Buyers registering for Tree Residency enjoy exclusivity
JEREMY TAN north@thestar.com.my
SPACIOUS homes imbued with contemporary elegance characterise Phase 3 of Ideal Homes Properties' One Residence project in Bayan Lepas, the Tree Residency.
It will be open for registration at the Star Property Fair 2010 at G Hotel and Gurney Plaza from Friday till Sunday, with its soft launching scheduled for September this year.
Its general sales and marketing manager Nancy Teo said early birds who register their interest would enjoy exclusive packages and have first pick of the phase's 316 units upon launch.
The units come in three designs — link house, courtyard superlink and semi-detached — with built up areas ranging from 2,280sq ft to 3,005sq ft.
All are double-storey units built on freehold land, priced from RM730,000.
''Our concept places emphasis on space. The link houses and semi-Ds are built on parcels measuring 22ft by 70ft and 26ft by 70ft respectively.
''The courtyard superlink units come in two sizes — 24ft by 70ft and 34ft by 70ft, with an additional room by the side which can be used as a guestroom, or to entertain friends and family,'' she said.
The units' design concept utilises modernistic, clean-lines with a hint of tropical influence, with a tall ceiling height of 11ft, four-bedroom layout and generous car porch space large enough to accommodate two cars.
''There are also skylights above the staircase which helps bring in natural lighting into key circulation areas and creates a cosy ambience on the upper level,'' Teo said.
The project's facilities within its gated and guarded community include 24-hour surveillance, club house, a swimming pool, tai chi area, barbecue pits, children's play areas and spice gardens.
Teo said the One Residence project, with phases 4 and 5 to come, was scheduled to be completed by 2015.
Friday, July 30, 2010
Five-star sanctuary for Haven dwellers
CHAN LI LEEN lileen@thestar.com.my
THE HAVEN offers much more than a home.
It is a sanctuary — a modern condominium project boasting five-star services and amenities spread across 9.63ha in Tambun, Ipoh.
The RM230mil scheme comprises three blocks of 26-storey condominiums with the limestone hills of Kinta Valley as its backdrop and a 1.6ha natural lake and monolithic limestone rock formations as its centrepiece.
Despite being so close to nature, The Haven is only 10 minutes from Ipoh city centre and between three and eight minutes to all major hypermarkets.
The Haven Sdn Bhd co-principal David Yam said they aimed to be among the first projects to harvest nature's renewable resources to power and maintain common areas through the use of solar panels and wind technology.
''No where else can you expect to live in such natural surroundings and at the same time, have all the trappings of luxury and the promise of security,'' he said, adding they would showcase the scheme at the Star Property Fair at G Hotel and Gurney Plaza from Friday to Sunday.
The 489-unit project's facilities include a club house with gymnasium, sauna, a cafe/restaurant, a 60m pool, spa, children's playground, car park and multi-layered security.
Yam said the scheme had received favourable response even before its official launch, with about 65% of Block A taken up while Block C was just open for sale.
He added work was progressing according to its targeted completion in 2013.
THE HAVEN offers much more than a home.
It is a sanctuary — a modern condominium project boasting five-star services and amenities spread across 9.63ha in Tambun, Ipoh.
The RM230mil scheme comprises three blocks of 26-storey condominiums with the limestone hills of Kinta Valley as its backdrop and a 1.6ha natural lake and monolithic limestone rock formations as its centrepiece.
Despite being so close to nature, The Haven is only 10 minutes from Ipoh city centre and between three and eight minutes to all major hypermarkets.
The Haven Sdn Bhd co-principal David Yam said they aimed to be among the first projects to harvest nature's renewable resources to power and maintain common areas through the use of solar panels and wind technology.
''No where else can you expect to live in such natural surroundings and at the same time, have all the trappings of luxury and the promise of security,'' he said, adding they would showcase the scheme at the Star Property Fair at G Hotel and Gurney Plaza from Friday to Sunday.
The 489-unit project's facilities include a club house with gymnasium, sauna, a cafe/restaurant, a 60m pool, spa, children's playground, car park and multi-layered security.
Yam said the scheme had received favourable response even before its official launch, with about 65% of Block A taken up while Block C was just open for sale.
He added work was progressing according to its targeted completion in 2013.
Thursday, July 29, 2010
Sun and sea come to play in coastal resort
By JAYAGANDI JAYARAJ jaya@thestar.com.my Jul 30, 2010
Away from the city: An aerial view of the Avillion Admiral Cove.
BEARING an image of its majestic colonial-inspired architecture before a bright blue ocean, Avillion Admiral Cove Port Dickson’s brochure says “Welcome to Harmony”.
Flip inside, it further explains that the resort is strategically located at a five and a half mile stretch of Port Dickson’s finest beach and it is a perfect getaway for many urbanites.
For those who crave for some sun, sea and sand, the quaint resort, owned by the Avillion Hotel Group is just an hour away from Kuala Lumpur.
Previously known as the Admiral Marina and Leisure Club, the resort has a marina and spans an area of about 105 acres. In April, it launched its Vista Wing, which offers some 160 rooms.
Depending on what one needs, you can opt for rooms with different views of choice.
There is a nice pool to relax and other facilities like a gym and a tennis court are available. Those who would like a spa can also pamper themselves here.
“It’s really up to our guests what they want to make of their holidays, although many come here for a quiet time and it is especially a popular place for couples on honeymoon.
“We also have many corporate companies who book the place for team building activities and retreats,” said resort sales director Fazrizah Noor, adding that the beach’s cleanliness was another factor.
“Many are under the impression that Port Dickson beaches are dirty, however at Avillion, we make sure that our beach is clean. In fact, we have an annual clean up to remove debris from the beaches to keep it clean as part of our corporate social responsibility,” she said.
Guests can opt to have meals at the resort’s Trader’s Food Shop. The menu has a wide selection of seafood, chicken and lamb with local fare like ais kacang, roti canai and fried koay teow.
For enquiries, call 06-647 0888 or visit www.avillion.com
Away from the city: An aerial view of the Avillion Admiral Cove.
BEARING an image of its majestic colonial-inspired architecture before a bright blue ocean, Avillion Admiral Cove Port Dickson’s brochure says “Welcome to Harmony”.
Flip inside, it further explains that the resort is strategically located at a five and a half mile stretch of Port Dickson’s finest beach and it is a perfect getaway for many urbanites.
For those who crave for some sun, sea and sand, the quaint resort, owned by the Avillion Hotel Group is just an hour away from Kuala Lumpur.
Previously known as the Admiral Marina and Leisure Club, the resort has a marina and spans an area of about 105 acres. In April, it launched its Vista Wing, which offers some 160 rooms.
Depending on what one needs, you can opt for rooms with different views of choice.
There is a nice pool to relax and other facilities like a gym and a tennis court are available. Those who would like a spa can also pamper themselves here.
“It’s really up to our guests what they want to make of their holidays, although many come here for a quiet time and it is especially a popular place for couples on honeymoon.
“We also have many corporate companies who book the place for team building activities and retreats,” said resort sales director Fazrizah Noor, adding that the beach’s cleanliness was another factor.
“Many are under the impression that Port Dickson beaches are dirty, however at Avillion, we make sure that our beach is clean. In fact, we have an annual clean up to remove debris from the beaches to keep it clean as part of our corporate social responsibility,” she said.
Guests can opt to have meals at the resort’s Trader’s Food Shop. The menu has a wide selection of seafood, chicken and lamb with local fare like ais kacang, roti canai and fried koay teow.
For enquiries, call 06-647 0888 or visit www.avillion.com
MRCB will consider setting up REIT, says CEO
By EUGENE MAHALINGAM eugenicz@thestar.com.my Jul 29, 2010
MRCB will consider setting up REIT, says CEO
Mohamed Razeek Hussain exchanging documents with Maimoonah Mohamed Hussain. With them are MRCB senior vice-president and head of property Wong Dor Loke (left) and Danajamin Nasional Bhd CEO Ahmad Zulqarnain Onn.
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) will consider injecting some of its properties into a real estate investment trust (REIT) as part of the company’s growth strategy, said chief executive officer Mohamed Razeek Hussain.
“REIT has never been (far) away from our minds. It is a strategy that we might employ in the future, perhaps in the mid to long term.
“We are strengthening our balance sheet to enhance recurring income. When it is substantial and the time is right, we will consider,” he said after an agreement signing between MRCB and Affin Investment Bank Bhd yesterday.
Razeek was responding to a research report earlier this month that MRCB was gearing up for a REIT.
“For us, mid term would mean (within) three years and long term (is anything) beyond that,” he said.
Meanwhile, MRCB plans to raise RM400mil via a guaranteed commercial paper/medium-term note (CP/MTN) programme.
This is to finance its mixed commercial development, KL Sentral Park, which is valued at RM600mil.
MRCB Sentral Properties Sdn Bhd, a wholly-owned unit of MRCB, has appointed Affin Investment to act as principal adviser and lead arranger for the programme, which will be guaranteed by Danajamin Nasional Bhd.
The financial arrangement would come with an option of both floating and fixed interest rates, said Affin Investment managing director Maimoonah Mohamed Hussain.
“The MTN allows fixed-rate funding wherein MRCB can lock in the current low rates of interest, given the environment where interest rates are trending upwards.
“The CP, on the other hand, allows MRCB to issue short-term notes on a floating rate basis.”
Razeek said the first tranche, worth some RM50mil, would be issued “as soon as possible”. “For future tranches, it’s up to us to draw down whenever we want,” he said.
KL Sentral Park, which is about 18% completed, is scheduled for completion next year.
The project will comprise five blocks of office buildings, retail shops, business centres and green spaces with a net lettable are of about 518,000 sq ft.
MRCB will consider setting up REIT, says CEO
Mohamed Razeek Hussain exchanging documents with Maimoonah Mohamed Hussain. With them are MRCB senior vice-president and head of property Wong Dor Loke (left) and Danajamin Nasional Bhd CEO Ahmad Zulqarnain Onn.
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) will consider injecting some of its properties into a real estate investment trust (REIT) as part of the company’s growth strategy, said chief executive officer Mohamed Razeek Hussain.
“REIT has never been (far) away from our minds. It is a strategy that we might employ in the future, perhaps in the mid to long term.
“We are strengthening our balance sheet to enhance recurring income. When it is substantial and the time is right, we will consider,” he said after an agreement signing between MRCB and Affin Investment Bank Bhd yesterday.
Razeek was responding to a research report earlier this month that MRCB was gearing up for a REIT.
“For us, mid term would mean (within) three years and long term (is anything) beyond that,” he said.
Meanwhile, MRCB plans to raise RM400mil via a guaranteed commercial paper/medium-term note (CP/MTN) programme.
This is to finance its mixed commercial development, KL Sentral Park, which is valued at RM600mil.
MRCB Sentral Properties Sdn Bhd, a wholly-owned unit of MRCB, has appointed Affin Investment to act as principal adviser and lead arranger for the programme, which will be guaranteed by Danajamin Nasional Bhd.
The financial arrangement would come with an option of both floating and fixed interest rates, said Affin Investment managing director Maimoonah Mohamed Hussain.
“The MTN allows fixed-rate funding wherein MRCB can lock in the current low rates of interest, given the environment where interest rates are trending upwards.
“The CP, on the other hand, allows MRCB to issue short-term notes on a floating rate basis.”
Razeek said the first tranche, worth some RM50mil, would be issued “as soon as possible”. “For future tranches, it’s up to us to draw down whenever we want,” he said.
KL Sentral Park, which is about 18% completed, is scheduled for completion next year.
The project will comprise five blocks of office buildings, retail shops, business centres and green spaces with a net lettable are of about 518,000 sq ft.
Friday, July 23, 2010
MK Land profit down, sees better year ahead
PETALING JAYA: Property developer MK Land Bhd reported a lower net profit of RM3.8mil in the second quarter ended Dec 31 from RM5.2mil a year earlier, but sees a better year ahead on expectation of higher sales and tighter cost control.
Revenue was flat at RM48mil.
Executive chairman Tan Sri Mustapha Kamal said in a statement yesterday that the company was working to “improve its performance in the coming quarters, and with concerted effort of everyone, we aim to overcome the odds.’’
It was also confirmed that three of four chief operating officers of MK Land had left recently.
A top company executive was quoted by StarBiz on Wednesday as saying that internal management changes were an ongoing process to strengthen the group.
“With the continued confidence and mandate accorded to me by the board of directors and the support of the existing management team, we have managed to establish good relationship among our stakeholders, all of which have translated into the performance of the company,’’ Mustapha said in yesterday’s statement.
MK Land is also in the midst of raising fresh funds with the proposed rights issue to raise at least RM150mil.
Mustapha said the group was cautiously optimistic about its prospects moving forward given the increased interest of buyers of MK Land’s property projects in the Klang Valley.
Revenue was flat at RM48mil.
Executive chairman Tan Sri Mustapha Kamal said in a statement yesterday that the company was working to “improve its performance in the coming quarters, and with concerted effort of everyone, we aim to overcome the odds.’’
It was also confirmed that three of four chief operating officers of MK Land had left recently.
A top company executive was quoted by StarBiz on Wednesday as saying that internal management changes were an ongoing process to strengthen the group.
“With the continued confidence and mandate accorded to me by the board of directors and the support of the existing management team, we have managed to establish good relationship among our stakeholders, all of which have translated into the performance of the company,’’ Mustapha said in yesterday’s statement.
MK Land is also in the midst of raising fresh funds with the proposed rights issue to raise at least RM150mil.
Mustapha said the group was cautiously optimistic about its prospects moving forward given the increased interest of buyers of MK Land’s property projects in the Klang Valley.
Someone bought a penthouse for RM38mil in KL!
By TEE LIN SAY
linsay@thestar.com.my Jul 7, 2010
KUALA LUMPUR: The Binjai On The Park development in Kuala Lumpur City Centre (KLCC) caused a stir in the property market when one of its two super penthouses was sold last month for RM38mil, making it among the most expensive homes to have been sold in Malaysia in recent years.
Some property consultants, such as Zerin Properties chief executive officer Previndran Singhe, believe that this is the country’s largest condominium transaction, although it has yet to be verified.
The buyer is a corporate figure who has been on Forbes magazine’s list of wealthiest people. On June 22, he bought the triplex penthouse, measuring 14,300 sq ft, on the 42nd floor of Binjai’s Tower B. The price tag of RM38mil meant the penthouse was sold for almost RM2,660 per sq ft (psf).
“The buyer bought the penthouse to stay. He fell in love with the 360-degree unobstructed view of the KLCC skyline right at his doorstep, similar to views offered by the likes of London’s One Hyde Park. He said Binjai On The Park was just like one of his other homes around the globe,” said Terri Har, marketing and sales manager of Layar Intan Sdn Bhd, the developer.
Layar Intan is 100% owned by KLCC (Holdings) Sdn Bhd, which in turn is a wholly-owned subsidiary of Petronas.
Binjai’s two 45-storey towers have a total of 171 units. To date, the project has recorded sales of more than RM600mil at an average price of RM2,600 psf.
Over the last six months, three other penthouses have been sold for approximately RM18mil. On a psf basis, the most expensive unit so far was a standard unit on the 38th floor, which was sold for RM2,900 psf or RM10.6mil.
With Tower B now sold out, what is left are mainly Tower A’s standard units, which offer 3,700 sq ft each. Binjai is the only condominium located on the 50-acre KLCC Park and is part of the KLCC development master plan.
“Binjai’s key selling point is the fact that every unit has an unobstructed view of the park, along with a spacious balcony,” said HwangDBS Vickers Research analyst Yee Mee Hui.
Said Har of Layar Intan: “Some 30% of our buyers are from Japan, Hong Kong, Britain and other parts of Europe. Most of our buyers are businessmen and corporate people who already have homes around the world. They appreciate Binjai as the only development in the vicinity with an unblocked view of the KLCC skyline.”
She added that most of the local purchasers bought Binjai units to live there or as homes for their children, while the foreign buyers treated the units as holiday homes or transit points.
linsay@thestar.com.my Jul 7, 2010
KUALA LUMPUR: The Binjai On The Park development in Kuala Lumpur City Centre (KLCC) caused a stir in the property market when one of its two super penthouses was sold last month for RM38mil, making it among the most expensive homes to have been sold in Malaysia in recent years.
Some property consultants, such as Zerin Properties chief executive officer Previndran Singhe, believe that this is the country’s largest condominium transaction, although it has yet to be verified.
The buyer is a corporate figure who has been on Forbes magazine’s list of wealthiest people. On June 22, he bought the triplex penthouse, measuring 14,300 sq ft, on the 42nd floor of Binjai’s Tower B. The price tag of RM38mil meant the penthouse was sold for almost RM2,660 per sq ft (psf).
“The buyer bought the penthouse to stay. He fell in love with the 360-degree unobstructed view of the KLCC skyline right at his doorstep, similar to views offered by the likes of London’s One Hyde Park. He said Binjai On The Park was just like one of his other homes around the globe,” said Terri Har, marketing and sales manager of Layar Intan Sdn Bhd, the developer.
Layar Intan is 100% owned by KLCC (Holdings) Sdn Bhd, which in turn is a wholly-owned subsidiary of Petronas.
Binjai’s two 45-storey towers have a total of 171 units. To date, the project has recorded sales of more than RM600mil at an average price of RM2,600 psf.
Over the last six months, three other penthouses have been sold for approximately RM18mil. On a psf basis, the most expensive unit so far was a standard unit on the 38th floor, which was sold for RM2,900 psf or RM10.6mil.
With Tower B now sold out, what is left are mainly Tower A’s standard units, which offer 3,700 sq ft each. Binjai is the only condominium located on the 50-acre KLCC Park and is part of the KLCC development master plan.
“Binjai’s key selling point is the fact that every unit has an unobstructed view of the park, along with a spacious balcony,” said HwangDBS Vickers Research analyst Yee Mee Hui.
Said Har of Layar Intan: “Some 30% of our buyers are from Japan, Hong Kong, Britain and other parts of Europe. Most of our buyers are businessmen and corporate people who already have homes around the world. They appreciate Binjai as the only development in the vicinity with an unblocked view of the KLCC skyline.”
She added that most of the local purchasers bought Binjai units to live there or as homes for their children, while the foreign buyers treated the units as holiday homes or transit points.
Johor developers keen to play integral role
zaza@thestar.com.my Jul 24, 2010
PROPERTY developers in Johor want the Government to engage them in the consultation for and drafting of a plan to transform Johor Baru into a vibrant city.
Real Estate and Housing Developers’ Association (Rehda) chairman of Johor branch, Simon Heng, says the private sector should not be left out in the drawing up of the plan although the initiative was mooted by the Federal and Johor Governments.
“It will be good for all stakeholders if both the public and private sectors could work together to ensure the success of the project,’’ he says in an interview with StarBizWeek.
Heng urges the Johor government to open up state-owned land in the city centre for redevelopment projects via the open tender system instead of awarding the parcels directly to certain parties.
He says it is only logical to engage property developers as they are responsive to the market and know what products sell and what buyers want.
“The former sites of the Lumba Kuda and Bukit Chagar low-cost flats are the best areas to build high-rise condominiums and serviced apartments.
“These properties will attract Malaysian professionals working in Singapore and expatriates based in the republic due to the close proximity,” he adds.
Heng says the number of Singaporeans renting houses in Johor Baru has risen in recent months because of the high rentals in the city-state. Most of these people commute daily from Johor Baru to work on the island.
Prime Minister Datuk Seri Najib Tun Razak had last month announced that the Government would allocate funding to rehabilitate and transform Johor Baru.
Under the 10th Malaysia Plan, some RM1.8bil will be spent within the city centre. T
his include RM200mil to clean up Sungai Segget, one of the dirtiest rivers in the country.
Sungai Segget flows along Jalan Wong Ah Fook in the city centre. Several years ago, RM6mil was spent to cover up a stretch of the river, which has a reputation for being a dumping ground for raw sewage.
The money for the proposed Johor Baru project comes from the Federal Government’s facilitating fund while the Iskandar Regional Development Authority (Irda) will act as a facilitator together with the State Economic Planning Unit (Upen).
According to Irda chief executive officer Ismail Ibrahim, Irda and Upen have until the end of this year to conduct studies to determine how the plan should look like. The findings are to be submitted to the Federal Government.
Undoubtedly, it is vital to rejuvenate Johor Baru city centre, in line with its status as one of the five flagship development zones in Iskandar Malaysia.
“Apart from engaging developers, views from property owners, non-governmental organisations, experts in town planning and chambers of commerce should be taken into account,’’ says Heng.
SP Setia Bhd executive vice-president (property division, northern and southern regions) Datuk Chang Khim Wah agrees with Heng.
He says the redevelopment plan will definitely increase the value of properties in areas near the city. These include those in Taman Pelangi, Taman Abad, Taman Sentosa and Taman Sri Tebrau.
Chang says while Johor Baru should have its own identity, the stakeholders can always look at the success stories of city-centre redevelopment in other parts of the world.
“A vibrant city should be a blend of the old and new, and a city should be a lively place not only during the day but also at night,’’ he says.
Chang says Istanbul is a good example as the city, with historical sites and monuments, blends well with its chic Taksim Square.
He says Johor Baru should have enough attractions to lure crowds back to the city centre even after office hours and during weekends. These can be done by having street performances, building specialty stores and boutique hotels in the old parts of the city, and by reopening the Ungku Puan night outdoor hawker centre.
The centre, which was the biggest alfresco dining area in the city centre, was highly popular with locals and tourists but was closed several years ago; instead, ugly concrete kiosks have been put up there.
KSL Holdings Bhd executive director Ku Hwa Seng suggests the authorities re-zone certain parts of the old housing estates near the city centre as part of the transformation plan.
He says residential properties facing the main roads in these estates could be converted into food and beverage outlets and specialty retail stores like in Bangsar, Kuala Lumpur.
Ku says developers should be allowed to buy these houses, refurbish and upgrade them, and lease these properties to restaurant and store owners.
“Concerted efforts are needed from the relevant parties to ensure the success of the plan. But the most important thing is the political will of the state government,’’ he says.
PROPERTY developers in Johor want the Government to engage them in the consultation for and drafting of a plan to transform Johor Baru into a vibrant city.
Real Estate and Housing Developers’ Association (Rehda) chairman of Johor branch, Simon Heng, says the private sector should not be left out in the drawing up of the plan although the initiative was mooted by the Federal and Johor Governments.
“It will be good for all stakeholders if both the public and private sectors could work together to ensure the success of the project,’’ he says in an interview with StarBizWeek.
Heng urges the Johor government to open up state-owned land in the city centre for redevelopment projects via the open tender system instead of awarding the parcels directly to certain parties.
He says it is only logical to engage property developers as they are responsive to the market and know what products sell and what buyers want.
“The former sites of the Lumba Kuda and Bukit Chagar low-cost flats are the best areas to build high-rise condominiums and serviced apartments.
“These properties will attract Malaysian professionals working in Singapore and expatriates based in the republic due to the close proximity,” he adds.
Heng says the number of Singaporeans renting houses in Johor Baru has risen in recent months because of the high rentals in the city-state. Most of these people commute daily from Johor Baru to work on the island.
Prime Minister Datuk Seri Najib Tun Razak had last month announced that the Government would allocate funding to rehabilitate and transform Johor Baru.
Under the 10th Malaysia Plan, some RM1.8bil will be spent within the city centre. T
his include RM200mil to clean up Sungai Segget, one of the dirtiest rivers in the country.
Sungai Segget flows along Jalan Wong Ah Fook in the city centre. Several years ago, RM6mil was spent to cover up a stretch of the river, which has a reputation for being a dumping ground for raw sewage.
The money for the proposed Johor Baru project comes from the Federal Government’s facilitating fund while the Iskandar Regional Development Authority (Irda) will act as a facilitator together with the State Economic Planning Unit (Upen).
According to Irda chief executive officer Ismail Ibrahim, Irda and Upen have until the end of this year to conduct studies to determine how the plan should look like. The findings are to be submitted to the Federal Government.
Undoubtedly, it is vital to rejuvenate Johor Baru city centre, in line with its status as one of the five flagship development zones in Iskandar Malaysia.
“Apart from engaging developers, views from property owners, non-governmental organisations, experts in town planning and chambers of commerce should be taken into account,’’ says Heng.
SP Setia Bhd executive vice-president (property division, northern and southern regions) Datuk Chang Khim Wah agrees with Heng.
He says the redevelopment plan will definitely increase the value of properties in areas near the city. These include those in Taman Pelangi, Taman Abad, Taman Sentosa and Taman Sri Tebrau.
Chang says while Johor Baru should have its own identity, the stakeholders can always look at the success stories of city-centre redevelopment in other parts of the world.
“A vibrant city should be a blend of the old and new, and a city should be a lively place not only during the day but also at night,’’ he says.
Chang says Istanbul is a good example as the city, with historical sites and monuments, blends well with its chic Taksim Square.
He says Johor Baru should have enough attractions to lure crowds back to the city centre even after office hours and during weekends. These can be done by having street performances, building specialty stores and boutique hotels in the old parts of the city, and by reopening the Ungku Puan night outdoor hawker centre.
The centre, which was the biggest alfresco dining area in the city centre, was highly popular with locals and tourists but was closed several years ago; instead, ugly concrete kiosks have been put up there.
KSL Holdings Bhd executive director Ku Hwa Seng suggests the authorities re-zone certain parts of the old housing estates near the city centre as part of the transformation plan.
He says residential properties facing the main roads in these estates could be converted into food and beverage outlets and specialty retail stores like in Bangsar, Kuala Lumpur.
Ku says developers should be allowed to buy these houses, refurbish and upgrade them, and lease these properties to restaurant and store owners.
“Concerted efforts are needed from the relevant parties to ensure the success of the plan. But the most important thing is the political will of the state government,’’ he says.
International tender for integrated scheme project
GEORGE TOWN: The state government will be calling for an international open tender at the end of this year for the Bayan Mutiara integrated project, said Chief Minister Lim Guan Eng.
He said the project, which had attracted tremendous interest, would involve 24ha between the Penang Bridge and Queensbay Mall in Bayan Bay, with another 16ha to be reclaimed.
“The successful bidder will be required to build a private hospital and an MSC status modern office complex,” he said at the opening of the Star Property Fair 2010 yesterday.
Lim had earlier announced that the development would comprise prestigious offices, medical facilities, commercial blocks, residential enclaves, retail and public spaces.
He said only companies with a paid-up capital of RM50mil would be invited to submit tenders.
He also said in his speech that Penang needed more branding for its products, services and properties.
“Developers must work hard to create a branding that is synonymous not only with quality, reliability, safety, sustainability and integrity, but also with affordability,” he said, adding that this was because there were still many property investors in countries such as northern China who were unaware about Penang and what it had to offer.
Lim said the state would work with the Real Estate Housing Developers Association (Rehda) and other relevant players in the housing industry to effectively brand Penang to attract overseas investments in properties, which was in line with the country’s objective to turn Malaysia into a knowledge-based and high-income country.
He added that the fair was timely as Penang could now offer between 20,000 and 40,000 jobs at all levels.
More than 20 major developers are taking part in the fair, organised by Star Publications (M) Bhd in collaboration with Henry Butcher Malaysia Penang, at G Hotel and the new wing of Gurney Plaza. The fair is open from 10am to 10pm and ends tomorrow.
Also present during the opening ceremony were Penang Domestic Trade, Consumer Affairs and Religious Committee chairman Abdul Malik Abul Kassim, and Star Publications (M) Bhd executive directors Tan Sri Kamal Hashim and Datuk Seri Wong Chun Wai, who is also group chief editor.
He said the project, which had attracted tremendous interest, would involve 24ha between the Penang Bridge and Queensbay Mall in Bayan Bay, with another 16ha to be reclaimed.
“The successful bidder will be required to build a private hospital and an MSC status modern office complex,” he said at the opening of the Star Property Fair 2010 yesterday.
Lim had earlier announced that the development would comprise prestigious offices, medical facilities, commercial blocks, residential enclaves, retail and public spaces.
He said only companies with a paid-up capital of RM50mil would be invited to submit tenders.
He also said in his speech that Penang needed more branding for its products, services and properties.
“Developers must work hard to create a branding that is synonymous not only with quality, reliability, safety, sustainability and integrity, but also with affordability,” he said, adding that this was because there were still many property investors in countries such as northern China who were unaware about Penang and what it had to offer.
Lim said the state would work with the Real Estate Housing Developers Association (Rehda) and other relevant players in the housing industry to effectively brand Penang to attract overseas investments in properties, which was in line with the country’s objective to turn Malaysia into a knowledge-based and high-income country.
He added that the fair was timely as Penang could now offer between 20,000 and 40,000 jobs at all levels.
More than 20 major developers are taking part in the fair, organised by Star Publications (M) Bhd in collaboration with Henry Butcher Malaysia Penang, at G Hotel and the new wing of Gurney Plaza. The fair is open from 10am to 10pm and ends tomorrow.
Also present during the opening ceremony were Penang Domestic Trade, Consumer Affairs and Religious Committee chairman Abdul Malik Abul Kassim, and Star Publications (M) Bhd executive directors Tan Sri Kamal Hashim and Datuk Seri Wong Chun Wai, who is also group chief editor.
1Malaysia Development awaits clarification on Bakun power supply
By Yap Leng Kuen
KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) is awaiting clarification on the Bakun undersea cable transmission to assess the impact of a potentially larger supply of hydropower on its projects in Sarawak.
“News that the Bakun undersea cable project to Peninsular Malaysia may not take off has changed the plans and there has emerged an urgent need to pull up industries that can use all that energy,’’ said 1MDB CEO Shahrol Halmi.
Early this year, 1MDB signed an agreement with power utility giant State Grid Corp of China (SGCC) to carry out a number of multi-billion ringgit joint-venture projects in the Sarawak Corridor of Renewable Energy (Score).
According to reports, the two parties will set up a joint-venture company to pursue projects that would generate US$11bil worth of economic value.
SGCC is reported to be investing between US$6bil and US$8bil to set up one of the world’s largest aluminium smelter plants (estimated to involve US$3bil) and three hydro-electric dams in Sarawak through this cooperation with 1MDB.
“The project will take in a few new factors now,’’ said Shahrol. “We are awaiting clarification on where the Bakun Dam will supply power to.
“If the Government sees a role for us to play, we will bring more investors to Sarawak to use that power,’’ he said.
Energy, Green Technology and Water Minister Datuk Seri Peter Chin said in February that Bakun would initially supply Sarawak’s needs first before expanding to the peninsula.
Under the proposed plan, the cable project involving the construction of a 1,000km high-voltage direct-current transmission line and a 680-km undersea cable, was expected to be completed in 2015 with an open tender process to be launched in the first quarter of this year. Each cable would be able to transmit 800MW.
The Bakun dam project, with an installed capacity of 2,400MW, is expected to turn up some 300MW of juice by next month and to be fully commissioned by October 2011.
It was announced in February that Tan Sri Syed Mokhtar Al-Bukhary’s controlled GIIG Holdings Sdn Bhd had tied up with Aluminium Corp of China Ltd (Chalco) to develop a US$1bil smelter plant with an initial capacity of 330,000 tonnes per year in Samalaju Industrial Park in Bintulu. The plant will need some 600MW of electricity.
Another multi-billion ringgit aluminium smelter being planned in the same industrial area is by a 60:40 joint venture between Rio Tinto Alcan and Cahya Mata Sarawak Bhd with an initial capacity of 550,000 tonnes a year.
A memorandum of understanding was signed back in 2008 for Sarawak Energy Bhd (SEB) to supply between 900MW and 1,200MW of power to this smelter, presumably also from Bakun.
KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) is awaiting clarification on the Bakun undersea cable transmission to assess the impact of a potentially larger supply of hydropower on its projects in Sarawak.
“News that the Bakun undersea cable project to Peninsular Malaysia may not take off has changed the plans and there has emerged an urgent need to pull up industries that can use all that energy,’’ said 1MDB CEO Shahrol Halmi.
Early this year, 1MDB signed an agreement with power utility giant State Grid Corp of China (SGCC) to carry out a number of multi-billion ringgit joint-venture projects in the Sarawak Corridor of Renewable Energy (Score).
According to reports, the two parties will set up a joint-venture company to pursue projects that would generate US$11bil worth of economic value.
SGCC is reported to be investing between US$6bil and US$8bil to set up one of the world’s largest aluminium smelter plants (estimated to involve US$3bil) and three hydro-electric dams in Sarawak through this cooperation with 1MDB.
“The project will take in a few new factors now,’’ said Shahrol. “We are awaiting clarification on where the Bakun Dam will supply power to.
“If the Government sees a role for us to play, we will bring more investors to Sarawak to use that power,’’ he said.
Energy, Green Technology and Water Minister Datuk Seri Peter Chin said in February that Bakun would initially supply Sarawak’s needs first before expanding to the peninsula.
Under the proposed plan, the cable project involving the construction of a 1,000km high-voltage direct-current transmission line and a 680-km undersea cable, was expected to be completed in 2015 with an open tender process to be launched in the first quarter of this year. Each cable would be able to transmit 800MW.
The Bakun dam project, with an installed capacity of 2,400MW, is expected to turn up some 300MW of juice by next month and to be fully commissioned by October 2011.
It was announced in February that Tan Sri Syed Mokhtar Al-Bukhary’s controlled GIIG Holdings Sdn Bhd had tied up with Aluminium Corp of China Ltd (Chalco) to develop a US$1bil smelter plant with an initial capacity of 330,000 tonnes per year in Samalaju Industrial Park in Bintulu. The plant will need some 600MW of electricity.
Another multi-billion ringgit aluminium smelter being planned in the same industrial area is by a 60:40 joint venture between Rio Tinto Alcan and Cahya Mata Sarawak Bhd with an initial capacity of 550,000 tonnes a year.
A memorandum of understanding was signed back in 2008 for Sarawak Energy Bhd (SEB) to supply between 900MW and 1,200MW of power to this smelter, presumably also from Bakun.
Sarawak Energy looking to buy or lease Bakun dam
By YAP LENG KUEN lengkuen@thestar.com.my
PETALING JAYA: Sarawak Energy Bhd (SEB) is looking at whether to buy or lease the 2,400MW Bakun Dam in its long-term bid to develop the hydropower and industrial sectors in the state.
It is understood that SEB hopes to reach an agreement with Sarawak Hidro Sdn Bhd, the owner of the dam, and the Finance Ministry, which in turn owns Sarawak Hidro, in one or two months’ time on the preferred option.
In the long term, leasing could turn out to be more expensive while a purchase based on deferred payments could be more feasible.
The issue here is that the Federal Government is said to be hesitant to sell power at too low a price while SEB may be unable to pay the “equitable’’ price, bearing in mind that it has not got the critical mass of investors that will take up the power.
Caught in this “chicken and egg’’ situation, it could be more feasible to instead buy up the dam with an upfront payment and subsequent staggered amounts subject to the usage of power.
“The purchase price is being discussed,’’ said an industry source. “But in view of the fact that the Bakun Dam took so long to build, there are certain costs that SEB will likely not want to pay.’’
The tariff talks, which are about to commence following the endorsement of technical details on the term sheet, will likely determine the yearly payments that SEB would have to make under the purchase scenario.
However, it is not known if the Federal Government would accept the deferred payment proposal or if it had in mind some other mode of payment or trade-off.
Among Sarawak Hidro’s main concerns is that the Government must be able to service its loans for the Bakun Dam, which come up to over RM3bil before adding interest and some operational costs.
According to Sarawak Hidro managing director Zulkifle Osman, the final cost of development is estimated at RM7bil. Out of the capacity of 2,400MW, the Bakun project is capable of producing anytime firm energy of 73% representing 1,770MW.
Gestation period
The problem is that even if SEB can procure the commitment from investors to set up their industries, the gestation period for many of these plants can be quite long.
Both parties would also be looking at a certain margin that includes tranmission costs for SEB and a rate of return for the Federal Government.
The smelters and industries, especially in the Sarawak Corridor of Renewable Energy, are also reported to be putting pressure on SEB to come up with “cheap’’ power although SEB is trying to convince them that it is the total package that counts, not just the price of the power.
With dam impoundment or flooding to commence soon, there is an urgency to solve these issues, especially relating to investors, before the first turbine starts generating in the first half of next year.
According to Zulkifle, Sarawak Hidro is getting co-operation from the relevant agencies to submit undertaking documents for the window to impound at appropriate levels.
Civil works on the dam are near completion, with the electrical and electromechanical job in progress for the switchyard and turbine generator.
Dry testing on the turbine generator is being carried out, while details involving firm and installed capacity, switchyard and protection are being finalised.
PETALING JAYA: Sarawak Energy Bhd (SEB) is looking at whether to buy or lease the 2,400MW Bakun Dam in its long-term bid to develop the hydropower and industrial sectors in the state.
It is understood that SEB hopes to reach an agreement with Sarawak Hidro Sdn Bhd, the owner of the dam, and the Finance Ministry, which in turn owns Sarawak Hidro, in one or two months’ time on the preferred option.
In the long term, leasing could turn out to be more expensive while a purchase based on deferred payments could be more feasible.
The issue here is that the Federal Government is said to be hesitant to sell power at too low a price while SEB may be unable to pay the “equitable’’ price, bearing in mind that it has not got the critical mass of investors that will take up the power.
Caught in this “chicken and egg’’ situation, it could be more feasible to instead buy up the dam with an upfront payment and subsequent staggered amounts subject to the usage of power.
“The purchase price is being discussed,’’ said an industry source. “But in view of the fact that the Bakun Dam took so long to build, there are certain costs that SEB will likely not want to pay.’’
The tariff talks, which are about to commence following the endorsement of technical details on the term sheet, will likely determine the yearly payments that SEB would have to make under the purchase scenario.
However, it is not known if the Federal Government would accept the deferred payment proposal or if it had in mind some other mode of payment or trade-off.
Among Sarawak Hidro’s main concerns is that the Government must be able to service its loans for the Bakun Dam, which come up to over RM3bil before adding interest and some operational costs.
According to Sarawak Hidro managing director Zulkifle Osman, the final cost of development is estimated at RM7bil. Out of the capacity of 2,400MW, the Bakun project is capable of producing anytime firm energy of 73% representing 1,770MW.
Gestation period
The problem is that even if SEB can procure the commitment from investors to set up their industries, the gestation period for many of these plants can be quite long.
Both parties would also be looking at a certain margin that includes tranmission costs for SEB and a rate of return for the Federal Government.
The smelters and industries, especially in the Sarawak Corridor of Renewable Energy, are also reported to be putting pressure on SEB to come up with “cheap’’ power although SEB is trying to convince them that it is the total package that counts, not just the price of the power.
With dam impoundment or flooding to commence soon, there is an urgency to solve these issues, especially relating to investors, before the first turbine starts generating in the first half of next year.
According to Zulkifle, Sarawak Hidro is getting co-operation from the relevant agencies to submit undertaking documents for the window to impound at appropriate levels.
Civil works on the dam are near completion, with the electrical and electromechanical job in progress for the switchyard and turbine generator.
Dry testing on the turbine generator is being carried out, while details involving firm and installed capacity, switchyard and protection are being finalised.
SIG to invest RM11m in Sarawak plant
KUALA LUMPUR: Industrial gases manufacturer SIG Gases Bhd will invest RM11mil to set up a production-cum-refilling plant in Sarawak, said executive chairman Peh Lam Hoh said.
He said RM9.74mil would be via proceeds from its initial public offering (IPO) while the balance from internally-generated funds.
“Our new facility (in Sarawak) will produce acetylene and carbon dioxide as well as refill nitrogen and oxygen,” he said at the launch of SIG prospectus in conjunction with its listing on the main board of Bursa Malaysia yesterday.
SIG currently has one production-cum-refilling plants each in Senai, Johor, and Nilai, Negri Sembilan.
The new plant in Sarawak will be the group’s third plant and will also enable it to explore opportunities in Brunei and Kalimantan, Indonesia.
“We opine the new plant would be aptly-positioned to cater to the anticipated growth in demand for industrial gases, propelled by the implementation of the Sarawak Corridor of Renewable Energy,” Peh said.
To a question, executive director Stanley Lau said the construction was expected to begin in mid-2011 and would be built in the Similaju Industrial Park, some 60km from Bintulu, Sarawak.
Lau said SIG currently held a 27% market share of acetylene gas in Malaysia, 7% for oxygen and 2% for nitrogen.
On SIG’s IPO, 49.2 million and three million offer-for-sale shares of 50 sen each will be made available for subscription at an issue price of 58 sen.
SIG is expected to raise RM28.54mil from its IPO.
Lau said the group would utilise RM4.2mil from the proceeds to repay its term loan. As at April 30, SIG had total bank borrowings of about RM19.43mil.
For the financial year ended Dec 31, 2009 (FY09), SIG posted a net profit of RM7.1mil on revenue of RM54.6mil. Its net profit margin for FY09 fell slightly to 13.03% from 15.23% in FY08.
For the first four months to April 30, SIG achieved a net profit of RM1.33mil against RM1.35mil in the previous corresponding period. Revenue stood at RM18.6mil for the period.
Despite the relatively flat performance, Peh said the group was confident of maintaining its net profit margin going forward.
He said RM9.74mil would be via proceeds from its initial public offering (IPO) while the balance from internally-generated funds.
“Our new facility (in Sarawak) will produce acetylene and carbon dioxide as well as refill nitrogen and oxygen,” he said at the launch of SIG prospectus in conjunction with its listing on the main board of Bursa Malaysia yesterday.
SIG currently has one production-cum-refilling plants each in Senai, Johor, and Nilai, Negri Sembilan.
The new plant in Sarawak will be the group’s third plant and will also enable it to explore opportunities in Brunei and Kalimantan, Indonesia.
“We opine the new plant would be aptly-positioned to cater to the anticipated growth in demand for industrial gases, propelled by the implementation of the Sarawak Corridor of Renewable Energy,” Peh said.
To a question, executive director Stanley Lau said the construction was expected to begin in mid-2011 and would be built in the Similaju Industrial Park, some 60km from Bintulu, Sarawak.
Lau said SIG currently held a 27% market share of acetylene gas in Malaysia, 7% for oxygen and 2% for nitrogen.
On SIG’s IPO, 49.2 million and three million offer-for-sale shares of 50 sen each will be made available for subscription at an issue price of 58 sen.
SIG is expected to raise RM28.54mil from its IPO.
Lau said the group would utilise RM4.2mil from the proceeds to repay its term loan. As at April 30, SIG had total bank borrowings of about RM19.43mil.
For the financial year ended Dec 31, 2009 (FY09), SIG posted a net profit of RM7.1mil on revenue of RM54.6mil. Its net profit margin for FY09 fell slightly to 13.03% from 15.23% in FY08.
For the first four months to April 30, SIG achieved a net profit of RM1.33mil against RM1.35mil in the previous corresponding period. Revenue stood at RM18.6mil for the period.
Despite the relatively flat performance, Peh said the group was confident of maintaining its net profit margin going forward.
subang olives
Everest Point Sdn Bhd
Suite 25-1 & 27-1,1st Floor
Wisma Dicor, Jalan SS17/1A,
47500 Subang Jaya,
Selangor, Malaysia.
Tel :03-5636 5777
Email Add : sales@subangolives.com
Website: www.subangolives.com
Suite 25-1 & 27-1,1st Floor
Wisma Dicor, Jalan SS17/1A,
47500 Subang Jaya,
Selangor, Malaysia.
Tel :03-5636 5777
Email Add : sales@subangolives.com
Website: www.subangolives.com
Subang Olives, Subang Jaya, Selangor
Subang Olives
Subang Olives is a mixed lifestyle development that is, worth its weight in gold! In modern times, "integration" is the property buzzword. Subang Olives has crafted the neighbourhood in such a way that luxurious serviced apartments sit comfortably near commercial offices and shopping indulgences.
Location
Strategically situated in one of Malaysia’s most sought after addresses, Subang Olives is easily accessible via the Federal Highway, Lebuhraya Damansara Puchong (LDP), New Klang Valley Expressway (NKVE), Kesas Highway and New Pantai Expressway (NPE).
Subang Olives is surrounded by a plethora of modern facilities and amenities, such as the Subang Parade Shopping Mall, Carrefour Hypermarket, Sime Darby Medical Centre, Monash University, Taylor’s College and other renowned institutes of higher learning.
A proposed LRT extension which will extend the Kelana Jaya line to Subang Jaya and ending at Putra Heights is expected to complete in year 2012.
Subang Olives Residence Built-up
Subang Olives Residence is a chic and spacious service apartment, found in the prime commercial and residential township of Subang Jaya. Subang Olives Residence links you up to the adjoining Olives Commercial (a commercial lifestyle centre with complimenting conveniences) and Olives Hotel.
Interested homebuyers are spoilt for choice as there are 13 beautiful and unique designs and two duplex penthouse designs to select from. The built-up of the service apartments range from 1,469sq ft to 3,125sq ft, while the duplex penthouse boasts a spacious built-up of 4,915sq ft and 5,535sq ft. There’s certainly one for everyone.
All units come attached with a self-contained studio apartment, which offers better flexibility in terms of space usage. That’s not all. Household wastes are handled mechanically in the most hygienic manner possible with the central waste vacuum collection system.
Facilities and amenities
Subang Olives Residence boasts comprehensive facilities such as a gymnasium, two swimming pools and a wading pool, tennis, squash and indoor badminton courts, outdoor children’s playground and many more.
There is also a large common exercise and recreational zone and a multi-purpose hall for social gatherings and functions. The development has been designed with CCTV cameras, alarm and intercom systems as well as independent lift services in each tower, which offer residents enhanced security and peace of mind.
Launch
What’s unique about this development is that there is no need for maintenance fees based on the unit sizes. Instead, the fees will be channeled into the car park charges collection instead, to ensure long term upkeep of the home.
The Developer
Everest Point Sdn Bhd (EPSB), developer of the integrated Olives project (formerly known as Jana Towers), is now a wholly owned subsidiary of AmanahRaya Berhad Group and comes directly under the purview of AmanahRaya Development Sdn Bhd (ARD) and AmanahRaya Hartanah Sdn Bhd (ARH). The developer continues to develop and manage Subang Olives in its Phase 1 development stage, covering the service apartments, amenities and facilities.
AmanahRaya, upon taking over the development, has since reviewed the project in entirety in consultation with leading industry players and real estate consultants and valuers, and made a crucial milestone decision to alter the yet-to-be-launched Phase 2 Service Apartment to become a completely new and vibrant office/hotel concept. This complements the Phase 1 service apartment, adding value to Subang Olives as a whole.
Subang Olives is a mixed lifestyle development that is, worth its weight in gold! In modern times, "integration" is the property buzzword. Subang Olives has crafted the neighbourhood in such a way that luxurious serviced apartments sit comfortably near commercial offices and shopping indulgences.
Location
Strategically situated in one of Malaysia’s most sought after addresses, Subang Olives is easily accessible via the Federal Highway, Lebuhraya Damansara Puchong (LDP), New Klang Valley Expressway (NKVE), Kesas Highway and New Pantai Expressway (NPE).
Subang Olives is surrounded by a plethora of modern facilities and amenities, such as the Subang Parade Shopping Mall, Carrefour Hypermarket, Sime Darby Medical Centre, Monash University, Taylor’s College and other renowned institutes of higher learning.
A proposed LRT extension which will extend the Kelana Jaya line to Subang Jaya and ending at Putra Heights is expected to complete in year 2012.
Subang Olives Residence Built-up
Subang Olives Residence is a chic and spacious service apartment, found in the prime commercial and residential township of Subang Jaya. Subang Olives Residence links you up to the adjoining Olives Commercial (a commercial lifestyle centre with complimenting conveniences) and Olives Hotel.
Interested homebuyers are spoilt for choice as there are 13 beautiful and unique designs and two duplex penthouse designs to select from. The built-up of the service apartments range from 1,469sq ft to 3,125sq ft, while the duplex penthouse boasts a spacious built-up of 4,915sq ft and 5,535sq ft. There’s certainly one for everyone.
All units come attached with a self-contained studio apartment, which offers better flexibility in terms of space usage. That’s not all. Household wastes are handled mechanically in the most hygienic manner possible with the central waste vacuum collection system.
Facilities and amenities
Subang Olives Residence boasts comprehensive facilities such as a gymnasium, two swimming pools and a wading pool, tennis, squash and indoor badminton courts, outdoor children’s playground and many more.
There is also a large common exercise and recreational zone and a multi-purpose hall for social gatherings and functions. The development has been designed with CCTV cameras, alarm and intercom systems as well as independent lift services in each tower, which offer residents enhanced security and peace of mind.
Launch
What’s unique about this development is that there is no need for maintenance fees based on the unit sizes. Instead, the fees will be channeled into the car park charges collection instead, to ensure long term upkeep of the home.
The Developer
Everest Point Sdn Bhd (EPSB), developer of the integrated Olives project (formerly known as Jana Towers), is now a wholly owned subsidiary of AmanahRaya Berhad Group and comes directly under the purview of AmanahRaya Development Sdn Bhd (ARD) and AmanahRaya Hartanah Sdn Bhd (ARH). The developer continues to develop and manage Subang Olives in its Phase 1 development stage, covering the service apartments, amenities and facilities.
AmanahRaya, upon taking over the development, has since reviewed the project in entirety in consultation with leading industry players and real estate consultants and valuers, and made a crucial milestone decision to alter the yet-to-be-launched Phase 2 Service Apartment to become a completely new and vibrant office/hotel concept. This complements the Phase 1 service apartment, adding value to Subang Olives as a whole.
Monday, July 5, 2010
Iskandar gets RM4.6bil in new investments
By ZAZALI MUSA zaza@thestar.com.my Jul 5, 2010
PASIR GUDANG: Iskandar Malaysia (IM) has received RM4.62bil new investments in the first five months of the year in the manufacturing, services and information and communication technology (ICT) sectors.
Iskandar Regional Development Authority (IRDA) chief executive officer Ismail Ibrahim said the investments were made by both locals and foreigners.
He declined to divulge the identity of the investors and the countries, saying only that they would be made known to the press at the appropriate time.
Ismail said Prime Minister Datuk Seri Najib Razak or Johor Mentri Besar Datuk Abdul Ghani Othman, the co-chairmen of IRDA, was likely to make the announcement on the new investments soon.
“Similarly, we expect more investments to come from Singapore following the improvement in the bilateral ties between Malaysia and Singapore,” he said.
Ismail was speaking to reporters at the launch of the Iskandar Malaysia Open Day in Pasir Gudang Town Centre by Johor state secretary Datuk Abdul Latiff Yusof on Saturday.
He said apart from Singaporean investors, IM also expected investments from Indonesian investors following the three-day working visit by Deputy Prime Minister Tan Sri Muhyiddin Yassin to Jakarta last week.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed was cited in news reports in May this year as saying that at least 15 American companies had also conveyed their interest to invest in IM following his visit to the United States.
On the allocation for infrastructure projects slated for the 10th Malaysia Plan (10MP) in IM, Ismail said Najib would announce the allocation and details of the projects when he tables Budget 2011 later this year.
PASIR GUDANG: Iskandar Malaysia (IM) has received RM4.62bil new investments in the first five months of the year in the manufacturing, services and information and communication technology (ICT) sectors.
Iskandar Regional Development Authority (IRDA) chief executive officer Ismail Ibrahim said the investments were made by both locals and foreigners.
He declined to divulge the identity of the investors and the countries, saying only that they would be made known to the press at the appropriate time.
Ismail said Prime Minister Datuk Seri Najib Razak or Johor Mentri Besar Datuk Abdul Ghani Othman, the co-chairmen of IRDA, was likely to make the announcement on the new investments soon.
“Similarly, we expect more investments to come from Singapore following the improvement in the bilateral ties between Malaysia and Singapore,” he said.
Ismail was speaking to reporters at the launch of the Iskandar Malaysia Open Day in Pasir Gudang Town Centre by Johor state secretary Datuk Abdul Latiff Yusof on Saturday.
He said apart from Singaporean investors, IM also expected investments from Indonesian investors following the three-day working visit by Deputy Prime Minister Tan Sri Muhyiddin Yassin to Jakarta last week.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed was cited in news reports in May this year as saying that at least 15 American companies had also conveyed their interest to invest in IM following his visit to the United States.
On the allocation for infrastructure projects slated for the 10th Malaysia Plan (10MP) in IM, Ismail said Najib would announce the allocation and details of the projects when he tables Budget 2011 later this year.
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