The third phase of Tropicana Aman (Phase 3), the Cheria Residences which has a gross development value (GDV) of RM358 million is expected to be launched in mid-July. The units have built-ups ranging from 3,200 to 3,670 sq ft.

Sitting on 38.5 acres, Cheria Residences will be priced from RM1.35 million.

Besides having energy efficient and eco-friendly features, Cheria Residences will also utilise the reinforced concrete panel technology construction method to ensure a high and consistent quality building structure, said Tropicana group CEO, Datuk Yau Kok Seng during a media briefing after the signing ceremony today.

On top of that, PanaHome will offer air ventilation and heat insulation technology that provides effective flow and circulation of natural cool air, while minimising heat transmission from the ceiling unlike in conventional buildings.

“PanaHome’s PURETECH embedded ventilation system will also filter out dust and air pollutants with the filter’s ability to remove up to more than 95% of harmful air particles,” Yau added.

For security, there will be a video intercom and home network system installed.

“The built-in intercom will enable residents to see who’s at the front door without physically going out and the Panasonic security systems are also connected to the smartphone so you can always check on the house even when you are not there,” said Yau.

As the housing subsidiary of Panasonic Corp, PanaHome has built a total of 470,000 homes in Japan.

“The synergy between Tropicana’s master planning and our intelligent construction technology will definitely add more value to the Cheria Residences precinct in Tropicana Aman,” said PanaHome Malaysia managing director Haruhiko Kuwano.

Residents of Cheria Residences will also be able to enjoy wide car porches that can fit three cars side-by-side, a private 4.73-acre central park and linear garden and linear garden, a 3km pedestrian and jogging track and a dedicated community hall.

On whether Tropicana is looking to collaborate with PanaHome for similar projects in the future, Yau said that the group is not ruling out that possibility.

“We have to start somewhere and we are starting with Cheria Residences for now. We have confidence that PanaHome will deliver good quality work,” said Yau.

Tropicana Aman is an 863-acre mixed integrated township which comprises residential and commercial developments.

To date, the first phase Arahsia Residences has been fully taken up since its launch in May last year while its second phase, the Bayan Residences have been 90% taken up since its launch in August.

Meanwhile, after the launch of Cheria Residences, Tropicana will unveil Sinaria — the first commercial development in the township.

“We think the number of residential units there can support the commercial component and vice versa. They will be 2-storey shoplots on 12 acres, but we don’t have the details yet because the projects is still on the drawing board,” said Ung Lay Ting, senior general manager for marketing and sales and business development.

In April 2015, Tropicana Corp signed an agreement with Tenby Schools to develop a 4.1ha international school campus at Tropicana Aman, which will have a capacity of up to 1,800 students. The first intake begins in September 2018.

News Source: The Edge Property, 28 June 2016

On Saturday, about 200 residents held a townhall meeting at Tadika Diyana to discuss their plan for tomorrow’s protest that will begin at 11am before noon, but knowing fully that their action may likely be in vain as they go up against a well-connected developer.

“This is going to be a long and ugly fight,” Abdul Hafiz Abu Bakar, president of the TTDI residents association, told the meeting.

Yesterday Malay Mail Online reported that fringe parts of the Bukit Kiara Rimba Park has been designated as the site of a proposed 29-storey block high rise building with 350 affordable home units and an 8-block cluster with a total of 1,766 service apartment units, some towering up to 54 storeys.

The proposed development on Lot PT 9244 will be tentatively known as Pavilion Taman Tun.

The site is located at the northern end of Jalan Tun Mohd Fuad, adajacent to Plaza VADS and next to the Sri Maha Mariamman Bukit Kiara Hindu temple. The land is bordering the western side of the Kuala Lumpur Golf and Country Club (KLGCC).

The size of the land is estimated to be 12 acres.

Apart from damage to the park, which has been gazetted as a forest reserve, residents are also concerned that the new project could see the neighbourhood’s per-acre density spike more than 13 times from just 74 people per acre to a potential 979 people.

Abdul Hafiz said he expected about 400 people to turn up at tomorrow’s protest.

“I can’t estimate but today’s turnout is promising so maybe about 300 to 400 will turn up,” he said.

TTDI police have also given the greenlight for the residents to hold the protest.

During the meeting, Abdul Hafiz said he was aware that many of the residents were sceptical that the protest might be in vain.

But he said the RA have come up with contingency plans that include legal action against developers.

“But we see how it goes tomorrow first,” he added.

The developer of the project is Memang Perkasa Sdn Bhd, which had become a 51% subsidiary of Malton Berhad. The company was previously thought to be linked privately to Tan Sri Desmond Lim Siew Choon, who is also a major shareholder of Malton.

According to an announcement on Bursa Malaysia on 22 January this year, prominent property development and construction company Malton entered into a conditional subscription agreement with Memang Perkasa to subscribe 51% of Memang Perkasa’s shares, while Tegap Dinamik Sdn Bhd, which is currently the existing sole shareholder of Memang Perkasa, would have the remaining 49%.

The announcement stated that the rationale for the proposed subscription was to enable Malton to participate in Memang Perkasa’s mixed development project that is estimated to generate a gross development value (GDV) of over RM3 billion over the next 7 years.

Tan Sri Desmond Lim is the owner of the Pavilion Group and chairman of Pavilion Real Estate investment Trust (REIT) which owns Pavilion Kuala Lumpur. Besides Malton, he is also a major shareholder of publicly-listed Global Oriental Berhad as well as numerous private companies including Impian Ekspresi Sdn Bhd, the developer of Pavilion Damansara Heights.

Memang Perkasa said it was not in the position to comment as the project is in its “feedback stage” and is awaiting Kuala Lumpur City Hall’s (DBKL) hearing on the matter, when contacted by Malay Mail Online.

DBKL had put up the notices on the proposed development around the longhouse site as well as the parking lot of Rimba Kiara Park on 14 June, along with a call for public feedback within 14 days.

Although the development at Bukit Kiara is also meant to provide new houses for residents of a longhouse there, they too felt that the project reeks of overdevelopment and may be “too much” even for them.

Their village head, V. Sundram, had acknowledged plans by residents to stage a protest against the project tomorrow, and said he understood their fears.

But Abdul Hafiz stressed today that TTDI residents are not against the redevelopment of the longhouses, and instead want the government to fulfill their promise to provide the longhouse residents proper housing.

“The current infrastructure does not allow for such a density… the Rimba Park should stay as a public park. Period,” he said.

The longhouses are home to some 100 families and an estimated 700 people, many of them former estate workers who were relocated to the area in the early 1980s.

A previous report by The Star said 100 units in the proposed housing project will be allocated to the former estate workers for RM25,000 while 83 units will be sold to other families for RM150,000 each.

The units each measure 850 sq ft. The report also said that the remaining units will be sold at market price to the public.

Meanwhile, Friends of Bukit Kiara (FoBK) president Tan Sri Dr Salleh Mohd Nor said allowing even a small encroachment into the park would open up the park to future projects.

“If they say the development for the multi storey is at the location of the present quarters are, that’s not a problem, but when it eats into the park, they will take a little bit, a little bit, until there is no more,” he said.

“The Cabinet had approved to make it a public park, so why is the mayor and the Federal Territories Ministry dragging their feet in gazetting it as a public park?”

Kuala Lumpur mayor Datuk Seri Amin Nordin Abdul Aziz, however, denied this and insisted that the park would remain untouched.

“The development does not affect the park. It does not touch Bukit Kiara as it is gazetted, and does not affect Taman Rimba itself. Anything that is gazetted will not be touched,” he told Malay Mail Online when contacted.

Amin Nordin also added that the size of the development is meant to address the city’s growing population, which is expected to reach three million people by 2020.

“The population of Kuala Lumpur is not going to be 1.7 million people forever. We have to allow new developments because of the population growth,” he said.

“That is why we are building MRTs, and such, people eventually have to shift to using public transportation compared to private.”

“The longhouse residents have been there longer than the other residents and they do not want to move away, they want to stay there. That is why they are getting affordable housing,” he added.

The background story

It was reported in PTLM last year [Article: Pavilion Group to develop highrise township] that Memang Perkasa submitted a Development Order dated 29 June 2015, which included a proposal to convert the land use from institution to commercial for the service apartment blocks and residential for the affordable home parcel.

The density that was proposed was 1,133 people per acre.

The open spaces of Bukit Kiara, TTDI and the forested hills of Kampong Sungai Penchala, was originally meant to be preserved together with the West Valley Park, according to the Kuala Lumpur Structure Plan 2020.

In June 2014, a company known as Damai Kiaramas Sdn Bhd made known of its intention to sue the Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor for allegedly breaching a joint venture agreement.

Damai Kiaramas was set up in early 2009 upon entering into negotiations with the landowner, a social economic foundation known as Yayasan Wilayah Persekutuan (YWP), or Federal Territories Foundation.

A joint venture agreement was made in September 2013 with an intention to provide a long-term solution for the former estate workers living on the said land after their estate was closed down more than three decades ago.

The former estate workers had worked on an estate that was developed into the KLGCC and were resettled into longhouses on the land as a temporary measure.

Damai Kiaramas then drew up plans for a mixed development on the land, including a planned low-cost apartment to house the former estate workers.

Subsequently, YWP decided to pick another developer, which is Memang Perkasa. The reason given by YWP was that Damai Kiaramas was unable to perform the redevelopment plans due to financial capacity.

This led to Damai Kiaramas filling a court injunction to restrain YWP, the Federal Territories Minister, acting as chairman of the foundation, and Memang Perkasa for allegedly wrongly terminating its joint venture agreement.

Damai Kiaramas contended that YWP had no right to terminate the agreement unilaterally and without valid reason. It claimed that its joint venture with YWP remained valid and that YWP’s partnership with Memang Perkasa was invalid.

The company also claimed that Memang Perkasa had induced YWP with alternative proposals and greater profits despite Damai Kiaramas having done all the initial work for the project.

It is unclear what has happened after the court injunction won by Damai Kiaramas. Nevertheless, Memang Perkasa received its initial Development Order approval on 13 August 2015 with several development conditions including the need to fulfill “Rule 5” which is to obtain public feedback over its plans.

Subsequently, Memang Perkasa amended its plans several times with the latest amended Development Order submission being dated 20 May 2016. The density that was proposed was 979 people per acre, a slight reduction from the initial proposed density.

‘Megaproject’ in the making in TTDI

Memang Perkasa will be sub-dividing the said land into 6 smaller parcels with one parcel set aside for 350 units of affordable apartments.

The following are the latest composition details of the company’s proposed plans.

Plot A: Affordable Housing

– Block A: 38-storey (350 units)

Plot B: Service Apartments (Phase 1)

– Tower 1: 45-storey (290 units)

– Tower 2: 52-storey (288 units)

Plot C: Service Apartments (Phase 2)

– Tower 3: 59/60-storeys (224 units)

– Tower 4: 51/60-storeys (100 units)

Plot D: Service Apartments (Phase 3)

– Tower 7: 52-storey (288 units)

– Tower 8: 45-storey (290 units)

Plot E: Service Apartments (Phase 4)

– Tower 5: 51/60-storeys (100 units)

– Tower 6: 59/60-storeys (224 units)

Plot F: Future Development (Phase 5)

– Future commercial component

Total: 1,804 units of service apartments + 350 units of affordable homes = 2,154 units

Density unit per acre: 2,154 units / 12 acres land = 179.5 units per acre

Their first Malaysian flagship outlet will be located at 1 Utama Shopping Centre, signifying there’ll be more branches around the Klang Valley. The Japanese chain is famous for its large cheese tarts — measuring about 20 centimetres in diameter — with a gooey core.

Originally from Osaka, Pablo cheese tarts come in “rare” or “medium” that determines the texture of the tart’s cheese filling. A “rare” cheese tart has a gooey creamy centre, while the “medium” version is said to be firmer.

Unlike Bake’s cheese tarts which are also very popular in Japan, the cheese filling is more fluid and lighter while their tarts are larger with a flaky pie crust.

Aside from the original flavour glazed with apricot jam, they have different flavours like matcha and chocolate. Seasonal flavours are also introduced every month.

This March, Pablo Japan introduced mini versions of the cheese tarts measuring 6.5 centimetres with a shortcrust shell. The mini versions come in plain, chocolate, strawberry and matcha flavours.

Aside from Japan, Pablo also has outlets in Taiwan and South Korea. It has also been reported in Singapore’s The Straits Times that Pablo is also set to open in the island but no dates have been fixed.

For the past month, the craze for cheese tarts has definitely heated up here. One of the first to kickstart the craze is Hokkaido Baked Cheese Tarts which opened in AEON Mall Shah Alam.

In an article by Malaysian Tatler, the venture is connected to Secret Recipe. Their second kiosk opened in Subang’s Empire Shopping Gallery on 1 June.

In May, Tokyo Secret Hanjyuku Cheese Tart opened at IPC with many queueing up for their Hanjyuku cheese tarts that is baked in batches. Recently, Tokyo Secret also announced their second outlet will be opening soon at 1 Utama Shopping Centre.

Over the past few weeks, a number of local bakeries have also started to serve their own versions. Bake Plan in SS2 who introduced their golden lava croissant made with salted egg yolk started selling their cheese lava tarts in early June.

Due to limited production capacity, the SS2 bakery only sells the tarts on a pre-order basis where customers are encouraged to call ahead to book their tarts.

In Kajang, Happy Happy Bread Bakery introduced their half-baked cheese tart with an oozing filling. The latest to join the fray is Lavender Cake & Bakery that has introduced their Hanajuku cheese tarts.

News Source: The Malay Mail Online, 20 June 2016

“This boutique residential development situated on a 90-acre parcel of leasehold land in Kundang town comprises 573 units of 2-storey terraced houses surrounded by lush greenery,” he told reporters during the soft launch today.

The four-phase development will have a gross development value (GDV) of RM600 million. The developer plans to launch the first two phases, which consist of 122 units, at the end of July. The remaining phases will be unveiled by year-end.

“The built-up sizes of the terraced homes range between 1,733 sq ft and 2,388 sq ft. The selling price starts from RM570,000 or RM320 psf on average,” Ngan added.

He noted that Kundang Estates is perfect not just for locals who are looking for an upgrade but also city dwellers, especially those who work or stay at the north of Petaling Jaya and who want a suburban living environment.

“Housing prices in Petaling Jaya are far beyond what most people can afford. With good accessibility through the various highways — such as the KL–Kuala Selangor Expressway (LATAR Expressway), the North–South Expressway, and the Guthrie Corridor Expressway, people will choose to move further for more affordable properties with a good living environment,” he explained.

Notably, he said there will be four recreational parks — Lakeside Gardens, Community Farm, Esplanade and Adventure Parks — in Kundang Estates with various facilities such as a zip line, open air trampoline, flower lane, a dedicated bicycle lane and a community vegetable and herb planting area.

The Esplanade features the Flying Fox, open air trampolines and the beautifully-landscaped Flower Lane. Meanwhile the Lakeside Gardens presents a scenic jogging and bike trail that circles a lake and also links to the entire estate.

Adventure Parks has an extreme bike trail and adventure climbing web. The Community Farm, with its planting beds, enables residents to bond as they get together to grow plants, herbs and vegetables for personal consumption, under the guidance of professionals.

Kundang Estates’ construction work started this year and is slated to be completed within 5 years.

Meanwhile, Ngan also noted that there will be an 810-acre Gamuda Gardens township development 5km away from Kundang Estates which the developer plans to launch early next year.

“Together with the 90-acre Kundang Estates development, the 900-acre cluster development is expected to have a GDV of RM11 billion. Gamuda Gardens will take about 10 to 15 years to complete,” he added.

In conjuction with the soft launch, Gamuda Land held the “Kundang Estates Country Fest” event today at SJK (C) Kundang, inviting interested buyers and Kundang town residents to have a preview of the project while enjoying a series of fun outdoor activities, including zip lining, riding inflatable boats, “bumper ball combat” and Zorb ball rolling.

News Source: The Edge Property, 18 June 2016

“We haven’t firmed up the name for the development yet, but we are looking at the possibility of naming it Trinity Mont Kiara,” said Neoh.

The condos will have a total of 330 units and will sit on a 2.93-acre freehold site.

The units are tentatively priced from RM1 million to RM1.5 million while the project’s estimated gross development value (GDV) is RM400 million. The built-ups are still being planned and finalised.

Based on preliminary information obtained by PTLM, the fully-residential 33-storey condominium will also feature dual-key and triple-key designs along with full clubhouse facilities and a 5-tier security system.

It will feature sustainable design and environmentally-friendly landscape suitable for biodiversity growth with green features concept.

“We came across the land sometime in 2009. We then studied the potential that we could harvest from it. After doing all our research and talking to its owner back then, a Korean company called Daemyung Resort, we bought the land in mid-2012 for RM55 million,” said Neoh.

According to Neoh, the project would be aimed mostly at locals who are looking for an upgrade to a higher-end home. He added that the project will appeal especially to those who are looking for peace of mind and security in their living environment.

“We are targeting a 80:20 ratio of locals to foreigners for this project. We believe that there is strong local demand for homes such as these. I can say that one of the project’s unique selling points will be a feature where the residents will feel safe whenever they are in their housing compound.

“Even when they are out travelling or not physically at home, they will not have to worry about the security of their house. This is a feature that we are looking to work on and which no other high-rise in Mont’Kiara is offering now,” said Neoh.

Neoh added that the development is close to amenities and has excellent connectivity via several major highways.

“It is easily accessible via the Sprint Expressway, the Federal Highway Kerinchi Link (SPRINT), the North Klang Valley Expressway (NKVE) and the Duta–Ulu Klang Expressway (DUKE).

“The project is located near several schools such as Garden International School and Mont Kiara International School. Also closeby is the commercial hub Plaza Mont Kiara and the Publika mall,” said Neoh.

So far, the project has received some 2,000 registrants of interest.

“We are encouraged by the response and it is a good indicator for us about the project as we approach the launch period,” said Neoh.

Meanwhile, Trinity Group’s ongoing project Trinity Aquata in Sungai Besi is seeing encouraging sales.

The project consists of two 26-storey condominium blocks with a total of 492 units.

“So far, we have achieved 95% sales for Block A, which was launched in May last year, and 40% sales for Block B, which was launched about two months ago,” said Neoh.

Meanwhile, Neoh has set aside some RM150 million this year to increase the company’s landbank reserve in places such as the Klang Valley and Kuala Lumpur city centre.

“We are constantly looking for new areas to expand our landbank. We have looked at land in areas such as the Kuala Lumpur city centre but we have yet to find one which is suitable in size at an achievable gross development value for us,” said Neoh.

Trinity Group has developed several award-winning developments such as The Zest @ Kinrara 9 and The Z Residence in Bukit Jalil. It’s latest completed project is the Zeva @ Equine South in Seri Kembangan.

Its past projects are often completed ahead of schedule without compromising on quality and workmanship. The Heron Residency was completed 8 months ahead of schedule, 19 Residency was 10 months earlier than the contract period, The Zest was 3 months early, and Latitude @ USJ 19 was 11 months early.

Its upcoming projects include an 8.7-acre mixed development in Bukit Antarabangsa, Ampang worth close to RM1 billion and a 5-acre mixed development in Bukit Serdang. Other landbanks include a 9-acre plot in Permas Jaya in Johor, a 1.5-acre beside Zeva in Seri Kembangan, a 1.1-acre in Glenmarie, a 5.5-acre in Hulu Langat and a 4-acre in Kuala Langat. The Group also has a new project in China.

Original news article: The Edge Property, 17 June 2016

In a Bursa Malaysia filing today, Hap Seng Consolidated said the proposed buy will strengthen its presence in Peninsular Malaysia and provide it with the opportunity to expand its land bank, in order to sustain its core business as a property developer, besides enhancing its future earnings.

To effect the purchase, Hap Seng Consolidated’s unit, Euro-Asia Brand Holding Company Sdn Bhd, had entered into two sale and purchase agreements with vendors, Shalimar (Malay) PLC and Indo Malay PLC.

It is buying 20 plots of land, which collectively measure 734.82 acres from Shalimar for RM121.54 million or RM165 per acre. From Indo Malay, it is acquiring 16 plots measuring 714.7 acres for RM107.21 million or RM150 per acre.

It intends to develop “sought-after, modern guarded and gated lifestyle residential properties with commercial components” on the Shalimar plots. The net book value of the tracts stood at RM37.58 million as at 31 March 2016.

The project has an estimated GDV of the RM5 billion, over a 15-year development period.

As for the Indo Malay plots which has a net book value of RM36.48 million as at 31 March 2016, Hap Seng intends to develop them into a mixed development township with affordable housing, having an estimated GDV of RM4.3 billion, over a 15-year period.

It said this will cater to increasing demand for affordable properties among first-time homeowners, as well as among students in Universiti Selangor (UNISEL).

All 36 plots which it is acquiring are located in the Kuala Selangor district and can be easily accessed via the LATAR Expressway. The lands are also close to the Royal Kampung Kuantan Golf Club, and University of Selangor in Batang Berjuntai. The area is also renowned for firefly-watching.

“The proposed acquisition will provide us with the opportunity to establish a dominant presence in the North-Western growth corridor of Selangor,” it said, adding the different development concepts will cater to a wider group of purchasers such as first-time homeowners, younger generation and upgraders.

“The company will also benefit from the supplies of a broader product mix, ranging from premium to affordable products which would sustain its property development activities during economic uncertainties,” it added.

It intends to fund the purchase with bank borrowings, which it expects will raise its gross gearing ratio from 0.99 to 1.04, while its net gearing rises to 0.92 from 0.87, based on its audited consolidated financial statements for the year ended Dec 31, 2015.

Barring unforeseen circumstances, Hap Seng Consolidated expects the deal to be completed in the third quarter of 2016.

News Source: The Edge Markets, 15 June 2016

“We do have some plans in mind, but we have a lot of time to plan for the land as there is a one-year tenancy agreement with BAT. We are still working on our plans and more details will be disclosed after the transaction is done,” he told TheEdgeProperty.com in a phone interview.

He said the transaction might take about three months to complete, subject to BAT shareholders’ approval.

“It could be an international lifestyle mixed-use development which will attract local and international buyers as the group also has exposure on the international market,” Lim added.

The purchaser of BAT’s properties is a unit of LGB Realty Sdn Bhd, which is part of the LGB Group. Ultimate parent company, LGB Holdings Sdn Bhd, held a 49.89% indirect stake in waste treatment and management company Taliworks Corp Bhd and 25.16% in steel pipe manufacturer Amalgamated Industrial Steel Bhd.

LGB Group’s other businesses include Grand Saga Sdn Bhd, the owner and operator of the 11.5km Cheras-Kajang Highway; SWM Environment Sdn Bhd, an integrated solid waste management company for southern region of Peninsular Malaysia; Exitra Sdn Bhd, an established data solutions company; LGB Engineering Sdn Bhd, a construction company; and Central Industrial Corporation Bhd, a manufacturer of industrial tapes and labels.

LGB Group, through its subsidiary Bellworth Developments Sdn Bhd, has a number of property developments locally – such as the completed Menara LGB and The Greens in Taman Tun Dr Ismail, Saujana Greens in Puchong and Bellworth Melaka, and one development overseas: Lancer Square in West Kensington, London.

According to a Bursa Malaysia filing last week, BAT’s wholly-owned subsidiary Tobacco Importers and Manufacturers Sdn Bhd (TIM) had disposed of its factories and two parcels of leasehold land measuring 5.3ha for RM218 million cash to LGB Properties via a public tender exercise that was closed on 29 April.

The two industrial lots at Jalan Universiti, measuring a combined 53,023.5 sq m (13.10 acres), have 99-year leases expiring in September 2060 and April 2062. The eight buildings on these lots include a four-storey office, two four-storey office and warehouses, a two-storey office, a two-storey warehouse with basement, two one-storey factories with a mezzanine floor, and a one-storey factory.

The disposal came after BAT announced on 17 March that it would be shutting down its manufacturing operations in Petaling Jaya in stages, as it restructured its business operations in Malaysia owing to an increasingly challenging business environment.

To most locals, the factory has been one of the oldest factory in Petaling Jaya. In recent years, however, it was said that the high excise duties imposed on tobacco products have led to the sharp rise in illegal cigarettes and lower legal sales volume.

BAT said that its factory closure will affect 230 employees. The restructuring is targeted to be completed by the second half of 2017.

Based on the purchase price, BAT is expecting a net gain of about RM148.78 million or 52.1 sen per share after taking into consideration the audited net book value of the property, the estimated expenses to be incurred for the proposed disposal, and the real property gains tax.

The price tag, however, is below the market value of RM262.5 million for the assets, as appraised by DTZ Nawawi Tie Leung Property Consultants Sdn Bhd on 22 April. BAT said the market value of the land parcels is RM216.8 million, whereas the market value of the buildings is RM45.7 million.

Still, the proceeds are poised to boost the cigarette producer’s cash and bank balances up to RM256.47 million, from its current cash pile of RM38.47 million as at 31 March.

The property was previously acquired by TIM on 25 November 1996 at RM62.39 million from BAT, which was then known as Rothmans of Pall Mall (M) Bhd.

Apart from the sales and purchase agreement (SPA) of the land, both companies also executed a tenancy agreement for BAT to rent these properties for 12 months for a monthly rental of RM1.09 million, with an option to extend for two further terms of six months each, from the completion of the SPA.

In 2011, the Rothmans roundabout, which is located just outside the factory and had been known for its notorious peak hour congestion, was replaced with a RM5.5 million traffic light junction. The roundabout was named after one of BAT’s cigarette brands, Rothmans.

Original article source: The Edge Property, 13 June 2016

“While policymakers and economists are hopeful for exports to rebound modestly in the second half of this year, this is not assured and if exports continue to languish in the second half, there is a downside risk to the country’s economic growth this year,” RHB Research’s chief economist Lim Chee Sing told The Edge Financial Daily.

Lim noted that weaker global growth will point to a weak export outlook for Malaysia, citing that the global trade declined 1.7% quarter-on-quarter (q-o-q) in volume and 2.9% q-o-q in value in the first quarter of 2016.

He stressed that weak exports would create a chain effect to the domestic economy, ranging from private investments, employment to wage payments and consumer spending.

“All these will culminate in dampening domestic demand and economic growth over time,” he said.

ForexTime (FXTM) said in a note yesterday that there could be a likelihood that central banks unleash further accommodative monetary policies in a bid to retain stability in view of the International Monetary Fund’s (IMF) and World Bank’s cut to global economic growth.

“Although stock markets displayed a miraculous rebound during trading on Tuesday after the abrupt appreciation in oil prices that elevated global sentiment, the lingering fears over the health of the global economy could force equities to relinquish previous gains as risk aversion intensifies,” FXTM added.

Yesterday, the World Bank cut this year’s global economic growth forecast to 2.4% from the 2.9% projected in January.

The move is due to “stubbornly low commodity prices” and faltering demand in advanced economies at a time when “the horrible combination” of mounting Brexit anxieties, ongoing China woes, and depressed commodity prices have exposed most major nations to downside risks, the World Bank said in a statement.

In April, the IMF cut its global economic growth outlook for this year to 3.2% from 3.4% previously. The Organisation for Economic Cooperation and Development (OECD) had lowered its growth forecast for the combined economy of the 34 OECD countries to 1.8% this year from an earlier projection of 2.2%.

Lim said the revision of all three institutions on the global economic growth for this year points to the fact that world economies are still struggling to sustain growth, which has been sub-par and below trends since the recession of 2008 to 2009, and despite significant policy ease.

BNM has kept overnight policy rate (OPR) at 3.25% — a move to adopt the accommodative monetary policy. The last revision on OPR was in July 2014 when it was raised by 25 basis points.

Lim commented that although Malaysia has grown to be less dependent on exports over time, exports still account for about 73% of the country’s gross domestic product in real terms.

Lim expects the government’s projection of economic growth is likely to register at the lower end of the 4% to 4.5% growth range, with the research firm expecting a 3.9% growth for 2016.

The mitigating factors in Malaysia’s economy, according to Lim, are the continued implementation of sizeable infrastructure-related projects under the Economic Transformation Programme such as the mass rapid transit lines, light rail transit Line 3, the Pan Borneo Highway, and the Pengerang Integrated Petroleum Complex in Johor.

News Source: Article entitled “Bank Negara may have to cut OPR” by Meena Lakshana, The Edge Financial Daily, 9 June 2016

The JV entails two agreements — EcoWorld’s wholly-owned subsidiary Eco Grandeur Sdn Bhd entering a conditional share sale and purchase agreement to acquire 31 million shares or 50% equity stake in Cascara’s unit Jendela Hikmat Sdn Bhd for RM303.5 million, and a subscription and shareholders’ agreement to jointly develop the project land.

Upon completion of the share acquisition, EcoWorld will have access to three pieces of adjacent freehold lands which both parties agreed to value the lands at RM1.292 billion.

The land value of RM1.292 billion agreed by the both parties also represent a discount of RM3.48 million or 0.27% from Henry Butcher Malaysia Sdn Bhd, being the independent market valuer appointed by EcoWorld, who has valued the land at RM1.29 billion.

The amount of RM303.5 million represents 50% of adjusted net asset value (NAV) of the said lands. Ultimately, both parties will jointly invest and fund Jendela Hikmat as the JV vehicle to develop Eco Ardence.

The agreements were signed by EcoWorld president and CEO Datuk Chang Khim Wah and Cascara representative Mohammed Rashdan Mohd Yusof here, witnessed by EcoWorld chairman Tan Sri Liew Kee Sin and Jendela Hikmat chairman Tan Sri Che Md Noor Mat Arshad.

Interestingly, government-linked company Boustead Holdings Bhd and its major shareholder Lembaga Tabung Angkatan Tentera (LTAT) had only in the last few months sold their combined 60% stake in Jendela Hikmat to Cascara, which held the remaining 40%, for RM360 million. 

Cascara Sdn Bhd is said to be a company controlled by Sarawak businessman Tan Sri Dato Bustari Yusuf and Ahmadi bin Yusoff.

The project is located in the vicinity of Bukit Raja, Bandar Setia Alam and Setia Eco Park. The latter two are multiple award-winning townships that helped build chairman Tan Sri Liew’s reputation as an industry leader when he was helming S P Setia Bhd.

“The project has 10 phases, and should be completed in 15 years. We are aiming to launch the first phase in the first quarter of 2017. We should be launching the landed residences first,” Chang told reporters after the signing ceremony today.

Eco Ardence will comprise a good mix of landed bungalows, semi-detached houses and terrace houses along with integrated high, mid and low-rise residential and commercial units within a fully strata-titled gated and guarded environment.

Chang added that 40.43% of the township will be allocated for landed and high-rise residences, 5.62% for affordable housing, 14.7% for commercial properties, 10.31% for community facilities, 12.2% for green space and 16.4% for road and infrastructure.

He noted that while Eco Ardence will be a luxury development that boasts EcoWorld’s signature large roundabouts, landscaping and water features, it will also have mid-range and affordable homes.

Moreover, the township will cater for upgraders from the locality, not foreigners, he added.

“Eco Ardence’s strategic location, large and relatively affluent population catchment will enable us to create a township with multi-generational appeal. We plan to have a good mix of luxurious and affordable landed homes for upgraders. There will also be innovatively designed apartments and well-conceptualised integrated commercial units,” he said.

“We all know Shah Alam and Setia Alam are mature areas. There are many people living there for more than 10 years. Launching a luxury project is tough now but we believe the right product will always attract people,” Chang noted.

Currently, the land is accessible by New Klang Valley Expressway (NKVE), Federal Highway and Klang via Jalan Meru.

He also said that the project was supported by infrastructural improvements such as the opening of the New Klang Valley Espressway (NKVE) link to Jalan Meru via Setia Alam, widening of Jalan Meru and improvements to surrounding access roads.

On rationale, EcoWorld said the proposed JV provides an opportunity for the Group to work together with Cascara to undertake the large-scale project, without over-extending its balance sheet.

“In addition, EcoWorld Project Management Sdn Bhd (EWPM) will be appointed as the development manager, and Jendela Hikmat as the joint venture vehicle will enter into a brand licensing agreement with EWPM to enable the proposed development to be marketed as an EcoWorld brand project,” it added.

Jendela Hikmat is currently in the initial stages of development planning and is unable to ascertain the expected development cost required for the proposed township development at this juncture.

The announcement of the proposed Eco Ardence development comes just a day after EcoWorld disclosed a setback in developing its Eco Marina project in Batu Kawan, Penang with a GDV of RM10 billion.

Sheer driving pleasure awaits you as you enter Eco Ardence.

Location of Eco Ardence township.

The last phase constitutes 38 units of semi-detached homes with built-ups of 3,090 to 3,176 sq ft and land sizes ranging from 3,200 to 6,386 sq ft.

Priced from RM1.45 million to RM2.03 million, the estimated gross development (GDV) of phase three stands at RM65 million.

Meanwhile, Avanti Residences’ first two phases are coming up on 20 acres of land and were launched last September.

Phase one comprises 22 semidees with built-ups of 2,750 sq ft and are priced from RM1.03 million onwards.

“The units in phase one are fully sold. Meanwhile, phase two has 24 semidees that are similar to those in phase one and are priced from RM1.1 million with about seven units left,” said Ku Reza.

The whole project has an estimated GDV of RM120 million and a total of 84 semidees.

Ku Reza also noted that the development has good connectivity and can be accessed via major highways such as the North-South Expressway, Guthrie Corridor Expressway and the Kuala Lumpur-Kuala Selangor Expressway (Latar Expressway).

“It takes less than 25 minutes to commute to Shah Alam and 27 minutes to the Jalan Duta toll,” he added.

Phase three is slated for completion in January next year.

News Source: The Edge Property, 3 June 2016