Property fair gets off to a good start

Special pointers: Mah Sing Properties Sdn Bhd representative Zaheerah Hasbolah highlighting features of one of the company’s projects to Chandrasagaren during The Star Property Fair 2012 at G Hotel.

GEORGE TOWN: The Star Property Fair 2012 got off to a good start with exhibitors expressing surprise over the big turnout of visitors despite it being a weekday.

Many exhibitors said they received enquiries and even closed sales within the first two hours of the fair’s opening at Gurney Plaza and G Hotel here at 10am yesterday.

IJM Land senior manager (sales and marketing) Patsy Lee said she was overwhelmed by the encouraging response as they sold three condominium units shortly after the fair was opened to the public.

“There were about 50 enquiries on our various projects. Based on our conversations with those who made enquiries, they were serious buyers.

“It seemed they have done their homework as most of the questions they asked were pertinent to our projects,” she said.

Asia Green Group director Tan Li Mei said she was thrilled over the large crowd at the company’s booths.

“We normally expect people to come either at night or during weekends. But the turnout was good, considering that it is a Thursday,” Tan said.

Ivory Properties Group Bhd senior marketing executive Koay Tze Chung said the response on the first day of the fair was better compared to previous years.

“Many of them came well prepared by asking all the relevant details on our projects. We expect them to return during the weekend once they have finished conducting surveys at the fair today (yesterday),” he said.

SP Setia Bhd sales and marketing property division (North) senior executive Agnes Chua said they received about 40 enquiries for one of their condominium projects.

“It is a weekday but there is already a sizeable turnout at the fair. We expect things to get better as the fair goes on,” she said.

Fifty exhibitors, including financial institutions and investment companies, are taking part in the four-day fair which is touted as Malaysia’s premier showcase for stylish living.

The fair, organised by The Star for the 10th year, is open from 10am to 10pm daily until Sunday. Admission is free.

By The Star

CapitaLand sells stake in UMLand

KUALA LUMPUR: Singapore’s CapitaLand sold its 20.75 per cent stake in United Malayan Land Bhd (UMLand) to a private firm, Seleksi Juang Sdn Bhd, that is now making a takeover offer for the rest of UMLand.

It intends to take UMLand private at RM2.50 a share, a 5.9 per cent premium to its last traded share price of RM2.36.

It bought the stake from CapitaLand also at RM2.50 a share, or RM156.45 million in total, in a direct business transaction yesterday.

Seleksi Juang’s shareholders include Datuk Ng Eng Tee, who is UMLand’s major shareholder and deputy chairman and executive director.

By Business Times

PHB buys office, retail buildings and carparks

KUALA LUMPUR: Pelaburan Hartanah Bhd (PHB) has acquired three office buildings, two retail buildings and two levels of basement carparks in Peremba Square, Shah Alam, increasing the total value of its assets to about RM1.5bil.

Kamalul: ‘We recognise the value that the property has to offer to PHB.’

PHB said in a statement yesterday that it had entered into a sale and purchase agreement (SPA) with Axaregal Sdn Bhd for the acquisition of assets in Peremba Square.

PHB said the office blocks were currently 90% occupied by local and international companies. At the time of the acquisition, Block D of Peremba Square was already under PHB’s list of properties. The agreement signed would see PHB owning 86% of Peremba Square (Block A, B, D, E, F and G). Meanwhile, Block C of Peremba Square is owned by another entity.

“The acquisition of Peremba Square is part of PHB’s ongoing activity to seek strategic real estate investments,” managing director and CEO Datuk Kamalul Arifin Othman said in the statement.

“We recognise the value that the property has to offer to PHB as a whole and to our Amanah Hartanah Bumiputera (AHB) Fund specifically.

“We believe that it will be an important and valuable asset that will provide continuous and stable rental income that will benefit our investors,” he said.

Kamalul said that with the latest addition (of assets), PHB’s total value of completed assets was beefed up to about RM1.5bil.

PHB is a subsidiary of Yayasan Amanah Hartanah Bumiputera, formed under Budget 2006 with an initial capital of RM2bil to promote bumiputra ownership of prime real estate.

To date, PHB’s ownership of other completed properties include Menara Bumiputra-Commerce in Jalan Raja Laut, CP Tower in Petaling Jaya, Wisma Consplant in Subang Jaya, Block D in Peremba Square, Tesco Setia Alam, Menara Prisma in Putrajaya, Logistics Warehouse in Shah Alam and DEMC Specialist Hospital.

Additionally, PHB also has two projects that are currently under development – a new 10-storey healthcare facility in Gleneagles Hospital Kuala Lumpur and an integrated commercial development known as Lot G in KL Sentral, consisting a seven-storey “green” lifestyle retail mall called Nu Sentral and a 27-storey office tower.

By The Star

Starhill REIT distributes 3.62 sen

PETALING JAYA: Starhill Real Estate Investment Trust (Starhil REIT) announced a final income distribution of 3.62 sen per unit for the six-month period from January 1 till June 30.

The total payout amount translates to RM48mil. For the six-months ended Dec 31, Starhill REIT had paid out a 4.01 sen interim dividend. In total, its income distribution for its financial year ended June 30, 2012 stands at 7.63 sen per unit, compared to 6.49 sen per unit in the previous year.

“The completion this financial year of the rebranding exercise to transform the trust into a pure-play hospitality REIT marks a turning point. Starhill REIT’s property portfolio has now been fully rationalised to focus on prime, yield-accretive hotel and hospitality-related assets. This has enabled us to achieve a 32% increase in the total income distribution from the trust to RM101.1mil, compared to RM76.5mil last year, and a 17.7% increase in the distribution per unit,” Tan Sri Francis Yeoh said in a statement yesterday.

Yeoh is the chief executive officer of Pintar Projek Sdn Bhd, which is the manager of Starhill REIT. Under the rationalisation exercise, Starhill REIT acquired Pangkor Laut, Tanjong Jara and Cameron Highlands resorts, the Vistana chain of hotels, The Ritz-Carlton in Kuala Lumpur, the remainder of The Residences at The Ritz-Carlton in Kuala Lumpur not already owned by the trust, and the Hilton Niseko in Japan.

By The Star