Monday, June 27, 2011
Phase 3 of Lake Fields to be launched soon
KUALA LUMPUR: YTL Land & Development Bhd is launching phase three of its Lake Fields project in Sungei Besi soon and expects take-up to be overwhelming.
Called Grove, it comprises 102 units of three-storey semi-detached homes worth about RM220 million, or about RM2 million each.
YTL Land executive director Datuk Yeoh Seok Kian said it has received about 1,500 registrations for Grove, mostly repeat buyers and upgraders from matured neighbourhoods such as Desa Petaling, Taman Desa, Kuchai Lama and OUG.
"We expect Grove to replicate the success of our phase one and phase two launches at Lake Fields," he said.
The first phase, known as Meadows & Glades, launched in 2005, was snapped up overnight. All 514 units of the three-storey homes sold at more than RM380,000 per unit.
The second phase known as Dale sold out in four days. It comprises three-storey semi-detached homes and the prices range from RM638,800 to RM1.33 million.
Yeoh said Dale has not only set a new price standard for Sungei Besi homes but also demonstrated the area's potential as Kuala Lumpur's next property hot spot.
"People still want to live in Kuala Lumpur but there is scarcity of land and pressure on land price, making homes more expensive," Yeoh told Business Times in an interview.
"Sungei Besi holds much potential as the next "new thriving address" in Kuala Lumpur due to its strategic location. It is well connected and is easily accessible via numerous highways and railways, which are reasons why the project has become a success," he said.
Lake Fields, a joint-venture by YTL Land via Syarikat Pembinaan Yeoh Tiong Lay and the Employees Provident Fund, launched in 2005, spans across 74ha. Its centrepiece is a 6ha lake.
Grove features large built-up homes of more than 4,354 sq ft with breezy interiors, floor-to-ceiling windows and stunning view of the lake. Each residence comes with a private pool and a rooftop garden in selected units.
Yeoh said the redevelopment of the Sg Besi Royal Malaysian Air Force (RMAF) air base is another positive factor.
The government is redeveloping the 162ha into an integrated commercial hub and it is expected to be the catalyst for the growth of the southern part of the Klang Valley and would further raise the profile of Sungei Besi significantly.
By Business Times
Saturday, June 25, 2011
A resort island in Nilai?
The sky bungalows has a 70% take-up rate.
The idea of offering island living in Nilai, Negri Sembilan, sounds like pie in the sky, but to gain attention in the competitive property market, you have to think big and different sometimes.
The 350-acre Green Beverly Hills development in Putra Nilai (formerly known as Bandar Baru Nilai), with its inland resort island concept, is said to be the first of its kind in the world.
The brainchild of GD Development Sdn Bhd, Green Beverly Hills is on freehold land, and plans includes a five-star health-themed hotel, a 500,000 sq ft club house, condominiums, semi-detached homes, villas, and a shopping mall. The project, due to be completed in eight years, has a gross development value of RM4bil.
GD Development chief executive officer Lim Ching Choy says Green Beverly Hills was conceptualised as a upmarket residential community on a iconic lifestyle resort island.
“As far we know, there is no other similar development in the world,” says Lim in an interview with StarBizWeek.
At present, there are five lakes within the development. “We will link the lakes, and flood other areas, to create a canal system around the development, thus turning it into a man-made inland island,” he says.
According to Lim, it is the company's joint chairman Datuk David Yeat Sew Chuong who comes up with the idea.
“He was inspired by the castles and palaces he visited in Europe, South Korea, Japan and China that are surrounded by moats and lakes.”
Yeat is also the founder and chief executive officer of INS Bioscience Bhd, which is listed on the ACE Market of Bursa Malaysia.
Lim has extensive experience in property development, having served as chief executive officer in Mah Sing Group Bhd and Magna Prima Bhd within the past nine years. He was also formerly the managing director of Ho Hup Construction Co Bhd.
Engineering firm Angkasa Consulting Services Sdn Bhd, which has been involved in wetlands and lake developments in Malaysia and China, is the consultant for Green Beverly Hills.
Lim says water discharge and flow in the canal will be controlled by mechanical systems. “During periods of heavy rain, we can discharge the water when it reaches a certain level.”
Access to the development, over its water channel, will be via three roads. The development is touted as being strategically located, with the South Klang Valley Expressway and North-South Expressway as highway links.
“From Green Beverly Hills, it is a 10-minute drive to the KL International Airport (KLIA), a 15-minute drive to Putrajaya, a 35-minute drive to the Kuala Lumpur City Centre, and a 20-minute drive to Seremban. The Salak Tinggi KLIA Transit Station is just a five-minute drive away,” says Lim.
He points out that institutions of higher learning such as the Inti International University, Nilai University College, Nilai International School and Universiti Sains Islam Malaysia are located close to the development.
Also in the vicinity are the Nilai Springs Golf & Country Club, NCI Hospital as well as Tesco and Giant hypermarkets.
Lim says other highlights of the gated and guarded development includes the availability of broadband Internet services, a “green environment” and a density of 5.7 units per acre (including condominiums) with about 2,000 planned property units.
He adds that a 50-acre forest, 20-acre organic farm and 20 acres of water (surrounding the island) are in the works. “Residents can buy produce from the organic farm with points accumulated via their property maintenance fees.”
A closed-circuit television (CCTV) camera surveillance and CMS (central monitoring system) will be put in place for better security on the island. “Each house is linked to the CMS,” says Lim.
Also, the company will make a submission for certification from Malaysia's Green Building Index soon. “All our buildings will incorporate a rain water harvesting system.”
Lim: As far we know, there is no other similar development in the world like Green Beverly Hills.
Earlier this year, two blocks of Sky Bungalow condominiums with 334 units sized from 932 to 1,816 sq ft per unit, were launched.
A unique feature of the Sky Bungalow condominiums, priced from RM487,200 to RM910,800 per unit, with one to three-bedroom types, is that each unit comes with a swimming pool.
Smaller units have 5 x 10 ft pools while bigger units have 5 x 14 ft pools. “We can provide an option for heated water in the pools, depending on request,” says Lim.
Another highlight here is the 12-ft ceiling of the units. One block of the Sky Bungalow condominiums is a 25-storey tower, while the other is a 20-storey tower.
Each floor has six to eight condominium units, with each allocated a car park bay. An extra car park bay for each unit can be rented at less than RM100 per month. “For those who need more than two car park bays, we are providing an additional 66 bays.”
To date, the Sky Bungalow condominium project has a 70% take-up rate. According to Lim, the Sky Bungalow condominiums will be the only high-rise residential units on the development. “All other residential units here will be landed types.”
Also launched earlier this year were 17 units of four-storey Water Villa bungalows, each with a built-up area of 4,769 sq ft and priced at RM3.167mil.
Each unit comes with a private lift. There are also 44 units of three-storey Garden Villa bungalows, each with a built-up area of 3,858 sq ft and priced at RM2mil. Lim is pleased by the take-up for the bungalows, as only two and 18 units of Water and Garden Villas respectively remain available for sale.
The condominiums and bungalows are due to be completed by the end of 2014 and 2013 respectively.
In July, Lim plans to launch 148 units of three-storey semi-Ds, each with a built-up area of about 3,600 sq ft and priced at RM1.7mil onwards. According to Lim, to date, about 30% of the buyers are foreigners. “The foreign buyers are mainly from Singapore, with the rest from Indonesia and Hong Kong.”
Green Beverly Hills is GD Development's maiden and only foray in property development. The company was incorporated in 2009. Lim says the company has no other property development plans. “For the next eight years, we will focus only on Green Beverly Hills.”
By The Star
Friday, June 24, 2011
Ampang’s latest high-rise launched
Impressive: Tajol Rosli (left), looking at the D’Pines@ Ampang project model with Dr Foo and some others before the launch of the sales gallery.
A new residential high-rise property named D’Pines has just been launched in Ampang and is set to liven up the mature neighbourhood surrounding it.
“We are proposing a future development next to the condominium, a centre with facilities like badminton courts, a swimming pool, game room, hall and such. Those who can apply for membership to use the place are residents in Taman Nirwana only,” Sri Seltra Sdn Bhd (a member of City Motors Group of Companies) sales and marketing manager Michael Lip said, adding that there may also be retail space available.
While no other details available yet because the idea is still in the planning stage, what has already started construction is the two block 20-storey condominium towers. along Jalan Cempaka 6, due to be completed in early 2014.
“Block A will have 265 units while Block B will have 267. Both consist of units ranging from 1,321 square feet (sq ft) to 1,875 sq ft,” Lip said.
The carparks will be built in a separate block with a sundeck at the top of it.
“One of the main features of the deck is the freeform pool with sand beach while the other is the ‘forest park’. There will also be a playground, yoga zone, barbeque area and gymnasium,” he said.
According to Lip, selected units will also have a skydeck, an open air platform that can be considered as a second and more private balcony, accessible via the master bedroom.
As for the features of the units, all designs have minimum three bedrooms and two bathrooms.
The larger two units comes with wet and dry kitchen areas while most of the units have an utility room and yard.
Lip said that other features of the condominium is three-tier security, 24-hours CCTV and guards service while maintenance is charged at 20sen per sq foot.
“We also had several town villa and penthouse units that has been sold out. Currently, 70% of our units have been sold,” he said, adding that prices for the units start at RM380,000.
Former Perak Mentri Besar Tan Sri Tajol Rosli Ghazali, who had planted a tree in the area back when he was the Housing and Local Government deputy minister, launched the opening of the sales gallery recently.
At the event, City Motors executive chairman Datuk Dr Foo Wan Kien said the company has come a long way to be able to develop the land that was once filled with squatters.
“Through social responsibility, we resettled the squatters amicably to a medium-cost apartment in Sri Pinang just opposite this condominium where units are between 800 to 1,000 sq ft,” Foo said, adding that they believed in a win-win situation where the living standards of everyone is upgraded.
He said that one of the key attractions of D’Pines was its proximity to the city centre and other facilities such as the MRR2, Jalan Ampang, DUKE Highway, Ampang-Kuala Lumpur Elevated Highway and even LRT Ampang line stations like Cempaka.
“There are also plenty of hospitals, both government and private nearby and schools. There are also conveniences like Tesco and Carrefour Market close by,” he said, adding that D’Pines offers one of the lowest prices for a similar project in the vicinity.
He was also worried that a build- and-sell policy that seems good now may be harmful to the public.
“Not many can finance such projects as banks are reluctant to finance it. Bigger developers on the other hand will not be launching a housing scheme with more than 100 or 200 units, fearful of the market at the time of the project’s completion,” he said, adding this could lead to shortage of affordable homes.
Foo believes that incentives such as lower premium, soft loans or suggestions such as developers only collecting about half of the cost to cover construction costs be implemented by the government instead.
The show gallery that is located at the construction site of the project is open from 10am to 6pm daily.
By The Star
Thursday, June 23, 2011
Dijaya Corp to unveil projects worth RM762mil
PETALING JAYA: Property developer Dijaya Corp Bhd plans to launch three new projects this financial year ending Dec 31 with a gross development value (GDV) of RM762mil.
Tong: We will launch Tropicana Cheras, a residential project in Sungai Long some time between July and August.
Managing director Datuk Tong Kien Onn said the total GDV for the three projects was more than RM1bil but as the group planned to launch them in phases the GDV was RM762mil.
“We will launch Tropicana Cheras, a residential project in Sungai Long some time between July and August. The first phase of the Tropicana Danga project will be launched in the third quarter while the first phase of Tropicana Avenue, a mix development project with commercial centres and apartments, in Tropicana will be launched in the final quarter,” he told reporters after the group's AGM yesterday.
The group had in the last financial year launched projects with GDV worth RM800mil.
Dijaya had earlier said the group planned to launch property projects worth RM3.5bil over the next two years.
Tong said Dijaya would aggressively launch more new projects in FY12 and FY13 to achieve the RM3.5bil target.
He also said Dijaya was still looking for more land to acquire.
“Our current land bank of 140 acres is excluding the recently purchased land in Subang and Kampar. If we add up both parcels, our total land bank will be about 240 acres,”he said.
Dijaya had bought two parcels of land - one in Subang (88.5 acres) and another in Kampar, Perak with a size of 12.9 acres.
On the move by the group to embark into the hotel business, Tong said after partnering with hotel and leisure company Starwood Hotels & Resorts Worldwide Inc to develop W Hotel in Kuala Lumpur, the group was looking for other places for new projects.
He said the W Hotel would take about four-and-a-half year to be completed and the project would start by the end of this year.
Tong also said Dijaya would continue to focus on the local market for its businesses although it was open for any business potential in the overseas market.
He said the outlook of the property market in the country was still positive.
By The Star
Tong: We will launch Tropicana Cheras, a residential project in Sungai Long some time between July and August.
Managing director Datuk Tong Kien Onn said the total GDV for the three projects was more than RM1bil but as the group planned to launch them in phases the GDV was RM762mil.
“We will launch Tropicana Cheras, a residential project in Sungai Long some time between July and August. The first phase of the Tropicana Danga project will be launched in the third quarter while the first phase of Tropicana Avenue, a mix development project with commercial centres and apartments, in Tropicana will be launched in the final quarter,” he told reporters after the group's AGM yesterday.
The group had in the last financial year launched projects with GDV worth RM800mil.
Dijaya had earlier said the group planned to launch property projects worth RM3.5bil over the next two years.
Tong said Dijaya would aggressively launch more new projects in FY12 and FY13 to achieve the RM3.5bil target.
He also said Dijaya was still looking for more land to acquire.
“Our current land bank of 140 acres is excluding the recently purchased land in Subang and Kampar. If we add up both parcels, our total land bank will be about 240 acres,”he said.
Dijaya had bought two parcels of land - one in Subang (88.5 acres) and another in Kampar, Perak with a size of 12.9 acres.
On the move by the group to embark into the hotel business, Tong said after partnering with hotel and leisure company Starwood Hotels & Resorts Worldwide Inc to develop W Hotel in Kuala Lumpur, the group was looking for other places for new projects.
He said the W Hotel would take about four-and-a-half year to be completed and the project would start by the end of this year.
Tong also said Dijaya would continue to focus on the local market for its businesses although it was open for any business potential in the overseas market.
He said the outlook of the property market in the country was still positive.
By The Star
Thursday, June 16, 2011
E&O, Mitsui to jointly develop properties in Malaysia
PETALING JAYA: Lifestyle property developer Eastern & Oriental Bhd (E&O) and Japan's largest property developer Mitsui Fudosan Co Ltd are looking at opportunities to jointly develop residential properties in Malaysia and the region.
Partners: (from left) Zushi, Shotaro and Eric Chan at the collaboration signing ceremony.
“This is a significant start,” said E&O deputy managing director Eric Chan after signing a marketing collaboration agreement with Mitsui Real Estate Sales Co Ltd, the real estate brokerage arm of Mitsui Fudosan.
Mitsui Fudosan is one of Japan's corporate giants whose parent company, Mitsui Group, goes back to the Edo period. Mitsui Fudosan is listed on the First Section of the Tokyo and Osaka Stock Exchange and as at March this year, its total assets stood at US$47bil.
“With a market cap of US$15bil, they are not here for the (brokerage) commission,” said Chan.
Mitsui Fudosan (international department planning and administration group) executive manager Chishu Zushi said the marketing collaboration was the first step in other future collaborations.
“There will be other collaborations later on. We have been looking at various opportunities in the (residential) development business. It can be in Malaysia, Singapore or Japan, but it is too early (to announce) anything right now,” he said.
Future joint residential developments may involve E&O's existing projects or may include new ones, but yesterday's marketing partnership was project specific, that is to sell St Mary Residences in Kuala Lumpur and the Quayside Seafront Resort Condominiums in Penang.
The partnership would last until everything was sold, said Chan.
E& O has several projects, the largest of which is the 980-acre seafront development Seri Tanjung PInang in Penang. The first phase comprising 240 acres has been completed. It also has pockets of land in Jalan Kia Peng and Jalan Yap Kwan Seng in Kuala Lumpur and 365 acres at Gertak Sanggul in Penang plus bungalow lots in Damansara Heights.
Chan said about 20% of its buyers for both its Seri Tanjung Pinang and St Mary Residences in Penang were foreigners, with British being the largest group and Japanese the second largest group.
The percentage of foreign buyers for its Kuala Lumpur properties is smaller.
Ishihara Shotaro, the managing director of Tropical Resort Lifestyle Sdn Bhd, a Japanese support company that will be facilitating the cross-border collaboration said the number of Japanese buyers was expected to grow after the March 11 tsunami and earthquake.
“They invest in properties priced between RM1.5mil and RM2mil with built-up of 700 to 1,500 sq ft. They have found that investing here has been pretty rewarding compared with their investments in Japan. In Singapore, property prices are very high. We see greater possibilities here. After the March 11 tragedy, they are also looking for a country with no natural disasters,” said Shotaro.
By The Star
Partners: (from left) Zushi, Shotaro and Eric Chan at the collaboration signing ceremony.
“This is a significant start,” said E&O deputy managing director Eric Chan after signing a marketing collaboration agreement with Mitsui Real Estate Sales Co Ltd, the real estate brokerage arm of Mitsui Fudosan.
Mitsui Fudosan is one of Japan's corporate giants whose parent company, Mitsui Group, goes back to the Edo period. Mitsui Fudosan is listed on the First Section of the Tokyo and Osaka Stock Exchange and as at March this year, its total assets stood at US$47bil.
“With a market cap of US$15bil, they are not here for the (brokerage) commission,” said Chan.
Mitsui Fudosan (international department planning and administration group) executive manager Chishu Zushi said the marketing collaboration was the first step in other future collaborations.
“There will be other collaborations later on. We have been looking at various opportunities in the (residential) development business. It can be in Malaysia, Singapore or Japan, but it is too early (to announce) anything right now,” he said.
Future joint residential developments may involve E&O's existing projects or may include new ones, but yesterday's marketing partnership was project specific, that is to sell St Mary Residences in Kuala Lumpur and the Quayside Seafront Resort Condominiums in Penang.
The partnership would last until everything was sold, said Chan.
E& O has several projects, the largest of which is the 980-acre seafront development Seri Tanjung PInang in Penang. The first phase comprising 240 acres has been completed. It also has pockets of land in Jalan Kia Peng and Jalan Yap Kwan Seng in Kuala Lumpur and 365 acres at Gertak Sanggul in Penang plus bungalow lots in Damansara Heights.
Chan said about 20% of its buyers for both its Seri Tanjung Pinang and St Mary Residences in Penang were foreigners, with British being the largest group and Japanese the second largest group.
The percentage of foreign buyers for its Kuala Lumpur properties is smaller.
Ishihara Shotaro, the managing director of Tropical Resort Lifestyle Sdn Bhd, a Japanese support company that will be facilitating the cross-border collaboration said the number of Japanese buyers was expected to grow after the March 11 tsunami and earthquake.
“They invest in properties priced between RM1.5mil and RM2mil with built-up of 700 to 1,500 sq ft. They have found that investing here has been pretty rewarding compared with their investments in Japan. In Singapore, property prices are very high. We see greater possibilities here. After the March 11 tragedy, they are also looking for a country with no natural disasters,” said Shotaro.
By The Star
E&O plans 4 new Quayside condo blocks
KUALA LUMPUR: Property developer Eastern & Oriental Bhd (E&O) expects to launch four new blocks at its Quayside Seafront Resort and Condominiums project in Penang this year.
Its deputy managing director Eric Chan said the company was optimistic about the project.
"So far, out of the total seven condominium blocks planned under the project, three have been launched with more than 75 per cent taken up," he said, noting that phase one will be completed by 2013.
The Quayside project is also home to Malaysia's largest water themepark.
Speaking to reporters after signing a marketing agreement with Mitsui Fudoson Co Ltd yesterday, Chan said one more condominium block will be launched next month while the rest is scheduled for launch either by the year-end or early 2012, with gross development value at more than RM2 billion.
Mitsui, Japan's largest property developer, through its unit, Mitsui Real Estate Sales Co Ltd, will market E&O properties to its high net worth clientele in Japan.
Chan said the collaboration is the first step that marks the beginning of efforts to bring the homegrown E&O brand to the Japanese market.
"We are honoured and excited by the opportunities presented by this collaboration with a giant like Mitsui," he said.
Besides E&O's Quayside project, other projects to be marketed in Japan include the company's St Mary Residences in Kuala Lumpur, due for completion next year.
"Our products are local but we believe demand can be global, especially if our standards of quality and innovation are international," he said.
By Business Times
Its deputy managing director Eric Chan said the company was optimistic about the project.
"So far, out of the total seven condominium blocks planned under the project, three have been launched with more than 75 per cent taken up," he said, noting that phase one will be completed by 2013.
The Quayside project is also home to Malaysia's largest water themepark.
Speaking to reporters after signing a marketing agreement with Mitsui Fudoson Co Ltd yesterday, Chan said one more condominium block will be launched next month while the rest is scheduled for launch either by the year-end or early 2012, with gross development value at more than RM2 billion.
Mitsui, Japan's largest property developer, through its unit, Mitsui Real Estate Sales Co Ltd, will market E&O properties to its high net worth clientele in Japan.
Chan said the collaboration is the first step that marks the beginning of efforts to bring the homegrown E&O brand to the Japanese market.
"We are honoured and excited by the opportunities presented by this collaboration with a giant like Mitsui," he said.
Besides E&O's Quayside project, other projects to be marketed in Japan include the company's St Mary Residences in Kuala Lumpur, due for completion next year.
"Our products are local but we believe demand can be global, especially if our standards of quality and innovation are international," he said.
By Business Times
Saturday, June 11, 2011
Regional debut for Mah Sing
An artist’s impression of Icon City Petaling Jaya.
Mah Sing Group Bhd plans to make its debut as a regional property player this year and hopes to kick off its first offshore project in China by year-end.
Group managing director and group chief executive Tan Sri Leong Hoy Kum says the decision to hold back from venturing overseas earlier has been a blessing for the company as it has allowed Mah Sing to build up a stronger market presence locally.
“We had planned to venture into China two years ago but decided against it after some careful analysis. On hindsight, this has proven to be the right decision and the company is in a much more comfortable position to do so now,” he tells StarBizWeek.
To achieve its vision as a world-class regional developer within the next five years, Leong says Mah Sing has also set its sight on Singapore, Australia and Indonesia.
Locally, the company has grown to be one of the most diversified property developers in the country with a broad product offering in the Klang Valley, Penang and Johor Baru.
It has 34 projects (including five completed ones) in the residential, commercial and industrial segments.
To support its sales target of RM2bil to RM2.5bil this year, Mah Sing plans to roll out between RM2.5bil and RM3bil worth of launches. Of this, some 36% will comprise landed residences, 32% will be service residences and small office home office (SoHo), 29% from commercial properties and 3% from industrial projects.
Mah Sing's range of residential projects are marketed under the township Perdana brand, medium high to high-end Residence brand, and high-end Legenda brand.
For high-rise properties, Mah Sing recently launched the M series M Suites and M-City, and Plaza series Garden Plaza in Cyberjaya.
Leong says the current trend is to have mixed-use developments that have a mixture of residential suites, office suites and retail outlets within the same development, “as buyers are opting for products that improve their quality of life, and the convenience of everything being in close proximity to each other.”
An artist’s impression of M-City@Jalan Ampang in Kuala Lumpur.
Its latest project to be previewed, M-City@Jalan Ampang, attracted over 3,000 registrants for the designer SoHo suites, residential suites and sky villas.
The RM920mil project features 1,200 units of residential suites, office suites and retail outlets, on five acres of freehold land.
The first component to be previewed was the designer SoHo suites comprising single storey units with built up of 781 sq ft, 853 sq ft and 1,066 sq ft, as well as duplex units with built up of 910 sq ft and 1,330 sq ft.
These semi-furnished residences have average price of RM800 per sq ft (psf).
Trendsetter
Based on a garden city concept, M-City boasts of over four acres of greenery with hanging gardens, lagoon parks and other thematic parks for residents.
There will also be lifestyle retail outlets to cater to the needs of residents and tenants. The three-storey boutique retail shops has average lot size of 28' x 78'.
According to Leong, Mah Sing is also making an impact in the commercial property sector, and is one of the few listed developers to offer industrial products through its iParc range of projects.
Its latest iParc 3@Bukit Jelutong will comprise 25 units of 3 storey semi-detached bungalows with land size of 60'x132', built up from 5,339 sq ft and indicative price from RM3.3mil.
They will be designed for 4-in-1 centralised functions, where the factory, office, showroom and warehouse can operate from one central location.
Going forward, Mah Sing wants to build more street malls and retail malls.
It has three street mall projects Southgate KL, StarParc Point Setapak and Star Avenue D'Sara, and two retail malls Icon City Petaling Jaya and Southbay City on Penang island.
Since its launch in 2008, Southgate KL with gross development value (GDV) of RM458mil, has been 98% sold. Of the five blocks of lifestyle retail and modern office suites, two were sold en-bloc and the balance on strata.
“At the moment, we have approximately 70% tenancy rate for the retail portion of Block A, and
the building is expected to open for business in August,” Leong says.
StarParc Point Setapak with GDV of RM129mil was launched in the first quarter of 2009. It is nearly 100% taken up.
Fronting the upcoming Parkson Mall and Jalan Genting Klang, the covered lifestyle square will feature al-fresco dining outlets and boutique shopping.
The three-storey shop office units with built-up from 4,880 to 6,904 sq ft are priced from RM2.2mil,
There are also the six-storey series comprising double-storey retail lots from 2,251 to 4,950 sq ft priced from RM1.3mil, while the four-storey offices of 1,264 to 2,715 sq ft are from RM295,000.
Lifestyle projects
Star Avenue D'Sara that fronts Jalan Sungai Buloh is one of the first new commercial projects along Jalan Sungai Buloh.
Comprising 92 units of three- storey shop office priced from RM2.2mil, the RM402mil project was launched in April.
Located close to the proposed MRT station in Taman Industri Sungai Buloh, the project is adjacent to the Rubber Research Institute land, has dual access from Jalan Sungai Buloh Shah Alam and Persiaran Cakerawala.
Leong: ‘We had planned to venture into China two years ago but decided against it.’
As for retail malls, Icon City Petaling Jaya, located on 20 acres at the crossroads of Lebuhraya Damansara-Puchong and the Federal Highway, is Mah Sing's flagship project in the commercial segment.
The project with GDV of RM3.2bil offers one of the best visibility in the Klang Valley.
Under the first phase of the project, 30 prime lots comprising seven and eight storey lifestyle shop offices with wide frontage, high ceilings, quality finishing, private lifts and main road frontage, were recently previewed, of which 19 units valued at RM192mil were sold.
The second phase of the project comprising two and three storey retail lots (with indicative price from RM3.6mil), small office versatile offices (from RM570,000) and residential units, are now open for registration.
Leong says the development will also have a hotel, corporate office towers and a retail mall.
Meanwhile, Southbay City on Penang island, located about five minutes from the upcoming second Penang bridge, will have commercial portion to the tune of RM2bil in GDV.
The first phase of the project will comprise the RM265mil Southbay Plaza that will be ready for a preview soon.
The residential suites with built-up of 1,030 to 1,645 sq ft will have indicative price of RM550 psf, while the lifestyle retail shops of 1,000 to 12,500 sq ft will be at RM500 psf.
By The Star
Saturday, May 28, 2011
Dijaya plans RM3.5bil projects
PETALING JAYA: Dijaya Corp Bhd will launch property projects worth RM3.5bil over the next two years.
The projects include W Hotel and Residences Kuala Lumpur, serviced apartments in Tropicana Danga Bay, Tropicana Gardens commercial centre, Tropicana Avenue business and retail centre, Tropicana Bayou mixed development and Tropicana Cheras bungalows, semi-dees and linked houses.
“With all these projects in the pipeline, the company is poised for growth,” said managing director Datuk Tong Kien Onn in a statement yesterday.
Meanwhile, for its first quarter ended March 31, Dijaya's net profit surged to RM18.14mil from RM464,000 previously.
The improvement is attributable mainly to higher profit margin contributed by its new property launches such as Tropicana Grande condominiums, Casa Tropicana Block E condominiums, and Pool Villas.
However, revenue fell to RM57.68mil from RM58.37mil previously.
By The Star
The projects include W Hotel and Residences Kuala Lumpur, serviced apartments in Tropicana Danga Bay, Tropicana Gardens commercial centre, Tropicana Avenue business and retail centre, Tropicana Bayou mixed development and Tropicana Cheras bungalows, semi-dees and linked houses.
“With all these projects in the pipeline, the company is poised for growth,” said managing director Datuk Tong Kien Onn in a statement yesterday.
Meanwhile, for its first quarter ended March 31, Dijaya's net profit surged to RM18.14mil from RM464,000 previously.
The improvement is attributable mainly to higher profit margin contributed by its new property launches such as Tropicana Grande condominiums, Casa Tropicana Block E condominiums, and Pool Villas.
However, revenue fell to RM57.68mil from RM58.37mil previously.
By The Star
Friday, May 27, 2011
Dijaya Corp to launch projects with GDV RM3.5b
KUALA LUMPUR: DIJAYA CORPORATION BHD reported net profit of RM18.54 million in the first quarter and announced projects with gross development value (GDV) of RM3.5 billion over the next two years.
It said on Friday, May 27, that its earnings jumped 489% from RM3.15 million a year ago, boosted by higher profit margin contributed by its new property development launches.
The earnings were underpinned by the new launches including Tropicana Grande golf-fronted condominiums and Casa Tropicana final Block E condominiums at Tropicana Golf & Country Resort as well as Pool Villas at Tropicana Indah Resort Homes.
Dijaya added the 3Q earnings included net gain of fair value adjustment of RM5.16 million arising from marketable securities and recognition of RM4 million in liquidated and ascertained damages compensated from a contractor.
Its managing director Datuk Tong Kien Onn said that given the current set of results and the good location of the company’s current development, he was optimistic Dijaya would continue to post an improving set of results.
“The Company also has projects under planning to be launched over the next two years worth RM3.5 billion in GDV.
“These projects include W Hotel and Residences Kuala Lumpur, serviced apartments in Tropicana Danga Bay, Tropicana Gardens commercial centre, Tropicana Avenue business and retail centre, Tropicana Bayou mixed development and Tropicana Cheras bungalows, semi-dees and linked houses. With all these projects on the pipeline, the Company is poised for growth.”
By The EDGE Malaysia
It said on Friday, May 27, that its earnings jumped 489% from RM3.15 million a year ago, boosted by higher profit margin contributed by its new property development launches.
The earnings were underpinned by the new launches including Tropicana Grande golf-fronted condominiums and Casa Tropicana final Block E condominiums at Tropicana Golf & Country Resort as well as Pool Villas at Tropicana Indah Resort Homes.
Dijaya added the 3Q earnings included net gain of fair value adjustment of RM5.16 million arising from marketable securities and recognition of RM4 million in liquidated and ascertained damages compensated from a contractor.
Its managing director Datuk Tong Kien Onn said that given the current set of results and the good location of the company’s current development, he was optimistic Dijaya would continue to post an improving set of results.
“The Company also has projects under planning to be launched over the next two years worth RM3.5 billion in GDV.
“These projects include W Hotel and Residences Kuala Lumpur, serviced apartments in Tropicana Danga Bay, Tropicana Gardens commercial centre, Tropicana Avenue business and retail centre, Tropicana Bayou mixed development and Tropicana Cheras bungalows, semi-dees and linked houses. With all these projects on the pipeline, the Company is poised for growth.”
By The EDGE Malaysia
