LBS’ Lim receives Outstanding Leader in Asia award
LBS Bina Group Bhd managing director Tan Sri Lim Hock San has been awarded the Outstanding Leader In Asia award at the recently-held Asia Corporate Excellence & Sustainability Awards (ACES) in Singapore. Recipients in the leadership category are evaluated based on five key criteria including the spirit of entrepreneurship, innovation and sustainability, responsible practice, revenue and brand equity. Lim was chosen as this year’s recipient from a total of 180 nominated leaders. Lim took over the business from his father back in 1982 and since then his leadership and foresight has led to numerous milestones beginning with the transformation of LBS from a construction company to a property developer in 1992. (NST Online)
Malaysia 24th in World Bank’s Doing Business 2018
Malaysia slipped one notch to 24th position in the latest World Bank’s Doing Business 2018. Top of the class of 190 economies was New Zealand with Singapore and Denmark in the second and third positions respectively. The report indicated Malaysia as having a score of 78.43 in terms of its distance from the best performance. The highest score Malaysia achieved in the 10 component indicators was for protecting minority investors, while its scored lowest in doing business. The biggest improvement Malaysia made in the latest report were in the indicator for getting credit, paying taxes and protecting minority investors. (NST Online)
Move to turn Ekovest into construction outfit
Tan Sri Lim Kang Hoo’s plan to rationalise the property assets of the companies under his control is expected to turn Ekovest Bhd into a pure construction and infrastructure outfit, while enlarging Iskandar Waterfront City Bhd’s (IWC) land bank for immediate development. For IWC, the proposed corporate exercise will represent Lim’s second attempt this year to restructure his flagship property development company. This time, the restructuring would involve Ekovest – the property development, construction and highway infrastructure arm of companies. What IWC lacked at present was land for immediate development, while Ekovest already owned pockets of land for immediate development. (The Star Online)
Ekovest has a pocket of prime land in Kuala Lumpur that it received in return for the River of Life project. (Photo from The Star)
Vizione bags RM401mil contract for four office blocks
Vizione Holdings Bhd’s wholly-owned Wira Syukur (M) Sdn Bhd (WSSB) has bagged a contract from Paragon Hemisphere Sdn Bhd (PHSB) to build four blocks of office suites in Ulu Langat, Selangor worth RM401 million. The contract covers two phases: Phase One is to build two blocks of office suites, while Phase 2 involves another two blocks of office suites. Phase One will take 36 months to complete, while construction work on Phase 2 will begin on May 1 next year. (NST Online)
Menara Hap Seng 3 will be built on the site of the Mercedes-Benz showroom in Jalan P. Ramlee (Photo from Skyscraper City)
Hap Seng to develop ‘Menara Hap Seng 3’ office building for RM312mil
Hap Seng Consolidated Bhd’s property arm Hap Seng Land Sdn Bhd will be developing a new commercial office space building, named “Menara Hap Seng 3”, for a construction cost of RM312 million. Targeting foreign multinational companies, the building will be built on the former site of the group’s Mercedes-Benz Hap Seng Star Autohaus. It comprises 20 storeys of office space, five podiums, a showroom and a six level basement car park, with a net lettable area of 240,000 sq ft. The Mercedes-Benz Autohaus will be relocated to the building once completed. It is scheduled for completion in December 2019. (The Sun Daily)
Gagasan Nadi seeks ACE Market listing to diversify into property development
Gagasan Nadi Cergas Bhd, a building construction player, is seeking to list on the ACE Market of Bursa Malaysia to diversify into property development. Gagasan Nadi said it intends to issue 140 million new shares, as well as selling 60 million existing shares. The group has identified three property developments, two of which are 1Malaysia Civil Servants Housing Project (PPA1M) developments within Kuala Lumpur and Selangor, and the other a mixed development in Putrajaya for the Asean Football Federation. (The Edge Markets)
Sunway REIT Q1 net profit up 23%
Sunway REIT saw its 1QFY18 net profit grow 23.5% year-on-year due to higher net property income, while its net profit stood at RM79.23 million. Group revenue grew nearly 10%, mainly contributed by higher revenue across all segments. Its quarterly revenue gained 9.5% while net property income grew 15.5% to RM110.99mil from a year ago. (NST Online)
Ivory Properties expands landbank with RM133mil Sitiawan land
Ivory Properties Group Bhd is planning to buy a plot of commercial land in Sitiawan, Perak, for RM133.86 million, for property development purposes. The land, measuring 259,100 sq m, was purchased from land owner Remco Engineering & Construction Sdn Bhd. With the acquisition, Ivory Properties said its landbank will increase to 123 acres, from 59 acres presently. (The Edge Markets)
Benalec Holdings to dispose of Melaka land for RM100mil
Benalec Holdings Bhd’s units Sentosacove Development Sdn Bhd, Oceanview Realty Sdn Bhd and Strategic Cove Sdn Bhd are disposing a plot of land measuring 216,427 sq m in Pekan Klebang, Malacca for RM100.17mil to Titanium Hallmark Sdn Bhd. Proceeds from the disposal will be used to finance the group’s on-going reclamation projects and to meet its working capital requirements. The disposal will provide an avenue for Benalec to monetise and crystallise the value of its landbank; while at the same time, improve the cash flow of the company. The group said the disposal is expected to realise a net gain of RM24.7 million. (The Sun Daily)
