Developers urged to also build affordable shoplots

SEREMBAN: Just weeks after announcing a revised housing policy for the state, Mentri Besar Datuk Seri Mohamad Hasan said his administration will from now on encourage developers to also build affordable shoplots.

These single-storey shoplots, which will cost less than RM400,000, will be sold to small and medium enterprises whose annual turnover is lower than RM500,000.

“We will launch the first such project in Sunggala in Port Dickson soon. Earth-clearing works are already underway,” said Mohamad.

“We do not want a situation where these small business owners can only mampu tengok (afford to watch) new shoplots being built but we want them to be mampu milik (able to own).”

He said those interested to buy these properties should register with the state housing unit to be considered.

Similar to the affordable housing concept, he said a balloting exercise would be carried out for the affordable shoplots by the state housing unit to ensure there was no manipulation.

“We want those who operate stalls, mechanics who operate under trees and others who can’t afford to buy double or three-storey shoplots to be able to operate from a proper place.

“This is also necessary as the prices of shoplots are now far beyond their reach,” he said.

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Investment arm manages several other properties

PETALING JAYA: Majlis Amanah Rakyat (Mara), through trust company Thrushcross Land Holdings Ltd, has another property in the heart of Melbourne’s central business district (CBD).

In the spotlight: Mara has its headquarters in Jalan Raja Laut, Kuala Lumpur.

The property, at No.746 Swanston Street, is eight storeys high and was valued at A$45mil two years ago.

It houses two complexes of student apartments, totalling 341 rooms, and is near a major tram stop. On the ground floor, there are restaurants and a convenience store.

Both it and Dudley House are managed by Mara Inc Sdn Bhd, one of Mara’s investment arms.

It also manages two other properties – No.51 Queen Street and No.333 Exhibition Street, which are commercial offices and retail buildings.

Thrushcross’ directors are Datuk Mohammad Lan Allani, Datuk Abd Halim A Rahim, Datuk Mohd Fathil Daud, Izmir Abd Hamid and Azizi Erwan, according to accounting documents and Australian Securities and Investments Commission records.

PKR vicepresident Rafizi Ramli has asked if it was true that Mara had two other properties aside from Dudley House and Swanston Street.

He claimed that the transactions for all the properties amounted to RM244.47mil.

“Is this at a fair or inflated price?” he asked in a press statement issued yesterday.

According to him, a probe by local nongovernmental organisation National Oversight and Whistleblowers Centre into Thrushcross has confirmed that it was registered in the British Virgin Islands, located in the Caribbean.

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KSL to start work on RM2b city mall in Klang by year-end

KUALA LUMPUR: KSL Holdings Bhd expects to start work on KSL City Mall 2, set to be one of the largest malls in Klang, by year-end.

The property developer said on Tuesday the mixed development with a total gross development value of RM2bil, comprises of a mall, hotel and service apartments.

It added that the mall will have a total area of  two million square feet, a 400-room hotel and three blocks of service apartments. Completion date is 2018.

KSL Holdings chairman Ku Hwa Seng said on Tuesday the group aims to replicate its existing development in Johor Bahru.

He said this integrated development would cater to an expanding population in Klang, which stood at 1.2mil in 2014.

He said KSL City Mall 2 was not just an economic development for Klang but also a natural progression for the company, following the building of its township of Canary Garden at Bandar Bestari.

The KSL City Mall 2 would be accessible via major highways such as the South Klang Expressway and KESAS Highway. It is also expected to benefit from the anticipated completion of Light Rail Transit (LRT) phase 3 in 2020.

Going forward, Ku expects the mall to strengthen the group’s existing investment properties segment.

“Currently, our property investment segment contributes 20% to the group’s revenue and we anticipate that this will eventually grow to 30%. This would boost our recurring income stream and broaden our revenue sources,” he said.

KSL declared a final single tier dividend of 5sen per share for financial year ended Dec 31, 2014, which will be paid Aug 7, 2015.

“Together with the earlier paid interim dividend of 5sen per share, the board has declared total dividends of 10 sen per share in respect of FY2014,” KSL added.

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Upscale living at its finest

New standard of quality: The soaring Iconic Skies towers set against rolling hills in Relau, Penang.

THE Iconic Skies luxury condo in Relau, Penang, offers exquisite abodes elevated high over scenic surroundings.

Developed by Iconic Group of Companies, the project consists of a pair of towers (35 and 37 storeys) housing 299 units, along with 14 Skies Villas atop the podium block.

Set for completion in 2017, it will be the company’s signature offering at the StarProperty.my Fair.

The units are sized from 1,483sq ft to 1,598sq ft and currently open for sales.

Those needing a more intimate space can consider the 970sq ft units now open for registration and set to be launched soon.

Ceiling height of all units is 3.35m (11ft), enhancing the sense of spaciousness and providing ample natural light and ventilation.

Residents will enjoy lots of privacy at the low- density project with a maximum of only four or six units per floor. Each soaring tower is served by three elevators.

The Level 5 facilities deck is packed with amenities such as an infinity pool with Jacuzzi, wading pool, terraced pool decks, playground, barbecue area, games room and landscaped pathways.

Residents of the Skies Villas, which are already sold out, will enjoy direct access to these facilities. Further relaxation awaits at the Sky Veranda facilities floor at Level 20, which has a heated Jacuzzi along with a sky gymnasium, yoga room and viewing deck. The Sky Bridge that links the towers offers more breathtaking views.

The development is in a strategic location just off Jalan Paya Terubong. Nearby are shopping malls, schools and parks. Also a short drive away are the Penang International Airport, Penang Bridge and Bayan Lepas Free Trade Zone.

Iconic Group, which prides itself as a trend- setting developer, is anchored by committed and experienced management teams that believe in creating innovative environments.

Among its completed projects is Icon City in Bukit Tengah on the mainland, a prestigious commercial hub comprising shop offices.

There is also a 15-storey business class hotel, expected to be in operation by early next year.

To find out more about Iconic Skies, visit the company’s booths at Gurney Plaza’s main atrium during the four-day fair.

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Johor property growth seen steady

KUALA LUMPUR: There was a last minute change to the pre-arranged meeting with United Malayan Land Bhd’s (UMLand) subsidiary Exquisite Mode Sdn Bhd.

Its head of subsidiary Ken Ng had to leave Kuala Lumpur earlier for a briefing by the Iskandar Regional Development Authority on the next 10-year plan for the Iskandar region in Johor.

The number of projects may appear to have come down but things are still moving.

“It’s good that the growth is steady,” he said of the Johor property market.

Compared with two years ago, the number of projects announced in the southern state has reduced. During that period, land transaction prices recording new highs grab headlines.

But it has cooled down a little since.

Ng said the property landscape in Johor has softened a little but it’s definitely thriving.

“Guess who are the biggest investors in Johor? It’s the Singaporeans!”

So simply put, Johor would do well as long as Singapore did well, he explained.

One of the developments in the Johor Bahru City Centre is the multi-billion transformation programme. The plan is to rejuvenate and revitalise the city.

Along Jalan Wong Ah Fook and Jalan Trus is home to Suasana Iskandar, a RM500mil integrated project that includes serviced apartments, hotel and retail space.

“The Sungai Segget stretch will be the next Orchard Road,” he said.

There will be one block of 29-storey serviced apartments with 343 units for sale, an 18-storey hotel with 242 rooms on a podium with facilities and a two-storey shopping mall.

The hotel will be operated by Onyx Hospitality Singapore Pte Ltd, which runs several hotel chains in Thailand.

“There is still shortage of good hotels here.

“The hotel will be four to four and a half stars,” Ng said. On the other hand, the company has sold a third of its residential units at an average of RM1,100 per sq ft.

The built-up of the houses range from 644 sq ft to 1,238 sq ft.

Half of the home buyers are locals while the other half are foreigners, most of which are Singaporeans and about 10% of them are Japanese.

The company has partnered with Samsung to build smart homes with smart technology features. Next, it will be launching the second batch of the apartments at about RM1,200 per sq ft.

As for the mall, the company would be meeting potential tenants from Singapore next week and local tenants in early July.

“About 30 Singaporean retailers have expressed interest. We want to bring something different to Malaysia while maintaining a local touch,” said Ng.

Singapore’s Neverland Group will be one of its anchor tenants. The new club will be close to 6,000 sq ft in the basement of the mall.

The proposed extension of the rapid transit system Thompson line that links Johor Baru with Singapore will have a stop right in front of the project, he added.

The project is expected to be completed in 2016 with the opening of the hotel towards the second half of the year.

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1MDB RE seeks proposals to develop Bandar Malaysia

KUALA LUMPUR: 1MDB Real Estate Sdn Bhd (1MDB RE) is requesting proposals on how to best develop the upcoming Bandar Malaysia in the Sungai Besi area.

In a statement yesterday, 1MDB RE said this was the next move following the presentation of the 1MDB rationalisation plan to the Cabinet last month.

“The company is pleased to have begun making progress towards its implementation,” said 1MDB RE, which added that it would make the grand announcement in major newspapers this week as it sought expressions of interest for the 197ha site, which currently houses the Sungai Besi airfield.

1MDB RE, as the master developer of Bandar Malaysia, said it was looking for development partners.

The closing date for submissions of expressions of interest is July 10, with CH Williams Talhar & Wong acting as the real estate advisor and exercise manager.

The development, which is located seven kilometres from KLCC, is intended to transform the area into an integrated transport hub in the city via two MRT lines (Lines 2 and 3), KTM Komuter, the Express Rail Link to KLIA and KLIA2, as well as future access to 12 major highways.

A wholly-owned subsidiary of 1MDB, 1MDB RE is also the developer of the upcoming Tun Razak Exchange.

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Mulpha Land Bhd is now Thriven Global Bhd

KUALA LUMPUR: Mulpha Land Bhd (MLB) today announced that the Company has obtained its shareholders’ approval to change its name to Thriven Global Bhd, enhancing the company’s new leadership, focused business plans and positive growth trajectory.

Derived from the words ‘thrive’ and ‘driven’, Thriven Global, under its new management team led by Thriven Global Bhd executive chairman Datuk Fakhri Mahiaddin, plans to be a leader in the property market, set new standards and build innovative ‘forward living’ lifestyle projects for its customers.

“We have a dynamic and forward thinking team with vast and diverse business skills and experience in property development, facilities management and hospitality, as well as corporate finance and law. Our focused business plans and inventive product offerings will help drive us to become a leading property player in Malaysia,” says Datuk Fakhri.

“Thriven Global’s vision and mission is to be a market leader, set new standards and innovate lifestyle developments with passion and purpose. Offering a fresh approach to property development, this firm will embrace the concept of ‘total living’ through building vibrant communities with a harmonious blend of residential, commercial and public spaces. These are the qualities that will define Thriven Global’s dynamic vision in the Malaysian property market,” he adds.

As part of the name change, the main-board listed company will focus on growing its three business divisions, namely property development and investment, hospitality and lifestyle retail, as well as facility management. It will generate recurring income by investing in retail, commercial offices and car parks, and collaborate with F&B operators and grocers for investments.

In terms of growth trajectory, Datuk Fakhri said there are plans to build the company over the next five years to generate annual revenue of RM500mil. It expect to achieve this by elevating the company’s brand profile, increasing its land bank via purchase or joint ventures, besides engaging and building the trust of land owners.

The gross development value (GDV) of the on-going projects worth approximately over RM1.2bil, which are primarily located in the Klang Valley, Penang and Kedah. The developments consists of serviced apartments, service offices-home offices, bungalows and industrial land, terrace houses and shop lots.

“Thriven Global will continue to ensure operational efficiency, maximise resources, acquire and enlarge our land bank, develop more affordable and luxury properties, establish a stronger presence in the property market and register better revenues. That is our pledge to our shareholders and customers,” adds Datuk Fakhri.

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Tambun Indah buys RM39.4mil land

KUALA LUMPUR: Tambun Indah Land Bhd has expanded its landbank further by buying a 19.05-acre land in Kota Permai, Bukit Mertajam for RM39.4mil.

In a statement on Friday, the group said it would increase its available undeveloped landbank to 472 acres, which would sustain the group for approximately six to seven years.

Managing director Teh Kiak Seng said that the land acquisition was timely, as Mainland Penang property market held tremendous potential for growth in tandem with the increasing number of infrastructure initiatives.

“Alongside our ongoing landbank expansion strategy, we are focusing our efforts on building up the recreational aspects of in our flagship Pearl City township.

“To this end, the international school is on track to be operational in September 2015, and the Pearl City Mall by the first half of 2016,” he said.

Alongside the school, Tambun Indah is slated to launch “Avenue Garden” high-rise service apartments located next to the campus in the second half of 2015.

Meanwhile, at the group’s annual general meeting today, Tambun Indah’s shareholders approved the final single tier dividend of 6.7 sen per share in respect of the financial year ended Dec 31, 2014 (FY2014).

Combined with the earlier-paid interim dividends of 3.0 sen per share, Tambun Indah has declared total dividends of 9.7 sen per share in respect of FY2014.

Total dividend payout of RM40.6mil represents 40% of the group’s FY2014 net profit.

Tambun Indah has a dividend policy to distribute 40% to 60% of net profits to shareholders.

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Amcorp Properties unit sells London building for RM162mil

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: Amcorp Properties Bhd’s (AmProp) indirect wholly-owned subsidiary Merchant Alpha Ltd has disposed of its 100% equity interest in property investment companies Merchant Beta Ltd (MBL) and Merchant Omega Ltd (MOL) for £27.35mil (RM162.3mil) in cash.

AmProp told Bursa Malaysia that MBL and MOL currently owned an apartment building in London with 979-year leasehold.

It said the disposal presented an opportunity for the group to unlock and realise the value of its investment in the property and redeploy the funds to other market opportunities in its core businesses.

“AmProp is confident that the Disposal is timely with the property currently running close to full occupancy and rental of the apartments at optimum market rate, thus enabling it to extract maximum value from the disposal,” it said.

AmProp said the group stood to make a gain on disposal of about £9.75mil (RM57.9mil) for an investment duration from February 2013 to June 2015.

AmProp closed down 1 sen to 87 sen on Friday.

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