S P Setia targets RM3 billion sales in 2011

S P Setia will be launching an integrated green commercial development called KL Eco City

S P Setia Berhad recently announced that it targets to achieve RM3 billion sales in FY2011. This is on the back of its new sales record of RM2.31 billion for FY2010 ending 31 October which represented a 40% increase from its previous FY2009 record of RM1.65 billion.

FY2010 is the third consecutive year of increase in the Group's new sales, and the seventh consecutive year since FY2004 that total Group sales have exceeded the RM1 billion mark.

The Group achieved a net profit of RM251.8 million on the back of revenue totalling RM1.7 billion in FY2010, representing an increase of 47% and 24% respectively over the results for the preceding year.

President and chief executive officer Tan Sri Liew Kee Sin said the sales numbers are a testament of the Group's strong branding and product desirability in all its developments and across market segments.

"For FY2011, we expect all our existing projects in the Klang Valley, Johor Bahru and Penang to continue to do well. In addition, we will shortly be launching KL Eco City, our exciting new integrated green commercial development opposite Mid Valley City which should also contribute strongly towards the targeted RM3 billion new sales."

By The Star

90pc of Naza-TTDI's 'Viola' snapped up on launch day itself

NAZA-TTDI said some 90 per cent of its 'Viola' residential project in Alam Impian, Shah Alam, were booked on the launch day itself.

The latest offering follows the succesful launch of TTDI Alam Impian's "Spira", the township's first phase of residential development which completely sold out in only 3 days.

Naza-TTDI said the "Viola" will raise further the benchmark for modern living.

The latest project marks the developer's second residential development phase for its Alam Impian township that promises to offer home owners a unique urban living experience that's ideal for the modern family.

Setting itself apart from conventional townships, this new precinct will bear four different elegant contemporary home layouts encircling pockets of parks to provide residents with wholesome and vibrant community living.

The Viola offers several designs and layout plans with spacious built up areas ranging from 1,952 sq ft to 3,116 sq ft.

It is located strategically in Shah Alam and is accessible via several highways such as, NKVE, KESAS, ELITE as well as the newly completed LKSA highway.

"We are certain that with Viola, we are one step closer to reaching our aim of making TTDI Alam Impian the township of choice for growing modern families in and around Shah Alam," group managing director SM Faliq SM Nasimuddin said in a statement yesterday.

By Business Times

MRCB, IJM Land extend validity of MoU to merge

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd have extended the validity of their memorandum of understanding to merge and create the country's second-largest property company to Dec 29 from Dec 14 previously.

The companies said in separate statements yesterday that both parties were still in the midst of finalising the terms and conditions of the definitive merger agreement for the proposed merger.

Last month, MRCB announced it would team up with IJM Land under a newly incorporated company (Newco). The proposal would involve a share swap of MRCB and IJM Land with new shares in the Newco.

The Newco is expected to take over the listing status of both companies in the second half of next year with an implied market capitalisation of RM7bil and net asset of over RM3bil, which will make it the second-largest property developer on the exchange.

By The Star

Funds for the building allocated over the years

The allocation to rebuild the Petaling Jaya mayor’s official residence was first included in the 2008 Budget, with RM871,900 budgeted but was not used.

A total of RM900,000 was thus side aside for the purpose in the following year’s budget and that raised some eyebrows. An additional RM600,000 was allocated in Budget 2010 due to an increase in the cost of building materials.

Some questioned if the expense was necessary but the full board approved it eventually as the official residence had been torn down due to being termiteinfested. The site was left idle for years and became an eyesore.

All Petaling Jaya Residents Association (Apac) chairman Johan Tung Abdullah said the money spent on the mayor’s official residence was “very generous” but declined to elaborate.

“Now that you have a huge mansion there, it is important for the Petaling Jaya City Council to maintain the asset properly and ensure there is no recurrence of termite infestation. We do not want to see another RM1.5mil allocated for the same purpose again a few years down the road,” he said.

Former Apac chairman Liew Wei Beng, who was in office when the issue was first raised, said the allocation was fair but that the council could have been more transparent in how they handled the money.

“It is fair that the mayor be provided with a proper residence to show his status and the amount is not exorbitant.

“Still, the council was not transparent throughout the process. The allocations budgeted for different years were rather confusing. Also, questions arise over whether there was an open tender? Was it done properly? We did not know,” he said.

MBPJ councillor Richard Yeoh, who is the former executive director of Transparency International, said he did not see a problem in the construction of the new residence.

“The mayor’s residence had been there for about five decades but it fell into a state of disrepair due to termites. Currently, spending RM1.5mil for a house for the mayor is reasonable as there should be an official residence for the mayor to host visitors or to have official functions.

He added that the mayor’s residence was a public asset and proposed that the community and councillors be allowed to use it for public events.

By The Star

Bina Goodyear eyes 2 more contracts

Property and construction firm, Bina Goodyear Bhd, aims to secure two more new contracts and seek property development investment opportunities.

Its managing director, Wong Chick Wai, said currently, the group's outstanding construction contracts stood at over RM400 million.

"We are hoping to secure the projects from both government and private sectors," he told reporters after the company's annual general meeting here today.

In the past six months, he said, Bina Goodyear has secured two contracts valued at over RM160 million. Wong said the implementation of Economic Transformation Programme would boost the construction sector.

"The prospect of the sector is good and the company will continue to actively tender for local construction projects," he said.

For the financial year ended June 30, 2010, Bina Goodyear's pre-tax loss was reduced to RM8.95 million from RM24.03 million in the same period of 2009.

Its revenue, however, rose by 1.5 per cent to RM338.684 million from RM333.764 million previously.

By Bernama