Mah Sing will use new capital to expand landbank

Fresh from a rights issue exercise that will raise RM630mil to finance its landbanking strategies and a whopping unbilled sales register of RM5.1bil, Mah Sing Group Bhd is on a strong financial footing to further bolster its market leadership position and to make foray into new markets.

Its healthy balance sheet will be given a further boost by the fast project turnaround model it adopts where the time frame from the purchase of a land to the launch of the project only takes between six and nine months - a hallmark of this Kuala Lumpur-based property group which also has projects in Iskandar Malaysia, Penang and Kota Kinabalu, Sabah.

House prices unlikely to see huge jump upon implementation of GST

MKH Bhd managing director Tan Sri Eddy Chen does not expect a huge jump in property prices upon the implementation of the goods and services tax (GST) this April.

"To be frank, I don't think house prices will increase by 15% like what some developers claim because some developers have already priced in the tax even before it has been implemented," he said at the 17th Malaysia Strategic Outlook Conference 2015.

1,097 bumi buyers for Datum Jelatek condo

A total of 1,097 potential bumiputra buyers have registered their interest in the 674 Datum Jelatek condominium units, according to the Selangor State Development Corporation (PKNS).

Quashing claims that Malays could not afford the luxury units, its general manager Azlan Md Alifiah said in a statement that the bumiputra interest shown in the project had exceeded expectations.

CapitaMalls to buy Tropicana assets

After talks to acquire Tropicana City Mall and Tropicana City Office Tower lapsed more than a year ago, CapitaMalls Malaysia Trust (CMMT) is revisiting the acquisition of the two properties for RM540mil.

Including the acquisition fee and expenses, the total acquisition cost amounted to RM565mil, CMMT said in a statement.

Hua Yang plans RM243mil project

Hua Yang Bhd plans a mixed development project on 4.9 acres in Penang with a gross development value of RM242.8mil.

It said in a filing with Bursa Malaysia yesterday that it had signed a conditional agreement with Goldentime Project Sdn Bhd to buy the freehold land for RM21.98mil.

21 developers pre-qualified for Kwasa Land job

Kwasa Land Sdn Bhd, the master developer of the Kwasa Damansara township in Sungai Buloh, Selangor, has named 21 Tier-2 developers which have been successfully pre-qualified for its next Request for Proposal (RFP) R2-1.

The developers are Amcorp Properties Bhd, Encorp Bhd, Glomac Bhd, Ivory Properties Group Bhd, Johor Land Bhd, KSK Group Bhd, KSL Holdings Bhd, Malton Bhd, MKH Bhd, Nadayu Properties Bhd, Naim Land Sdn Bhd, Naza TTDI Sdn Bhd, OSK Property Holdings Bhd, Paramount Corp Bhd, Perdana Parkcity Sdn Bhd, Plenitude Bhd, Reliance Pacific Bhd, TH Properties Sdn Bhd, Titijaya Group Sdn Bhd (Tenang Sempurna Sdn Bhd), United Malayan Land Bhd and Worldwide Holdings Bhd.

SP Setia to be selective in launches

Property giant SP Setia Bhd will be selective in launching new projects this year as buyers take a cautious approach.

Backed by a massive unbilled sales of RM11.1bil, SP Setia will look towards delivering properties sold in the past and launch more mid-ranged products, said acting president and chief executive officer Datuk Khor Chap Jen.

Hundreds gather in rowdy protest against condo project

Hundreds of people staged a rowdy protest against the construction of the Detum Jelatek luxury condominiums in Keramat and then turned aggressive by breaking into the project’s construction site.

The protesters, mostly Taman Keramat residents and members of the Malay rights group Perkasa, claimed yesterday the project infringed upon the rights of Malays.

Guocoland bullish on projects take-up rate

Property developer, GuocoLand (M) Bhd, is bullish on its flagship project, Damansara City, which will be launched by the first quarter of the year.

“We are very optimistic of a positive take-up rate,” said managing director Tan Lee Koon of the integrated development worth RM2.5bil in gross development value.

MCT to unveil RM3.6bil residential projects

MCT Consortium Bhd is set to launch RM3.6bil worth of affordable residential property projects in Subang Jaya and Cyberjaya.

Managing director Datuk Seri Tong Seech Wi (pic) said the landed property projects would be priced between RM500,000 and RM700,000 each. The other half would be serviced apartments priced up to RM500,000.

Menara Hap Seng 2 the new landmark in KL

Kuala Lumpur’s central business district has a new distinctive landmark in the form of Menara Hap Seng 2, which is Hap Seng Land Sdn Bhd’s new 30-storey Grade A commercial office.

Located next to the 2009 International Real Estate Federation or FIABCI Malaysia award-winning Menara Hap Seng, the new building was built in compliance with the Green Building Index (GBI) and includes energy-conservation features for optimum heat and sound insulation.

PR1MA accepts applications for seven affordable housing projects

Perbadanan PR1MA Malaysia (PR1MA) will accept applications for seven PR1MA housing projects in Kuala Lumpur, Perak, Kedah, Malacca and Johor.

The PR1MA home ownership will make it a step closer for middle-income earners to own a house as 7,116 units will be made available, it said on Friday.