Singapore-based Azea Property Investment (API) is looking to launch its second project — a RM43 million condominium project dubbed Anson Cube — in Malaysia soon.

In a press statement dated Wednesday, May 25, founder Tan Yang Po said the project is a joint venture (JV) with local partner Dot Greenland Sdn Bhd in Georgetown, where API holds a 30% stake in the JV company Tri Mega Venture Sdn Bhd.

The freehold property will occupy a 28,000 sq ft site in Georgetown, and offers two high-end condominium blocks and a 5-storey commercial building.

“I am really excited about this project as it is destined to become Penang’s newest meeting point and business hub because of its strategic location with easy accessibility to major landmarks, like Gurney and the first bridge,” she said.

“I am optimistic that this property will do very well. We already have a lot of enquiries even before launch.”

In the 5-storey building, the ground floor is designated for food and beverages shops, while the first floor is exclusively for al-fresco dining. The second floor, meanwhile, features a bridal theme, with all shops offering wedding-related goods and services. The higher floors in the building will house corporate offices.

API first ventured into the Malaysian property market last year with a RM500 million high-end mixed development on a 1.7ha site in Danga Bay, Johor Bahru. Known as Azea Residences@Danga Bay, it was a JV project between Imperial Marina Pte Ltd, Danga Bay Sdn Bhd and Pembinaan Sahabatjaya Sdn Bhd.

Imperial Marina — a sister company to API that is also helmed by Tan — invested RM150 million or 30% of the cost of the project, while Danga Bay put up RM185 million (37%) and Pembinaan Sahabatjaya invested the balance of RM165 million (33%). The proposed waterfront development in Danga Bay would comprise 700 units of serviced apartments spread over four tower blocks, selling from RM697 psf.

API also made a bulk purchase of 20 units of luxury high-rise serviced apartment units in Setia Sky Residences near the Kuala Lumpur City Centre late last year for RM28 million.

Under API, Tan set up the Azea Property Investment Club whose members — comprising working adults, housewives and retirees — pool their financial resources to acquire properties and invest in worthy projects. She is a personal business trainer, property consultant and chief executive officer of API.

Azea Property Investment Club now has close to 2,000 members, and invested in properties around the world, including £3 million (RM24.74 million) worth of Victorian-styled apartment blocks in London and another 200 units of landed properties valued at over US$7 million (RM21.42 million) in Houston, Texas.

Source: The Edge Property

Saujana Permai, strategically located near the bustling Bukit Mertajam township and conveniently accessible via establised routes and the North-South Highway. Only 15 minutes to the Penang Bridge, the tastefully designed 2-Storey Semi-Detached homes are build on high ground about 10 feet above sea level.

Project Name : Saujana Permai
Location : Bukit Mertajam, Penang
Property Type : 2-storey Semi-Detached
Land Tenure: Freehold
Total Units: 30 (Type A), 2 (Type B)
Indicative Price : RM550,000 onwards
Developer : Pacific Treasure Land
Contact Number : 04-508 8228

PETALING JAYA: Mah Sing Group Bhd’s net profit jumped 47.6% to RM41.1mil for the first quarter ended March 31 due to progressive recognition of development revenue and contribution from its property projects in the Klang Valley, Penang and Johor Bahru.

The company said in a statement yesterday that revenue for the quarter rose to RM311.7mil against RM238.3mil a year ago. Earnings per share stood at 4.95 sen.

Mah Sing said projects that contributed to the group’s profit and revenue included Perdana Residence 2 in Selayang, Garden Residence in Cyberjaya as well as Hijauan Residence and One Legenda in Cheras.

“Also contributing are projects such as Residence @ Southbay and Legenda @ Southbay in Penang as well as Sierra Perdana, Sri Pulai Perdana 2 and Austin Perdana in Johor Bahru.

“Our plastics division also contributed positively to revenue and profit,” it said.

The developer added that its balance sheets remained healthy with net gearing ratio at 0.32 as at March 31.

“The group has 22 ongoing projects and another seven in the pipeline for continued earnings growth in the near and medium term,” it said.

As at May 13, Mah Sing achieved RM975mil in sales, meeting 49% of its full-year sales target of about RM2bil. The group has unbilled sales of about RM1.6bil as at March 31.

SOURCE: The Star

Kuala Lumpur: A joint venture (JV) between Fajarbaru Builder Group Bhd and Sagajuta (Sabah) Sdn Bhd is on the verge of buying 44ha of land in Balik Pulau, Penang, via a private tender, people familiar with the matter said yesterday.

At least two people with direct working knowledge of the two companies independently confirmed the JV's plan to acquire the land from a local non-government organisation in a cash deal valued at around RM200 million.

According to land brokers, land in Balik Pulau sells at between RM16 per sq ft (psf) and RM35 psf, depending on the type of land.

Among factors taken into consideration are if the land is leasehold or freehold, and whether it is agriculture, industrial, estate, orchard or housing land.

Business Times was told that an announcement by the JV on the matter will be made by as early as next month.

It is understood that the JV intends to undertake medium- to high-end property development projects, which collectively boast a gross development value exceeding RM3 billion.

Securing the project will be a critical boost for Fajarbaru, which is partly controlled by Datuk Low Keng Kok, former managing director of Road Builder (M) Holdings Bhd.

Fajarbaru is a successful medium-sized construction company, but it has been facing a margin squeeze as construction margin here is not as lucrative as before.

For the nine months ended March 31 2011, Fajarbaru posted a lower group level pre-tax profit of RM15.75 million versus a group pre-tax profit of RM19.31 million in the same period a year ago.

This is despite revenue for the period under review growing marginally to RM126.01 million from RM121.27 million before.

Analysts said construction margins are currently between 8 per cent and 12 per cent, while margins for property development vary from 18 per cent to as high as 30 per cent.

The planned township, which will take five to 10 years to develop, will comprise landed and high-rise residences, a commercial hub, mall and leisure properties, a source said.

Zerin Properties founder and chief executive officer Previn Singhe said with strong demand for landed properties in Penang Island, the project will be well-received if given the approval.

"Penang is a strong market. If you build good condominiums, people would buy. We expect sales to be very domestically-driven," he said.

Fajarbaru's partner in the JV, the privately-held Sagajuta, recently gained prominence after it emerged that the Sabah-based company had identified Robert Kuok Hock Nien's Jerneh Asia Bhd as a possible reverse takeover target.

Both companies are now in the midst of trying to finalise the deal, Jerneh Asia's filings to the stock exchange show.

One of the key driving forces of Sagajuta is its managing director Datuk Chan Boon Siew.

In Sabah, Sagajuta is famous for its 1Borneo development project, the first and largest lifestyle hypermall in the land below the wind.

SOURCE: Business Times

Park View Residences, a new gated and guarded residential development strategically located next to Juru Auto-City. It is only 1km from the Juru Toll and mere minutes drive from the Penang Bridge.

This project comprises of 2-storey semi-detached, 2-storey clustered semi-detached and 3-storey bungalow houses. The Residence Clubhouse will be able to cater to all your recreational and leisure requirements.

(This project was formally known as Greenpark Avenue / Green View Park)

Project Name : Park View Residences
Location : Juru, Penang
Property Type : 2-storey Semi-D, Clustered Semi-D and 3-storey Bungalow
Indicative Price : RM438,000 onwards
Developer : Seraimas Bina (X-Scan)
Contact Number : 04-398 9100