KUALA LUMPUR: S P Setia Bhd said the
privatisation agreement between its 50%-owned unit Setia Federal Hill Sdn Bhd
(formerly Sentosa Jitra Sdn Bhd), the government and Syarikat Tanah dan Harta
Sdn Bhd has become unconditional.
This brings the property developer closer to acquiring the 51.568 acres
(20.86ha) of land in Jalan Bangsar here, in exchange for the development of a
RM845 million integrated health and research institute, 1NIH Complex, on a
41.115-acre piece of land located in S P Setia’s Setia Alam township in Shah
Alam, Selangor.
In a filing with Bursa Malaysia yesterday, S P Setia said the Health Ministry
was satisfied that the conditions set out in the privatisation agreement had
been fulfilled and that the effective date of the privatisation agreement had
been determined to be June 17.
The agreement dates back to a 2011 proposal in which the Public Private
Partnership Unit (PPPU) in the Prime Minister’s Department had granted Setia
Federal Hill approval-in-principle to enter into negotiations with the PPPU and
the ministry over the development of the health complex.
The government’s approval-in-principle to the proposal submitted by Setia
Federal Hill was subject to the transfer of the Setia Alam land to the
government and the submission to the government of a letter of offer evidencing
that Setia Federal Hill has secured the project financing in respect of the 1NIH
Complex.
Setia Federal Hill plans to redevelop the Bangsar land into an integrated
mixed residential and commercial project and provide the government with a 20%
share of the net profit from the redevelopment.
Currently, five agencies of the National Institute of Health, which the
Health Ministry is responsible for, are situated on the land. They are the NIH
Secretariat, the Institute of Health Management, the Institute of Public Health,
the Institute of Health System Research and the Institute for Health Behavioural
Research.
This article first appeared in The Edge
Financial Daily, on June 20, 2014.
For more information on Building and Construction
seminars, please visit www.asiapacificevents.com
Thursday, 4 September 2014
Tuesday, 2 September 2014
Eco World buys Semenyih land for RM3.5b township
KUALA LUMPUR: Eco World Development Group Bhd plans to develop a mixed
residential township with a gross development value (GDV) of RM3.5 billion in
Semenyih, Selangor, following the acquisition of a 492.66-acre (199.4ha) tract
there.
The project will have a focus on affordable housing.
“It will complement the group’s overall master development strategy for [its current project called] EcoMajestic,” said Eco World president and chief executive officer Datuk Chang Khim Wah in a statement yesterday.
The group yesterday announced the acquisition of the Semenyih land from Univas (Far East) Sdn Bhd for RM225.33 million or RM10.50 per sq ft, as part of its plans to increase its pipeline of projects in the Klang Valley, Iskandar Malaysia and Penang to gain market share and lock in future growth.
The latest acquisition will increase the property developer’s landbank to more than 4,000 acres from 1,326.6 acres currently.
In a filing with Bursa Malaysia yesterday, Eco World said its unit Majestic Blossom Sdn Bhd had yesterday signed a conditional sale and purchase agreement (SPA) with Univas for the proposed acquisition which is expected to be completed by the fourth quarter of this year.
The SPA is conditional upon fulfilling conditions precedent within six months, including securing the approvals of the Estate Land Board for the transfer of the land, the shareholders of Eco World at an extraordinary general meeting to be convened and any relevant authorities.
“Majestic Blossom is currently in the initial stage of planning the development and it will need to submit a detailed development plan to the relevant authorities for approval,” said Eco World.
“It is now too preliminary to ascertain the total development costs, timing of development, expected profits as well as the additional financial commitment required for the project pending submission of the development plan for approval by the authorities,” it added.
The group expects to finance the proposed acquisition via internal funds and/or bank borrowings.
The freehold tract is located between the towns of Semenyih and Broga, and is within close proximity to the 1,073-acre EcoMajestic — Eco World’s first township project in the Klang Valley.
Chang said the group was encouraged by the response to its recently launched EcoMajestic, which saw a take-up of 95% for the first phase of 612 units of 2-storey terraced houses.
“This latest acquisition will increase our landbank in Semenyih to some 1,500 acres. With two sizeable projects in this fast-growing development corridor, Eco World is well-positioned to serve a broad range of customers and we intend to come up with exciting and innovative product offerings that will appeal strongly to the mass, upgrader and luxury home market,” said Chang.
“Given the location, there is good potential for upgraders and overspill demand to be captured from older neighbouring townships such as Bandar Rinching, Bandar Tasik Kesuma and Bandar Sunway Semenyih. The burgeoning student population created by Nottingham University and the land’s proximity to the proposed Bandar Kajang MRT Station are also supportive factors which bode well for its development prospects,” he added.
To further enhance accessibility and improve connectivity between EcoMajestic and the Semenyih land, Eco World plans to upgrade the existing connecting roads from EcoMajestic to Bandar Tasik Kesuma, an established residential area, and the Semenyih land.
Shares in Eco World closed four sen or 0.76% higher at RM5.31 yesterday, with a market capitalisation of RM1.34 billion.
This article first appeared in The Edge Financial Daily, on July 3, 2014.
The project will have a focus on affordable housing.
“It will complement the group’s overall master development strategy for [its current project called] EcoMajestic,” said Eco World president and chief executive officer Datuk Chang Khim Wah in a statement yesterday.
The group yesterday announced the acquisition of the Semenyih land from Univas (Far East) Sdn Bhd for RM225.33 million or RM10.50 per sq ft, as part of its plans to increase its pipeline of projects in the Klang Valley, Iskandar Malaysia and Penang to gain market share and lock in future growth.
The latest acquisition will increase the property developer’s landbank to more than 4,000 acres from 1,326.6 acres currently.
In a filing with Bursa Malaysia yesterday, Eco World said its unit Majestic Blossom Sdn Bhd had yesterday signed a conditional sale and purchase agreement (SPA) with Univas for the proposed acquisition which is expected to be completed by the fourth quarter of this year.
The SPA is conditional upon fulfilling conditions precedent within six months, including securing the approvals of the Estate Land Board for the transfer of the land, the shareholders of Eco World at an extraordinary general meeting to be convened and any relevant authorities.
“Majestic Blossom is currently in the initial stage of planning the development and it will need to submit a detailed development plan to the relevant authorities for approval,” said Eco World.
“It is now too preliminary to ascertain the total development costs, timing of development, expected profits as well as the additional financial commitment required for the project pending submission of the development plan for approval by the authorities,” it added.
The group expects to finance the proposed acquisition via internal funds and/or bank borrowings.
The freehold tract is located between the towns of Semenyih and Broga, and is within close proximity to the 1,073-acre EcoMajestic — Eco World’s first township project in the Klang Valley.
Chang said the group was encouraged by the response to its recently launched EcoMajestic, which saw a take-up of 95% for the first phase of 612 units of 2-storey terraced houses.
“This latest acquisition will increase our landbank in Semenyih to some 1,500 acres. With two sizeable projects in this fast-growing development corridor, Eco World is well-positioned to serve a broad range of customers and we intend to come up with exciting and innovative product offerings that will appeal strongly to the mass, upgrader and luxury home market,” said Chang.
“Given the location, there is good potential for upgraders and overspill demand to be captured from older neighbouring townships such as Bandar Rinching, Bandar Tasik Kesuma and Bandar Sunway Semenyih. The burgeoning student population created by Nottingham University and the land’s proximity to the proposed Bandar Kajang MRT Station are also supportive factors which bode well for its development prospects,” he added.
To further enhance accessibility and improve connectivity between EcoMajestic and the Semenyih land, Eco World plans to upgrade the existing connecting roads from EcoMajestic to Bandar Tasik Kesuma, an established residential area, and the Semenyih land.
Shares in Eco World closed four sen or 0.76% higher at RM5.31 yesterday, with a market capitalisation of RM1.34 billion.
 |
| EXPANDING LAND BANK... Univas (Far East) Sdn Bhd director Tee Cheng Hua (third from left) exchanging documents with Eco World Development Group Bhd president and chief executive officer Datuk Chang Khim Wah after the signing of a sale and purchase agreement yesterday for the acquisition of a 492-acre tract in Semenyih, Selangor by Eco World from Univas. Looking on are Eco World director Tan Sri Liew Kee Sin (centre), executive director Liew Tian Xiong (right), Univas representative Jane Tee (left) and director Tee Lip Sin |
This article first appeared in The Edge Financial Daily, on July 3, 2014.
Monday, 1 September 2014
Princess Cove set to be Johor Baru’s latest landmark
JOHOR BARU: The sprawling Princess Cove project in Tanjung Puteri by
China-based property developer R&F Properties Co Ltd is expected to become
the latest landmark in Johor Baru.
The project is located opposite Singapore’s Woodlands immigration complex and next to the Johor Causeway.
“It will be a new landmark in Johor Baru, similar to what Kuala Lumpur has in the Petronas Twin Towers, and will greet those who are coming to Johor via the Causeway,” R&F Properties sales representative Joe Tan said during a tour of the project’s yet-to-be officially launched sales gallery yesterday.
Tan said the new landmark will comprise twin skyscrapers, one of which will be a Grade A office tower while the other will house a five-star hotel. He declined to divulge further details about its height.
But several local property websites quoted the height of one of the skyscrapers at over 550m.
Tan said for the first phase, which is slated for completion in 2017, the developer will build 3,000 units of luxury condominiums in 15 blocks and a three-storey shopping complex.
“We already have enquiries from customers from the United States and Britain,” he said, adding that the project, targeted for Malaysian and foreign buyers, will be completed in five phases spanning eight years.
R&F Properties, one of the largest property developers in China and listed on the Hong Kong Stock Exchange, late last year bought 47ha of seafront, prime land in Johor Baru worth RM4.5 billion in a deal involving Johor royalty.
The land was formerly the site of Tanjung Puteri’s Royal Malaysian Customs Department. On a per sq ft (psf) basis, the prime land is valued at more than RM890, making it the second most highly priced piece of land in the city, trailing closely behind another China-based property firm that bought 15ha of land in Danga Bay for RM991 psf. — Bernama
This article first appeared in The Edge Financial Daily, on July 3, 2014.
The project is located opposite Singapore’s Woodlands immigration complex and next to the Johor Causeway.
“It will be a new landmark in Johor Baru, similar to what Kuala Lumpur has in the Petronas Twin Towers, and will greet those who are coming to Johor via the Causeway,” R&F Properties sales representative Joe Tan said during a tour of the project’s yet-to-be officially launched sales gallery yesterday.
Tan said the new landmark will comprise twin skyscrapers, one of which will be a Grade A office tower while the other will house a five-star hotel. He declined to divulge further details about its height.
But several local property websites quoted the height of one of the skyscrapers at over 550m.
Tan said for the first phase, which is slated for completion in 2017, the developer will build 3,000 units of luxury condominiums in 15 blocks and a three-storey shopping complex.
“We already have enquiries from customers from the United States and Britain,” he said, adding that the project, targeted for Malaysian and foreign buyers, will be completed in five phases spanning eight years.
R&F Properties, one of the largest property developers in China and listed on the Hong Kong Stock Exchange, late last year bought 47ha of seafront, prime land in Johor Baru worth RM4.5 billion in a deal involving Johor royalty.
The land was formerly the site of Tanjung Puteri’s Royal Malaysian Customs Department. On a per sq ft (psf) basis, the prime land is valued at more than RM890, making it the second most highly priced piece of land in the city, trailing closely behind another China-based property firm that bought 15ha of land in Danga Bay for RM991 psf. — Bernama
This article first appeared in The Edge Financial Daily, on July 3, 2014.
For more information on Building and Construction
seminars, please visit www.asiapacificevents.com
Thursday, 28 August 2014
Phase 1 of US$1.54b Thai mega project launched
BANGKOK: Three Thai developers, Siam Piwat Co Ltd, Magnolia Quality
Development Corp Co Ltd and Charoen Pokphand Group Co Ltd have launched the
first phase of their joint venture mega mixed development project, Iconsiam.
This project is said to be the largest integrated development when fully
completed.
Iconsiam’s first phase sits on 20 acres (8.09ha) of land by the Chao Phraya River in Bangkok, which is about 40 minutes from the Suvarnabhumi International Airport. The US$1.54 billion (RM4.93 billion) first phase has a total gross floor area (GFA) of 750,000 sq m. It will comprise two malls, two high-end condominiums and an event park. It will also feature seven precedent-setting attractions called The Seven Wonders at Iconsiam.
“The reason for this development is to enable Thailand to compete with other mega projects in the global arena that will bring recognition to Thailand,” said Siam Piwat chief executive officer Chadatip Chutrakul during the launch of Iconsiam on Tuesday.
“The planning of this mega development was not easy. We have been planning this project for two years with the government, and public and private industries to ensure its smooth progress and success.”
The land area for the development of Iconsiam was originally 16 acres but was increased to 20 acres through acquisitions of surrounding properties. Chadatip said they are looking to acquire more land for further phases of the mega integrated development.
The two retail complexes for Iconsiam’s first phase will comprise one luxury retail experience. Covering 525,000 sq m, the 10-storey retail complexes are situated back-to-back.
“Once the malls are completed, there will be more than 500 shops, 100 restaurants from 30 countries, and many services and products that are going to be available for the first time in Thailand. There are also venues capable of hosting world-class performances and gatherings,” said Chadatip.
The malls are set to be launched in the third week of July and will be ready for lease in October.
The two high-end residential towers at Iconsiam will be 70 and 40 storeys high and they are dubbed as The Magnolias Waterfront Residences at Iconsiam.
The 70-storey condo will contain 379 units with built-ups from 60 sq m to 346 sq m. The 40-storey condo will have 140 units consisting of sky villa and duplex sky villa.
“We have not finalised the built-ups for the 40-storey tower,” said Magnolias Quality Development chief executive officer Tipaporn Chearavanont. No selling price was disclosed and will be revealed at a later date. The Magnolia Waterfront Residences will be launched at end-July, Tipaporn added.
The construction stage for the project started in March 2014 and it is set to be completed in 2017.
Iconsiam will also be accessible via river transportation. The project will have three piers linked to the mall and residential towers and a pier for private yachts.
Iconsiam’s first phase sits on 20 acres (8.09ha) of land by the Chao Phraya River in Bangkok, which is about 40 minutes from the Suvarnabhumi International Airport. The US$1.54 billion (RM4.93 billion) first phase has a total gross floor area (GFA) of 750,000 sq m. It will comprise two malls, two high-end condominiums and an event park. It will also feature seven precedent-setting attractions called The Seven Wonders at Iconsiam.
“The reason for this development is to enable Thailand to compete with other mega projects in the global arena that will bring recognition to Thailand,” said Siam Piwat chief executive officer Chadatip Chutrakul during the launch of Iconsiam on Tuesday.
“The planning of this mega development was not easy. We have been planning this project for two years with the government, and public and private industries to ensure its smooth progress and success.”
The land area for the development of Iconsiam was originally 16 acres but was increased to 20 acres through acquisitions of surrounding properties. Chadatip said they are looking to acquire more land for further phases of the mega integrated development.
The two retail complexes for Iconsiam’s first phase will comprise one luxury retail experience. Covering 525,000 sq m, the 10-storey retail complexes are situated back-to-back.
“Once the malls are completed, there will be more than 500 shops, 100 restaurants from 30 countries, and many services and products that are going to be available for the first time in Thailand. There are also venues capable of hosting world-class performances and gatherings,” said Chadatip.
The malls are set to be launched in the third week of July and will be ready for lease in October.
The two high-end residential towers at Iconsiam will be 70 and 40 storeys high and they are dubbed as The Magnolias Waterfront Residences at Iconsiam.
The 70-storey condo will contain 379 units with built-ups from 60 sq m to 346 sq m. The 40-storey condo will have 140 units consisting of sky villa and duplex sky villa.
“We have not finalised the built-ups for the 40-storey tower,” said Magnolias Quality Development chief executive officer Tipaporn Chearavanont. No selling price was disclosed and will be revealed at a later date. The Magnolia Waterfront Residences will be launched at end-July, Tipaporn added.
The construction stage for the project started in March 2014 and it is set to be completed in 2017.
Iconsiam will also be accessible via river transportation. The project will have three piers linked to the mall and residential towers and a pier for private yachts.
 | |||
| An artist’s impression of Iconsiam by the Chao Phraya River in Bangkok. |
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seminars, please visit www.asiapacificevents.com
|
Tuesday, 26 August 2014
Bangkok luxury apartments offer 6% annual return over two years
According to Siralai chief executive officer Thanyaporn Chansakulporn, the project chalked up sales of RM8 million in May when it was launched in Singapore.
“The positive response to the Than Living launch in Singapore is a direct indication that Thailand still remains a popular property investment hub for foreign buyers despite the country’s political situation,” she said in a statement.
Than Living Sathorn-Charoenrat is located near its namesake main road as well as Chan Road and Rama III Road, Surasak BTS Station, and Charoenrat BRT Station. The condos overlook the Chao Phraya River, and are close to amenities such as Central Plaza Rama III, Asiatique The Riverfront, popular retail outlets, international schools and hospitals.
The RM200 million project will consist of a 36-storey tower comprising 523 units of apartments with built-ups from 312 sq ft to 1,604 sq ft, excluding penthouse units which have built-ups of 2,852 sq ft to 3,057 sq ft.
Apartment types include 1-, 2- and 3-room duplexes, executive 2- and 3-bedroom apartments. Prices start from RM301,700.
Some of its amenities include a private library, gymnasium, multipurpose room for aerobics or yoga classes, parking, and 24-hour security.
Frank Khan, Knight Frank Thailand executive director and head of residential, noted that the current political unrest in Thailand has not permanently affected the property market.
“In the first four to five months the market may have been a little soft but it has vastly improved and is only continuing to do so. Despite the political turmoil, the private sector is still strong and going well. As a matter of fact, cooling measures were introduced as a result of the political unrest to ensure that oversupply does not occur.”
This article first appeared in The Edge Financial Daily, on July 4, 2014.
For more information on Building and Construction seminars, please visit www.asiapacificevents.com
Monday, 25 August 2014
Taylor Wimpey launches Paddington Exchange in Kuala Lumpur
“We are delighted to confirm the addition of this fantastic scheme to the Taylor Wimpey Central London portfolio and very much look forward to getting started,” said managing director Ingrid Skinner. “With unparalleled transport connections across London and beyond, the numerous amenities right on the doorstep, this development has so much to offer.”
The development is set to be located in Zone 1, Central London location of Paddington Basin. Paddington Exchange will be in close proximity to Paddington Station and gives easy access to Circle Line, Hammersmith & City Line, Bakerloo and District Lines via Paddington and Edgware Road.
The project will consist of 123 1-, 2- and 3-bedroom apartments. The developers remained tight-lipped about the details of the gross development value and built-up of the units. However, each unit comes with a dedicated external space via a terrace or balcony.
It will also offer facilities such as underground parking, a fully-equipped gym, along with community, retail and business space. An added feature of the development is its modern glass façade that will enable natural sunlight into the property.
Residents can enjoy the surrounding Paddington area, which is home to a number of stylish restaurants and exclusive shopping areas such as Bond Street. Moreover, they can enjoy the nearby recreational spots such as Hyde Park and Regents Park. Other nearby amenities include The Grey Coat Hospital and King Solomon Academy.
To exclusively market Paddington Exchange in Malaysia, C H Williams Talhar & Wong has been appointed the exclusive sales agent .
“We are pleased to announce the sale of this prestigious project in Malaysia” said deputy managing director Danny S K Yeo. “Paddington Exchange presents overseas investors with an exceptional opportunity to purchase within high quality development in an established, Central London Zone 1 location.”
An exhibition of the development will be held at the Westin Hotel Kuala Lumpur over the weekend.
 | |
| An artist’s impression of Paddington Exchange, which will be in close proximity to Paddington Station. |
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Sunday, 24 August 2014
Sekitar26 Business has achieved 51% take-up since October 2013
Sekitar26 Business has a gross development value (GDV) of RM211 million. It comprises 38 units of 3-storey semi-detached industrial units and a 3-storey detached industrial unit, on 13.2 acres (5.34ha) of freehold land. This commercial hub is the first phase of a wider development called Sekitar26.
“Sekitar26 Business has received positive feedback since its launch of 38-units of 3-storey semi-detached industrial units in October last year with 20 units being sold,” said Beh Chun Chong, deputy chief executive officer, Paramount Property Development.
Built up of units range from 8,689 sq ft to 8,704 sq ft while land dimensions for the units range from 65ft by 155ft to 88ft by 155ft. Prices per unit start from RM5,732,000 or RM570 psf. Paramount is banking on the ready catchment available in section 26 and sees it as a thriving place for business and a vibrant destination for leisure.
“The buyer mix consists of end-users and investors, with the majority of them being end-users who currently have businesses in nearby areas such as Puchong, USJ, Shah Alam and Kota Kemuning. These end-user buyers cited the strategic location with freehold status, easy accessibility, practical designs and soundness of Paramount’s reputation as reasons for choosing the development.
“The buyers will be bringing their current businesses to Sekitar26 Business. The business mix consists of trading businesses, agricultural trading, car showrooms, and furniture showrooms,” he said. “With buyers’ profiles consisting of serious buyers who purchase for their own business use, we are not relying so much on an investor market.”
These industrial units have a full glass frontage ideal for branded signature offices, showrooms and warehouses, according to Beh. Sekitar26 Business is scheduled for completion in the fourth quarter of 2016.
This article first appeared in The Edge Financial Daily, on July 4, 2014.
For more information on Building and Construction seminars, please visit www.asiapacificevents.com
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