TitiJaya Land Bhd to unveil final block of H2O Residences early March

Titijaya Land Bhd will be unveiling the last block of its H2O Residences at Ara Damansara in Petaling Jaya early next month, according to the company’s executive director Charmaine Lim (pictured).

Lim told TheEdgeProperty.com at a media briefing yesterday that the gross development value (GDV) of the final block is RM190 million, comprising 300 serviced apartment units.

Mah Sing targets RM2.3 billion sales this year

Property developer, Mah Sing Group Bhd announced a sales target of RM2.3 billion this year, which it aims to achieve by focusing on the starter homes segment.

“With a focus on high growth corridors within Kuala Lumpur, 89% of our new launches are priced below RM1 million and we are well positioned with ready products to capture the demand,” said the group, which currently has RM4.75 billion of unbilled sales and gross development value (GDV) worth of RM32.87 billion.

Drawing in the millionaires

2015 was not a great year for the Malaysian property market. Mont’Kiara, the high-end non-landed residential suburb in Kuala Lumpur, is seeing some consolidation in property prices.

Despite the slow market, Mont’Kiara is clearly holding on to its status as one of the most expensive addresses in the Klang Valley, maybe even in the country.

Paramount revs up property launches

Property developer Paramount Corp Bhd (PCB), which will be ramping up its launches this year, expects annual sales for its property division to grow 11% to RM480mil in 2016.

PCB group chief executive officer Jeffrey Chew said the company was confident of hitting its target despite the subdued property market currently.

S P Setia sets RM4b sales target

Property developer S P Setia Bhd has set a sales target of RM4bil for this year, hoping to at least match last year’s performance despite tougher market conditions.

The company has projected 80% of its sales to come from the domestic market, with an ongoing development in Australia to contribute the rest.

SPB returns to local property after 15 years

Selangor Properties Bhd (SPB) is making a comeback to the local property development scene after a lull of more than 15 years.

SPB, which is more well-known to the older generation of property investors and buyers locally, will go against the trend to launch big-sized units in Damansara Heights to mark its comeback. As a result of the slow property market, most developers, if they do launch, tend to offer smaller units.

OSK Property to develop 1,400ha land bank

OSK Property Bhd is set to accelerate its property development projects in Malaysia and Australia with a total land bank of over 1,400 hectares worth more than RM18 billion in Gross Development Value.

Among its upcoming launches included the Bandar Puteri Jaya Mall in Sungei Petani which would involve an investment of RM400 million and the "You Cheras City" Mall in Cheras.

Investors eyeing commercial properties in 2016

About 72% of property developers, fund and real estate investment trust (REIT) managers and lenders intend to invest in commercial properties in 2016, despite 57% of respondents saying they are less optimistic on the sector’s outlook, according to a new survey by global property consultancy Knight Frank.

In the newly-launched Malaysia Commercial Real Estate Investment Sentiment Survey 2016 by Knight Frank Malaysia, fund and REIT managers are expected to be actively investing in 2016 to seek opportunities in a slow property market.

Cautious sentiment in KL high-end condo market

Against a backdrop of softening demand, a weak economy and cooling measures, market sentiment in the high-end condominium segment in Kuala Lumpur is expected to remain cautious, says Knight Frank Malaysia in its Real Estate Highlights 2H2015 report.

Meanwhile, competition in the rental market in KL and on the fringes of the city is likely to increase as new supply comes on stream. The competitive environment may push developers to defer their launches, scheduled for the first half of this year (1H2016), to a later date.

Property market to pick up in 2Q to 3Q on local housing demand

The property market will pick up in 2Q to 3Q2016 – after the festive seasons from the end of last year until the end of this month – as demand is still strong from genuine buyers in the secondary market, said principal of Synergy International Realtors Terry Wong (pictured, centre).

“With schools reopening in January and the Chinese New Year festivities just ending, many are now starting to gear up for work again, and when that happens, the market movement will be more rapid as well,” Wong told TheEdgeProperty.com.

Yong Tai to start Phase 1 of Impression City

Garment-maker-turned-property developer Yong Tai Bhd will kick off its Impression City development in Melaka in the third quarter of this year, with the first phase carrying an estimated gross development value (GDV) of RM1.1 billion.

Spanning 117 acres, the 10-year project will be developed in 11 phases whose total GDV is RM5.4 billion and is expected to generate a profit margin of 20%, said Yong Tai executive director Boo Kuang Loon.

Fiamma to develop three property projects

Electrical home appliances distributor, Fiamma Holdings Bhd, plans to launch three new property projects this year in the Klang Valley and Johor, with a total gross development value of close to RM500 million.

Chief executive director and group managing director Lim Choo Hong said in the pipeline were two high-rise property projects, dubbed the 'East Parc@Menjalara in Bandar Menjalara and 'Vida Heights' in Johor Bahru with a total gross development value of about RM300 million and RM120 million, respectively.

Sunway plans RM1.6bil property launches

Sunway Bhd plans to launch properties with a gross development value (GDV) of RM1.6bil in the Klang Valley, Iskandar Malaysia, Ipoh and Penang.

Last year, the group clinched RM1.2bil in sales, while unbilled sales stood at RM2.3bil as of end-2015.

MRCB’s earnings surge, thanks to Platinum Sentral, Q Sentral

Malaysian Resources Corp Bhd (MRCB) more than doubled its earnings to RM330.39mil for the financial year ended Dec 31, 2015, spurred in large part to a disposal made early in 2015 -- the RM740mil sale of Platinum Sentral, which gave it a RM220,5mil gain.

MRCB, which improved its bottom line by 116.5% on 12% higher revenue of RM1.697bil, attributed the better results also to the completion of its 45-storey office tower, Q Sentral, as well as other ongoing development projects.

350 bookings received for Karisma apartments

Eco World Development Group Bhd (EcoWorld) has received 350 bookings for its Karisma apartments at its Eco Majestic township in Semenyih as at 4pm Saturday.

Buyers – some of them having queued up from 2am at the sales gallery’s guard house – gave the developer cheques worth RM5,000 to secure the opportunity to select their apartments at a later date, which falls either at the end of February or in early March.

I-Bhd appoints Setiakon to build 50-storey RM1bil 8Kia Peng

I-Bhd has appointed Setiakon Builders Sdn Bhd as the master contractor to oversee the development of 8Kia Peng condominium in Kuala Lumpur.

I-Bud deputy chairman Datuk Eu Hong Chew said last Thursday that the master contractor was selected based on a stringent tender award process that placed great emphasis on past track record.

Tropicana posts sales of RM1.55bil in 2015 to continue with unlocking value of 1,600-acre strategic land bank

Property developer Tropicana Corporation Berhad (“Tropicana” or “Group”) today announced its unaudited financial results for the financial year ended 31 December 2015.

For the fourth quarter under review, the Group recorded revenue of RM304.9 million, compared to RM904.0 million registered in the corresponding quarter last year. Included in the revenue from the corresponding quarter in 2014 was land sale of RM470.7 million. Profit before tax (“PBT”) was lower at RM54.7 million for the current quarter under review, compared to RM234.5 million recorded in the previous corresponding quarter, which also included gain from land sale of RM167.9 million and RM17.1 million fair value adjustments from investment properties.

High-end condo prices to remain flat

The impending completion of new projects, amid a weak market is expected to heighten competition in the rental market, both in Kuala Lumpur and its fringe locations.

Property prices in the high-end condominium segment will remain flat, while rental prices fall, due to increased competition between existing units and new launches, said property consultancy firm Knight Frank Malaysia.

I-Bhd targets RM1.5bil GDV from two projects

In progress: I-Bhd plans to develop a new i-City out of the Klang Valley, but that it will have to wait until 50 of the current i-City in Shah Alam is completed.

I-Bhd, the developer of i-City, is looking to achieve a gross development value (GDV) of RM1.5bil this year from two of its projects.

EcoWorld all set to unveil Karisma

Eco World Development Group Bhd will be unveiling its Karisma apartment project in Eco Majestic, Semenyih, by end of this month.

President and CEO Datuk Chang Khim Wah said the freehold development comprises 750 units of 3-bedroom and 2-bathroom apartments with a built-up size of 800 sq ft. Every unit comes with two parking bays.

Sunway Gandaria Retail 95% sold

Sunway Property, the property arm of Sunway Bhd -- clinched 95% sales for Sunway Gandaria Retail, one of the components of its latest mixed-use development in Bangi, Sunway Gandaria.

The newly-launched Sunway Gandaria Retail has a gross development value of RM54 million and comprises 34 retail units with built-ups ranging from 983 sq ft to 6,071 sq ft and priced from RM832,000.

Property developers dangling big carrot in front of the market’s nose

With the demand for property slipping, competition among property developers chasing a shrinking market has become stiffer.

Companies such as IOI Properties Bhd and Mah Sing Group Bhd are getting more innovative and holding out big carrots to prospective buyers.

Johor’s industrial properties defy slow market

Johor’s industrial property market continues to be the top destination for investments despite the sluggish property market due to its proximity with Singapore.

The southern state’s industrial developments drew RM27 billion in the first half of 2015 (1H2015) -- the biggest portion of investments into the manufacturing sector -- compared with RM21 billion for the whole of 2014, said CBD Properties (Johor) Sdn Bhd head of agency Lily Lo.

Onslaught of shopping centres

Experts say there is an oversupply situation in the Klang Valley

With an expected 17 million sq ft of shopping space coming into the Klang Valley from now until 2019, industry experts are concerned that this will result in an oversupply situation.

Iskandar housing market struggling amid weak interest

The idea that property development in Iskandar would satisfy spillover demand from Singapore was tested to its limit last year.

Despite the weakened ringgit, which provided a lower entry cost for investors, there was not a notable increase in sales to foreigners, say developers and analysts.

SkyVilla condominium take-up rate hits 59%

SkyVilla, the first condominium project in D’Island development by LBS Bina Group Bhd, has seen 59% of its 352 units taken-up as at January 2016.

LBS Bina Group managing director Tan Sri Lim Hock San told TheEdgeProperty.com the 5.17-acre SkyVilla development has a gross development value (GDV) of RM252 million.

More pressure on KL commercial property this year

With more incoming supply, Rahim & Co expects the Kuala Lumpur office market in 2016 to be more challenging in 2016.

According to the recently-released “Property Market Review 2015/2016” report by Rahim & Co, there are about eight million sq ft of upcoming office space in the pipeline for Kuala Lumpur over the next four years.

MKH takes part in redevelopment of Pekeliling flats

MKH Bhd’s indirect subsidiary Amona Metro Development Sdn Bhd plans to acquire a 84% stake in Temara Pekeliling Sdn Bhd, the owner of a 1.5-acre (0.61ha) leasehold plot in Jalan Tun Razak, part of where the Pekeliling flats used to stand, for RM5 million.

Amona Metro Development a subsidiary of Gabung Wajib Sdn Bhd, which in turn is a subsidiary of MKH. In a bourse filing, MKH said Amona Metro Development had entered into a master share sale agreement with Amona Land Sdn Bhd, Che Hasnadi Bin Che Hassan and Temara Pekeliling Sdn Bhd to pave the way for the acquisition.

The Ascent Paradigm Offices 50% taken up

The Ascent Paradigm by WCT Holdings Bhd (WCT), which opened in the third quarter of last year, has seen half of its 504,084 sq ft total net lettable area taken up.

According to WCT Holdings managing director Taing Kin Hwa, The Ascent Paradigm is a Grade-A 32-floor corporate tower located on Lebuhraya Damansara-Puchong (LDP), and in the mature Selangor suburb of Kelana Jaya. It is part of the RM1.8 billion Paradigm Integrated Commercial Development.

Selangor Properties to buy land for RM32mil

Selangor Properties Bhd (SelProp) has entered into a sale and purchase agreement (SPA) with Chong Khoon Lin Sdn Bhd to acquire four adjoining parcels of freehold land in Kuala Lumpur for RM32.2mil.

In a filing with Bursa Malaysia, SelProp said the 5,252.66 sq m was adjoined and contiguous to its existing 1.99 ha in Damansara Heights, which has been earmarked for residential development.

Raising concerns over high-rise project

Umar (second from left) and Mustafa (second from right) with residents at the spot where the proposed development would take place.

A proposed development in an area currently occupied by 12 bungalows has not gone down well with residents of Bukit Damansara, Kuala Lumpur.

The project comprises two blocks of 23-storey luxury condominiums with 94 units.

Tough market for condos in Klang Valley

Challenging outlook: A weak rental market for high-end condos and apartments is expected over the next two years

The market for condominiums in the Klang Valley is expected to be more challenging over the next two years, due mainly to the large incoming supply scheduled for completion this year and in 2017.

Henry Butcher Real Estate Sdn Bhd chief operating officer Tan Chee Meng said the demand for non-landed properties is expected to be weaker than that for landed properties.