KUALA LUMPUR: Nadayu Properties Bhd aims to launch three projects worth a combined RM1.5 billion in the Klang Valley and Penang from next month to grow itself and build its branding.

“We are upbeat on the market. We plan to have a good following and grow the company’s net profit and revenue year-on-year.

“We do intend to return dividends to shareholders. I believe overtime, we will have local and foreign funds investing in the company,” Nadayu chairman Hamidon Abdullah said.

Hamidon and Nadayu executive director Alex Cheang control 70 per cent of the company.

Nadayu is launching a RM400 million project in Bandar Sunway called Nadayu28, featuring shoplots and high-rise residential units.

Hamidon expects 10 units of five-storey shoplots to be sold prior to the launch based on the number of bookings it has currently.

In Cyberjaya, Nadayu is launching a RM430 million mixed development by November and the first phase will comprise apartments and terraced houses.

By end-2011, it will launch Nadayu290 in Bukit Gambir, Penang, featuring high-rise residences and commercial space. This is 50:50 joint-venture project with Affin Islamic Bank Bhd.

“In the past, our projects were located in Cheras, Gombak and Selayang. We are now moving to where demand is,” Hamidon said at the company’s shareholders meeting here yesterday.

On the 1.4ha land near Sheraton Imperial Hotel at Jalan Sultan Ismail that Nadayu had planned to buy from UDA Holdings Bhd for RM215.5 million, Hamidon said he is disappointed with the outcome.

Nadayu had formalised the deal with UDA in July and planned to undertake a mixed development worth RM1.2 billion. UDA aborted the deal as it was unable to obtain the approval of its shareholders.

Hamidon said Nadayu is seeking more landbank and may also undertake projects in Penang, involving land reclamation if the opportunity arises.

“As a medium-sized developer, we can pick and choose what we want to do as we have the ability to buy tracts of land. We don’t have to scramble for landbank. If we don’t lose ourselves, we can progress credibly forward,” he said.

SOURCE: Business Times

Idaman Lavender 2 is a medium cost apartment development by Koperasi Tunas Muda located in Sungai Ara, Penang. It comprises single block of 11-storey building with 176 apartment units.

Property Project : Idaman Lavender 2
Location : Sungai Ara, Penang
Property Type : Apartment
Tenure : Freehold
Built-up Area: 750 sq.ft.
Total Units : 176
Developer : Koperasi Tunas Muda Sungai Ara Bhd.
Indicative Price: RM 165,000 onwards

BELLEVIEW Group will open Penang’s first strip mall, the RM200mil All Seasons Place, in early 2012 in Bandar Baru Air Itam.

Its group managing director Datuk Sonny Ho said strip malls were popular found in countries such as the United States, Canada and Australia.

“Strip malls are owned by a single owner and managed like a typical shopping mall.

“All Seasons Place, with an estimated 240,000sq ft of leasable space, qualifies as a strip mall as all the retail outlets are facing the main road, has a supermarket anchor tenant, and over 500 outdoor and indoor car parking bays.

“It is designed with a total of 120 shoplots spread over only three levels and all facing the busy main road of Lebuhraya Thean Teik

“Giant, which has agreed to be our anchor supermarket tenant, will occupy a 45,000sq ft space in All Seasons Place.

“We are in the process of selecting suitable food and beverage tenants to lease our retail outlets,” he said, adding that they have received over 200 enquires to lease the retail space.

Ho said they were targeting about 20 food and beverage outlets to be located at the al fresco dining area.

“There will also be other retail business such as beauty care, pharmaceutical and education centres as well.”

The project, which is located on a 8.09ha site, he added, has direct access to a surrounding population of over 300,000.

‘There will also be a 8,000sq ft courtyard with glass lifts and escalators against a backdrop of cascading waterfall and attractive light-emitting diode (LED) lighting.”

The rental for All Seasons Place ranges between RM3 per sq ft for level three and RM9.50 per sq ft for the ground floor.

Ho added that over 80% of All Seasons Park condominium, comprising 808 units, had been sold, and the last block would be launched in early 2012 during Chinese New Year.

The launched units, with built-up area ranging between 850sq ft and 1,300sq ft, were sold between RM300,000 and RM500,000.

Source: The Star

GEORGE TOWN: About 7,300 affordable residential units will be built in the Batu Kawan ‘People’s Housing’ project.

Chief Minister Lim Guan Eng said the units would be built on 80.9ha of land in the new Bandar Cassia satellite township.

“We will call for an open tender soon to try to secure more value-added features for the project,” he said.

“Although this is a project for affordable housing, we want to it to be comfortable and we welcome more ideas to make it better.

“After the Hari Raya festivities are over, things will move fast,” he said, adding that an open tender would also be called for a 141ha golf course on the nearby hilly terrain.

Lim said the ‘People’s Housing’ was a starting point for the state government in providing affordable units for Penangites.

He said locals were given priority as the development, expected to cost billions of ringgit, would be heavily subsidised by the state government and the Penang Development Corporation (PDC).

“Initially, I announced that only some 60ha would be used for affordable housing but we have since increased the land size,” he told a press conference yesterday.

PDC general manager Datuk Rosli Jaafar said there would be no segregation between the low and low medium-cost units to encourage neighbourliness.

“We will optimise the density to 56 units for the medium rise apartments and the blocks would be no higher than 10 storeys.

“Units of various sizes will be housed in the same blocks because we do not want the low-cost unit owners to feel segregated,” he said.

Prices for the units range from RM72,500 for about 800sq ft to a maximum of RM220,000 for the larger units. Earthwork for the entire project will take 18 months to complete.

The whole development is targeted for completion within five to seven years.

Source: The Star

Photo source: Asian Skyscraper Forums

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