Bangi’s new business hub

Artist impression: The 86 shop office units will be connected to the shopping centre via a covered pedestrian sky-bridge.

The Andaman Group and the Selangor State Development Corporation (PKNS) officially launched the Sentral@Bangi CBD project at the Andaman Bangi sales gallery in Bandar Baru Bangi recently.

Located along Persiaran Kemajuan, Sentral@Bangi CBD is on 5.44ha of leasehold land and comprises two phases. The first phase is a commercial centre development while the second phase will be a mall.

The eight-block commercial centre offers 86 shoplots.

The mall is expected to be the recreation, leisure and entertainment hub of Bangi.

The price range for Sentral@Bangi CBD commercial and business centre development is from RM2.15mil to RM5.5mil per unit.

All units come with individual lift (first of its kind in Bangi).

Andaman Group sales and marketing director Datuk Vincent Tiew said they had received good response for the project.

“Around 70% of the shoplots and offices have already been sold,” he said.

“Sentral@Bangi CBD is a comprehensive commercial and business hub, in that it not only offers shops and offices for sale. There is also a modern shopping centre with a proposed cineplex and a bowling centre. This is truly, genuinely the last most prime commercial land in Bangi,” said Tiew.

The 86 shop office units will be connected to the shopping centre via a covered pedestrian sky-bridge. The space between the shops and shopping centre will feature a street mall promenade with lush green landscaping, creating a sustainable eco-friendly ambience for visitors and shoppers.

From Kuala Lumpur, the Sentral@Bangi CBD is accessible via the North-South Expressway, exiting from the Kajang interchange. It is also closer to the neighbouring Kajang and Semenyih towns with direct connection to Putrajaya and Cyberjaya.

Travelling time from the Sungei Besi toll to the Bangi town centre is a mere 10 minutes’ drive.

By The Star

New growth phase for WCT

PETALING JAYA: WCT Bhd is set to enter a new growth phase with its newly-acquired prime land in Kuala Lumpur, with analysts staying bullish on the prospects of the construction group.

Maybank Investment Research said the acquisition would enhance WCT's bank-bank by 6%.

“However, as the land is located in a highly-mature part of the Klang Valley, the development value is huge, projected at RM4bil. This would lift the total outstanding GDV (gross development value) for its Malaysian projects by 70% to RM9.7bil,” it said.

The research house expects the development to achieve good demand, with earnings projected to start contributing to the group from 2014.

On Wednesday, WCT entered into an agreement to acquire three parcels of land measuring 23ha in Overseas Union Garden, Kuala Lumpur, via the entire equity interest in Timor Barat Properties Sdn Bhd.

The shareholders of Timor Barat are Eng Lian Entereprise, Shen & Sons and AMC. The land along Taman Yarl is planned for a mixed development.

The acquisition price translates into RM180 per sq ft based on the purchase price of RM450mil. The conversion premium of RM15 per sq ft, which is pending, will be borne by the vendors.

“We think this is fair for a prime piece of land in a mature neighbourhood. Timor Barat has also applied for a contiguous piece of land in the area and, if approved, will be acquired by WCT for RM150 per sq ft (freehold) and RM135 per sq ft (leasehold),” HwangDBS Vickers Research said.

It said WCT would launch RM1bil worth of projects this year, after strong sales of RM457mil in 2011.

“We remain confident WCT will achieve this, given its exposure to the resilient mid-end segment in mature locations such as Bandar Parklands, Klang and 1 Medini. 1 Medini is off to a good start, with 80% take-up of the RM150mil launch of Phase 1,” it said.

Hong Leong Investment Bank Research said the acquisition would increase WCT's net debt and gearing to RM1.03bil and 0.7 times respectively, from RM579.8mil and 0.39 times at Dec 31, 2011.

According to Hong Leong, the gearing level is considered high, but it is not overly concerned considering the strong cashflow from the company's new Taman Yarl project.

“We are positive on the latest development as WCT is acquiring the land at a reasonable price, while the relatively established location of the land means the development can take off in a major way over a relatively short period of time,” it said.

By The Star

SDB buys land for RM34.5mil in Selangor

KUALA LUMPUR: Selangor Dredging Bhd's wholly-owned SDB Properties Sdn Bhd yesterday bought three parcels of leasehold land in Selangor for RM34.5mil.

The developer said the land had development potential and was part of its ongoing identification of suitable properties to add to its land bank. The gross development value is expected to be RM150mil.

By Bernama

Loan applicants fail to meet eligibility criteria

BANK Negara Malaysia said slightly less than half of the applicants for My First Home Scheme were unsuccessful in obtaining loans under the scheme as they failed to meet the eligibility criteria.

These applicants amounted to 505, or 47.5 per cent, of the total applications of 1,062 as at the end of January, said the central bank in a statement yesterday.

The participating banks received a total of 1,624 applications as of January, but 562 were subsequently withdrawn due to multiple applications to various banking institutions.

Bank Negara said from a total of 1,062 actual applications, 389 (36.6 per cent) have been approved by banking institutions, of which 280 have obtained guarantee from Cagamas Bhd, the national mortgage corporation, while 168 (15.8 per cent) are currently being processed by banking institutions, said Bank Negara.

My Frist Home Scheme, launched in March 2011, aims to allow young working adults to obtain 100 per cent financing from banking institutions to purchase their first home valued at a maximum of RM220,000 (for single applicants) or a maximum of RM400,000 (for joint applicants of husband and wife with household income below RM6,000 per month cumulatively).

Applications are made to participating banking institutions and upon approval Cagamas will provide a guarantee for the first 10 per cent of the loan.

The statement was issued following news reports yesterday claiming that the success of the scheme had been hampered by the unwillingness of banks to risk giving loans with monthly repayments that come up to more than half of the applicants' salary.

In fact, a Chinese daily even reported on March 5 that not a single loan under the scheme has been approved.

Bank Negara said that to qualify, applicants should have the capacity to meet their debt obligations, provide the evidence of a sustainable income stream, good credit history and able to meet the basic eligibility criteria of the scheme.

"The intention is to ensure that young borrowers are not over burdened by debt obligations that may lead to bankruptcies or foreclosures," said the central bank.

By Business Times