The most favorite tourist spots in the world: December 2010

Better transport system, affordable housing in 2011?

The MRT system should integrate seamlesly with other existing modes of transport such as the KL monorail.

2011 can be a year for the common folks and real estate industry players to celebrate if more timely efforts are expended to improve the overall living, working and leisure environment in our cities.

There are a number of initiatives that need to be undertaken to further shore up the quality of living for the people.

Top of the list is without doubt the dire need for a highly efficient and functional public transport system that will ensure the optimum integration and utilisation of the various modes of transport and infrastructure. The grossly inefficient public transport system in our cities now is the reason why our roads are so heavily congested as the people have no choice but to drive.

Most environment-conscious cities around the world are clamping down on the number of vehicles in their cities to reduce vehicular pollution and their carbon footprint. Malaysian cities should follow suit and timely action should be taken now to ensure we are not left behind in the pursuit of clean environment. The plan for the much-awaited mass rapid transport (MRT) system in the Greater KL (GKL) area should be accorded fast-track priority and the project should get off the ground as soon as possible. All efforts should be taken to ensure the project will not turn into a white elephant (built at a high cost and under-utilised) which could well be if it fails to integrate seamlessly with other existing modes of transport such as the light rail transit, monorail, public buses, taxis and other transport system.

With petrol prices expected to go up further with the lowering of government fuel subsidy in the coming days, having a world-class public transport system that is operated efficiently will be a big boost to the liveability of our cities including Kuala Lumpur, Petaling Jaya, Subang Jaya and Shah Alam. In order for the MRT project to be a big success, the cost should be kept down so that its operation will not be over-commercialised and profit oriented. The fares should be kept affordable for the common folks in order to ensure it will be widely used.

The proposed redevelopment of the sprawling Rubber Research Institute (RRI) land in Sungei Buloh and the Sungei Besi military airport land among others is a good opportunity to undertake a holistic master planning for a top-notch public transport system that will serve all the well-populated parts of our cities. The success of the project in the GKL should become a model to improve the public transport system in other cities country-wide to keep up with the rapid urbanisation and needs of the people. Cities like George Town, Malacca and Johor Baru are also in need of much better public transport system to move forward.

Quality infrastructure projects, including good public transport system, will without doubt spawn more well-planned real estate projects and townships that will ease the shortage of supply of a broad range of quality housing products, especially affordable housing units. Ideally, there should be a greater emphasis on quality housing projects versus commercial projects in these developments since there is a shortage of good housing units now and a glut of commercial space, especially office buildings.

Another timely initiative will be to enlarge the role of the national housing company or Syarikat Perumahan Negara Bhd (SPNB) to be more proactive as the appointed agency to be responsible for providing enough affordable housing units for the lower and middle income groups. There is currently a severe shortage of affordable housing projects in good locations as many developers are busying themselves with higher-priced niche lifestyle projects that offer higher premiums to their bottomlines.

So the vacuum in the affordable housing sector should be filled by SPNB in concert with the various state housing authorities. A national census or survey should be undertaken to gather and compile all the necessary statistics on the actual number of affordable houses that are still needed and to ensure enough of such housing units are build for the people. With the sharp escalation in house prices in many parts of the country, including the GKL, Penang and Johor, many average income earners are unable to buy a house now.

As the Government is opening up more land, including the RRI land in Sungei Buloh and the Sungei Besi airport land for redevelopment, SPNB should take the opportunity to work with the appointed organisations the Employees Provident Fund for the RRI land and 1Malaysia Development Bhd for the Sungei Besi land to submit plans for affordable housing needs in these projects.

With the huge demand, at least 20% to 30% of the land should be allocated to build housing units priced between RM200,000 to RM300,000. If SPNB is unable to undertake this role for whatever reason, a proper national housing board (like the one in Singapore) should be established touphold the public housing needs.

Deputy news editor Angie Ng believes that to achieve anything worthy, it is time to cast out rhetoric and slogans, and get on with real action.

By The Star (by Angie Ng)

Mixed prospects in property sector

Last year was quite an eventful one for the local housing market with strong demand and record prices registered in key property hot spots that included the Klang Valley and Penang.

Concerns over potential overheating had culminated in Bank Negara’s imposition in early November of a maximum loan-to-value ratio (LVR) of 70% for third home mortgages.

Buyers of landed properties in sought-after locations have benefited from good capital appreciation, with prices appreciating by between 20% and 30% year-on-year.

Most of the home-buying activities were fuelled by cheap cost of funding and huge liquidity in the banking system.

So, what is in store for 2011? Will home sales and prices continue to strengthen or will they sustain at current levels or start to head south?

CB Richard Ellis Sdn Bhd executive chairman Christopher Boyd believes the prices of landed properties in the Klang Valley and Penang will continue to rise, supported by a strong economy, which will be spurred by heavy expenditure on infrastructure and other projects, and high commodity prices. However, the effect in Johor will be more muted because demand has not been so strong.

“I believe the root cause of the strong growth in landed property prices in the Klang Valley and Penang in 2010 was a reduction in supply which followed the global economic crisis. Developers simply turned off the tap for a while until the future became clearer, and this is supported by data from the National Property Information Centre.

“The economy and confidence soon bounced back and so the result was a temporary supply squeeze which of course will ease this year as developers increase supply,” Boyd says.

As finance is still cheap and confidence remains high, he expects landed property prices to continue to rise in value, albeit at a slower rate. However, luxury high-rise residences in the Kuala Lumpur City Centre and Mon’t Kiara localities will continue to face a challenging market in view of ample supply and weak rental demand.

“Well-located medium-cost high-rise dwellings will remain in strong demand from younger middle-class buyers and we will see a continuation of the trend towards building small affordable units close to the central business district.” Boyd does not see any material impact from the 70% LVR ruling on third mortgages but says it is nevertheless a very timely message “that one has to be careful not to over-commit because prices may level off, making it more difficult to exit.”

He says the redevelopment of the Rubber Research Institute land in Sg Buloh and the Sg Besi airport has the potential to be phenomenal success and will benchmark Malaysia’s skill in producing large-scale developments of a very high quality.

According to ECM Libra research head Bernard Ching, property sales and price appreciation are expected to moderate in 2011.

He expects slower speculative demand due to the central bank’s LVR cap. Furthermore, the intense competition among banks in the mortgage market is not sustainable as net interest margins (NIMs) have compressed to very low levels.

He believes that banks may have to raise rates and/or cease offering zero-moving cost mortgages to alleviate further pressure on NIMs. This will result in higher financing costs to housebuyers. On the outlook for the commercial property sector, Boyd says there will be further upsides in the office market, especially if the country’s economic recovery is sustainable.

“I believe that with the right planning, the office market can be easily well balanced in terms of supply and demand. The Klang Valley office space market will remain quite resilient this year in the face of only moderate new supply and quite buoyant take up.”

Boyd estimates a further 3.5 million sq ft of office space would be completed in Kuala Lumpur this year.

He says it is more of a seller’s market right now as there is not enough investible buildings around to meet demand. Given the lower entry cost, demand is getting stronger especially for office buildings that are well managed and located, have high occupancy and good yields.

“Similarly, the retail property sector is likely to strengthen slightly in 2011 with only moderate new supply and strong demographic of a young and growing workforce,” he adds.

On the interest for commercial property, Boyd says that in the aftermath of the global financial crisis, while commercial rentals fell, the capital value of commercial property held up well.

“The reason for this is that investors had become severely disillusioned with stock markets and were still prepared to pay competitive prices for income-yielding commercial property, so in fact yield expectations dropped.

“This is a phenomenon that was seen all around the globe,” he says.

By The Star

Dream house no more?

The dream of homeownership is very much alive in the emerging world.

The financial crisis that began in 2007 had its roots in excesses in the housing market that remained unresolved in 2010 and that will continue to roil economies in 2011 and beyond.

Everybody now knows about America's dodgy “subprime” mortgages (the term says it all). But it is all too easy to forget that the development of this market was initially welcomed, because it enabled even people who would not normally qualify for a mortgage loan to aspire to homeownership. Subprime mortgages made the American dream come true.

Of course, billions of others around the world share the same dream. But the way housing finance is organised differs enormously from country to country, and these differences explain the recent global imbalances and financial crashes.

In developed economies, construction can add only a relatively small amount each year to the existing stock of housing. With populations stagnating (or declining in many parts of Europe and Japan), the existing stock of housing is exchanged among different parts of the population, and typically bequeathed from old to young.

The situation is different in emerging economies, where the quantity and quality of the existing stock of housing is woefully inadequate. Moreover, most of the existing housing tends to be in rural areas, whereas most of the jobs are in the cities. This is why urbanisation means a huge building boom in emerging economies. China, as usual, is the most extreme example, now accounting for more than one-half of global cement consumption.

The dream of homeownership is thus very much alive and is a powerful economic force in the emerging world. But mortgage markets remain underdeveloped in most emerging economies. This means that young Chinese couples will first have to save a large part of their income as a downpayment for their dream house (typically an apartment in a high-rise).

The absence of “no money down” mortgages might be more important than Confucian ethics in explaining China's high savings rate. One sure way to reduce the savings rate in China would be to develop an American-style mortgage market there.

The Chinese and others should, however, bear in mind that an increase in housing prices does not make a country richer. Of course, every homeowner will feel richer if his property's price goes up. But if the price of all housing goes up, the country as a whole is no better off; after all, people have to live somewhere, so, other things being equal, cashing in on higher house prices would merely mean paying more for one's next home.

Housing booms thus create only an illusion of wealth, though it is compelling enough to induce excessive consumption, as occurred in the United States over the last decade.

Conversely, a crash in house prices does not destroy any real wealth (the houses still stand). On the contrary, a crash makes the dream of ownership more affordable, which benefits first-time buyers typically the young and less well-off.

But, from an economic point of view, the share of homeowners versus tenants is not very important. If the rental market is well developed (as in, say, Germany), most families might elect not to own. But Germans still own indirectly the houses they live in through their investments with life-insurance companies and savings societies, which own and manage a large proportion of the country's housing estates.

By contrast, from an economic point of view, many American households really rent their homes from the Chinese government. They might be proud homeowners on paper, but their mortgage was probably underwritten by quasi-governmental institutions like Fannie Mae and Freddie Mac, which in turn rely heavily on capital from China for their own refinancing.

The real danger arises when everyone is convinced that investing in real estate is the best way to secure one's own future because house prices can only go up. This induces lenders to provide not only NINJA (no income, no job, no assets) mortgages, but also generous loans to real-estate developers to build ever larger mansions and housing estates.

As long as a boom lasts, everybody benefits. But when the bubble bursts, the NINJAs cannot service their debt and builders go into bankruptcy. Lenders find that the collateral (half-finished or empty houses) is worth almost nothing, resulting in huge losses in the banking system (as the United States found out in 2008).

In extreme cases, as in Ireland (one hopes not in Spain), the need to save the banking system can bankrupt an entire country.

Housing booms can last a long time, typically more than a decade. The downside is that housing busts last equally long, because houses are such a durable good. Once too many houses have been built, the existing overhang depresses the market for a very long time, and unemployed construction workers are usually unable to find jobs elsewhere.

The last decade saw the peak of an unprecedented housing boom in most of the rich world. The bust, with its banking problems and unemployment, is likely to last for most of the coming decade, depressing growth in all those countries which looked so strong in 2008.

By contrast, the emerging economies have barely started their own boom, which is underpinned by the spillover of liquidity from the United States. The emerging world's boom might well stretch over the entire next decade, as hundreds of millions of homes are built.

The next bust can be avoided only if emerging markets manage the dream of homeownership better than the United States and Europe. Project Syndicate, 2010

Daniel Gros is director of the Centre for European Policy Studies.

By The Star (by Daniel Gros)

MBSA receives Sustainable City 2010 award for the third time

The Shah Alam City Council (MBSA) was recently presented with the Sustainable City 2010 Award at a national-level event.

The recognition marked the third consecutive year the MBSA has won the Sustainable City award since it was introduced in 2008.

For this year, the MBSA came in second with a 90.09% score while the administrative capital of Putrajaya emerged tops with a 94.12% score.

The conferment of the sustainable city title was based on evaluation done by the Town and Country Planning Department in Peninsular Malaysia via the Malaysia Urban Indicator Network (MURNInet) Programme.

MURNInet is an application to create a database in digital form that can measure the sustainability of a city.

Through MURNInet, local authorities would be able to identify the problem, the quality of an urban settlement and present proposals to resolve and improve the level of services to residents.

The assessment was conducted using several indicators like demographic population in a city, utilities and infrastructure that are efficient and sufficient to ensure the residents’ well-being, provision of community and recreation facilities, sociology and social impact to ensure quality of life, management and strong financial standing.

The Sustainable City 2010 Award was presented by Housing and Local Government Minister Datuk Wira Chor Chee Heung in conjunction with World Town Planning Day 2010.

Shah Alam mayor Datuk Mazalan Md Noor was on hand to receive the award.

“With the award, MBSA will strive to maintain and enhance several indicators to achieve a more sustainable level and make Shah Alam an ideal place to live, work and raise a family,” he said.

“As the local authority, the MBSA will continue to work and cooperate with all parties, including residents’ representative council (MPP), residents associations, government agencies, public and private sectors and NGOs to ensure the city is always prosperous, and that its residents can live in peace, harmony and with mutual respect for each another.”

The MBSA was also presented a five-star rating in the Malaysian Government Website and Portal Evaluation by the Multimedia Development Corporation (MDeC).

The five-star rating for the council’s website was based on the content and information that is regularly updated and current.

The MBSA’s website also has web-friendly features, is easy to browse, posts relevant information like department/ division contacts and client charter, has online payment channels (e-payment), and is linked to myGov and other government agencies websites.

Mazalan added that the MBSA, through its Information and Communication Technology Department, plans to introduce several more applications and approaches to facilitate the Shah Alam community’s access to information and services relevant to the council, including the recent introduction of the Shah Alam Kita portal.

By The Star

Tambun Indah mulls Klang Valley project

PROPERTY developer Tambun Indah Land Bhd is looking to expand to the Klang Valley to tap into the growing demand for residential properties.

Tambun Indah, which has some RM60 million in cash reserves, has not decided on any particular land yet but is on the lookout for suitable landbank.

"We are eyeing for landbank in the Klang Valley and have viewed some land in Shah Alam and Kajang, but we have not finalised anything yet," said managing director Teh Kiak Seng in Kuala Lumpur.

The company also plans to invest some RM178 million to purchase two more parcles of land of about 1.62ha each in Penang next year.

Currently, Tambun Indah owns 86ha of land in Penang, with a gross development value (GDV) of about RM1 billion which should keep it busy for the next six years.

Last year, it also had some 10 per cent of the residential property market in Seberang Perai, namely through its Tambun Indah development project.

"Seberang Perai is one of the fastest growing districts in Penang due to the rise of working class population as a result of rapid industrialisation," he said at the company's prospectus launch yesterday.

Tambun Indah is seeking to raise RM22.4 milion from its initial public offering exercise, of which RM12.7 million will be allocated for working capital, RM7.1 million to repay bank borrowings and RM2.6 million for the listing exercise.

Of the 32 million new ordinary shares under the public issue, 11.05 million share will be allocated to the public at 70 sen a share.

Applications for Tambun Indah's shares close on January 6 2011 and subsequently, the company will be listed on the Main Market of Bursa Malaysia on January 18.

Established in 1994, Tambun Indah has completed eight projects, selling more than 2,800 units with a total GDV of more than RM800 million.

Its ongoing projects include Pearl Garden, a gated residential project located in Simpang Ampat which is set to be completed in 2016 and Juru Heights in Seberang Perai, a gated residential project that is expected to be completed early next year.

By Business Times

Tambun Indah to buy 3.2ha in Penang

KUALA LUMPUR: Tambun Indah Land Bhd, a leading property developer in Penang, is planning to acquire 3.2ha of land next year.

Managing director Ir Teh Kiak Seng said the group had identified 1.6ha on the mainland and another 1.6ha on Penang island with a gross development value (GDV) of approximately RM36mil and RM170mil respectively.

According to an independent market researcher, the residential property market in Penang was valued at RM3.7bil last year, and the mainland accounted for approximately 30% of Penang's residential property market.

“Mainland Penang (Seberang Perai) is one of the fastest growing districts in Penang due largely to a growing working class population as a result of rapid industrialisation,” he said during the launch of the group's initial public offering (IPO) here yesteday.

Tambun Indah is scheduled for a main-market listing on Jan 18. “We are still eyeing for landbank in the Klang Valley like in Shah Alam and Kajang but are cautious about the cost; therefore, we have not finalised anything yet.

“As we all know, Klang Valley is a good market to do housing, but we want to build our name by building quality homes at an affordable price. We, however, have no plans to expand overseas at the moment,” Teh said.

Last year, the group garnered a 10% share of the Seberang Perai residential property market.

“We expect after the IPO, our market share will increase above 10%,” he added. To date, Tambun Indah has sold more than 2,800 residential units, mostly in mainland Penang with a GDV of more than RM800mil.” Teh said the group achieved commendable financial performance over the years and had maintained a low-borrowing financial model so as not to burden the balance sheet. As at Dec 31, 2009, the group was in net cash position.

“Tambun Indah has adopted a progressive dividend policy of paying between 40% and 60% of group net profit to shareholders.

“At an IPO price of 70 sen per share, the annualised net dividend yield is (about) 7% in financial year 2010,” he said.

By Bernama

Mall-in-a-park first of its kind in Malaysia

Two Malaysian actors plan to open a shopping mall within a park in October next year, said to be the first of its kind in Malaysia.

Dubbed an outdoor living mart, the project will occupy a land area of 5.9ha located between Puchong, Seri Kembangan and Putrajaya.

The project, dubbed "Garden Explore", will cover seven major zones of outdoor retailing lots, a plaza and entertainment hall, offices, cafes, restaurants and one petting zoo.

"It's the first of its kind in Malaysia but there have been similar developments in China," said Jack Lim, a director of Green Atmosphere Sdn Bhd, at the launch in Kuala Lumpur yesterday.

Managing director Nick JM Wong, a former actor, controls the firm while Weng Zheng Steel Bhd chairman Tan Ching Kee is the adviser.

Construction work is due to start after the Chinese New Year next year. The company has not set any revenue target for the pioneer project.

"The gross development value of the project is RM20 million and this does not include the land cost which was leased from Tempo Properties Sdn Bhd," Lim said.

He declined to reveal the leasing cost, which runs for 10 years.

A unique feature of the project is that cars will not be allowed into the area. Rather, visitors will have to walk or cycle their way through the mall.

By Business Times

MRCB-IJM Land merger called off

PETALING JAYA: Property firms IJM Land and MRCB have aborted their planned merger by way of a members' scheme of arrangement as both companies have not been able to come to an agreement.

Separate announcements by both companies were made to the stock exchange on Friday concerning the matter.

RHB Investment Bank and Newfields Advisors announced on behalf of MRCB that both companies “have not been able to reach an agreement on the definitive terms and conditions of the proposed merger”.

Accordingly, they said the proposed merger was now aborted.

Meanwhile, an IJM Land statement on Bursa Malaysia said after a series of discussions, both were not able to reach an agreement on the definitive terms of the proposed merger.

By The Star

Ibraco selling 6.5ha land in Kuching

REAL ESTATE and property developer, Ibraco Bhd, is selling a total number of 6.5ha of land in Kuching, Sarawak, to Wansa Realty Sdn Bhd for RM14.2 million.

The demand for office buildings and exhibition buildings in the subject area is expected to be limited.

The company told Bursa Malaysia Bhd that the disposal will avoid potential holding cost should Ibraco build and sell the office and exhibition buildings.

The sale consideration is about 2.7 per cent above the market value of the land.

By Business Times

Axis-REIT wants to buy building for RM51m

Axis Real Estate Investment Trust(Axis-REIT) is proposing to acquire a four-storey building, together with a freehold land, in Selangor from FSBM Holdings Bhd for RM51.25 million.

The proposed acquisition would be consistent with the investment objective and would be accretive to Axis-REIT's distribution income, the company said in a filing to Bursa Malaysia today.

It said the proposed acquisition would diversify and enlarge Axis-REIT's portfolio of properties and was expected to benefit the fund over the medium to long-term.

By Bernama

Mitrajaya unit wins RM53.5m contract

PROPERTY developer Mitrajaya Holdings Bhd’s subsidiary has won a RM53.5 million contract for the construction and completion of five units of hangar, one unit of two-storey multipurpose café building, two units of electrical substation and one unit guardhouse at Subang Airport, Selangor.

The contract awarded to Pembinaan Mitrajaya Sdn Bhd, is for a period of 10 months and work starts on January 1 2011.

By Business Times

home improve

Tambun Indah to acquire land in Penang

Tambun Indah Land Bhd, a leading property developer in Penang, is planning to acquire 3.2 hectares of land next year.

Managing Director Ir Teh Kiak Seng said the group had identified 1.6 hectares on the mainland and another 1.6 hectares on Penang island with a gross development value (GDV) of approximately RM36 million and RM170 million, respectively.

According to an independent market researcher, the residential property market in Penang was valued at RM3.7 billion last year, and the mainland accounted for approximately 30 per cent of Penang's residential property market.

"Mainland Penang (Seberang Perai) is one of the fastest growing district in Penang due largely to a growing working class population as a result of rapid industrialisation," he said during the launch of the group's initial public offering (IPO) here today.

Tambun Indah is scheduled for a main-market listing on January 18.

"We are still eyeing for landbank in the Klang Valley like in Shah Alam and Kajang but are cautious about the cost, therefore, we have not finalised anything yet.

"As we all know, Klang Valley is a good market to do housing, but we want to build our name by building quality homes at an affordable price.

"We, however have no plans to expand overseas at the moment," Teh added.

Last year, the group garnered a 10 per cent share of the Seberang Perai residential property market.

"We expect after the IPO, our market share will increase above 10 per cent," he added.

To date, Tambun Indah has sold more than 2,800 residential units mostly in mainland Penang with a GDV of more than RM800 million.
Teh said the group achieved commendable financial performance over the years and had maintained a low-borrowing financial model so as not to burden the balance sheet.

As at December 31, 2009, the group was in net cash position.
"Tambun Indah has adopted a progressive dividend policy of paying between 40 and 60 per cent of group net profits to shareholders.

"At an IPO price of 70 sen per share, the annualised net dividend yield is estimated to be approximately seven per cent in financial year 2010.

"We believe this policy will go a long way in not only attracting investors but also ensuring value-creation for the long-term," he added.

Tambun Indah's IPO consist of a public issue of 32 million new ordinary shares and an offer-for-sale of 22.1 million vendor shares at an IPO price of 70 sen per share.

Of the 32 million new ordinary shares under the public issue, 11.05 million shares will be allocated for the Malaysian public.
Meanwhile, it has also allocated 9.9 million shares for private placement and 11.05 million shares for eligible directors, employees and business associates of the group.

The 22.1 million offer-for-sale shares will be allocated for placement to identified investors.

Additionally, the group's IPO will raise RM22.4 million in proceeds for the group.

Of this, RM12.70 million will be allocated for working capital, RM7.10 million for repayment of borrowings and the remaining RM2.60 million to defray listing expenses.

MIMB Investment Bank Bhd is the adviser, sponsor, underwriter and placement agent for the group's IPO exercise.

By Bernama

RM20m GDV for 'Garden Explore' project

Green Atmosphere Sdn Bhd (GA) has estimated a gross development value of RM20 million for its newly launched one-stop outdoor living mart project called "Garden Explore".

With its strategic location in Seri Kembangan, between Puchong and Putrajaya, the project would create opportunities for business owners in the industry with an expected high turnover of 750,000 visitors within a five km radius of the location, says GA's chief executive officer Nick Wong.

"The project will begin after the Chinese New Year and we hope to complete it by October next year," he told reporters after the project's launch today.

Wong, who is also the original concept creator of the project, added that Garden Explore has been strategically located to provide a better option for the public to meet their needs for outdoor accessories.

GA has signed the lease agreement with the land owner, Tempo Properties Sdn Bhd (TP), for a period of 10 years and had also obtained the development order from the local authority to construct the project in August.

TP's chief executive officer Khoo Boo Hian said the project would complement its adjacent development called The Atmosphere, which was a signature shop offices type commercial development between Tempo Properties and Eksons Corporation Bhd.

"With the co-existence of Garden Explore and The Atmosphere, this part of Seri Kembangan will soon transform into a vibrant commercial hub," he said.

He also said the project will be Malaysia's first outdoor living mart that would group all the resources and outlets within the green and landscape industry.

The project will cover a total 14.5 acres of land consisting of seven major zones of outdoor retailing lots, a plaza and amphitheatre (entertainment hall), 30 contractors and designer or consultant offices, two cafes and restaurant.

With a whole year round of events to be organised, the Garden Explore project is expected to offer various attractions to the public as well as business entities.

By Bernama

Ibraco to sell land in Kuching

Ibraco Bhd plans to dispose of 6.48 hectares of mixed zone land in Kuching, Sarawak to Wansa Realty Sdn Bhd for RM14.18 million cash.

In a filing to Bursa Malaysia today, Ibraco said the demand for office and exhibition buildings was expected to be limited.

"The disposal will avoid potential holding cost. In addition, the sale consideration is approximate 2.7 per cent above the market value of the land," it said.

Ibraco said the disposal was expected to derive a gross profit of RM10.64 million for the year ending Dec 31, 2010.

"It is expected to be completed within five years and the sale proceeds will be used for working capital," it said.

By Bernama

Sunway City buys land in Johor

PETALING JAYA: Sunway City Bhd is acquiring 64.63 acres near Johor Baru from Bukit Lenang Development Sdn Bhd for RM134.52mil.

The company said in an announcement that a shareholders' agreement was also signed for a proposed joint venture via Asli Budimas Sdn Bhd (a subsidiary of Sunway City), for the development of the land.

By The Star

Asian Pac’s Safe Valley signs deal to sell land

ASIAN Pac Holdings Bhd’s unit, Safe Valley Sdn Bhd has signed a deal to sell 3.5ha of land in Setapak, Kuala Lumpur, to Axis Milestone Sdn Bhd for RM49.1 million.

Proceeds will be used to reduce its borrowings and to fund other development projects.

It expects to complete the deal by March 31 next year.

By Business Times

GuocoLand says no plan to set up REIT

SINGAPORE: Singapore-listed developer GuocoLand, a firm linked to Malaysian billionaire Quek Leng Chan, said today it had no plans to set up a real estate investment trust (REIT), dismissing a report in the Business Times newspaper.

GuocoLand rose as much as 2.7 per cent today after paper said it may float two real estate investment trusts with assets of up to S$8 billion (US$6.2 billion) in the next 3-5 years.

“GuocoLand wishes to clarify that the group currently has no plans to establish a real estate investment trust,” it said in a filing to the Singapore Exchange.

“The group will review this as a possible strategy to extract value from its property portfolio, at the appropriate time,” it added.

By Reuters

Carré Kitchen at Eurocucina 2010 in Milan

Are you bored with the rigid style of kitchen minimalist design? That would not be found again here. At Eurocucina 2010 in Milan, Italian kitchen manufacturer Ernestomeda introduced the Carré kitchen that was designed by Marc Sadler. Carré, brand new kitchen bearing the name of Marc Sadler, results from three years of intensive collaboration between companies and designers, producing a new concept in kitchen. The kitchen is equipped with the perfect furnishing elements. Marc Sadler gives many choices of colors with modern furniture. There was a touch of red, white, and modern silver. Every kitchen interior design from Marc Sadler always have a stylish bookshelf. This is the uniqueness of kitchen design from Marc Sadler.

Modern and Stylish Kitchen Interior Design

You will get an interior design of kitchen with a modern and stylish design when you can have an attractive cabinet design, because the cabinets design greatly affect the kitchens interior. Italian design has always been associated with flair and creativity. Cabinets By Design presents a modern and stylish cabinets for your kitchen. There are several color options, which can be adjusted with other furniture. For example, there is a black cabinet with orange hue, there is also an elegant red. Hope can be your inspiration.

Sweet and Charming Teenage Girls Bedroom Design

Children’sr furniture producers Dielle from Italy has many amazing designs for you. You can turn your daughters room with beautiful furniture like the photo above. This latest collection can decorate the room perfectly. Color choice is very varied. Not too many details and has a minimalist style. You can also enhance your child’s room with a decorative wall or desk chair creative. If you want to design a living space truly stylish, elegant and modern for your children, hopefully the picture above can be your inspiration.

Adorable Bathroom Interior Design

Do you like spa? And could you include one person who liked the roses in
the tub baths luxury? Imagine if you normally find in hotels now exist
in your home. Impressive. You will definitely spend much time in the
bathroom of your home if the bathroom is in the luxurious and beautiful
scenery as possible. Be it the intricate ceiling artwork or the
seemingly unreal lighting floor, each one of them has thrown in
something special. Do not forget to put the air freshener that you like
so that when in the bathroom, you’ll be more relaxed.

modern interior design

Italian bathroom by pibamarmi

In addition marble is a very strong material and baths from it will be beautiful after long years of using. Pibamarmi is a firm with 40 years of experience in manufacturing products from stones and mostly marbles. Pibamarmi offers amazing variety of stone applications for the bathroom environments. Cobe Esterna bath created by Hikaru Mori is one of their gorgeous products. It shows us marble in its full splendor. This is a big bath surrounded by special slabs for overflowing water. Thanks to having a back support, this bath is also very comfortable. It is available in different colors of marble. You can see them on Pibamarmi site.

Nowadays there are a lot of materials for baths, but marble baths remain the most luxury.

Bathroom collection design from laufen

Magnificent white in the finest ceramic, punchy pink or style-setting black are combined with simple bubbles and lack of sharp edges in order to create the perfect bathroom. Curvy and occasionally asymmetrical ceramic, a lot of storage space and easy to clean surfaces – what could be better in a minimum of space? Ceramic part of the collection has charm, right down to the faucets, featuring joystick lever for perfect water control.Mimo bathroom furniture by Laufen is wall-mounted, scratch-resistant and made of recycled materials.“Swiss Made” not only guarantees premium quality, but also high standards in terms of sustainable products and product utilization. The Mimo collection is full of color inspiration for designing stylish bathroom

Moderna lámpara colgante inspirada por las formas florales

Esta es una increíble moderna lámpara de techo inspirada en formas florales. Está diseñada por el joven diseñador suizo Philipp Glass. La elegante estructura autoportante de la lámpara de techo tiene doce láminas armoniosamente curvas, que, colocado lateralmente, reflejan la luz de una manera única.

Todas estas láminas están hechas de polvo de aluminio cortado con láser recubiertos. Con un diámetro de 50 cm y un peso de 5 kg.

Puedes encontrarla AQUI

Qué opinas sobre esta linda lámpara de techo?

best home design

Decoración de cocinas con color morado púrpura o lila

Si eres un seguidor de este sitio, sabrás que en varias ocasiones hemos publicado artículos sobre decoración de espacios con colores específicos.

Hoy publicamos cocinas en color púrpura, morado o lila, y debemos decir que el impacto visual de esta gama de tonalidades realmente funciona en la cocina moderna!
Dado que el color púrpura significa profunda pasión, realeza, espíritu, y las personas que les gusta
este color son a menudo individuos creativos y generosos.

Qué opinas sobre estos diseños de cocinas de color púrpura, morado o lila?