MRCB submits bid to buy French embassy land

MRCB 2nd KL land purchase?

PETALING JAYA: Property developer Malaysian Resources Corp Bhd (MRCB) has confirmed that it has submitted a bid to acquire the French embassy land in Kuala Lumpur.

This confirms a StarBiz report yesterday on the probable RM1.1bil deal quoting sources.
MRCB in its filing with Bursa Malaysia yesterday said the company had on Feb 12 submitted the tender for the French embassy land and is still waiting for the outcome of the tender.

“We will make the appropriate announcement to Bursa Malaysia in accordance with the listing requirements, as and when required,” it said.

According to the report, MRCB was speculated to be in the lead to purchase the French embassy land which is one of the few remaining sizeable parcels of land in the city centre.

According to the sources, MRCB had the best offer on the table for the 7.9 acres that the embassy is disposing through a competitive tender.

If MRCB wins the bid as expected, it would be buying a second piece of land in the city, a week after announcing its purchase of the German embassy’s 1.87 acres in Jalan Kia Peng last week.

The French embassy land, comprising two parcels, with a combined acreage of 7.98 acres along Jalan Ampang is said to be sold at about RM3,188 per sq ft.

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Highest award: The outside view of University college of Technology Sarawak.

SIBU: University College of Technology Sarawak (UCTS) has become the first university in the world to be platinum-rated for the Green Building Index (GBI) award.

Its vice-chancellor Prof Datuk Dr Abdul Hakim Juri said the university which started operations on April 1, 2013, had scored 87 points, one more than the minimum 86 which is required for the award.

“UCTS is the first university in the world to receive the highest rating for a green building,” he said, adding that it would be presented with the award next month.

The GBI rating system is regulated by the GBI Accreditation Panel which is an independent committee consisting of PAM (Malaysian Architect Organisation) and Association of Consulting Engineers Malaysian professionals.

In revealing this during a visit by state Welfare, Women and Family Development Minister Datuk Fatimah Abdullah yesterday, Dr Abdul Hakim said UCTS fulfilled a lot of conditions, mainly on energy conservation, that needed to be met to achieve the rating.

Hence, he said, green technologies had been incorporated into the buildings to preserve energy and the environment.

“We are now using 50% less energy than any normal building as our buildings have double glazing glass to conserve energy.

“Our buildings are also fitted with Light Emitting Diodes (LEDs) to reduce energy consumption. With motion sensors, lights would automatically switch on and off when a person walks under it,” he said.

The university is also harvesting rain water and storing them in the pond in front of the university. The water collected will be recycled for air conditioning and flushing of toilets while the water from the toilets will again be recycled for gardening use.

UCTS is built on a 44.08ha of land. Prime Minister Datuk Seri Najib Tun Razak officiated the ground breaking ceremony on Sept 16, 2012.

Currently, UCTS has a total of 685 students and will be able to accommodate up to 5,000 students when the campus is fully completed in the next two to three years.

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Ter injects assets into Sunsuria

PETALING JAYA: Datuk Ter Leong Yap, the major shareholder of Sunsuria Bhd, is injecting his private property assets of over 440 acres worth RM350mil and which comes with a gross development value of RM11bil into Sunsuria.

Out of the proceeds, Ter will be reinvesting some to subscribe for 102.04 million new shares in Sunsuria at an issue price of 98 sen, which will increase his stake to some 58% from 51.12% currently. (98 sen is the theoretical ex-rights price of Sunsuria shares).

According to an announcement to Bursa Malaysia, Ter is mainly injecting shares of Sunsuria Gateway Sdn Bhd, Sunsuria Medini Sdn Bhd and Rentak Nusantara Sdn Bhd into Sunsuria.

These are his private property companies which already own existing property development projects which have a collective gross development value of RM10bil.

Sunsuria has made a proposed subscription for 99.99% of the securities in Sunsuria Gateway for RM1mil. It has also proposed to subscribe for 237 million new redeemable preference shares (Class B) of Sunsuria Gateway for RM237mil.

Secondly, there is a proposed acquisition of a 20% effective equity interest in Sunsuria Medini for RM53.12mil via the acquisition of Concord Property Management Sdn Bhd. Concord currently holds 250,000 shares in Sunsuria Medini, which represents a 20% stake in the latter.

Sunsuria is buying a further 12,500 shares in Sunsuria Medini for RM1.85mil for a 1% stake.

Thirdly, there is the proposed subscription for 25 million new shares of RM1 each, representing 99.01% in Rentak Nusantara Sdn Bhd and the proposed subscription for 32 million new redeemable preference shares for RM32mil.

The indicative fair market value of Sunsuria Gateway which ranged between RM230mil and RM250mil, was based on its 50% share of the indicative enterprise value of Sime Darby Sunsuria Development Sdn Bhd (SDSD), which was appraised by Ernst & Young.

SDSD is a joint venture between Sunsuria Gateway and Sime Darby to undertake a proposed property development project on 346.58 acres of freehold land adjacent to the Salak Tinggi express link station.

Meanwhile, the purchase consideration for Sunsuria Medini was derived based on the market value of RM600mil for the company’s land bank and its ongoing developments as appraised by C H Williams Talhar & Wong on Jan 31.

As for Rentak Nusantara, it is now undertaking an ongoing bungalow development in Setia Alam, Selangor which comprises 68 parcels of bungalow plot known as Suria Hills 2A and 2B.

The subscription price of RM57mil was arrived at after taking into account the market price of the projects as at Jan 31.

The total cash funding required for the proposals amounts to about RM250mil, of which RM11mil has been paid.

The balance of RM239mil is expected to be funded via a combination of internally-generated funds and funds from the fund-raising exercise.

The company’s rights issue of up to 475.08 million shares comes with 158.36 million free warrants,

The company said the rights shares had been fixed at a discount of at least 25% to the ex-rights price of Sunsuria shares.

This will be based on the five-day volume weighted average market price of Sunsuria shares up to the price fixing date. In any case, the issue price shall not be lower than 50 sen per rights share.

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Berkeley Homes launches 250 City Road, London, EC1

The first phase of a new community at the heart of a landmark regeneration area

CGI of 250 City Road

BERKELEY Homes North East London is set to launch the first phase of 250 City Road. This is set to be the most talked-about London residential destination of 2015.

Designed by Foster + Partners, one of the most innovative and acclaimed architectural practices of the decade, 250 City Road delivers the optimum place to live and work.

Situated in the heart of one of London’s most vibrant areas and very close to the city and the capital’s tech and creative quarters, this landmark scheme lays the foundation for an enduring new community. Upon completion, the scheme will comprise 930 homes, expertly built by Berkeley Homes, a 190-bedroom 4-star hotel, office and retail space – all set amid breath-taking architecture conceived to complement the existing surroundings.

Overlooking the city skyline, the development incorporates almost two acres of beautifully landscaped gardens and courtyards, all of which are fully Wi-Fi enabled. The intelligently devised studios, one-, two- and three-bedroom apartments and penthouses are arranged across eight buildings, including two landmark towers reaching up to 42 floors that blend effortlessly with the streetscape.

The first phase of 263 apartments features the tallest building on the development, a 42-storey tower and the delivery of the 190-bedroom, 4-star hotel. A second, 36-storey tower will follow at a later phase. Rising above its surroundings in an iconic cluster, the podium towers are each located at an angle to optimise far reaching panoramas across the city and further out facing London’s periphery, with views becoming more dramatic the further up you go.

Whether north-west towards Angel or south-east to Old Street, the development’s inherent interrelation with the city continues at street level. New pedestrian avenues lead onto a wide central plaza and public gardens which will provide a new urban oasis for residents and the local community to enjoy.

Fulfilling the needs and exceeding the expectations of contemporary luxury living, all apartments are fully fitted with the finest materials including Siemens integrated appliances, underfloor heating, comfort cooling and luxurious bathrooms. An exclusive collection of Platinum residences offers the ultimate in artful elegance:

Finishing touches include fitted surround sound systems and natural stone worktops. Each apartment feature balconies, terraces and/or winter gardens.

Berkeley Homes are working with a panel of expert interior designers – Darling Associates, Scott Brownrigg and Goddard Littlefair to create spacious and elegant apartments with a selection of design palettes. As well as facilitating unparalleled views, the angled apartments have also been developed strategically to fill the interior living accommodation with natural light throughout the day.

CGI of 250 City Road

Residents will have access to a rooftop gym and terrace, linked with the residents’ lounge that will offer panoramic views of the city. A 20m (65.6 ft) indoor pool and spa as well as 24-hour concierge services, complete the offering. The development benefits from secure underground parking and round-the-clock security.

Externally, outside space assumes a new dimension at 250 City Road. Extending to almost two acres (0.8 ha) of peaceful and enclosed green spaces complemented by mature trees, water features and wildflower beds, the public realm provides respite from the confines and pressures of city life. In addition, buyers will enjoy a private, residents-only courtyard which emulates a shady woodland copse.

An expansive retail offering, new cafes, restaurants, shops, Grade A office and studio space allocated for start-up companies surrounding a new central plaza will help cement 250 City Road’s arrival as a principal new quarter in this rejuvenated part of town.

Piers Clanford, managing director at Berkeley Homes (North East London) Ltd, comments: “250 City Road will form the centrepiece of this vibrant area, virtually unrivalled in terms of proximity to the capital’s most dynamic employment hubs and creative districts.

“It also comes with the bonus of being located in one of the capital’s most established residential postcodes located within a short distance from popular neighbourhoods including Hoxton and Shoreditch. Providing all the conveniences of luxury living combined with impressive public realm and world-class amenities, Berkeley
Homes’ investment in the infrastructure will not only add to the area’s current offering but will help further establish City Road’s position as a residential destination.”

Located in Zone 1, 250 City Road will be located a short walk from some of London’s most buoyant employment markets including Silicon Roundabout and the Square Mile as well as the fashionable neighbourhoods of Islington and Shoreditch. Those travelling by tube can reach King’s Cross St Pancras in four minutes, London Bridge in five minutes, Canary Wharf in 17 minutes and Bond Street in 29minutes.

From 2018,Crossrail trains from neighbouring Farringdon will transport residents non-stop to Heathrow Airport in 32 minutes.

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Sunway Property marks the spot

Focusing its townships in transit-oriented areas is the way to go, says this master community developer.

Sunway Bhd managing director of the property development division Sarena Cheah.

CHANCES are, wherever there is a comprehensive concentration of transportation hubs emerging in new areas, there too the Sunway brand will be, with its community-centric focus making its presence felt in a big way.

It is no secret that focusing on integrated, transit-oriented townships is part of the group’s strategy even as it solidifies its property investment offerings and considers procuring added land banks to its steadily growing supply of prime land in strategic locations throughout the country.

Despite a general cautiously optimistic market sentiment, the group is confidently targeting RM1.7bil in sales this year. In addition to its property launches, RM2.6bil worth of investment properties are currently under construction and expected to be completed in the next two years.

The division’s remaining landbank of 3,362 acres (1,360ha) with a GDV (gross development value) of RM49bil will keep the property division busy for the next 12 years.

“Our land banks are located close to the MRT (mass rapid transit), LRT (light rail transit) and BRT (bus rail transit). In terms of BRT, we were one of the first (developers) to work with Prasarana. Being located next to public infrastructure makes the land very strategic for development,” said Sunway Bhd managing director of the property development division Sarena Cheah.

Speaking at the launch of the “Living Sunway, Living Community” campaign at the Sunway Velocity sales gallery in KL South which marks yet another of the group’s self-sustained integrated development in Cheras, she pointed to accessibility as being key in the integrated development.

“The bonus is the two LRT stations located at both ends of the Sunway Velocity development complemented by the MRT,” she said of this 23-acre (9.3ha) freehold development with a GDV of RM3bil that will feature a 1.4 mil sq ft shopping mall which is already under construction and is targeted to open by end of this year.

The hotel which will be managed by Sunway is expected to be opened next year flanked by serviced apartments and a medical centre. There will also be the V Residence Suites, V Garden 2-acre (0.8ha) Central Park and V Boulevard.

Living Sunway, Living Community

Ever willing to invest in facilities and amenities to complement the needs of the community in which its townships are founded upon, the group which celebrated its 40th anniversary last year with the theme “Part of You” has shifted its emphasis to “Living Sunway, Living Community”.

“Our vision is to be a master community builder because in every location that we go into, if it is sizable enough, we would like to make it an integrated township where we hold at least 30% of the properties that we build.

The whole idea is that we want to be a co-investor with our customers who purchase these properties,” said Cheah.

“Therefore, Sunway is, in some ways, the biggest asset owner in the locations it co-invests in alongside anyone who buys a serviced apartment, residence or shop lot here. This is how we will position ourselves moving forward as we get new land banks because we believe a business model such as this in which we build, own and operate works very well for us and will ensure capital appreciation.”

Cheah said that the group is looking to expand its land bank.
“Our initial focus would be to follow infrastructure such as the LRT, MRT, speed rails, new highways and growing neighbourhoods while exploring other states. Every developer needs land bank to grow. It’s our core, raw material for township developments.What we currently have is very strategic and moving forward, there are opportunities for us to strategically pick from.

“We have larger townships so for the immediate term, we want to balance the land bank portfolio and are interested in smaller and more immediate launches with land area ranging from 5 acres (2ha) to 50 acres (20.2ha) in order to move faster and immediately launch depending on the product and location. We are also on the lookout for township and integrated city centre opportunities.”

Having said that, she added that the group is in no rush even as it looks at its building investment portfolio and acknowledged that it is a “good time for REITs (Real Estate Investment Trusts)” in a move which she described as being very holistic.

Forging new frontiers

The group has already made known its intention to have at least one integrated flagship township in the key capital cities in Malaysia.

Adding to the group’s burgeoning land bank is its acquisition of 1,800 acres (728ha) dedicated to its ambitious township development efforts in developing Sunway Iskandar in Johor.

In the Klang Valley, its thriving RM11bil Sunway Resort City flagship township has clearly taken on a life of its own with other integrated townships, including Sunway Damansara, Sunway Putra Place and Sunway

South Quay adding to its list of achievements, while added pockets of land are spread out in other parts of the Klang Valley, Greater KL, Ipoh and Penang – though the other developments may be standalone components such as single condominium developments or landed residences.

In Ipoh alone, there is the replicated community township called Sunway City Ipoh, while in Penang, besides its integrated Sunway Wellesley development and Sunway Cassia development, the group will soon be launching its Paya Terubong integrated development.

“Land located next to public infrastructure is considered very strategic, so it will not do justice if we simply launch a development. The plan is to look at how to create more value from those strategic pieces even as we look for new land bank as we approach the year cautiously,” she shared.


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Luxury apartment in KLCC

Distinctive: The residences is designed by the celebrated architectural firm of Skidmore, Owings & Merrill.

PROPERTY developer Tropicana Corporation Bhd has unveiled The Residences, a posh, fully-furnished serviced apartment tower right in the heart of Kuala Lumpur’s Golden Triangle over the weekend.

Set for completion in 2017, it will be built on 0.52ha of freehold land at the original Millionaires’ Row with gross development value estimated at RM800mil.

The Residences offers four types of swanky layouts with built-up area ranging from 710 sq ft to 2,973 sq ft with 353 units of residences on offer from the 25th to the 53rd floor. The luxury apartment, just two minutes’ walk to Suria KLCC, will sit atop a hotel – the upscale W Hotel. Managed by Starwood Hotels & Resorts Worldwide, the hotel offers 150 rooms and will occupy the 8th to 23rd floor.

According to Tropicana, the Residences which is designed by the celebrated architectural firm of Skidmore, Owings & Merrill (SOM), is expected to join the ranks of other instantly recognisable SOM projects like Dubai’s Burj Khalifa and New York’s One World Trade Centre, and is set to become an iconic landmark in Kuala Lumpur.

Festive: There were fireworks and more during the launching of Tropicana’s The Residences in Kuala Lumpur.

 The developer, which launched the project simultaneously over the weekend across six countries – Malaysia, Singapore, Taiwan, China (ChengDu and Shanghai), Indonesia and Hong Kong, said The Residences offered prospective buyers the opportunity to own a piece of luxury real estate on the last few parcels of premium freehold lands in the Kuala Lumpur City Centre.

During the main launch at Marini’s on 57, the rooftop bar located close to the Petronas Twin Towers, Ung Lay Ting, head of marketing and sales department, said: “The Residences prides itself as the only swanky-arty luxury property located in Kuala Lumpur’s Golden Triangle. Clients will be treated to every conceivable luxury and amenity, including concierge and housekeeping services, and an innovative home-care programme – ideal for jet-setters or those constantly on the move”.

The host of modern facilities that will be made available include a saltwater infinity pool, a forest-themed lounge, a multi-purpose area on the roof known as the Gourmet Loft and a first-of-its-kind aqua gym. The rooftop facility floor will offer the perfect place to chill with an unobstructed view of the cityscape.

A butler service will help residents with such things as transport, laundry and bookings for flights, restaurants and even spa treatments.

Management of The Residences will be handled by Tropicana, which says it will continue to embrace sustainable development in this project. The tower is designated as a green building and will boast resource- and energy-efficient features in its daily operations, including the powering of lifts and other utilities.

Those who would like more information on the project can log on to www.tropicanatheresidences.com or contact +6018-203 8888/+603-2141 3188 for a private viewing.

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Iskandar confident of RM30bil new investments this year

BY ZAZALI MUSA

NUSAJAYA: Economic growth corridor Iskandar Malaysia is confident of achieving the RM30bil target set for new investments this year based on its achievement since its launch nine years ago.

Iskandar Regional Development Authority (Irda) chief executive officer Datuk Ismail Ibrahim said it had already received RM3bil in new investments in the first quarter of the year. Irda is the regulatory authority mandated to plan, promote and facilitate the development of Iskandar Malaysia.

Ismail said the RM3bil new investments came from the manufacturing, services and property sectors and an official announcement on the breakdown of the investments would be made by the end of the month.

“The party is not over yet. The background music is still on and all stakeholders have to work even harder for Iskandar Malaysia to stay attractive and relevant,” Ismail said at a press conference yesterday.

He said this after giving a closed-door briefing on Iskandar Malaysia’s development and progress to Penang Yang di-Pertua Negeri Tun Abdul Rahman Abbas during his visit to Kota Iskandar here.

Ismail said it was not easy to attract strong interest from domestic and foreign investors to Iskandar Malaysia.

He said Irda and other stakeholders would not rest on their laurels as Iskandar Malaysia is facing competition not only from other economic growth corridors in the country but also from other countries in the region.

The other corridors are the Northern Corridor Economic Region, the East Coast Economic Region, the Sabah Development Corridor and the Sarawak Corridor of Renewable Energy.

“Although we have surpassed the investment target since our launch, more effort is needed to continue attracting investments to Iskandar Malaysia,” added Ismail.

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