Bina Darulaman sells 323 units in Taman Insaniah to PR1MA

KUALA LUMPUR: Bina Darulaman Bhd (BDB), Kedah’s only public-listed government-linked company, is selling one-third or 323 units of its Taman Insaniah affordable housing development in Bandar Kuala Ketil, Kedah to PR1MA Malaysia Corp (PR1MA) for RM72 million.
“The total gross development value of the [Taman Insaniah] project is RM220 million, and the portion we are selling to PR1MA is worth about RM72 million,” said BDB managing director Datuk Izham Yusoff at the signing of the master en bloc purchase agreement between BDB subsidiary, Darulaman Realty Sdn Bhd, and PRIMA yesterday.
Taman Insaniah is a 949-unit development within the 1,100-acre (404.7ha) township of Darulaman Utama, which is located about 750m from the Kuala Ketil town in Baling. Work on the project is 60% complete and will be fully completed in the fourth quarter of 2015.
Izham said out of the 949 units, about 100 units remain unsold.
“The [presence] of  Kolej Universiti Insaniah (KUIN) about 1km away from Taman Insaniah, is expected to be the catalyst for the development of the surrounding area,” he said.
The project, work on which commenced on Nov 10, 2011, had started off as a 435-unit development, and was initially meant to be sold to KUIN to serve as students’ accommodation.
However, a proposal was made in February this year to sell the 435 units to PR1MA, but the number was later reduced to 323 units to comply with PR1MA’s requirement for its “gated and guarded” concept.
“In line with our vision to be a leading housing and property development player in Kedah, we are confident that this project will be the beginning of a strategic collaboration between BDB and PR1MA to provide Kedahans with the opportunity to buy affordable housing,” said Izham.
He said BDB had recently acquired five parcels of land totalling 485ha from Perbadanan Kemajuan Negeri Kedah, which are located in Kg Kisap in Langkawi, Pokok Sena, Sungai Lalang in Kuala Muda, Sungai Ular in Kulim and Hosba in Kubang Pasu.
“This brings our total land bank to over 1,200ha, which offers us the opportunity for future collaborations with stakeholders who share a common interest and commitment to provide affordable housing developments for the benefit of the people,” said Izham.
PR1MA chairman Tan Sri Dr Jamaludin Jarjis said PR1MA will be rolling out its PR1MA “Rumah Ibu” concept in Kedah and Perak next year.
“PR1MA Rumah Ibu allows single-child families, or those who are newly married, to purchase landed properties in selected PR1MA developments,” he said, adding that the project will start with a one-room unit first, with an option to expand the number of rooms later once people can afford to do so.

This article first appeared in The Edge Financial Daily, on September 12, 2014.

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TA Global may buy more hotels

KUALA LUMPUR: TA Global Bhd, the 63.08%-owned property arm of stockbroking business TA Enterprise Bhd, said it is open to acquiring more hotels, after shareholders backed the company’s plan to buy the rest of the luxury Trump International Hotel in Vancouver, Canada for C$100 million (RM290.7 million).

TA Global executive director Kimmy Khoo Poh Kim said however, future acquisitions will depend on the price and location.

“If there is an opportunity, and the price and terms are right, we are open to it,” she told reporters after the company’s extraordinary general meeting yesterday.

During the meeting, 99.94% of TA Global shareholders voted in favour of its proposal to acquire Trump International Hotel.

“We are not surprised by the decision,” said TA Global independent director Peter U Chin Wei, adding that its shareholders have always been supportive of the company’s proposals.

Khoo said having secured the approval of its shareholders, TA Global will take full ownership of Trump International Hotel. It currently holds a 50% stake in the hotel, with the remaining 50% being held by Canada-based Holborn Group.

The Trump International Hotel is still under construction and it is expected to be completed in June 2016.

TA Global said the hotel is expected to attract favourable demand as it is strategically located in the central business district of Vancouver.

It features 147 guest rooms, signature restaurant, The Mar-a-Lago Spa by Ivanka Trump and 15,000 sq ft of meeting and event space.

On why the company had appointed the Trump Hotel chain as the hotel operator, Khoo said its standards of quality and  brand are renowned in the US.

“It is a very prestigious brand. It fits into what we want, so we think it is a perfect match,” she said.

Khoo said the terms of its hotel management agreement (HMA) with the Trump Hotel chain were also favourable to TA Global.

Khoo also said that she expects the hospitality industry in Canada to grow.

On the domestic front, she said TA Global has yet to secure a hotel operator for the TA3 and TA4 projects in Kuala Lumpur, which have been earmarked for a hotel, serviced apartment and residential development.

She said TA Global has already signed the letter of intent but is not in a position to reveal the details until it signs the HMA, adding that the company is still in negotiations over the terms in the agreement.

TA3 and TA4 are two plots of land at Jalan P Ramlee that are currently being used as car parks, which will be turned into two commercial tower blocks.

Shares of TA Global, with a market capitalisation of RM1.95 billion, closed flat yesterday at 38 sen.



This article first appeared in The Edge Financial Daily, on September 12, 2014.

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Rich cities are nice to live in

KUALA LUMPUR: Megacities are not the future, and the majority of growth will come from midsized cities which have a population of between 200,000 and one million, according to Jonathan Woetzal, chief executive officer of European Climate Foundation, the Netherlands.


“There is no way of having an economically-developed city that is ... an [environmental] disaster, and there is no way of having a fast-growing economy when you have crime on the streets. Very simply put, rich places are nice places to live in,” said Woetzal.

Woetzal was speaking at a Kiel Institute session on “Smart Urban Planning for Megacities” at the Global Economic Symposium 2014 on Sept 8 in Kuala Lumpur.

“We don’t need planning as much as we need smartness. ‘Supportive multipolar responsive thinking’ supports not just economics but the environment and [social] equity,” he said.

According to Woetzal, cities learn from other cities and it ultimately comes down to a dialogue between cities and city leaders as these are the people who ultimately have to be accountable for their conversations and ... actions.

“[Allowing for] the transparency of the information ... provided in dialogue makes that difference,” he said.

He said more leaders who support environmental, social and economic goals are what we need as these individuals are ultimately responsible for our cities.

Woetzal also said instead of planning, principles are needed, and that includes principles of development such as the need to include space for growth for the future.

“If we look at all the great cities, most of the time they are great because they left space for greatness,” he said.

The urban population is estimated to double and total urban area is projected to triple by 2050. The conference addressed the challenge of designing resilient and sustainable cities for such growth, while taking into consideration environmental and ecological factors, infrastructure development, implementation of standardisation efforts, and mitigating urban pollution while promoting the well-being of city dwellers.

“The Asia-Pacific will be responsible for more than 50% of global GDP (gross domestic product) output, and at the same time 50% to 60% of the world’s total greenhouse emissions are also from cities and that number can go up to 80%. We have an important challenge of balancing growth and sustainability,” said Michelle Gyles-McDonnough, the United Nations resident coordinator for Malaysia.

“[For transformation], there must be discussion at the city level where development really concerns people. To address the many complex development challenges, we need to revisit how to do integrated and holistic urban development planning, we need to look at the planning process with much more inclusivity, and one where we see greater participation.

“We talk about sticking to the plan, but we need cities and countries to stick to the plan. Cronyism impacts the predictability of these processes no matter how flexible these plans are. You can set aside space for growth but we need enforceability of rules and regulations to ensure that the space is indeed set aside,” said Gyles-McDonnough.

Also present at the conference was Kuala Lumpur City Hall deputy director-general for planning Datuk Mahadi Che Ngah, who noted that the current population in Kuala Lumpur  stands at 1.7 million and is estimated to grow to 2.2 million by 2020.

He highlighted the current figures of three million vehicles entering Kuala Lumpur on a daily basis, with 1,000 new vehicles being registered daily, causing traffic congestions.

Mahadi said some of the initiatives adopted included introducing the integrated mass rapid transit (MRT) to Greater Kuala Lumpur, improving light rail transit (LRT) services and extending LRT lines to allow higher ridership, and having new pedestrian networks in the city with a crime prevention through environmental design (CPTED) concept which has been adopted by New Zealand.

He said the government is targeting to achieve a 40:60 ratio of the Kuala Lumpur population using public transportation to private transportation by 2020 from the 20:80 as it stands now.

The two approaches the government are taking to reach this target are embarking on having a new ring road around the city with six park-and-ride facilities at the transit stations, and encouraging high-intensity residential development in the city to reduce vehicles and encourage more pedestrian network utilisation.

“There is a life cycle to cities. We talk about Hong Kong being dense because it is [congested] there. As cities become more prosperous, people want more space around them so they start to spread out. By 2050, there will be three times the demand for land area,” says visiting scholar at the Urbanisation Project of New York Univeristy Stern School of Business John Pang.

He said cities should ensure that there is land planned ahead of time and that “arterial roads, the grids and the open spaces that cities need are set out ahead of time”.

Meanwhile, Roger Dennis, a trustee from Sensing City, New Zealand believes that it is important to understand how cities work before they can be improved upon and to do so, gathering data and information with the use of sensors is needed to help manage cities and form solutions, using Sensing City as an example.

Albert Ting, the chairman of CS Technology Corp, Taiwan noted that job creation is the catalyst which jump-starts urban development, and cities should invest in infrastructure to jump-start the job creation. He also stated the importance of education.

The three-day conference jointly organised by the Kiel Institute for the World Economy and Universiti Teknologi Mara saw 600 participants from five continents discuss solutions to pressing global problems under the over-arching theme of “Restructuring economies, Transforming societies”.


This article first appeared in The Edge Financial Daily, on September 12, 2014.

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M’sia-S’pore JV Bangi project to launch in 2015

Chia (centre) and Rohani after the official ceremony at Bandar Seri Putra. Photo by Bangi Heights Development

 KAJANG: Bangi Heights Development Sdn Bhd (BHD), a joint-venture company between United Malayan Land Bhd (UMLand) and Singapore’s CapitaLand Ltd is planning to launch its latest project, The Apex in Putra Hills (Bandar Seri Putra), Bangi in early 2015.

“The Apex is a freehold development with an estimated gross development value (GDV) of RM268 million. The first parcel, the Apex East, will see a development of 17 bungalow houses with built-ups ranging from 4,188 sq ft to 6,413 sq ft with selling prices from RM2.36 million to RM4.11 million,” said UMLand group chief executive officer Charlie Chia in a press release recently.
2014-09-12
The Apex will have a total of 81 bungalows and is expected to be completed by December 2016.

Meanwhile, UMLand will conduct upgrading works in its township Bandar Seri Putra. This will include improving street lighting, landscaping, walking paths, fencing, the entrance, and roads around the township.

The proposed upgrade project was officiated in a ceremony in early September by Women, Family and Community Development Minister Datuk Seri Rohani Abdul Karim.

“These upgrading works of the bungalow lot area of Putra Hills Residency is one among many of UMLand’s efforts as a responsible developer to contribute back to the community in order to create a positive, competitive and advanced society,” said Chia.

Bandar Seri Putra is a self-contained township with facilities such as a police station, post office, primary and secondary schools, a regional health clinic and retail shops, and can be accessed through the Putra Mahkota interchange along the Kuala Lumpur-Seremban highway.

“Apart from facilities, to ensure the safety and well-being of the neighbourhood, we are proud to have the Bangi Police Station which is situated in the township itself,” Chia added.

At the event, BHD presented a RM500,000 cheque, out of the RM1.5 million it contributed to the development of Masjid Al-Mustaqim, the first mosque in Bandar Seri Putra.


This article first appeared in The Edge Financial Daily, on September 12, 2014.

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TA Global may buy more hotels

KUALA LUMPUR: TA Global Bhd, the 63.08%-owned property arm of stockbroking business TA Enterprise Bhd, said it is open to acquiring more hotels, after shareholders backed the company’s plan to buy the rest of the luxury Trump International Hotel in Vancouver, Canada for C$100 million (RM290.7 million).

TA Global executive director Kimmy Khoo Poh Kim said however, future acquisitions will depend on the price and location.

“If there is an opportunity, and the price and terms are right, we are open to it,” she told reporters after the company’s extraordinary general meeting yesterday.

During the meeting, 99.94% of TA Global shareholders voted in favour of its proposal to acquire Trump International Hotel.

“We are not surprised by the decision,” said TA Global independent director Peter U Chin Wei, adding that its shareholders have always been supportive of the company’s proposals.

Khoo said having secured the approval of its shareholders, TA Global will take full ownership of Trump International Hotel. It currently holds a 50% stake in the hotel, with the remaining 50% being held by Canada-based Holborn Group.

The Trump International Hotel is still under construction and it is expected to be completed in June 2016.

TA Global said the hotel is expected to attract favourable demand as it is strategically located in the central business district of Vancouver.

It features 147 guest rooms, signature restaurant, The Mar-a-Lago Spa by Ivanka Trump and 15,000 sq ft of meeting and event space.

On why the company had appointed the Trump Hotel chain as the hotel operator, Khoo said its standards of quality and  brand are renowned in the US.

“It is a very prestigious brand. It fits into what we want, so we think it is a perfect match,” she said.

Khoo said the terms of its hotel management agreement (HMA) with the Trump Hotel chain were also favourable to TA Global.

Khoo also said that she expects the hospitality industry in Canada to grow.

On the domestic front, she said TA Global has yet to secure a hotel operator for the TA3 and TA4 projects in Kuala Lumpur, which have been earmarked for a hotel, serviced apartment and residential development.

She said TA Global has already signed the letter of intent but is not in a position to reveal the details until it signs the HMA, adding that the company is still in negotiations over the terms in the agreement.

TA3 and TA4 are two plots of land at Jalan P Ramlee that are currently being used as car parks, which will be turned into two commercial tower blocks.

Shares of TA Global, with a market capitalisation of RM1.95 billion, closed flat yesterday at 38 sen.



This article first appeared in The Edge Financial Daily, on September 12, 2014.



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Sunway named best developer at Seapa Malaysia 2014

Sunway executive director of property development division, central region, Ong Ghee Bin (left) receiving the Best Developer Award from judging panel chairman David Aboud.

 

 

 

KUALA LUMPUR: Sunway Bhd scooped up four awards, including Best Developer, at the recent Southeast Asia Property Awards (Seapa) Malaysia 2014 held at the Westin Kuala Lumpur.

“We are pleased to receive these recognitions as they help us benchmark our developments against the best in the region,” said joint managing director of property development division, Malaysia and Singapore, Sarena Cheah. “Sunway is always striving to better its developments and brand for our communities while [improving] liveability for all Malaysians.”

The conglomerate’s projects that won Best Housing Development awards in the north Malaysia, central Malaysia and south Malaysia categories respectively were Sunway Wellesley in Bukit Mertajam, Penang; Sunway Montana in Desa Melawati, Kuala Lumpur; and Sunway Lenang Heights in Taman Molek, Johor.

Sunway Wellesley, the group’s maiden project on Penang’s mainland, is an 82-acre (33ha) residential project with a gross development value of RM800 million. Sunway Montana is a freehold residential development that boasts green features such as a 14-acre park, skywalk and a RM10 million clubhouse.
Sunway Lenang Heights is an exclusive gated freehold 88-acre residential project that has lush landscaping, parks and a clubhouse.

Sunway will represent Malaysia at the Seapa grand finale on Oct 16 in Singapore, where it will compete with winners from Indonesia, Singapore and Vietnam.
 

This article first appeared in The Edge Financial Daily, on August 29, 2014.

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Quill City Mall signs AEON as anchor tenant

KUALA LUMPUR: Quill City Mall, a new shopping mall in Jalan Sultan Ismail that is due for a soft opening later this year has signed on leading general mechandise store-cum-supermarket chain AEON as its anchor tenant.

“Quill City Mall will probably be the last of the major downtown shopping centres in KL. It forms part of an integrated development comprising a 36-storey luxury residential tower and a 40-storey office tower, on 7.2 acres (2.9ha) of land,” said Datuk Michael Ong, group executive director of Quill Group of Companies at the signing ceremony held on Wednesday.

“We are going to see quite a number of innovative retail concepts being introduced. This morning, I’m pleased to announce that AEON, the leading general merchandise store and supermarket chain will be the main anchor tenant at Quill City Mall. It is set to occupy aproximately 225,000 sq ft over five floors of the 800,000 sq ft net lettable area shopping mall,” said Ong.

The Japanese retail giant intends to showcase its City Lifestyle Store concept in Malaysia, with a premium positioning. Being more commonly found in suburban shopping malls, this will be the first AEON branch in the city centre.

Representatives from mini anchor tenants also present at the signing ceremony were Golden Screen Cinemas (GSC), H&M, Food Junction, LifeSprings Pharmacy, Original Classic, and Best Denki. These tenants form part of the 320 brands coming in.

To date Quill City Mall has achieved more than 70% occupancy and is targeting 80% to 85% occupancy when it opens before Christmas. Food and beverage outlets make up 28% of total occupancy and include brands such as Red Lobster Seafood Restaurant and LongHorn Steakhouse.

The developer has declined to share rental prices and gross development cost but states that they are on par with the market rate in the area.

Quill City Mall consists of eight retail floors with a gross floor area of 1.35 million sq ft. As of now it is 98% complete and is in the process of being inspected by the authorities. It will feature the longest frontage façade of any shopping mall in Malaysia. The 300m frontage façade incorporates ample window space and has been designed with the intention of creating a more inviting exterior allowing for greater exposure for the brands.

Other features include a floating LED media pod in the atrium, the largest of its kind in Malaysia; al-fresco dining space over seven floors, which offers a different dining experience on different floors with cityscape views on the higher floors; and an integrated retailtainment hub, which offers a variety of recreational activities for all.

The shopping mall will be linked to the Medan Tuanku monorail station by fully air-conditioned link bridges on the second and third floors and is within proximity of the Kelana Jaya LRT line.

“In KL there are only two major shopping centres, Pavilion and Suria KLCC, and we believe there’s room for a third mall that’s positioned differently. We did a market survey and there’s actually a market for this location to support a mall. Furthermore, there are a lot of tenants who are not able to get a place within the two malls but would like to be in the city centre and we are catering for that,” said CK Ng, chief operating officer of Quill Group of Companies.

The mall will cater for the office workers in the area as well as offer a new contemporary concept that will revamp the area and lure in further people.

Quill Residences, which is to be built next to the shopping mall in the future, will offer 522 units of serviced apartments and will be Quill Group’s first solo residential project. The entire integrated development will be collectively known as Quill City.

From left: Quill Group managing director Datuk Dr Jennifer Low, Ong, Aeon Co (M) Bhd executive director Poh Ying Loo and general manager Yoshiro Kaya at the signing ceremony in Kuala Lumpur on Wednesday

 This article first appeared in The Edge Financial Daily, on June 20, 2014.

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Mah Sing gets nod for addition at Southville City

KUALA LUMPUR: Mah Sing Group Bhd has increased the gross development value (GDV) of its 428-acre (173.2ha)   Southville City@KL South project in Bangi, Selangor by 62% to RM8.3 billion from the initial RM5.13 billion after it secured the approval of the authorities for the township’s master plan, which now includes a 2km stretch of commercial development fronting the North-South Highway.

The take-up rate has been encouraging for Phase 1 of Southville City@KL South, which includes the Savanna Executive Suites, with RM600 million sales achieved, said Mah Sing in a statement yesterday.

“Construction has commenced for Phase 1 of Southville City@KL South. The approved direct interchange is estimated to be completed simultaneously with the completion of Savanna Executive Suites,” the property developer added.

Phase 2 of Southville City, called Avens Residence, comprises 196 units of 2½-storey and 3-storey link homes. Over the weekend, 80% of the 80 units out of 112 two and a half-storey link homes opened for pre-selection were

taken up, recording sales of RM61 million. Avens Residence is due for official launch in mid-June.

“It is Mah Sing’s master plan to develop Southville City as a self-contained haven, slightly outside the city where parents can raise their children in a holistic suburban lifestyle, and still easily travel to the city for work purposes,” Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said in the statement.
 

This article first appeared in The Edge Financial Daily, on June 03, 2014.

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Signature inks land deal

PETALING JAYA: Signature International Bhd’s wholly owned subsidiary Signature Realty Sdn Bhd has entered into a conditional sale and purchase agreement (SPA) for the proposed acquisition of five parcels of land for about RM50.78mil.

The SPA was with Lembaga Tabung Haji and THP Enstek Development Sdn Bhd. The five parcels, measuring 38.86 acres, are located in Negri Sembilan.

The land is meant for a new manufacturing facility that is intended to be larger and more comprehensive than Signature’s existing facility.

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