Mah Sing confident of hitting RM2b goal

KUALA LUMPUR: Mah Sing Group Bhd, having chalked up sales of RM738 million in the first 15 weeks of this year, is optimistic of achieving its RM2 billion target by year-end as housing demand is still strong.

"We're confident of meeting our target as the confluence of strong fundamentals and our branding, location, concept and products will make 2011 another good year," said group managing director and chief executive Tan Sri Leong Hoy Kum.

Last year, the group sold RM1.5 billion worth of properties. Leong was speaking to reporters at Invest Malaysia 2011 held in Kuala Lumpur yesterday. Also present was executive director and chief financial officer Steven Ng Poh Seng.

He said the Economic Transformation Programme has proven to be catalytic and the Greater KL high impact project, like the construction of the Mass Rapid Transport (MRT) was set to generate excitement for the property market.
"Seven of our projects with gross development value of RM2.25 billion should benefit from the MRT development. This is 37 per cent of our unbilled sales of RM12 billion," he said.

With market capitalisation of more than RM2.2 billion, Mah Sing is the sixth largest property developer in the country.

A favourite among investors, Mah Sing since 2006, has been paying out at least 40 per cent of its profits as dividends.

By Business Times

UEM Land to retain Sunrise brand

KUALA LUMPUR: UEM Land Holdings Bhd will retain the Sunrise brand, while trying to integrate the different set of skills and expertise of both the former and recently acquired Sunrise Bhd.

"Everybody is talking about our plans to integrate. My message is why should we want to disturb something that is doing well. Sunrise and UEM Land are doing well, there are two different skill sets.

"Within one or two years, we would be able to pin down how we want to bring together (the skills and expertise)," UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim told reporters on the sidelines of Invest Malaysia 2011, here yesterday.

Asked who will decide to buy landbanks for future development, Wan Abdullah said it will be decided by UEM board of directors.
On the current landbanks that UEM Land has for future development, he said the company has more than a thousand hectare in Nusajaya, Perak, Kuala Lumpur and Cyberjaya.

"Whenever there are opportunities, we will go in and buy. If we are invited to be a party, say the redevelopment of Pudu jail, we will be interested," he said.

He said the company is also looking at expanding its business overseas, but stressed that it will only go in through partnerships.

"Currently, we are presence in Durban, South Africa, as well as in India, the latter is a good country to look into, but we will go in through partnerships," he said.

Overall, he said UEM Land has projects worth a gross development value of RM30 billion.

By Business Times

Amcorp Properties to sell land for RM122.3mil

PETALING JAYA: Amcorp Properties Bhd is looking to sell a piece of leasehold agriculture land in Sepang for RM122.3mil to property investment company Premier Land Resources Sdn Bhd.

In a Bursa Malaysia filing, the company said its wholly-owned sub-subsidiary had entered into a conditional sale and purchase agreement yesterday with Premier Land Resources for the land, which is currently a palm oil plantation measuring 521.1ha.

Proceeds from the disposal will be used mainly to reduce Amcorp Properties' debts and as working capital.

The group estimates a gain of RM39.7mil from the disposal based on the net book value of the land of RM80.9mil as at March 31 this year.

By The Star

Mah Sing buys land

Mah Sing Group Bhd has signed a deal with nine parties to buy nine pieces of contiguous land in Tanjung Kupang, Johor Baru, for RM54.7 million.

It plans to develop an industrial park, dubbed Mah Sing i-Parc on the land as it is near the Port of Tanjung Pelepas and is located within the Iskandar Malaysia region.

It aims to build factories and shop offices with a gross development value of RM610 million, Mah Sing said in a statement.

By Business Times

E&O gets approval

EASTERN & Oriental Bhd (E&O) has received an approval in principle for the proposed mixed development on land to be reclaimed in Tanjong Tokong, Penang (Phase 2).

The approval given by Penang state’s Jabatan Perancang Bandar dan Desa is in addition to the 396.9ha of right already granted to E&O’s unit Tanjung Penang Development Sdn Bhd in 1992.

The current approval is for the balance concession area of 299.7ha.

By Business Times