KUALA LUMPUR: YNH Property Bhd's proposed sale of a 50% stake in YNH Tower to Kuwait Finance House (KFH) is still on and expected it to be formalised by year-end.
The company said in a statement to Bursa Malaysia on Tuesday that it was not delaying the sale of the 50% stake.
YNH also said the KFH acquisition offer had already been announced in January and it was “currently formalising the agreement by end of the year”.
On the second block, YNH stated it “is not in a hurry to sell or to seek a joint venture partner to complete the project”.
It added since the first block had been sold and the funding for the construction of whole development was essentially covered by the sale of the first block.
“Further, the location of the commercial development is very prime, within the Golden Triangle of Kuala Lumpur city centre,” it said.
By The Star
Tuesday, October 28, 2008
Emkay to develop more projects via Setia Haruman
The Emkay Group expects to boost its revenue in Cyberjaya, Selangor, by opening up new land for development via its stake in Setia Haruman Sdn Bhd, the master developer of Cyberjaya.
Setia Haruman, 75 per cent held by Emkay and 25 per cent by the UEM Group, has the rights to sell land parcels and plan, design and develop the infrastructure in Cyberjaya from 1997 until the project is developed by 2019.
It has 2,832.8ha of land under its belt, of which 30 per cent has been developed.
Mustapha Kamal: Cyberjaya project is going to be a vibrant development
Emkay, controlled by property tycoon Tan Sri Mustapha Kamal Abu Bakar, had previously bought 18.6ha of land in Cyberjaya from Setia Haruman for RM143 million to develop NeoCyber, an integrated development; MKN Embassy TechZone, an information technology park; and Bangunan Mustapha Kamal.
It may buy more land to build data centres, more purpose-built commercial buildings and a university for local and international investors, Mustapha Kamal told Business Times in an interview recently.
The group also wants to sell land parcels via Setia Haruman to local developers to build high technology buildings for overseas and local clients.
"The investment that Emkay did (in Cyberjaya) has shown results. Many big names have come in. It proves that the Cyberjaya project is going to be a vibrant development," he said.
Rental rates at Cyberjaya have increased from RM3.50 per sq ft a year ago to RM4.50 per sq ft now.
Emkay is developing MKN Techzone, featuring four commercial blocks worth RM350 million, developed under Phase One, and eight buildings worth over RM600 million in Phase Two, in a 60:40 venture with India's Embassy Group.
State-owned Amanah Raya Bhd (ARB) recently bought two blocks in Phase One, and also Bangunan Mustapha Kamal for RM266 million.
The buildings, which offer more than eight per cent yields, have been tenanted to government agencies for 10 to 15 years.
ARB chairman Datuk Dusuki Ahmad has indicated that the group may buy two blocks in Phase Two.
Emkay is looking for buyers for the other two blocks in Phase One, where one has been leased to Pejabat Pengarah Tanah dan Galian. It is finalising a deal to lease the last block to a government agency.
"The strategy that we took was to construct the buildings, lease them, and then scout for buyers. Embassy is expected to attract new investments from India," Mustapha Kamal said.
Due to good response from tenants and buyers, Emkay plans to launch Phase Two next year, offering two million sq ft of office space.
"Techzone will be developed as a campus project where everything will be integrated. We will not stop our activities because of the current global uncertainties," he said.
In the pipeline is a plan to build an 18-hole golf course and residential units.
By New Straits Times (by Sharen Kaur)
Setia Haruman, 75 per cent held by Emkay and 25 per cent by the UEM Group, has the rights to sell land parcels and plan, design and develop the infrastructure in Cyberjaya from 1997 until the project is developed by 2019.
It has 2,832.8ha of land under its belt, of which 30 per cent has been developed.
Mustapha Kamal: Cyberjaya project is going to be a vibrant development
Emkay, controlled by property tycoon Tan Sri Mustapha Kamal Abu Bakar, had previously bought 18.6ha of land in Cyberjaya from Setia Haruman for RM143 million to develop NeoCyber, an integrated development; MKN Embassy TechZone, an information technology park; and Bangunan Mustapha Kamal.
It may buy more land to build data centres, more purpose-built commercial buildings and a university for local and international investors, Mustapha Kamal told Business Times in an interview recently.
The group also wants to sell land parcels via Setia Haruman to local developers to build high technology buildings for overseas and local clients.
"The investment that Emkay did (in Cyberjaya) has shown results. Many big names have come in. It proves that the Cyberjaya project is going to be a vibrant development," he said.
Rental rates at Cyberjaya have increased from RM3.50 per sq ft a year ago to RM4.50 per sq ft now.
Emkay is developing MKN Techzone, featuring four commercial blocks worth RM350 million, developed under Phase One, and eight buildings worth over RM600 million in Phase Two, in a 60:40 venture with India's Embassy Group.
State-owned Amanah Raya Bhd (ARB) recently bought two blocks in Phase One, and also Bangunan Mustapha Kamal for RM266 million.
The buildings, which offer more than eight per cent yields, have been tenanted to government agencies for 10 to 15 years.
ARB chairman Datuk Dusuki Ahmad has indicated that the group may buy two blocks in Phase Two.
Emkay is looking for buyers for the other two blocks in Phase One, where one has been leased to Pejabat Pengarah Tanah dan Galian. It is finalising a deal to lease the last block to a government agency.
"The strategy that we took was to construct the buildings, lease them, and then scout for buyers. Embassy is expected to attract new investments from India," Mustapha Kamal said.
Due to good response from tenants and buyers, Emkay plans to launch Phase Two next year, offering two million sq ft of office space.
"Techzone will be developed as a campus project where everything will be integrated. We will not stop our activities because of the current global uncertainties," he said.
In the pipeline is a plan to build an 18-hole golf course and residential units.
By New Straits Times (by Sharen Kaur)
US new home sales up in Sept
WASHINGTON: Sales of new US homes recorded an unexpected increase in September as median home prices dropped to the lowest level in four years, the Commerce Department reported yesterday.
Sales of new single-family homes rose by 2.7 per cent last month to a seasonally adjusted annual rate of 464,000 homes, Commerce said. Economists had expected sales would drop from the August level.
The surprising increase in September sales still left them 33.1 per cent below the level of a year ago as the US is battered by the worst slump in housing in decades. Analysts are not convinced that the sales increases are signalling a bottom for the housing market.
By AP
Sales of new single-family homes rose by 2.7 per cent last month to a seasonally adjusted annual rate of 464,000 homes, Commerce said. Economists had expected sales would drop from the August level.
The surprising increase in September sales still left them 33.1 per cent below the level of a year ago as the US is battered by the worst slump in housing in decades. Analysts are not convinced that the sales increases are signalling a bottom for the housing market.
By AP
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