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Property Project : View Court Apartment
Location : Farlim, Penang
Property Type : Apartment
Tenure : Leasehold
Indicative Price: RM400,000 onwards
Developer : Farlim Group

Property developer, Mah Sing Group Bhd, will continue to acquire prime land and enter into joint ventures in future, to further boost its expansion strategy.

Managing Director, Tan Sri Leong Hoy Kum said the group is keen on both privately held and government land, that could be developed, as it had the track record, experience, branding and financial capacity to unlock and enhance the value.

"This year should be another good year, particularly for developers, with a knack for creative product development and market strategies, among others.

"The mid to high-end residential segment in well established locations should continue to thrive together with the mass housing market, echoing the government's call to provide affordable housing," he told reporters after Mah Sing's Annual General Meeting here, today.

To date, the group has a total of 34 projects in Greater KL (Kuala Lumpur and Klang Valley), Penang and Johor Bharu, which yield a combined remaining gross development value (GDV) and unbilled sales of approximately RM14 billion to last for five to seven years.

Leong also expects the positive sentiment for the property market to continue, riding on the favorable employment conditions and stable economic growth.

"It is a good time to buy properties now, in view of the rising construction cost environment as buyers can lock in current property prices and enjoy borrowing rates, which are still very reasonable.

"Buyers should consider the developer’s track record, in terms of product delivery, quality, service and potential upside of the property," he said, adding, the group will maintain its focus on the local property market for its expansion plan.

For the first quarter ended March 31, 2011, Mah Sing reported a net profit and revenue of RM41.2 million and RM311.8 million respectively.

"We surpassed our shareholders' expectations last year and are working hard on achieving another good year in 2011 with more launches coming up in the second half," Leong said.

Macquarie Equities Research, the latest research firm to have initiated coverage of the group, has forecast Mah Sing' earnings to grow at a compound annual growth rate (CAGR) of 54 per cent over financial years 2011-2013.

In order to provide continuous value enhancement to shareholders, the group is aiming for a RM5 billion market capitalisation within five years, from its present RM2.2 billion. — BERNAMA


SOURCE: Business Times

PROPERTY developer Tambun Indah Land Berhad is anticipating at least 15% revenue growth this year from RM128mil recorded last year.

Its managing director Teh Kiak Seng said the company currently has six ongoing projects with total gross development value (GDV) of RM500mil.

“We will launch three more pro-jects at the end of the year, namely the BM Residence in Bukit Merta-jam, Capri Park in Butterworth and Kelisa Residence in Seberang Jaya with total GDV of RM110mil.

“We will have another project in Jelutong with three blocks of apartments and a block of office podium with GDV of RM200mil. Hopefully it can be launched by early next year,” he said after the company’s annual general meet- ing at Eastin Hotel in Penang last Friday.

The company’s ongoing projects include the Pearl Garden and Pearl Villas, Juru Heights, Carissa Park, Impian Residence, Dahlia Park and Tanjung Heights.

Teh said the company was also planning to develop an area called Pearl City consisting of over 445.15ha in Simpang Ampat.

“It will take a minimum of eight years to develop the place with GDV surpassing RM3bil.

“A business park will be sur-rounded by residential areas there and we are negotiating with hypermarkets, colleges and hospitals now. Hopefully, we can get one of them to come in.” Teh said.

He said more people from Penang island were favouring properties on the mainland.

“Last year we had about 10% purchasers from the island while this year, 35% of our purchasers are from the island.

“Properties over at the mainland are comparatively cheaper with a terrace house selling at about RM300,000,” he said.

SOURCE: The Star

PETALING JAYA: Middle class Malaysians who are aspiring to buy a home will soon be able to do so once a new Government-led initiative to build apartments costing less than RM300,000 in major cities is launched this year, Housing and Local Government Minister Datuk Chor Chee Heung said.

The affordable housing scheme, which is an addition to the My First Home Scheme for units costing between RM100,000 and RM220,000, will see stratified units priced between RM220,000 and RM300,000 being built for those with a household income of less than RM6,000 a month and who do not yet own a house.

“The Government will do whatever it can to ensure the lower income group will have a house and the medium income group will have a chance to buy a property of their own,” he said in an interview with The Star.

Chor said the plan was for units to be between 850 sq ft and 1,000 sq ft and each apartment would have a minimum of three rooms.

The ceiling price of RM300,000 will be for units built in Kuala Lumpur, Penang and Johor Baru and the price will be lower in other parts of the country.

TAIYO Resort (KL) Bhd is targeting the upgrading works at the Bukit Jambul Country Club (BJCC) golf course to be completed in 2012, a year before the scheduled completion.

Taiyo managing director Datuk Eiro Sakamoto said that the first nine holes of the 18-hole golf course was now 60% completed.

?The other 40% is scheduled for completion by end of the year.

?So far, we have completed replacing the grass at the putting greens with imported TifEagle grass.

?We have also completed the trenches on the fairway, which is topped up with sand to improve the drainage system of the golf course,? he said in an interview.

Sakamoto said the cow grass for the fairway was expected to be replaced with Bermuda grass by end of the year.

?We will start upgrading the second nine holes next year and this will take 12 months to complete,? he added.

Sakamoto said the renovation of the golf course would turn it into a buggy-course.

?The buggies are now restricted on only the buggy track.

?Once the renovation is done for the first nine holes, new buggies will be brought in to service the golfers, bringing them to the fairway,? Sakamoto said.

He also said Taiyo would spend about RM3mil to buy 110 new buggies.

He said renovation work for the clubhouse would start in July.

The renovation, which should be ready by December 2011, will see a restaurant serving Japanese, Chinese, and local cuisine, a terrace coffee-house and new changing rooms.

Sakamoto said the upgrading work for the 18-hole golf course is around RM6mil, while the clubhouse renovation would cost another RM3mil.

Taiyo is also allocating about RM30mil to maintain the golf course and the clubhouse for the next 10 years.

?We understand the importance of the club to attract overseas golfers to Penang and its role in promoting tourism,? he said.

Last November, Taiyo signed an agreement with Penang Development Corporation (PDC) and Island Golf Properties Bhd (IGP), a subsidiary of PDC, to undertake the management and operation of BJCC for 20 years.

Under the agreement, Taiyo will complete the upgrading works of the golf course by 2013.

?The name Bukit Jambul Country Club is expected to be changed officially to Penang Golf & Country Club soon,? Sakamoto said.

PDC general manager Datuk Rosli Jaafar said Taiyo should be given time to complete the upgrading works by 2013, according to the agreement.

BJCC liaison committee chairman Datuk Boonler Somchit said following a discussion by the liaison council and the management on May 26 regarding the poor maintenance of the second nine holes of the golf-course, Sakamoto agreed to take immediate action to improve conditions.

?Sakamoto also reassured that the renovation deadline of the first nine holes will be met by December this year,? he said.

SOURCE: The Star