Rosvilla makes a mark near Mont’Kiara

PETALING JAYA: Harmony Property Sdn Bhd is banking on its new project’s proximity to Mont’Kiara to sell. Called Rosvilla, the condominium development is located in Bukit Prima Pelangi, less than 800m from Mont’Kiara’s epicentre.

The developer, a subsidiary of Brem Holdings Bhd, is targeting young professionals who are just starting out by pricing the units affordably from RM238,000 onwards. Built-ups are from
1,203 sq ft to 2,468 sq ft and the condo comes with club facilities such as a gym, swimming pool, sauna and tennis courts. Maintenance has been set at 16 sen psf.

Rosvilla’s exclusive marketing agent, Henry Butcher Real Estate Sdn Bhd has recorded an encouraging take-up rate of almost 50% since launching the project on Oct 6.

Henry Butcher’s CEO Tang Chee Meng said affordable pricing and a choice location were the appealing factors that make Rosvilla condos an attractive buy.

“The average price per sq ft is only RM200 and it is certainly in an affordable range for most working-class Malaysians,” Tang told theSun.

“And since it is located in the vicinity of property hotspots in the Klang Valley, the prices are certain to appreciate in time to come, promising good returns on investment and rental yields.”
Rosvilla has a total of 174 units housed in three blocks of between seven- and 15- storeys high. Built on a 3-acre freehold site, it has a gross development value of RM43 million. Completion will be in late 2009.

Rosvilla is easily accessible from the NKVE, Sprint Highway, Penchala Link and the LDP.

On Harmony Property’s next project, Tang said the developer is planning to develop a similar condo development on their 70-acre land bank in Bukit Prima Pelangi.

By theSun (By Tim Leonard)

Plenitude out to position itself in the luxury market

PETALING JAYA: In a bid to position itself firmly in the niche-property segment, Plenitude
Bhd is set to launch two high-end bungalow projects in the Klang Valley and a semideecum-
condominium project in Penang early next year.

The projects in the Klang Valley will comprise 16 units of luxury bungalows in Damansara Heights known as D’Batai, and four units of exclusive bungalows in Bukit Tunku known as Liku.

Plenitude executive chairman Chua Elsie (pix) told theSun after the company’s AGM yesterday, that prices for D’Batai will start at RM5 million while the Liku units will cost RM12 million onwards each.

“These are niche properties and appeal to only a select few who appreciate luxury and are willing to pay for it,” said Chua, adding that she sees good response for such niche products in prime locations.

The D’Batai units, offering built-ups of 6,000 sq ft, will have a gross development value (GDV) of RM90 million. On the other hand, the Liku bungalows, with a GDV of RM40 million, will boast spacious built-ups of 20,000 sq ft. “Our bungalows will incorporate high-end finishing with modern designs and unrivaled quality,” said Chua.

On the developer’s semi detached-cum-condo project in Penang, Chua said it would be known as Ferringhi Heights in the popular beach town of Batu Ferringhi. The developer is planning 44 units of semidees and 112 condo units with a total GDV of RM130 million.

The semidees have an expected price of between RM1.8 and RM2.2 million, while the condos are expected to cost RM 1.2 million. The semidees will have built-ups of 3,500 sq ft in three layouts, while the condos will be 1,600 sq ft in size in two layouts.

Plenitude’s other notable developments include Changkat Kiara in KL, Taman Desa Tebrau in Johor, Taman Putra Prima in Puchong, and Bandar Perdana in Sungai Petani, Kedah.

By theSun (By Tim Leonard)

Plenitude expects boost from growth corridors

Property developer Plenitude Bhd said its net profit could rise by a tenth in fiscal 2008, boosted by continuous activity from three growth corridors.

Revenue should increase by about six per cent, a top official said.

For the year to June 30 this year, the group made a net profit of RM56.6 million, an 8.2 per cent rise. Revenue was higher by 7.7 per cent to RM238.2 million.

"The robust performance of the group is mainly due to positive contribution from progressive development projects, especially in Taman Desa Tebrau in Johor, Taman Putra Prima, Selangor and Bandar Perdana, Kedah," executive chairman Elsie Chua said at a media briefing in Kuala Lumpur yesterday.

So far, the group is developing some 768ha in the Northern Corridor Economic Region, Central Region of Klang Valley and the Iskandar Development Region (IDR).

Of this, some 86 per cent will be used to develop mixed-residential areas and the rest for commercial property. In addition, Plenitude has 780ha of undeveloped land.

As at June 30 this year, the company was sitting on an unbilled sales of RM150 million.

About 57.6 per cent comes from the IDR township development and 30.8 per cent from its high-end development in Sri Hartamas.

The Taman Desa Tebrau, within IDR, is Plenitude's flagship project spanning some 387.2ha in land area with a total gross development value of RM1.9 billion. This is expected to sustain the group's growth until 2018.

In July this year, Plenitude sold almost 14.8ha to Permodalan Eramaju Sdn Bhd for RM64.5 million, for the development of the country's second Ikea store located in the Tebrau City.

Plenitude made a net gain of about RM24 million from the sale.

In its research note, OSK Research has recommended that investors buy Plenitude shares. It gave a target price of RM5.

It added that Plenitude is trading at a big discount to its net tangible asset share of RM3.84.

Plenitude closed down two sen from RM2.95 last Friday to RM2.93 yesterday.

By New Straits Times (By Zurinna Raja Adam)

EPU deputy D-G: Urban centres to drive growth

PENANG: The urban areas of Penang, Johor Baru, and Kuala Lumpur will be important drivers of economic growth in the country, said Economic Planning Unit deputy director-general Datuk K. Govindan.

“Besides modern agriculture, a key driver of economic growth, the urban areas would see the development of more financial, medical and logistic projects that would spur the country’s economy.

“These projects would create the need for specialists in different professional fields, which drive the growth of other economic sectors,” he said at the sidelines of the NCER: Seizing The Opportunities symposium.

“We are trying to achieve a 7% (annual) growth for the country’s economy in the near future, as there are some 380,000 youth entering the labour force yearly.

“In 2006, about 260,000 jobs were created, which was not sufficient.

From left: Datuk K. Govindan, Wan Azrain Wan Adnan, Institute of Startegic and International Studies chairman and CEO Datuk Seri Mohamed Jawhar Hassan and NCER Research Centre director Assoc Prof Zulkhairi Md Dahalin

“New urban projects such as the Penang Global City Centre that are now being planned would help accelerate economic growth and create new employment opportunities,” he said.

Govindan said Penang already had the infrastructure for free industrial zones, a public transportation system, and the history.

“All Penang needs now is a little push for it to leapfrog,” he said.

Meanwhile, Sime Darby Bhd manager Wan Azrain Wan Adnan said the Northern Corridor Economic Region (NCER) was implemented to eradicate poverty in the northern region and to raise the standard of living.

“Although there are many other economic corridors, the NCER does not compete with them, as we have different objectives,” he added.

By The Star

NCER hub issue sets off debate at House

The claim that Penang stands to gain positively as the logistics and transportation hub for the Northern Corridor Economic Region (NCER) sparked off a lively debate between Chief Minister Tan Sri Dr Koh Tsu Koon and Phee Boon Poh (DAP – Sungai Puyu).

Dr Koh said many massive infrastructure projects were being undertaken in the state after Penang was designated as the logistics and transportation hub for NCER.

The projects, he said, were either in their implementation or planning stages.

The projects singled out were the North Butterworth Container Terminal (NBCT), the expansion of Penang International Airport, Penang Outer Ring Road (PORR), the second Penang bridge, Penang Monorail, Penang-Butterworth Fast Ferry Service, Penang Central Integrated Transport Hub, Butterworth and International Cruise Centre in Swettenham Pier.

To this, Phee questioned the sincerity of the state government in pushing Penang as the transportation and logistics hub.

“We have heard of Penang being designated as the transportation and logistics hub under the policies of Penang Strategic Development Plan in 1995 and the IMT-GT (Indonesia, Malaysia, Thailand Growth Triangle) in 1990.

“And now Penang is again named as such for the NCER. Can you please tell us the difference between the three?” he asked.

Phee said it only goes to show that the state government did not draw up any concrete plan for the state's development.

By The Star

Make Penang offshore financial hub, Govt urged

Developers: Explore incentives to attract banking institutions

PENANG: The Federal Government should explore transforming Penang into an offshore financial centre as part of the state’s intellectual infrastructure development, said Real Estate and Housing Developers’ Association (Penang) chairman Datuk Jerry Chan Fook Sing.

“Research, medical, and management faculties should be developed to enhance the remodelling of Penang as a high-value finance and education hub.

“There are presently countries such as Hong Kong and Singapore where the business environment is less cost competitive for financial and banking institutions to operate.

Datuk Jerry Chan Fook Sing

“These financial institutions and banks are now looking for suitable commercial hubs to expand.

“The Federal Government should explore the incentives it can offer to attract these banking and financial institutions to Penang,” he said.

Chan had earlier spoken on infrastructure-led expansion of the property market in the NCER: Seizing The Opportunities symposium organised by Abad Naluri Sdn Bhd on Saturday.

“By turning Penang into an offshore financial centre, the Government can also attract a lot of the financial talents who are now overseas to come back.

“The British Virgin Islands, the Cayman Islands and the Bahamas are examples of successful offshore financial centres,” he said.

Chan also said to stimulate economic growth in Penang, the Government should not overlook physical infrastructure projects that had been on the drawing board for a very long time.

These included the proposed ring road from George Town to Batu Ferringhi, the ring road from Butterworth to Bukit Mertajam and Nibong Tebal, the expansion of the Penang airport and renovation of the South Seberang Prai hospital.

On the proposed Penang Global City Centre (PGCC) project, Chan said his presence at the symposium did not signal his unreserved endorsement of the project as he was also a resident of the affected Jesselton neighbourhood.

“There are views and concerns of residents on the impact of the PGCC project that the developer, Abad Naluri, must address,” he said.

By The Star (By David Tan)

State short of schemes for REIT companies

PENANG: Penang is short of high-value property schemes for real estate investment trust (REIT) companies to invest in.

Of the 87 properties held by the 13 REIT companies in the country, only two were in Penang, Regroup Associates Sdn Bhd executive chairman Chris Boyd told StarBiz at the sidelines of the NCER: Seizing The Opportunities symposium.

Chris Boyd

“The Penang Global City Centre (PGCC) project, which has an estimated gross sales value of RM25bil, therefore, provides new investment opportunities for REIT companies to come to Penang,” he said.

He said presently the bulk of Penang’s financial and commercial properties were still located in the heritage districts of George Town.

These areas were very congested, making access inconvenient, he said.

“PGCC provides a suitable site for future and existing commercial and financial properties buildings to be developed and relocated.

“The heritage districts can then be used for the development of heritage and tourism projects. There are many cities in China that have followed this pattern of development,” he said.

On the impact of PGCC on property prices of Penang, Boyd said over the next five years the property prices in the prime locations of the island would eventually hit RM500 per sq ft from the current RM250 per sq ft."

By The Star