Shareholders OK OSK merger with OSK Property and PJ Development, value RM1.7bil

 

Ong: ‘We will start immediately. The S&P (sales and purchase) will be completed very soon.’

KUALA LUMPUR: Shareholders of OSK Holdings Bhd have given the green light for the merger with OSK Property Holdings Bhd and PJ Development Bhd, valued at RM1.71bil.

The move will see OSK Holdings emerging as a first-tier property company in Malaysia.

“We will start immediately. The S&P (sales and purchase) will be completed very soon,” group managing director Tan Sri Ong Leong Huat said.

As a combined entity, OSK Holdings would have a total gross development value of RM13.3bil.

It will have landbank totalling 1,297 acres in Malaysia and and another five acres in Melbourne, Australia. The company has about RM1.5bil in unbilled sales that will provide a steady pipeline of revenue growth. It also has new projects coming on stream.

Despite market concerns of a slowdown in the property market, Ong noted that prices had been relatively stable.

“We didn’t see prices dropping anyway. The margins here are relatively low at around 10% to 20% unlike other countries where it’s 30% to 40%. We are still cheaper than the rest of the world even though we are semi developed,” he said. He added that “political bickering” had led to a lack of confidence among investors, which in turn resulted in the currency falling to an unnecessarily low.

“The economy has strong fundamentals compared with many other countries in this part of the world. There’s a reason for that but that reason won’t last forever. It will be overcome and we will be able to recover in the not too distant future. The Malaysian economy is generally quite stable,” Ong said.

He said the weakened ringgit could mean that its property was more attractive, especially to foreign buyers.

“For properties for foreign buyers, I think our ringgit is cheap, which makes it cheaper for people of countries with currencies that are relatively strong. I think that will also attract people to invest.

“Whatever goes down must come back up,” he said.

The combined earnings profile will see 40% from property, another 40% from financial services and the remaining 20% from hotels and building materials.

Apart from its 9.96% stake in RHB Capital Bhd, OSK Holdings has the money lending business, which according to Ong, is contributing a fair amount of profit.

Post-merger, he said, there would be no need for retrenchment of any staff. Rather, the company intends to look to increase its talent base, from 2,000 currently.

Under the exercise, OSK Holdings would acquire 72.4% of shares in OSK Property for RM346.4mil or RM1.95 per OSK Property share. It will also buy a 31.6% equity interest in PJ Development for RM223.64mil or RM1.56 per share.

It will also make a general offer to acquire the remaining shares and outstanding warrants in OSK Property and PJ Development from minority shareholders, which could result in RM1.14bil cash, assuming shareholders opted for cash. It expects to complete the whole exercise by September 2015.

For more information on Building and Construction event, please visit www.asiapacificevents.com

Cocooned in peace and greenery

Close to nature: The Jesselton Villas scheme in Penang will feature a beautifully crafted landscape.

DESIGN and build your dream bungalows on spacious plots with beautifully landscaped surroundings at the exclusive Jesselton Villas development in Penang.

The freehold bungalow lots offered by Berjaya Land Development Sdn Bhd are spread over 58 acres, and located next to the affluent Jesselton Heights neighbourhood and Penang Turf Club.

For Parcel 1, there are 69 lots available sized from 5,995sq ft to 9,634sq ft, averaging 6,903sq ft.

Those seeking a great property investment option should make a beeline to the company’s booth at the upcoming StarProperty.my Fair 2015 from July 9 to 12 at G Hotel and Gurney Plaza.

With prime land on Penang island a dwindling commodity, these competitively priced lots have excellent appreciation potential and represent a rare opportunity.

At the same time, it gives buyers the flexibility of crafting the home they have always imagined.

As these are empty lots, there is no limit to the design concepts, layouts and aesthetics that one can come up with.

A magnificent entrance will frame the guarded precinct, while inside, the landscaped parks, water features, gazebos, play areas and more create a scene of natural beauty.

Meandering pathways double up as jogging trails, while the green pockets make ideal venues for picnics or spending quality time with family and friends.

Privileged inhabitants are assured of abundant fresh air and tranquillity in this prestigious enclave.

Despite its cocooned environment, Jesselton Villas is close to all modern conveniences, with easy accessibility offered by the dual access points of Jalan Brook and Jalan Batu Gantung.

It is a mere 3km to the Penang Botanic Gardens, 4.5km to Gurney Drive, 5km to George Town, 11km to Batu Ferringhi, 8km to the Penang Bridge, 13km to the Bayan Lepas Free Industrial Zone and 17km to the Penang International Airport.

This puts residents within easy reach of attractions like Gurney Plaza, Gurney Paragon Mall, Island Plaza, Penang Plaza, Straits Quay Retail Marina, Penang Hill, Kek Lok Si Temple, the Swettenham Pier Cruise Terminal and George Town’s various heritage sites.

Also close by are educational institutions like St Christopher International School, Penang Girls Chinese High School, St Georges Girls School, Penang Free School, Chung Ling High School, Union High School, Han Chiang College and Penang Medical College.

Hospitals are also nearby like Gleneagles Hospital, Penang Adventist Hospital, Island Hospital, Mount Miriam Hospital and Penang Hospital.

Berjaya Land Development Sdn Bhd is a wholly owned subsidiary of the renowned Berjaya Land Berhad, a reputable developer known for well-designed homes primarily in the Klang Valley.

On its impressive portfolio are similar and successful bungalow lot developments like Subang Heights East and West, The Peak @ Taman TAR (Ampang) and Seputeh Heights.

Abroad, the company also has various developments in China, Japan, South Korea and Vietnam.

To find out more, visit its booth (G5) during the fair.

The StarProperty.my Fair, now into its 13th year, is the grandest property showcase in the northern region.

This year, there will be more than 40 exhibitors participating.

There will also be talks and forums conducted by specialists to provide visitors with useful information on various property- related topics.

Admission is free and visitors stand a chance to win more than RM100,000 worth of prizes including five tablets and handphones daily.

For more information on Building and Construction event, please visit www.asiapacificevents.com

Projects in Penang where residents can enjoy the good life

BY JEREMY TAN

Quality lifestyle: The address’ loft units enjoy direct access to the swimming pool.

IJM Land Bhd prides itself on stylish developments that celebrate the finer things in life, and its latest offerings on Penang island and the mainland are no exception.

Designed with modern lifestyle concepts, The Address and Trehaus in Bukit Jambul Indah, Permatang Sanctuary in Bukit Mertajam and Senjayu in Seberang Prai Selatan all facilitate the good life.

All these will be featured at the company’s booths during the Star Property Fair 2015 from Thursday to Sunday at G Hotel and Gurney Plaza in George Town.

IJM Land northern region senior general manager Datuk Toh Chin Leong said those seeking a property that they can immediately move into will find The Address, located next to the Bukit Jambul Country Club, an ideal choice.

Recently completed, it consists of 124 boutique condo units housed in a 16-storey tower, along with 24 duplex lofts.

The 5.4 acre development’s strategic location gives residents easy access to places like George Town, the Bayan Lepas Free Industrial Zone, both the Penang bridges, the Penang International Airport, and various amenities.

“Its low-density environment creates an aura of exclusivity. There are only a few condo units and duplexes still available,” Toh said, adding that the development also features eco-friendly elements, modern home systems and comprehensive facilities.

The high-rise units are sized between 1,431sq ft and 1,679sq ft, and come with either 3+1 or 4+1 bedrooms, along with excellent views of the surroundings. Meanwhile, the duplexes go for between RM1.7mil and RM2.3mil and have a built-up of 2,314sq ft with 4+1 bedrooms. These also come with private Jacuzzi and direct access to the swimming pool.

On the mainland, Phase 2B of Permatang Sanctuary, comprising 130 units of double-storey link bungalows named Sanctuary Villas, is expected to obtain its CCC (Certificate of Completion and Compliance) soon.

Part of a sprawling 100-acre development framed by manicured landscaping, it has been well-received and less than half of the overall units are still available.

“Every space is beautifully designed to create an overwhelming sense of peace and serenity. Outdoor living is also encouraged with themed parks and scenic routes integral features.

“The homes are competitively priced between RM833,000 and RM1.1mil,” noted Toh of the units with built-ups between 2,787sq ft and 2,861sq ft, and land sized at 3,767sq ft.

Also located on the mainland, but in Jawi, is Senjayu, the company’s much-awaited flagship development in the rapidly thriving south Seberang Prai enclave.

Its current masterplan comprises four phases of semi-detached, terrace and condo residences.

Phase 1, Senjayu Terrace, is set to be launched by the end of the year, and features 298 units of double-storey terrace homes with an approximate built-up of 1,600sq ft, at an average selling price of RM480,000.

Home buyers may also register for Trehaus, located along Bukit Jambul’s Millionaire’s Row. Its 26 semi-detached units will be launched soon, followed by its 46 condo villas at the end of the year.

“Inspired by the concept of countryside living, it will be a green development promoting a healthy lifestyle blending seamlessly with nature, and with a touch of luxury,” said Toh, adding that prices start from RM2.2mil and RM1.3mil respectively.

Visit IJM Land’s booth (N2b1) at the four-day fair from 10am to 10pm daily to enquire about the attractive home-ownership packages.

The StarProperty.my Fair, now into its 14th year, is the grandest property show-case in the northern region. This year, there will be more than 40 exhibitors participating.

There will also be talks and forums conducted by specialists in their respective fields to provide visitors with useful information on various property-related topics.

Admission is free and visitors stand a chance to win more than RM100,000 worth of prizes including five tablets and handphones, plus many more, daily.

For more information on Building and Construction event, please visit www.asiapacificevents.com

11 firms bid to build an icon in Bukit Jalil

The core at Bukit Jalil is the national stadium (left) and other sports facilities surrounding it. The new job involves construction of several new facilities including a sports museum and a hall of fame to honour the sporting greats of Malaysia. It also involves refurbishment work on existing facilities. “Emphasis will be placed on the company that is able to construct the new facilities and incorporate an iconic structure into the entire complex that would make it a place for people to visit,” an official said.

PETALING JAYA: The Government wants to promote the National Sports Complex (NSC) in Bukit Jalil, Kuala Lumpur as a tourist destination not only during major sporting events.

In this respect, it has been working with the private sector to build new infrastructure and put up an iconic feature at the NSC to attract more visitors.

Sources said 11 companies have participated in a competitive tender for the construction and refurbishment works worth more than RM1bil at the NSC.

“Initially there were 15 companies but four opted out,” said a source.

It is learnt that established players in the construction industry including UEM Sunrise Bhd, IJM Corp Bhd, WCT Bhd, Malaysian Resources Corp Bhd (MRCB) and the Naza Group are among the companies vying for the job where the most competitive bid in terms of financials and technicals will be paid in the form of land.

“The companies have been working on the project for more than a year and it is going into the final lap before a decision is made,” said a source.

StarBiz reported last week that MRCB was among the top contenders for the NSC project. Another strong competitor is the Naza Group,

It is learnt that the project came about after the Youth and Sports Ministry embarked on a plan to make the NSC more commercial.

“The purpose of the project is to help make the NSC area a popular spot for tourists and people in general. At the moment the facilities and the area draws crowd only when there are major sporting events,” said a sports official.

“Except for the flea market at the Putra Stadium which is fairly commercialised, the other facilities only generate revenue only when there is a major sporting event,” said the official.

A key criteria for the bidders is that they have to come up with an “iconic idea” to attract people to the NSC.

The job also involves construction of several new facilities including a sports museum and a hall of fame to honour the sporting greats of Malaysia. It also involves refurbishment work on existing facilities.

“Emphasis will be placed on the company that is able to construct the new facilities and incorporate an iconic structure into the entire complex that would make it a place for people to visit,” the official said.

The main facilities at the Bukit Jalil sports complex were built 17 years ago in preparations for the Commonwealth Games. Apart from a football stadium and indoor stadium, the other facilities there are a hockey stadium, the squash centre and acquatic centre.

It is also well-connected with numerous access roads and the light rail station passing through the area.

A spokesperson from the Youth and Sports Ministry confirmed that plans to construct new facilities and refurbish the existing stadiums in Bukit Jalil were in the works.

The spokesperson, however, declined to reveal if the stadiums would be confined to just those within the NSC.

Being a mature development, land within the Bukit Jalil area, especially near the NSC, is difficult to come by.

Among the companies with land bank in the area near the Bukit Jalil sports complex is Berjaya Land Bhd, which has developed a golf course with bungalows. The bungalow parcels are going for about RM350 per sq ft.

One of the biggest developers in that area is Malton Bhd, which has 50 acres to be jointly developed with Ho Hup Construction Bhd. The plan is to build a large shopping mall called Pavilion 2.

“It is difficult to get land in the Bukit Jalil area which is why the companies are eyeing the job,” said a property developer.

For more information on Building and Construction event, please visit www.asiapacificevents.com

A green enclave to call home

Spacious abodes: The first phase of Fairfield Villas project is made up of 122 bungalows.

YARRA Park, a prestigious green township by OSK Properties Sdn Bhd (OSKP), is poised to be a choice address in Sungai Petani, Kedah, with its quality and wholesome living environment.

OSKP branch head Paul Tan said the development, the company’s second township undertaking after the highly successful Bandar Puteri Jaya, had been very well-received.

“Purchasers simply love the overall setting of Yarra Park as a lushly landscaped township with tree-lined roads, wide footpaths leading to guarded precincts and 18 acres of picturesque lakes and greenery, bringing residents closer to nature.

“The whole concept and emphasis on the contemporary design of the homes and enhanced landscaping precinct by precinct will lead the way forward in township development in Kedah,” Tan said.

He said the upcoming Mega Mall and a modern clubhouse were also important ingredients to a successful urban township with all lifestyle facilities within easy reach.

Located just opposite the township, the mall will offer a myriad of retail and F&B options while the clubhouse will feature facilities such as a 50m-long swimming pool, gymnasium, multi-purpose hall as well as a nature park with cycling and jogging tracks.

Spanning 430 acres of freehold land adjacent to Bandar Puteri Jaya, Yarra Park will consist of eight precincts comprising residential and commercial properties.

The recently launched first phase of Fairfield Villas has received strong response. It is made up of 122 attractively designed bungalows on a 17-acre site within a guarded community.

The villas have an expansive 3,376sq ft built-up area on a piece of 5,400sq ft land. Scheduled for completion in 2017, they come with five bedrooms and 4+1 bathrooms in a functional and practical layout that accords residents maximum flexibility.

Each villa is equipped with home alarm systems and will be broadband-ready upon occupancy.

And to cater to individual preferences, the units are available in two different façades.

Both have a double-volume living area that provides seamless living spaces for one to design their own private sanctua-ries.

Fairfield Villas, priced from RM821,800 onwards, are among the properties which OSKP will showcase at the StarProperty.my Fair 2015 at Gurney Plaza and G Hotel in Penang from Thursday to Sunday. OSKP’s Booth G6A will be at G Hotel.

For more information on Building and Construction event, please visit www.asiapacificevents.com

Head of estate agents’ institute sees improving standards in property market

A property exhibition where buyers look for the best units and prices. The public can protect themselves by asking real estate agents for their tags.

THE Malaysian Institute of Estate Agents (MIEA) president Siva Shanker recently completed his two-year term on a high note after having led the institute over the period it trained 13,000 real estate agents to serve property buyers better.

Siva said within six months of its inception, the Real Estate Professional Seminars (REPS) received an overwhelming response.

This stands as a good indicator for the Malaysian property market, Siva said.

“We are a non-governmental organisation that is looking out for its members. We are doing all we can to help our registered real estate agents. All they (real estate agents) have to do is attend a one-day seminar with us and they can be recognised,” he said.

He also encouraged more real estate agents to be above board and not operate illegally.

“To date, we have approximately 21,000 registered real estate agents.

“However, there are as many, if not more, unregistered real estate agents in the country. There is a perception that the activities of illegal real estate agents are victimless crimes, but it is not so.

Siva says there are now 21,000 registered real estate agents in Malaysia.

“Registered agents are the victims as we follow the rules. The illegal brokers don’t abide by any rules and in most cases, buyers are also victims as they have to pay more for the property if they deal with illegal brokers.

“The government is also victimised because illegal brokers do not have to pay taxes. In the last 34 years, not a single illegal broker has been charged. We can’t seem to get the authorities to clamp down on them. A little enforcement is all we need,” said Siva.

The public can also protect themselves by asking real estate agents for their tags.

“The tags come with a QR code, which can be scanned. If the person is registered with MIEA, it will show in the system,” said Siva.

The immediate past president also expects this year to be better for all as real estate agents are expected to be busier.

“There is a perception in the market that property prices are falling. They are not. Prices are going up but on a smaller scale. We want slow steady growth over a long period of time instead of a sudden climb,” Siva added.

For more information on Building and Construction event, please visit www.asiapacificevents.com

Cybersouth a showcase on wholesome living

BY ANGIE NG
angie@thestar.com.my

Cybersouth offers a fresh new way of living, integrating nature and life.

MCT BHD is taking advantage of the fast developing southern corridor of the Greater Klang Valley to launch its latest township development, Cybersouth on 417 acres within Cyberjaya vicinity in Dengkil, Selangor, into a “master blueprint built on passion for wholesome living”.

MCT sales and marketing director Datuk Soo Kai Chee discloses that the township will be developed in line with the group’s vision of building wholesome communities in high growth corridors.

“Our projects will embrace eco-friendly ideas to make the communities healthier, safer, greener, more liveable and prosperous,” he says.

A glimpse of MCT’s property development journey shows the developer has quite a number of flagship projects that it is proud of.

Tracing MCT’s history since it started out on its corporate journey under the company name of Modular Construction Technology Sdn Bhd in 1999 as a builder specialising in undertaking construction, civil engineering and mechanical and electrical works through modular construction techniques, Soo says the company ventured into property development in 2004.

Residents can enjoy a dedicated 10-acre Central Park embellished with lofty greenbelt landscapes within this community.

Its maiden project was USJ One Avenue, a 448-unit condominium project in UEP-Subang Jaya, Selangor. The project worth a gross development value (GDV) of RM138mil was completed in 2008.

Since those early days, MCT has made great strides as a property developer and is today an integrated property developer with in-house capabilities in development planning, architectural and engineering design, quantity surveying and procurement, interior design, project management and construction.

Among its flagship projects include phases 1 and 2 of the One City development located in USJ, which comprise mixed commercial with shop offices, retail lots, office suites, hotel tower, office tower, dual purpose hall for cinema and seminars, fitness centre, rooftop food and beverage area, banquet and event hall, with a GDV of approximately RM880mil.

In total, MCT has completed projects worth a cumulative GDV of RM1.32bil and is currently developing on-going projects worth some RM3.7bil.

Soo says MCT has approximately RM5.1bil of GDV of projects with development order in place ready to be launched. In addition, there is also remaining landbank of 296 acres that are yet to be planned. The developer is looking to add value and offer buyers more holistic features across all three residential, commercial and educational zones in its Cybersouth township.

Cybersouth township, wholly owned by MCT, will take eight to 10 years to complete.

Intrinsically designed homes here nurture and enrich just about every aspect of your life.

Soo says the township’s location offers a prime location that allows close proximity to the three activity hotbeds of Putrajaya, Cyberjaya and the Kuala Lumpur International Airport (KLIA). It is just 400 meters to the boundary of Putrajaya and 1.5 km to Cyberjaya. And the KLIA is only 24 km away. Its location is well connected to surrounding areas via the major highways that include the LDP, MEX, Putrajaya-Cyberjaya Expressway, NKVE and SKVE.

“Cybersouth is certainly a piece of heaven on earth. And believe us, once you are in, you will refuse to leave,” he adds confidently.

“We offer a gated and guarded concept yet we are also issuing each and every buyer an individual title,” Soo says.

Cosy comfortEach of the phase features cul-de-sac designs to ensure safety, with only one way in and one way out, which will be guarded by a guardhouse and perimeter fencing.

“We are committed to ensuring our buyers’ privacy,” he says.

Built as a wholly integrated development, travelling between the commercial, residential, and educational zones will be extremely easy and accessible. Soo says Cybersouth is estimated to provide not less than 10,000 units of residential and commercial units and when it is completed, MCT expects Cybersouth to host a total number of 40,000 residents.

There will be landed housing projects with approximately 1,500 units and also commercial and educational zones. Soo says MCT is currently in the midst of planning the components for Cybersouth’s commercial areas.

MCT sales and marketing director Datuk Soo Kai Chee.

“There are a lot of factors to take into consideration, especially the supply and demand economics of the surrounding areas. However, it would be safe to say that the usual mainstays of commercial hubs located in residential areas will be found there, such as supermarkets and leisure activities,” he says.

There will be a wide range of leisure facilities to be incorporated in the township, including a 10-acre Central Park that will be well planned around a core lake enveloped by experiential garden themes that will showcase a Forest Walk complete with seating areas and gazebo, Linear Landscaped Garden with mini stage, Putting Lawn for mini golf, riverside jogging and cycling path, Lakeside Deck with jetty and other unique facilities.

“We are targeting first-time home buyers, young executives and upgraders. Only a very small number of our existing buyers consist of investors,” Soo says.

He says the first phase of landed housing property, Greencasa @ Cybersouth, comprising 418 units double-storey terrace houses, has already been sold. Launched in April 25, the houses of 18 ft by 65 ft, 20 ft by 65 ft and 22 ft by 65 ft, have built-up of 1,545 sq ft to 1,913 sq ft. The houses were sold from RM519,800 a unit and are expected to be completed in the second quarter of 2018.

Meanwhile, the second phase of Cybersouth, Casaview @ Cybersouth also comprises two-storey link houses. The 20 ft by 70 ft, 22 ft by 70 ft, 22 ft by 75 ft, and 24 ft by 75 ft houses will have built-up of 1,959 sq ft to 2,700 sq ft. They will have price tags from RM629,800.

Cybersouth’s Forest Walk.

These units were previewed for sales on April 25 and 26, and are expected to be completed in the third quarter of 2018. Despite the softened buying sentiment in the local property market, Soo says sales are still going strong.

“However, we have encountered a slower pace in terms of bank loan approvals,” he says.

In order to raise the awareness and promote sales at Cybersouth, the developer is in the midst of ramping up its advertising activities to ensure the project gets maximum market exposure.

Marketing campaigns that will effectively appeal to its target demographic market group is also underway. Given its customer-centric focus, MCT is all geared up to put its best foot forward to turn Cybersouth into a well planned township of distinction.

For more information on Building and Construction event, please visit www.asiapacificevents.com