Equine-JPSB project agreement

KUALA LUMPUR: Equine Capital Bhd’s wholly-owned subsidiary, Taman Equine (M) Sdn Bhd (TEM), has entered into a joint-development agreement with Jelang Puncak Sdn Bhd (JPSB) for a proposed project in Selangor worth RM198.1mil.

Equine Cap said the proposed development was expected to comprise of 177 units of properties comprising 138 units of two-, three- and five-storey shop offices and 39 units of low-cost shops within a multi-storey car park.

The project is expected to commence in early 2011 and completed in 2013.

By The Star

SP Setia to develop govt complex

PETALING JAYA: SP Setia Bhd's 50% owned associate Sentosa Jitra Sdn Bhd has received the Government's approval-in-principle to negotiate over terms to develop a new integrated health and research complex for the Health Ministry in Setia Alam, Selangor.

In a filing with Bursa Malaysia yesterday, SP Setia said the approval-in-principle was subject to terms and conditions to be agreed between Sentosa, the Public Private Partnership Unit (UKAS) in the Prime Minister's Department and the Health Ministry.

The proposed complex, to be known as the 1National Institute of Health (1NIH) Complex, is expected to be developed on 55.33 acres owned by SP Setia's wholly-owned unit, Bandar Setia Alam Sdn Bhd, in Setia Alam.

The complex will house the various national health institutes and relevant supporting offices and research centres under the ministry's purview which are currently situated on 40.22 acres along Jalan Bangsar and other parts of Kuala Lumpur.

In exchange, SP Setia will get the 40.22-acre Government land which it will redevelop into an integrated mixed residential and commercial project.

It will provide the Health Ministry and the Government with a 20% share of the net profits from the redevelopment.

“The land swap nature of the deal means that the ministry and the Government will not have to fund any part of the cost for the construction of the new 1NIH Complex,” the company said.

SP Setia was responding to a report over the weekend that it would build the complex at a cost of RM600mil to RM700mil.

The statement to Bursa did not mention the estimated cost of the complex or the estimated value of the proposed development in Bangsar.

In a separate statement, SP Setia announced a proposed placement of new shares of 75 sen in the company, representing up to 15% of its paid-up capital and a proposed 1-for-2 bonus issue.

The proposed placement would enable the company to raise funds to finance some existing projects, for future expansion plans as well as for general working capital requirements.

By The Star

Sime plans 15 property launches by June

KUALA LUMPUR: The Sime Darby group is preparing for at least 15 property launches for the six months ending June when the group's financial year comes to an end.

Sime Darby Property Bhd head of marketing development Henri Young said these 15 launches would cover different locations. Young was speaking to reporters at the launch of the Certificate of Real Estate Investment Finance programme in Malaysia, which will be sponsored by the Sime Darby group for the first time.

The eight-month course was first launched in 2007, and Malaysia is the fifth market to offer the programme.

The programme is promoted by the Asia Pacific Real Estate Association, which is partnering with the Malaysia Property Inc and Sime Darby Property, to offer the programme.

Young said the property market had been very buoyant the last year with units being sold the first two months after launch.

“Demand is very strong for landed units. We are now seeing a demand for service apartments and condominiums in the suburban areas. Buyers are looking for more value and they see room for capital appreciation in future years. The KLCC and Mont'Kiara areas have reached their peak and the rental market is struggling.”

In the next two months, the company will be launching The Glades in Putra Heights, Subang Jaya, a 53-acre development with bungalows, semi-detached, link and condominium units.

This will take place in May where as the Denai Alam in Shah Alam development will be offering Mulberry Grove linked houses while the Bandar Bukit Raja project will also offer linked houses.

In USJ Heights, it will offer zero-lot bungalows, where the compound is either small or limited.

In Melawati, the company launched super-linked terraces in Casa Rimba priced at RM1.5mil and retail and condominium units at its Quartza development in Desa Melawati.

By The Star

Sime to launch 15 property projects

SIME Darby, through Sime Darby Property Bhd, will be launching 15 projects across 10 townships in the first half of this year.

Its head of marketing development, Henri Young said, the townships include Putra Height and USJ Heights in Subang Jaya, Denai Alam (Shah Alam) and Bandar Bukit Raja (Klang).

"There is still strong demand for landed and residential properties in Malaysia," he said before the launch of the Certified Real Estate Investment Finance programme in Kuala Lumpur yesterday.

He highlighted that the company's previous projects in Denai Alam, Bandar Bukit Raja and the USJ Heights townships was sold out within two months.

By Bernama

Mammoth Empire buyer of Damansara Perdana land

The Mammoth Empire Group was the recent buyer of two pieces of land in Damansara Perdana, Selangor, from MK Land Holdings Bhd.

It is learnt that Datuk Sean Y.T. Ng, founder of the Empire Group, had made the offer via Foster Estate Sdn Bhd.



This is the fourth piece of land the Empire Group is buying from MK Land.

MK Land announced on January 4 that Foster Estate plans to buy two pieces of land in Damansara Perdana, comprising 7.4ha and 3.3ha for RM100.8 million and RM29.2 million respectively.

According to Mammoth Empire group executive director Danny J.Y.Cheah, Foster Estate aims to set up an integrated property development, comprising commercial and residential towers, and retail.

"There is a lot of synergy in Damansara Perdana. We already have three developments. If we do not buy it, MK Land would sell it to other developers.

"There is a lot of economies of scale for us to do another project in Damansara Perdana," Cheah told Business Times.

The group's current projects in Damansara Perdana includes Empire City, an integrated lifestyle commercial development on a 9.2ha site; Empire Damansara, a mixed development; and Empire Residence.

Empire Residence, a high-end gated and guarded development on 19.2ha of land, is a joint venture with MK Land.

Damansara Perdana sits next to the thriving Kota Damansara township and it is also close to the new planned development of the Rubber Research Institute Land in Sungai Buloh.

By Business Times

Launched -- Sunway Nexis with RM500m GDV

Sunway City Bhd has launched its latest integrated mixed development, Sunway Nexis, located at Dataran Sunway, Petaling Jaya.

In a statement today, the company said the development covers 5.83 acres (2.36 hectares) with a gross development value (GDV) of RM500 million.

The development is being undertaken by Sunway Damansara Sdn Bhd.

Sunway City managing director property development Malaysia, Ho Hon Sang said: "Sunway Nexis is a complete lifestyle centre encompassing leisure, entertainment, recreation and work facilities right at the doorstep.

"Following the success of Sunway Giza, this innovative development offers modern retail shops, office suites and SoHo with a promising potential for growth."

The commercial development at Sunway Nexis comprises three-storey retail shops with sizes ranging from 4,133 - 8,718 sq. ft and priced at RM4 million and above.

The 13-storey office suites range in size from 925-1,722 sq. ft and are available at more than RM 700,000 while the 20-storey flexi office block is from 850 to 1,980 sq. ft.

By Bernama

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

Opal Damansara wins two prestigious awards

Opal Damansara by Sunway Damansara Sdn Bhd

Opal Damansara in Sunway Damansara has recently achieved two significant milestones due to its impressive design and layout. It is a 248-unit semi-d condominium that was developed by Sunway Damansara Sdn Bhd, a subsidiary of Sunway City Berhad and designed by Arkitek Maju Bina.

Defying the conventions of condominium living, Opal Damansara is inspired by a vision of a tropical paradise. Low-density units are nestled amidst lush landscaping to create a pristine and private retreat for those who crave a resort-living lifestyle in the city.

The semi-d concept whereby every unit in Opal Damansara is a corner has proven to be popular and well received. Residents enjoy the exclusivity of having only one attached neighbour. The Group has also ensured that residents are able to enjoy an enviable ambience within the project development by allocating 30% of the development for landscaping.

During the 3rd Asian Habitat Summit 2010 at Fukuoka, Japan, Sunway Opal Damansara Condominium was awarded the 2010 Green Asian Townscape Award at the annual commending grand ceremony.

The Asian Habitat Summit is held once every two years and the theme for the third summit was “Green Asia – Picturesque Cities.” The organisers of the 2010 Green Asia Townscape award are Fukuoka Asian Urban Research Center, United-Nation Habitat for Asia and The Pacific, Asia Townscape and Design Society and China Real Estate Association.

This forum encourages members to discuss the construction of residential environment in the Asian process of urbanization, exchange research results and boost sustainable development of the Asian undertaking of residential environment.

Another significant milestone for Opal Damansara was the win of the 2010 Design Grand Award of Chinese Residential Projects by the World Association of Chinese Architects (WACA).

WACA provides a platform for elite Chinese architects in the world to publicize their achievements and expertise. Through interaction and academic exchanges, it is hoped that WACA can raise the innovation and creativity amongst architects to serve the community. The 2009 Design Award is definitely a positive step towards that direction.

Sunway City Berhad Property Development Division, Malaysia managing director Ho Hon Sang said, “We are pleased that Opal Damansara has won these awards as it reflects the recognition that this development deserves based on its innovative design that promotes a green and sustainable lifestyle. We are also heartened to collaborate with Arkitek Maju Bina as they have provided solid consultation advice to enhance the living features for residents.”

“A lot of thought and effort has been invested in this project to create a practical living environment that is both contemporary and functional. Moving forward, homebuyers can certainly expect more innovative property development projects from the Group that echo these same values of excellence.”

Apart from the plethora of plants that make up the lush green surroundings, residents will find a wide array of facilities for their daily comfort that include landscaped gardens, children's play area, swimming pools, gymnasium, tennis and badminton courts, reading room, multi-purpose hall, surau and a gazebo.

Opal Damansara is located within the 400-acre integrated Sunway Damansara township with good access and proximity to facilities, commercial centers and shopping malls. The township is one of the most sought-after locations in Petaling Jaya.

Opal Damansara has also enjoyed good price appreciation which commensurate with this award-winning project. In short, this is another stellar project by the leading master community developer.

By The Star