station was officially closed on Aug 5 and is now replaced with a temporary station located about 30m away, next to the KTM Bhd (KTMB) parcel office.

When contacted in Kuala Lumpur, KTMB corporate communications senior manager Mohd Fazil Ismail said the new building was expected to be completed by first quarter of next year.

“The new station will be equipped with CCTV cameras for better security as well as facilities for the disabled.

“Construction work on the new station will go in tandem with the Ipoh-Padang Besar electrified double track project, which is expected to be ready by 2014,” he said yesterday.

The old station, which was opened by the country’s fourth Yang di-Pertuan Agong, the late Tuanku Ismail Nasiruddin Shah ibni Al-Marhum Sultan Zainal Abidin, in 1967, is also the only station in Malaysia with a 0km distance meter.

The 0km distance meter indicates that this is the beginning of the rail distance calculation for trains that head north for Padang Besar and south for Singapore.

An employee at the station said two cranes were used to shift a 1936 steam engine locomotive and a shunting locomotive head from the station’s old entrance to the opposite of the temporary station.

The fully air-conditioned temporary station has a ticketing counter, two VIP rooms, a room for the stationmaster, police beat, surau and toilets.

Commuter Teoh Teik Wah, 60, said he was surprised to find the old station closed, noting that there was no prior notice about it in the media.

His wife Lee Kan Sean, 67, said she had been taking the train to visit her family in Kuala Lumpur for the past 50 years, noting that the old station evoked a nostalgic feeling in her.

Factory supervisor L. Munusamy, 48, said he waited outside the old station for almost an hour on Sunday night to fetch his relatives, only to find out later that they had arrived at the temporary station.

“The new platform at the temporary station is barely 4m-wide which is almost half the size of the old platform.

“Although it has a high aluminium roofing, part of platform is wet whenever there is a heavy downpour,” he said.

Money changer-cum-book stall operator Mohamed Sirajuddin Abu Mohd, 38, said many passengers complained of having to walk in the rain and sun for nearly 30m between the sheltered overhead pedestrian bridge outside the old station and the temporary station.

“Car parking facilities are also inadequate as the parking area outside the station has become smaller following land acquisition for the new station project.

“I spent about RM40,000 to construct a temporary shop outside the station, which was completed in June,” he said, adding that he still had to pay rental to KTMB for the temporary trading site.

Source: The Star

SP Setia Bhd is lining up residential properties with an estimated gross development value of RM1.131bil for launching beginning November 2011.

SP Setia Property (North) general manager Datuk S. Rajoo said the projects comprised a RM180mil commercial precinct for Setia Pearl Island, the RM62mil 11 Brook Residences, a RM175mil condominium project in Sungai Nibong, the RM412mil Setia V Residences in Jalan Kelawei and the RM302mil Setia Greens second phase in Sungai Ara.

This will be followed by launches in the second quarter 2012, which include the Setia Greens second phase, comprising bungalows, semi-detached, and condominiums, the condominium project in Sungai Nibong, and the Setia V Residences, a luxurious condominium scheme in Jalan Kelawei.

These projects from Penang, planned for launching in November and the second quarter 2012 are expected to generate RM600mil in sales for the group?s 2012 fiscal year ending next October 31.

“For the group’s fiscal year ending October 31 2011, we expect the sales from Penang to be around RM350mil, compared to 250mil in 2010,’ Rajoo said.

Suiwah Corporation Bhd is developing a mixed development project at Bandar Baru Air Itam (popularly known as Farlim) on the island with a gross development value (GDV) of RM1bil.

Group executive director Cynthia Hwang said that the project was strategically located on an over 3.64ha site within the Farlim township, which had direct access to a surrounding population of over 300,000.

“The entire project, which will have over 3.7mil sq ft of gross area spread over three blocks of 38-storey buildings, comprises 270 serviced apartments, 140 small home offices (Sohos), a hypermarket, 300 retail outlets, a medical specialist centre, a business class hotel, and cineplexes,” she said.

Hwang said construction work would start in November and scheduled for completion in 2013.

Listed on the main board, for the 2011 fiscal year ended May 31 2011, Suiwah posted RM20mil in pre-tax profit on the back of RM423mil revenue, compared to RM11mil and RM413mil achieved in 2010.

Headquartered in Penang, Suiwah is involved in the retail chain, flexi-circuit manufacturing, and property development businesses.

This brings the total GDV of the property launches planned for Penang in the second half of 2011 and 2012 to RM4.402bil.

In July 2011, it was reported that seven developers from Penang and Kuala Lumpur are launching properties, comprising largely residential projects with over RM2.271bil GDV, for the island and Seberang Prai beginning the second half of 2011 and in 2012.

Some 1,722 units of the properties with an RM1.899bil GDV are planned for the island, while the remaining 1,389 units with an RM372mil GDV are for Seberang Prai.

Sunway City Bhd, Mah Sing Group Bhd, Lone Pine Group of Companies, Ivory Properties Group Bhd, MTT Properties and Development Sdn Bhd, Asas Dunia Bhd, and DNP Land Sdn Bhd are the developers with plans for new launches.

SOURCE: The Star

Vantage Desiran Tanjung,  a new commercial development by UDA Land (North) Sdn. Bhd, located along Jalan Tanjung Tokong, Penang.  This development comprises 120 units of 4-storey shop offices with the built-up ranging from 1,254 sq. ft – 2,185 sq. ft.

Property Project : Vantage Desiran Tanjung (Desiran Tanjung Business Centre)
Location : Desiran Tanjung, Tanjung Tokong, Penang
Property Type : 4-Storey Shop Offices
Built-up Area: 1,254 sq.ft to 2,185 sq.ft
Indicative Price: from RM479,800 – RM1,801,300
Land Tenure: Leasehold
Developer : UDA Land

The Willows is a freehold residential project located along Jalan Baru, Perai, Penang. Comprising two 34-storey apartments blocks with 8 units per floor.  It is located opposite megamall.

Property Project : The Willows
Location : Jalan Baru, Perai, Penang
Property Type : Apartment/Condominium
Tenure : Freehold
Built-up Area: 1,250 sq.ft. onwards
Developer : New Bob Realty