AP Land seeks more regional opportunities

Property developer Asia Pacific Land Bhd (AP Land), which lately has ventured overseas to include oil palm plantations under its belt, will continue to seek opportunities in regional markets amid the global credit crisis.

With the sale of the City Square Centre to Australia's Macquarie Global Property Advisors last year for RM680 million and the settlement of RM350 million in debts, AP Land is leveraging on its surplus cash position to pursue investment opportunities.

Last month, it launched a RM400 million commercial and housing project in China's Changshu City, marking its first foray into the country.

It has also a US$60 million (RM211.2 million) resort apartment project in Hokkaido, Japan, dubbed Shi-Ki.

"We believe there is a silver lining in every turmoil. When things turn around, it can be quick. There are people with money," joint managing director Low Su Ming said after launching AP Land's property gallery and Tower 2 of its maiden myHabitat development project in Kuala Lumpur yesterday.



Low said AP Land will continue to develop properties abroad that will include replicating the RM400 million myHabitat high-end project, which consists of twin blocks of 38-storey premier serviced apartments sprawled over 1.5 acres.

Tower 1, launched in 2005 and earmarked for completion by end-2009, is almost 90 per cent sold, with the remainder being Bumiputera lots.

It features 168 units, with prices starting from RM700 per sq ft and sizes ranging from 1,400 sq ft.

Low said sales for Tower 2, which will be completed by end-2010, may be slow due to the current turmoil, but she is optimistic about local and international demand for the property.

Tower 2 offers 215 units, which range from 600 sq ft to 1,100 sq ft and priced between RM1,200 and RM1,500 psf or from RM800,000 to RM1.4 million per unit.

"We repositioned Tower 2 after getting feedback from buyers who prefer smaller units for better yields. We have to respond readily to the market," Low said.

"We may hold a certain portion of Tower 2 for our management," she added.

By New Straits Times (by Sharen Kaur)

Visit myHabitat Official Website

IOI unit to re-schedule launch of condo project

An artist's impression of Pinnacle Collection in Sentosa Cove

PETALING JAYA: IOI Properties (S) Pte Ltd (IOIP), a wholly-owned unit of IOI Properties Bhd, is looking to launch its maiden upmarket condominium project in Singapore’s Sentosa Cove next year when market sentiment in the city-state improves.

“We have rescheduled the launch of Seascape Collection to next year to coincide with the completion of the Integrated Resort (IR) project on Sentosa island, which would kick-start commercial and tourism activities in Sentosa Cove, and to be in sync with the expected economic rebound,” IOI Properties director Datuk David Tan told StarBiz yesterday.

The relevant approvals for the project have been obtained and the project was initially planned for launch in the middle of this year but was delayed when Singapore’s residental property market softened.

Work on the show unit for Seascape Collection is in progress.

The 3.6-acre Seascape project is a 50:50 joint venture between IOI Properties and its Singapore partner, Ho Bee Investment Ltd.

It will comprise two eight-storey condominium blocks of 151 residences of various sizes. The tentative prices of the residences range from S$2,500 to S$2,800 per sq ft.

Meanwhile, the planning approval for the company’s second project in Sentosa Cove, called Pinnacle Collection, has been granted and the final building plan approval is expected shortly.

The project will be undertaken by Pinnacle (Sentosa) Pte Ltd, which is 65%-owned by IOI Properties and 35% by Ho Bee.

In January, the company successfully tendered for a 5.3-acre land parcel for S$1.1bil.

The 99-year leasehold land parcel is the final piece of condominium land to be launched by Sentosa Cove.

The site will have seven 18-storey blocks and one 20-storey block of luxurious condominiums. The maximum number of units allowed in the development is 357, while the maximum permissible gross floor area is 602,359 sq ft.

It is one of the two condominium parcels flanking the entrance of the marina leading into Sentosa Cove.

Tan said Singapore’s property market was expected to continue its uptrend when world class attractions, such as the IRs, were in place.

“We believe the prospects are good and are confident on the project sales. Besides the fact that Sentosa Cove is essentially a Singapore government-promoted project with world-class infrastructure, the impact of the two IR projects in Sentosa island and Marina Bay will be felt soon.

“A substantial portion of the target buyers are high net-worth individuals from Malaysia/Singapore, Indonesia, India, China and Middle Easterns who are keen to be a part of the most sought-after address in the world,” he said.

Due to land scarcity, the supply of residential properties in Singapore, including Sentosa Cove, is very limited.

“Our projects are the last two remaining and most strategic condominium sites at Sentosa Cove. Due to its exclusivity, prices of luxurious homes in Sentosa Cove are holding well,” Tan added.

By The Star (by Angie Ng)

Invest Expo 2008 comes at the right time

With volatility and uncertainties in the stock market, organisers of Invest Expo 2008 believe it is timely to equip retail investors with the knowledge needed to invest wisely.

The event, held at the Kuala Lumpur Convention Centre and ending today, is organised by Malaysian Investor Relations Association (MIRA) and ShareInvestor.

"We are not asking anyone to invest now, or anytime, but at least they can get exposure and learn about the different things that are out there," Malaysian Investor Relations Association chairman Datuk Justin Leong said in Kuala Lumpur yesterday.


LEONG: Participants can get exposure and learn about different things

The local stock market benchmark index, Kuala Lumpur Composite Index, has plunged by more than 37.4 per cent this year, and 17.7 per cent over the past seven weeks.

Investors were worried that the global financial crisis could not be resolved, and recession could hit most parts of the globe.

"Whichever strategy investors may adopt, they must be aware that market volatility is part and parcel of a stock market. Therefore, savvy but cautious investors need to have sufficient information and investing knowledge to be able to identify the various opportunities and threats," said Bursa Malaysia chief market operations officer Devanesan Evanson.

The Invest Expo 2008 features 25 exhibitors, consisting of banks, stock-brokerage companies, fund houses, land and property investment houses, alternative investments firm, as well as public-listed companies.

There will be about 40 seminars over the two-day period. The seminars, which start as early as 10am and end at 5.30pm, will include topics like "4th Quarter Outlook" by CIMB Investment Bank Bhd vice president (research) Nigel Foo Chek Keng; "China, We are Ready!" by OSK UOB Unit Trust Management Bhd vice president Edwin Lee Wai Kidd; and "Real Estate Investment Opportunities in Western Canada" by Edgeworth Properties (M) Sdn Bhd marketing manager Chris Tan.

The platinum sponsors of the event are Bursa Malaysia, CIMB and OSK Investment Bank Bhd.

By New Straits Times (by Goh Thean Eu)

Malaysia cement demand may grow 3pc

The Malaysian cement industry is forecasting growth in cement demand of about three per cent to 16.33 million tonnes this year compared with 15.46 million tonnes in 2007, says the Cement And Concrete Association of Malaysia.

"While there are signs of an economic slowdown and a corresponding slowdown in construction activities, we are quite optimistic that the government would be launching initiatives that would bring impetus for greater economic growth," said chairman Tan Sri Abdul Razak Ramli at the Cement and Concrete Association's Appreciation Dinner in Kuala Lumpur last night.

By Bernama

US housing starts slide further

WASHINGTON: Construction starts on new US homes slumped an additional 6.3 per cent in September to the lowest level since the recession in 1991, official data showed yesterday.

Housing starts fell to an annualised rate of 817,000.

That was down 31.1 per cent from a year ago in the latest evidence of the bursting of the housing bubble that has ravaged the US economy and led to a global financial crisis.

The figure was far weaker than the 870,000 expected by private forecasters.

Permits for new homes, a sign of future activity, fell 8.3 per cent to a pace of 786,000 and were down 38.4 per cent from a year ago.

By AFP