UEM Land, UMLand in RM840m venture

PROPERTY developer UEM Land Bhd is partnering United Malayan Land Bhd (UMLand) in an RM840 million venture to build residential, commercial and retail properties on a 3.56ha site in Puteri Harbour, Johor.

Puteri Harbour is located within the 9,712ha Nusajaya development area.

The Puteri Harbour development will feature high- and low-rise residences, bungalows, corporate towers, retail shops, and five-star resorts, among others, spanning over 278.4ha which will be developed over 10 years.

In Kuala Lumpur yesterday, both UEM Land and UMLand entered into a subscription and joint-venture agreement (SJV) as equal shareholders in a JV company, known as Nusajaya Consolidated Sdn Bhd, which will develop the 3.56ha land.

Nusajaya Consolidated has the option to buy the land from UEM Land for RM67.15 million, exerciseable within six months from date of the SJV agreement.

"Through this partnership with UMLand, UEM Land will be able to expedite the overall development of Puteri Harbour. We are certain that Nusajaya will reach the tipping point by 2011," UEM Land managing director Wan Abdullah Wan Ibrahim.


WAN ABDULLAH: We are certain that Nusajaya will reach the tipping point Bank Negara assures by 2011.

In the last one year, UEM Land has signed two joint-venture agreements with companies from the Middle East for investments in Puteri Harbour.

The first is with Limitless LCC to develop a RM1.6 billion project comprising canal homes (bungalows, townhouses and high-end serviced apartments) on 44.4ha, and the second with Damac Properties LLC to develop a RM3.8 billion project.

By New Straits Times (by Sharen Kaur)

Goldmount seeks more land in Iskandar Malaysia

JOHOR BARU: Goldmount Resources Sdn Bhd plans to look for more land within Iskandar Malaysia for its future property projects in the growth corridor.

Project manager Alex Cheong said the property outlook in Iskandar Malaysia was good as the influx of local and foreign investors would create demand for houses.

He said the presence of more developers from outside Johor, especially the Klang Valley, within Iskandar Malaysia also reflected their confidence in the corridor.

“On that note, we also want to take advantage of the good prospects in the property market within Iskandar Malaysia,’’ he told StarBiz.

Cheong said unlike the Klang Valley, where getting land for property development was becoming tougher, it was not so prevalent in Iskandar Malaysia.

The company was hoping to find land within the Nusajaya area as this was slated as the key growth centre in Iskandar Malaysia, Cheong said.

He added that the value of land and properties within Iskandar Malaysia had also appreciated since the economic growth corridor was launched in November 2006.

Iskandar Malaysia spans 2,216.3 sq km within the southern-most part of Johor covering Johor Baru, Senai-Kulai, Pasir Gudang-Tanjung Langsat and Pontian-Gelang Patah.

Cheong said more high-end properties, including those with a price tag of RM1mil or more per unit which was unheard before, were also launched as buyers in south Johor were ready to pay the price.

He said more buyers were going for gated and guarded properties as security was their main concern.

The Shah Alam-based company is currently undertaking its maiden project €“ Puncak Lagenda at Taman Bukit Mewah €“ in Johor with a gross development value of RM54mil.

Phase one of the project comprises 68 double-storey terrace houses, priced from RM338,000 each, and eight semi-detached houses at RM518,000 each.

Phase two will consist of 31 double-storey shop offices with three different floor designs with a price tag of at least RM488,000 each.

By The Star - StarBiz - (by Zazali Musa)

IOI Corp to postpone Sentosa Cove launch

PETALING JAYA: IOI Corp Bhd is postponing the launch of its Sentosa Cove projects as the Singapore residential property market is undergoing a slowdown, a company official said yesterday.

He said due to the current situation, it would be better to wait for the market to recover.

The official was commenting on a Citigroup Research report yesterday which stated that the launch had been postponed.

The research house said the previous guidance was for Sentosa Seaview to be launched by this month and The Pinnacle Collection by April next year.

The land cost was S$1,364 (RM3,265) per sq ft per plot ratio for the Sentosa Cove project while the land cost was S$1,822 per sq ft per plot ratio for The Pinnacle Collection.

Citigroup Research said it was removing both projects from its immediate three-year forecasts.

Domestically, it was assuming that the Dengkil land project, with an estimated gross development value of RM2bil, would be postponed to its financial year ending June 30, 2010.

By The Star

Mapletree to build Vietnam business park

SINGAPORE: Mapletree, the real estate arm of Singapore sovereign wealth fund Temasek Holdings said yesterday it has signed an agreement to develop a US$400 million business park in Vietnam.

The 75-hectare business park, in Vietnam’s Binh Duong province, will be built in phases starting from 2009, Mapletree said in a statement.

The deal brings its total investments in the Southeast Asian country to US$700 million, it added.

Mapletree said a 68-hectare logistics park it is also building in Binh Duong, near Ho Chi Minh City, has already signed up six customers ahead of its completion in November 2008.

By Reuters

IOI to delay launch of Sentosa Cove projects: Citi

IOI Corp Bhd will postpone the launch of its Sentosa Cove projects - namely Sentosa Seaview and The Pinnacle Collection - due to the fragile residential property market in Singapore, said a Citigroup Research report.

IOI Corp, via its unit IOI Properties Bhd, is expected to launch the Sentosa Seaview project by this month and The Pinnacle Collection by April next year.

"We are removing both projects from our immediate three-year forecasts," said Citigroup Research in a report, after it visited the company's management recently.

The research house also assumed that its Dengkil Land project, with an estimated gross development value of RM2 billion, to be postponed to fiscal 2010.

"We are revising downwards earnings before interests and tax contribution from the property development business by 13 to 25 per cent over FY09-FY11E," said the report.

The projects, owned by IOI Prop and joint-venture partner Ho Bee Investment Ltd,are IOI's biggest high-end development in Singapore's Sentosa Cove.

The land at Seaview costs S$1,364 (RM3,259.96) psf while the land at The Pinnacle Collection costs S$1,822 (RM4,354.58) psf.

Pinnacle Collection will have seven 18-storey blocks and a 20-storey luxurious condominium. It will have 280 apartments and penthouses of various layout and sizes.

The Pinnacle Collection is one of two condominium parcels that flank the entrance of the marina leading to Sentosa Cove.

It is adjacent to the 1.46ha leasehold Sentosa Seaview, which was successfully tendered by another IOI Properties subsidiary with Ho Bee in March last year.

Sentosa Seaview is a luxury condominium project comprising two eight-storey apartment blocks with 151 units.

By New Straits Times