IOI Properties to build 900 townhouses in Bangi and Sepang
IOI Properties Group Bhd is planning to launch a total of about 900 units of townhouses in Bandar Puteri Bangi and Warisan Puteri in Sepang priced about RM450,000 in the last quarter of this year or the first quarter of 2018. Bandar Puteri Bangi’s The Strata Townhouse will have a GDV of RM294mil, and will be split into two launches, while Warisan Puteri Sepang’s Ayden townhouses will have GDV of RM160mil. Besides the townhouses, IOI Properties also aims to launch high-rise condominium project Par 3 in its flagship development IOI Resort City, Putrajaya. At the moment, the majority of the company’s residential units are high-rise condominium and serviced apartment units. (The Star Online)
Prices fell in these five Selangor housing estates
With the price corrections in housing estates in Selangor last year, transacted prices of landed homes in about 30 housing areas saw more than 5% dip y-o-y, according to NAPIC. The five areas that recorded the steepest decrease in the transacted prices of landed homes were SS 3 in Petaling Jaya (-10.7%), Taman Bukit Teratai in Ampang (-9.5%), Section 22 in Petaling Jaya (-9.5%), Taman Kajang Perdana in Kajang (-8.6%) and Section 20 in Petaling Jaya (-7.4%). All these five areas are matured, self-contained housing estates with easy accessibility and established amenities. (The Edge Markets)
Johan to turn part of manufacturing land into RM364mil mixed development
Johan Holdings Bhd is awaiting approval from Majlis Perbandaran Sepang to develop six acres of the 27 acres where its ceramics tiles manufacturing plant sits, into a RM364.4 million GDV mixed development comprising service apartments and commercial area. Johon announced in August that it would wind down operations of Prestige Ceramics Sdn Bhd by Jan 31, 2018. The gross development cost, inclusive of re-valued land cost, is projected at RM294.9 million, giving a projected gross development profit of RM69.5 million. The application process could take up to 12 months. Upon approval, the development period will run for three years. (The Sun Daily)
JAKS sells PJ property for RM25.87mil
Jaks Resources Bhd (JAKS) is selling 1.21ha of freehold industrial land in Taman Perindustrian Sungai Penaga, Petaling Jaya to Hectare Square Sdn Bhd (HSSB) for RM25.87 million. Proceeds from the disposal of the land, which includes a one-storey factory, will be used to repay bank borrowings. The net book value of the property is RM6.88 million as at Dec 2016 while the indicative market valuation is RM26.40 million as appraised in Aug 2016. JAKS’ original cost of investment on the property was RM7.31 million in May 2004. (The Sun Daily)
(Photo from The Star)
Tropicana Corp appoints Dion Tan as group MD
Tropicana Corp Bhd has appointed Dion Tan Yong Chien as group managing director effective Monday. Tan, 27, is the son of Tan Sri Danny Tan Chee Sing, the founder and major shareholder of Tropicana. Tropicana also announced that current director and group CEO Datuk Yau Kok Seng, 58, will retire early effective Nov 30. Another new appointment to the Tropicana board is Datuk Lim Thean Shiang, 46, who was named non-executive director. (The Star Online)
PM urges Bumiputeras to own properties in major urban areas
Prime Minister Najib Razak has advised Bumiputeras to look out for opportunities to expand property ownership in major urban areas. He said the community should not confine asset ownership to rural areas and must be encouraged to have a major influence on property ownership in key areas, in line with the government’s transformation initiative. The Amanah Hartanah Bumiputera (AHB) scheme was created to strengthen Bumiputera participation in the national economy through the creation of wealth in the commercial real estate sector. (The Malaysian Insight)
Noh pledges to put futsal court in every housing estate in Kuantan
The Urban Wellbeing, Housing and Local Government Ministry (KPKT) intends to set up a futsal court in each housing estate in Kuantan. Minister Tan Sri Noh Omar said the futsal court would not only boost the residents’ spirit to exercise and practise a healthy lifestyle but also foster close rapport among them. “The futsal court which I estimate to be about RM500,000 each can also serve as a multi-purpose court,” he said. The government had approved nine projects involving building and upgrading futsal courts, multi-purpose courts and fields worth RM3.8 million in Pahang this year, as compared to RM2.2 million last year. (Malay Mail Online)
A group of boys enjoy the day off school with a game of futsal. — Picture by R. Mahgeshan/MMO
Sime Darby novates Islamic programmes to property arm
Sime Darby Bhd has novated its rights and obligations under two Islamic programmes to Sime Darby Property Bhd effective Sept 29, 2017. The programmes comprise an Islamic Medium Term Note Programme (RM4.5bil) and Islamic Commercial Paper/Islamic Medium Term Note Programme (RM500mil). It is part of Sime Darby’s proposed internal restructuring as it pursues a pure-play strategy that involves spinning off its plantation and property businesses as separate listings on Bursa Malaysia. (The Star Online)
