United Bintang Bhd (UBB), an importer and exporter of used and reconditioned heavy machinery, will pursue property development plans in Penang under the direction of its new majority shareholder, Datuk Alex Ooi.

Ooi, who now owns 32% of UBB, is the executive chairman of UBB and chief executive officer of Ideal Property Group.

He said UBB would work with Ideal Property Group, a Penang-based developer with 12 years of experience in the business, to pursue some of these projects, as the latter owns about 80ha of landbank on the island, located largely in the south-west district.

“We are looking at building more condominium properties priced between RM500,000 and RM700,000 per unit.

“The plan for this year is for UBB and Ideal Property Group to jointly launch some RM1.5bil worth of such projects on the island in the second half of 2014,” he said.

UBB is also looking to tap into the growing tourism market in Penang, which has attracted some six million visitors since it was declared a Unesco World Heritage Site in 2008.

“We plan to take this opportunity to invest in the development of new tourist attractions in the coming years as part of our diversification strategies, which include building a theme park in Penang.

“To cater to the increasing number of tourists in Penang, we plan to build two new hotels in Bayan Baru,” he said.

Ooi said UBB saw more future benefits for its shareholders from the development of high-quality premium development projects.

“This initiative will consolidate, strengthen our current finances and transform UBB and Ideal Group into one of the top property developers in Penang.

“With new funds, we want to be more than just a property developer. Being a Penang home-grown developer, Ideal Property wants to create a legacy for Penang, not by encouraging the appreciation of asset values but build properties that promote great appreciation of life for the next generations to come with great emphasis on wellness,” Ooi added.

He added that UBB’s board of directors had already endorsed the change of UBB’s name to Ideal United Bintang Bhd (IUBB).

The name IUBB has been approved by the Companies Commission of Malaysia and is now waiting for the shareholders’ approval at the forthcoming EGM.

Source: StarProperty.my

Consortium Zenith BUCG Sdn Bhd expects to complete feasibility studies for the controversial RM6.3 billion Penang undersea tunnel infrastructure project and major roads in April this year, said its chairman Datuk Zarul Ahmad Zulkifli.

Consortium Zenith is a joint-venture between Zenith Construction Sdn Bhd and China Railway Construction Co Ltd, together with Beijing Urban Construction Group, Sri Tinggi Sdn Bhd and Juteras Sdn Bhd.

Zenith PMC Sdn Bhd, a unit of Zenith Construction, signed a joint-venture agreement with Astral Supreme Construction Sdn Bhd in September 2013 to carry out a feasibility study, design and environmental impact assessment (EIA) for the undersea tunnel.

“We should be able to complete the feasibility studies in April. At the moment, we’re ahead of time. We’re supposed to complete the feasibility studies by June but we’re now bringing it forward,” he told reporters after the signing a memorandum of agreement with Koperasi Staff CIDB Malaysia Bhd (KoCIDB) here yesterday.

He added that after the completion of the feasibility studies, it will also need to undertake the detailed design works.
“Things are still not defined until we complete the feasibility studies,” Zarul added.

When asked if the undersea tunnel project is going to exceed its budget, he said it is a business risk that the company has to take but is being managed.

“Even if it (costs) overshoots, it would be the businessman’s problem and not the state’s problem. The state has capped it at RM6.3 billion, and we have to work within the RM6.3 billion,” said Zarul, who remained mum on the financing of the RM6.3 billion project.

Consortium Zenith was awarded the contract for the mammoth project by the state government in March 2013. A contract to seal the deal however was only signed in October 2013 after protests from the public brought into question the viability of the project.

Earlier, Consortium Zenith signed a memorandum of agreement with KoCIDB for a labour supply and management package, estimated at some RM200 million, for the construction of the Penang undersea tunnel infrastructure project and major roads.

It is expected to start construction of the first local Integrated Construction Workers Complex (ICWC) by the first quarter of 2015, which will accommodate for an estimated 2,000 workers who will be involved in the construction of the 6.5km George Town-Butterworth undersea tunnel project.

Zarul said the construction of the complex is to be completed by end of 2015 or early 2016. The construction of the first phase of ICWC is estimated at RM10 million to RM15 million.

“ICWC will be working hand in hand with a consortium of KoCIDB which is financially sound and has the experience at building complexes of similar kind in the country,” he said.

The complex is spread across a land area of 14,164 sq meters in Penang. It will provide a full range of amenities including housing, business conference centres, cafeteria, sports centre, recreational facilities, mosque, clinic and supermarket.

He said this is the first time KoCIDB, a society under the Construction Industry Development Board (CIDB), is participating in the supply of workers to a construction company and hopes this will be a template for other companies to follow.

KoCIDB has credentials and experience in recruiting and training certified labour for the construction industry. It has the resources, expertise, efficient systems and capacity to recruit and manage labour, and coordinate work permit, medical and insurance requirements.

Source: TheSunDaily

The Glades, a gated and guarded development by Metrio Development Sdn. Bhd. in Alma, Bukit Mertajam. This development is located next to Jesselton Hills housing scheme by DNP Land, easily accessible via Jalan Rozhan.  Comprises 77 units of 2 & 3-storey semi-detached, bungalow and zero-lot bungalow houses.

Property Project: The Glades
Location : Alma, Bukit Mertajam, Penang
Property Type : 2 & 3-Storey Semi-detached, Bungalow and Zero-lot
Total Units: 77
Indicative Price : RM700,000 onwards
Developer : Metrio Development Sdn. Bhd.

Location Map 

Vortex Business Park, strategically located off Jalan Batu Kawan at Bukit Tambun, Penang. This commercial development comprises 112 units of semi-detached shop office and light industry.

Property Project: Vortex Business Park
Location : Bukit Tambun, Penang
Property Type : Semi-detached shop office & light industry
Total Units: 112
Developer : Metrio Development Sdn. Bhd.

Location Map

Taman Kota Kenari is a comprehensive development adjacent to the fast expanding Kulim Township and create tremendous commercial potential for the region. Complementary light/service industry and housing development makes Kota Kenari Kulim and ideal investment options.

Highlights:

• Surrounded by MNCs with more than 60,000 employees – Intel, First Solar, Panasonic, Fuji Electric, Infineon and etc.
• Surrounded by high density taman with more than 10,000 residents – Kota Kenari, Taman Selasih, Taman Tunku Putra and etc.
• Surrounded by higher education institutions – UniKL, Politeknik and AUCMS.
• Hi-Tech Park New Phase 4 in development stage with more than 400 acres.

Property Project: Taman Kota Kenari
Location: Kulim, Kedah
Property Type: Shop Lot
No. of Units: 42
Land Tenure: Freehold
Indicative Price: RM468,800 onwards
Developer: Axis Properties
Contacts: 013-455 2888 (Sam), 012-461 8200 (Wang), 012-409 9288 (Sue Yee)

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