i-City development, phase two

There will be a second phase of development at i-City where the project owner, I-Berhad, will be rolling out more products this year for investors.

According to I-Berhad marketing director Monica Ong, the firm will introduce its first residential project at i-City, dubbed i-Residence.

It will comprise 346 serviced apartment units in a 33-storey block and duplex villas worth a combined RM250 million.

I-Berhad will also roll out the construction of a one million sq ft mall with four towers sited above it. The towers will boast of cyber office suites, corporate towers, small office/home office, serviced apartment and retail, and small office/versatile office-cum-hotel.

The first projects due for launch on March 23 are the serviced apartments and the villas.

"We reckon that sales are going to be positive looking at the registrations," Ong told Business Times.

The serviced apartments are priced from RM465 per sq ft or between RM365,000 and RM699,000 each, for built-up of 700 sq ft and 1,300 sq ft.

The 20 units of villas, which come in 10 five-storey blocks, will be priced above RM1 million with the units ranging from 2,800 sq ft and 3,800 sq ft.

All the units will be fitted with air conditioners, water heating systems and kitchen appliances.

Being part of the MSC Cybercity, the residences will also get to enjoy dual source power supply, a multi-telco environment and super broadband accessibility, Ong said.

"i-Residence is a product you can compare to Mont Kiara in terms of the design and finishing. You can't find such a product in the immediate vicinity. We have buyers looking to buy for their personal investment, rental income or own use.

"The properties are also attractive in prices. They are not as high as Subang Jaya, where properties are transacting at above RM600 per sq ft. So there is high value appreciation here," Ong claimed.

By Business Times

Prokhas plans marketing blitz for Menara 238

Menara 238 was formerly known as Marinara.

PETALING JAYA: After having been vacant for more than a decade since its completion in 1999, Marinara, now known as Menara 238 Kuala Lumpur, will kick off its advertising and marketing blitz starting next month amid a challenging office space rental market.

Prokhas Sdn Bhd would begin a series of media advertising campaigns to promote the building, said a source. Prokhas is a private limited company wholly-owned by Minister of Finance Inc.

There may be a possibility that telecommunications company Celcom may rent three floors in the building and negotiations are underway. Menara Celcom is located next door and Celcom and Perkeso staff have been using Menara 238's 880 parking bays for about six months now.

Menara Celcom is next to Menara 238 while Menara Perkeso is diagonally across the road junction.

On the first floor, a management office has been set up with a sign which read “Menara 238 is now under the proprietorship of Danaharta Sdn Bhd, and currently managed by Prokhas Sdn Bhd.”

Workers and security guards said the management office was set up around the middle of last year.

Buntings have been placed on the ground floor, advertising that 500,000 sq ft of office space are up for rent despite the ongoing legal tussle between politician Marina Yusof and national asset management Danaharta Hartanah Sdn Bhd, with both parties claiming ownership of the building.

In October, Marina took out an advertisement to sell or rent the building located at the junction of Jalan Tun Razak and Jalan Raja Muda Abdul Aziz.

Prokhas, in a email, said since Feb 2011, the registered name was Menara 238. Sources said “the owner of the building is Danaharta Hartanah Sdn Bhd, a subsidiary of Pengurusan Danaharta and Prokhas is the building manager. We have put the building on lease and when it is more than 50% tenanted, it will be easier to sell because the buyers will want a tenanted building.”

Marina Yusof also claimed ownership in an email to StarBiz.

It was reported that in 1980, Marina spent RM10mil to purchase a piece of land to construct the tower. It originally cost RM300mil to build and foundation works started in 1995. It was completed four years later. But the Asian financial crisis of 1997/98 netted many victims and the building was transferred to national asset management company Danaharta, which was established after the 1997-98 financial crisis.

Several years ago, the property, which sits on 2.06 acres (0.82 ha) was renovated and its 60 apartments and penthouses from 27th floor up to the 37th floor were converted into office space.

It is centrally located about 1km between Petronas Twin Towers and Kampung Baru. Menara 238 has a gross floor area of 960,000 sq ft and a net lettable area of 460,000sq ft.

By The Star

Brunsfield joins IWH to develop Johor project

PETALING JAYA: The Brunsfield Group is the latest property developer to have inked a deal with Iskandar Waterfront Holdings Bhd (IWH) to develop a parcel of land close to the waterfront area in Johor Baru, industry sources said.

The source added that the development to be undertaken by Brunsfield and IWH would have a gross development value of around RM3bil.

“There are other major developers also firming up joint ventures with IWH. The growing interest in IWH is phenomenal,” said the source.

Brunsfield is known for a number of high-end development projects including building 20 exclusively designed bungalows in Damansara with price tags of RM3,000 per sq ft or more than RM30mil a unit and the 93 exclusive low-rise luxurious condo villas named Brunsfield Residence @ U Thant. It is also well-known for its joint ventures with Sime Darby Bhd, involving projects such as the RM250mil Subang Avenue, the RM550mil Oasis Damansara and the redevelopment of Oyster Cove, one of the most exclusive waterfront resorts on Australia's Gold Coast.

In an interview with StarBiz last week businessman Datuk Lim Kang Hoo, major shareholder and who helms IWH, said that IWH would be the master developer of the area and it aimed to attract established world class developers to undertake different parcels. These parties are also expected to part fund the entire development, bringing in the much needed foreign direct investment.

He declined to comment on the Brunsfield deal when contacted yesterday.

But Lim had said the project had received enquiries almost on a daily basis from both local and foreign developers.

So far, IWH has attracted local investor Dijaya CorpBhd, which is investing RM3.8bil in a high-end mixed development project over 15ha.

Singapore's Azea Residences will work on four blocks of high-end apartments at a cost of over RM500mil. Australia's Walker Group has also partnered with IWH to develop Senibong Cove into a high-end residential development modelled after the Hope Island project in Australia's Gold Coast.

Stretching 25km to the east and west of the Johor Causeway, the newly-launched Iskandar Integrated Waterfront City (IIWC) project in Danga Bay is the result of an integrated master plan that would see the complete makeover of Johor Baru and seafront sites facing Singapore.

The development, to be launched in phases over 25 years with a gross development value of RM80bil, would be a public-private partnership involving the Government and IWH.

IWH is a special purpose vehicle created to become the master developer and planner of a 1,200ha site within Flagship “A” (in Johor Baru city centre) of Iskandar Malaysia. IWH shareholders are Kumpulan Prasarana Rakyat Johor and Credence Resources Sdn Bhd, whose majority shareholder is Lim. Khazanah Nasional Bhd and the Employees Provident Fund, via their holdings in Iskandar Investment Bhd, are also shareholders of subsidiaries and associate companies of IWH.

By The Star

Hektar REIT net income up 121pc

KUALA LUMPUR: Hektar Asset Management Sdn Bhd says its Hektar Real Estate Investment Trust (Hektar REIT) net income increased by 121 per cent to RM86.7 million, or 27.08 sen per unit, last year.

The gain was attributed to the revaluation of its investment properties, it said yesterday.

Revenue was up by 4.4 per cent to RM94.9 million. As of December 31, 2011, Hektar REIT's net asset value was RM1.48 per unit.

Hektar REIT's portfolio includes Subang Parade in Subang Jaya, Mahkota Parade in Malacca and Wetex Parade in Muar.

Last year, the portfolio had an average occupancy of 97.5 per cent.

By Business Times

Hektar REIT profit jumps to RM58mil

KUALA LUMPUR: Hektar Real Estate Investment Trust’s (Hektar REIT) net profit jumped to RM57.7mil for the fourth quarter ended Dec 31, 2011 from RM11.3mil a year earlier.

Its revenue rose to RM24.2mil against RM24mil previously.

Hektar REIT’s net profit increased to RM86.6mil for the financial year ended Dec 31, 2011 (FY11), up from RM39.1mil previously on RM47.7mil gain on revaluation of investment properties. Its full-year revenue stood at RM94.9mil from RM90.8mil previously.

Hektar REIT declared a final quarter dividend per unit of 3 sen.

By The Star