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New developments to share
- Thread starter wuqi256
- Start date
Hmm.. Where ah? CS or the new JBCC? Anyone?
PETALING JAYA: Iskandar Waterfront Holdings Sdn Bhd (IWH) has sold 15ha of seafront land in Danga Bay for RM1.6bil to a Singaporean firm, which is planning an RM8bil development featuring, among others, Peninsular Malaysia’s tallest tower.
The master planner for Danga Bay said in a statement yesterday that it had signed the sale and purchase agreement with Hao Yuan Investment Pte Ltd for six parcels of land, which would be developed by Pristine Sun Properties Sdn Bhd, a 60:40 joint-venture (JV) between Hao Yuan and IWH.
The price tag of RM1.6bil works out to a land cost of 20% of the RM8bil gross development value, within the range of 15%-20% typically paid to a landowner in Malaysia.
At some RM998 per sq ft (psf), the sale set a new benchmark for commercial land transactions in Johor Baru, besting even the landmark RM4.5bil deal between the Johor Sultan and China’s Guangzhou R&F Properties Co Ltd, which was agreed at RM891 psf.
Hao Yuan has drawn up plans for several high-end residential, commercial and retail properties for its project, including the tallest tower in Peninsular Malaysia and a “landmark tower”.
Hao Yuan’s portfolio in Singapore includes the Forestville Executive Condominiums, Sea Horizon and the Woodlands New Executive Condominium. The little-known firm is believed to be a China-linked company registered in Singapore.
This marks yet another JV for IWH’s Danga Bay land-bank, which is undergoing rapid development as part of Iskandar Malaysia.
A spokesperson for IWH said he could not disclose details on the plot ratio, gross floor area and net saleable area of the project, but property executives estimate a plot ratio of up to 10 times, allowing its owners to extract maximum value from the prized land along Johor’s coastline.
IWH was also expected to ink more property deals in the coming months, as interest picked up in Iskandar Malaysia despite the curbs on speculation announced in recent months, market observers said.
“Danga Bay hasn’t seen much development in the past 20 years. Up to now, it’s mostly been reclamation work,” PA International Property Consultants Sdn Bhd executive director V. Sivadas told StarBiz.
“There are only a few blocks of shoplots currently. It is good to have new and foreign developers entering the market and providing new ideas and products.
“Danga Bay needs to be transformed and developed faster, and this is made possible by new entrants,” he said.
But Sivadas also underscored concerns about the pricing, which he felt would likely exceed what most of the local population could afford.
“Almost every single development here is targeting the high-income group, which in Iskandar Malaysia isn’t large, as well as foreigners. Whether this is sustainable is a question mark.
“A lot of the hype in buying over the past two years is riding on the expectation of the MRT (mass rapid transit) being built, but this is many years down the line,” he said.
Johor Baru-based Sivadas added that he was puzzled by the proposed skyscrapers. “It doesn’t make sense, considering that Danga Bay is a low-density township,” he said.
IWH, which is developing 1,700ha in Danga Bay, Desaru, Tebrau and Johor Baru, has shelved its US$300mil (RM957mil) listing to the final quarter of next year on worries that measures to rein in property prices could crimp demand from foreigners.
The master planner for Danga Bay said in a statement yesterday that it had signed the sale and purchase agreement with Hao Yuan Investment Pte Ltd for six parcels of land, which would be developed by Pristine Sun Properties Sdn Bhd, a 60:40 joint-venture (JV) between Hao Yuan and IWH.
The price tag of RM1.6bil works out to a land cost of 20% of the RM8bil gross development value, within the range of 15%-20% typically paid to a landowner in Malaysia.
At some RM998 per sq ft (psf), the sale set a new benchmark for commercial land transactions in Johor Baru, besting even the landmark RM4.5bil deal between the Johor Sultan and China’s Guangzhou R&F Properties Co Ltd, which was agreed at RM891 psf.
Hao Yuan has drawn up plans for several high-end residential, commercial and retail properties for its project, including the tallest tower in Peninsular Malaysia and a “landmark tower”.
Hao Yuan’s portfolio in Singapore includes the Forestville Executive Condominiums, Sea Horizon and the Woodlands New Executive Condominium. The little-known firm is believed to be a China-linked company registered in Singapore.
This marks yet another JV for IWH’s Danga Bay land-bank, which is undergoing rapid development as part of Iskandar Malaysia.
A spokesperson for IWH said he could not disclose details on the plot ratio, gross floor area and net saleable area of the project, but property executives estimate a plot ratio of up to 10 times, allowing its owners to extract maximum value from the prized land along Johor’s coastline.
IWH was also expected to ink more property deals in the coming months, as interest picked up in Iskandar Malaysia despite the curbs on speculation announced in recent months, market observers said.
“Danga Bay hasn’t seen much development in the past 20 years. Up to now, it’s mostly been reclamation work,” PA International Property Consultants Sdn Bhd executive director V. Sivadas told StarBiz.
“There are only a few blocks of shoplots currently. It is good to have new and foreign developers entering the market and providing new ideas and products.
“Danga Bay needs to be transformed and developed faster, and this is made possible by new entrants,” he said.
But Sivadas also underscored concerns about the pricing, which he felt would likely exceed what most of the local population could afford.
“Almost every single development here is targeting the high-income group, which in Iskandar Malaysia isn’t large, as well as foreigners. Whether this is sustainable is a question mark.
“A lot of the hype in buying over the past two years is riding on the expectation of the MRT (mass rapid transit) being built, but this is many years down the line,” he said.
Johor Baru-based Sivadas added that he was puzzled by the proposed skyscrapers. “It doesn’t make sense, considering that Danga Bay is a low-density township,” he said.
IWH, which is developing 1,700ha in Danga Bay, Desaru, Tebrau and Johor Baru, has shelved its US$300mil (RM957mil) listing to the final quarter of next year on worries that measures to rein in property prices could crimp demand from foreigners.
PETALING JAYA: Tebrau Teguh Bhd is tying up with Tropicana Corp Bhd to develop a partially submerged site in Johor that will require extensive reclamation works into an RM3.7bil mixed-use project.
It told the stock exchange yesterday that it had signed a pact with a unit of Tropicana to set up a special purpose vehicle, Renown Dynamics Sdn Bhd, to acquire the leasehold land in Plentong, Johor, for RM444.31mil.
Tebrau and Tropicana will hold 30% and 70% stakes respectively in Renown Dynamics.
The land measures 84.61 acres and is partially underwater. Tebrau has agreed to carry out reclamation works to resurface some 60 acres, the cost of which, estimated at RM190mil, will be borne by the company.
The Plentong land is 15km northeast of Johor Baru city centre in Kampung Senibong and surrounded by mangrove swamps.
Separately, Tebrau announced a number of corporate exercises, including a one-for-one rights issue of up to 669.73 million shares at RM1 each with 334.86 million free detachable warrants on the basis of one free warrant for every two rights shares, as well as an employee share option scheme.
The cash call will raise between RM315.85mil and RM669.73mil for the group, the bulk of which has been earmarked for property development.
Although Iskandar Waterfront Holdings Sdn Bhd’s (IWH) stake in Tebrau is expected to jump to 64.09% under the rights issue from 47.16% currently, an application has been made to exempt IWH from making a mandatory general offer.
It told the stock exchange yesterday that it had signed a pact with a unit of Tropicana to set up a special purpose vehicle, Renown Dynamics Sdn Bhd, to acquire the leasehold land in Plentong, Johor, for RM444.31mil.
Tebrau and Tropicana will hold 30% and 70% stakes respectively in Renown Dynamics.
The land measures 84.61 acres and is partially underwater. Tebrau has agreed to carry out reclamation works to resurface some 60 acres, the cost of which, estimated at RM190mil, will be borne by the company.
The Plentong land is 15km northeast of Johor Baru city centre in Kampung Senibong and surrounded by mangrove swamps.
Separately, Tebrau announced a number of corporate exercises, including a one-for-one rights issue of up to 669.73 million shares at RM1 each with 334.86 million free detachable warrants on the basis of one free warrant for every two rights shares, as well as an employee share option scheme.
The cash call will raise between RM315.85mil and RM669.73mil for the group, the bulk of which has been earmarked for property development.
Although Iskandar Waterfront Holdings Sdn Bhd’s (IWH) stake in Tebrau is expected to jump to 64.09% under the rights issue from 47.16% currently, an application has been made to exempt IWH from making a mandatory general offer.
Was at H&M sale in Bangkok yesterday. It was great sale with 50% discount. Cheaper than Singapore in addition with the weak THB.
Omg!! They are buying the land for rm1000 psf?! Who are they going to sell to? If u factor in the development cost .. Easily the selling price will be more than rm 2000 psf. Going to reach spore price. This is getting crazy.
Probably closer to $1500 RM psf as Chinese developers know how to control cost very well, which is about EC's pricing in Singapore.
Is HaoYan the developer that was caught modifying the floor plans after getting govt approval for the EC project in Woodlands?
If it's the same then they are pretty low integrity developers. Better be careful to buy from them.
Just my opinion but Seems like Iskandar can't really seen to be attracting well established developers.
If it's the same then they are pretty low integrity developers. Better be careful to buy from them.
Just my opinion but Seems like Iskandar can't really seen to be attracting well established developers.
There was a case recently on this but I'm not too clear about the details. The Chinese contractors more or less monopolized the Singapore residential construction e.g. HDBs, ECs and condos. Now they are moving up the value chain by being developers. Those from Singapore are squeezed out of the market already. I think the quality from Malaysia developers are still decent, given the slim profit margin they have compared to developers in Singapore.
Malaysia announces new measures to cut public spending
Published December 31, 2013
[KUALA LUMPUR] Malaysian Prime Minister Najib Razak has announced new measures to curb public spending, including a 10 per cent cut in the entertainment allowance for ministers.
The 11 measures, which also freeze applications to renovate government offices, will start on Jan 1, 2014, state news agency Bernama reported late Monday, citing a statement by Najib.
The Southeast Asia nation is under pressure to rein in spending and boost tax collection to tackle its high budget deficit and fast-growing debt pile.
Earlier this month, Najib announced a 15 per cent increase in a power tariff starting in 2014.
The latest measures also includes the tightening of the appointment of consultants for government physical projects, including the conducting of feasibility studies.
The government will cut down the use of event management companies and awarding of door gifts or souvenirs during government conferences or events, the report added.
It didn't disclose how much the measures are expected to save.
Malaysia aims to lower its budget deficit next year to 3.5 per cent from 4.0 per cent in 2013, according to the government's annual economic report released in October. - Reuters
http://www.businesstimes.com.sg/bre...ces-new-measures-cut-public-spending-20131231
Published December 31, 2013
[KUALA LUMPUR] Malaysian Prime Minister Najib Razak has announced new measures to curb public spending, including a 10 per cent cut in the entertainment allowance for ministers.
The 11 measures, which also freeze applications to renovate government offices, will start on Jan 1, 2014, state news agency Bernama reported late Monday, citing a statement by Najib.
The Southeast Asia nation is under pressure to rein in spending and boost tax collection to tackle its high budget deficit and fast-growing debt pile.
Earlier this month, Najib announced a 15 per cent increase in a power tariff starting in 2014.
The latest measures also includes the tightening of the appointment of consultants for government physical projects, including the conducting of feasibility studies.
The government will cut down the use of event management companies and awarding of door gifts or souvenirs during government conferences or events, the report added.
It didn't disclose how much the measures are expected to save.
Malaysia aims to lower its budget deficit next year to 3.5 per cent from 4.0 per cent in 2013, according to the government's annual economic report released in October. - Reuters
http://www.businesstimes.com.sg/bre...ces-new-measures-cut-public-spending-20131231
Ekovest eyes land near infrastructure projects
30 December 2013 , By The Sun Daily
KUALA LUMPUR (Dec 30, 2013): Ekovest Bhd looks to expand its landbank near infrastructure projects such as the Mass Rapid Transit in the Klang Valley and Iskandar Malaysia in Johor, its managing director Lim Keng Cheng (pix) said, as it awaits the government's final say on a toll hike.
"As a company, our (concession) agreement is due to increase… but there is no formal approval yet. I think it should be very soon because the deadline is Jan 1, 2014.
"The final approval is by the government. Once we receive the letter (from the government), we will announce it," he said.
On expanding its landbank, Lim told reporters after its AGM last Friday that its focus on land around planned infrastructure is to benefit from the potential price upside it will see once the government puts up the facilities.
Ekovest currently has 34 acres of land in Kuala Lumpur and the Klang Valley, with a total gross development value of RM5.6 billion comprising six projects planned for 2013 till 2023. It also has 25 acres in Danga Bay, Johor and 12 acres in Kuantan, Pahang.
"We'll see if there's any land with potential. We'll see if there is any potential infrastructure in the area before we purchase the land," Lim said.
"At the moment, I see the potential of Greater Kuala Lumpur. We'll see where government infrastructure will be built, then we'll buy land surrounding the area," he said, adding that the potential upside is there especially in the surrounding areas of the River of Life and Mass Rapid Transit projects.
Lim is also eyeing land in Iskandar Malaysia to take advantage of the spillover demand from Singapore. He added that the outlook for the property sector is good next year with foreign investors still attracted to the relatively cheap properties here.
On its toll highway concessionaire business, Lim said it is still waiting for the government's response to its proposed Duta-Ulu Kelang Expressway Phase 3 (DUKE 3) project. He said Ekovest has submitted many other proposals besides DUKE 3.
The group's shareholders recently approved the extension of DUKE (DUKE Phase 2) costing RM1.18 billion. Ekovest, as the master contractor, said it expects a profit margin of some 15% from the project.
http://www.iskandarmalaysia.com.my/news/131230/ekovest-eyes-land-near-infrastructure-projects
30 December 2013 , By The Sun Daily
KUALA LUMPUR (Dec 30, 2013): Ekovest Bhd looks to expand its landbank near infrastructure projects such as the Mass Rapid Transit in the Klang Valley and Iskandar Malaysia in Johor, its managing director Lim Keng Cheng (pix) said, as it awaits the government's final say on a toll hike.
"As a company, our (concession) agreement is due to increase… but there is no formal approval yet. I think it should be very soon because the deadline is Jan 1, 2014.
"The final approval is by the government. Once we receive the letter (from the government), we will announce it," he said.
On expanding its landbank, Lim told reporters after its AGM last Friday that its focus on land around planned infrastructure is to benefit from the potential price upside it will see once the government puts up the facilities.
Ekovest currently has 34 acres of land in Kuala Lumpur and the Klang Valley, with a total gross development value of RM5.6 billion comprising six projects planned for 2013 till 2023. It also has 25 acres in Danga Bay, Johor and 12 acres in Kuantan, Pahang.
"We'll see if there's any land with potential. We'll see if there is any potential infrastructure in the area before we purchase the land," Lim said.
"At the moment, I see the potential of Greater Kuala Lumpur. We'll see where government infrastructure will be built, then we'll buy land surrounding the area," he said, adding that the potential upside is there especially in the surrounding areas of the River of Life and Mass Rapid Transit projects.
Lim is also eyeing land in Iskandar Malaysia to take advantage of the spillover demand from Singapore. He added that the outlook for the property sector is good next year with foreign investors still attracted to the relatively cheap properties here.
On its toll highway concessionaire business, Lim said it is still waiting for the government's response to its proposed Duta-Ulu Kelang Expressway Phase 3 (DUKE 3) project. He said Ekovest has submitted many other proposals besides DUKE 3.
The group's shareholders recently approved the extension of DUKE (DUKE Phase 2) costing RM1.18 billion. Ekovest, as the master contractor, said it expects a profit margin of some 15% from the project.
http://www.iskandarmalaysia.com.my/news/131230/ekovest-eyes-land-near-infrastructure-projects
Better not touch those PRC projects, whether they are building or developing. Better be safe than sorry.
A lot in Singapore r constructed by them. Difficult to avoid. Nowadays most developers cut costs too.
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These are small time Developer to you?
http://1capitalgain.wordpress.com/2013/06/03/capital-land-in-iskandar/
http://www.iskandarmalaysia.com.my/news/110628/temasek-khazanah-to-develop-2-sites-in-iskandar
http://www.property-report.com/australian-developer-launches-project-in-iskandar-malaysia-25421
Either mostly driven by token govt to govt invested companies to show support for the developments.
But yet to see local name developers jumping in like Far East, City development, Hong Leong,
Malaysian developers are coming in but it's still middle grade development. Don't really see high end developers coming in force. Or maybe they are a taking a wait and see attitude first.
From my observation only token entries in Iskandar eg like E&O only has a 99 year development in Medini which until now still no news of launching.
Just my own opinion.
which high end developers you're talking about? UEM, IJM , Gamuda, Sp Setia, Mah Sing, BRDB etc all in. only sime darby not seen. this is a far cry from, say, a decade ago where mostly local johor developers are building.
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A lot of projects been launch by those that have a few plots of land in JB.
E&O and Peter Lim's Vantage Point for example, have been drag on because they find it tougher now to grab cheaper land.
So might as well wait and let the price go north before launching.
With Sky 88 at RM1200 psf and Tri tower at RM1300 psf ; and also China companies coming in with top dollar..... no reason for them to launch fast and sell cheap.
For example, Pinnacle has launch they project to sale at RM650 psf onward..... now they have freeze the sales of Pinnacle and will relaunch after Chinese New Year.......
Anyone will be able to guess why MaHa Builder want to relaunch....... to sell higher..... much much higher.
E&O and Peter Lim's Vantage Point for example, have been drag on because they find it tougher now to grab cheaper land.
So might as well wait and let the price go north before launching.
With Sky 88 at RM1200 psf and Tri tower at RM1300 psf ; and also China companies coming in with top dollar..... no reason for them to launch fast and sell cheap.
For example, Pinnacle has launch they project to sale at RM650 psf onward..... now they have freeze the sales of Pinnacle and will relaunch after Chinese New Year.......
Anyone will be able to guess why MaHa Builder want to relaunch....... to sell higher..... much much higher.
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M'sia property sellers cashing out before Jan 1
More punitive taxes will kick-in then to curb speculation
BY PAULINE NG IN KUALA LUMPUR
PUBLISHED DECEMBER 31, 2013
REAL ESTATE agents have been swamped with viewings in the last few weeks of the year ahead of more punitive property taxes which will kick-in come Jan 1.
While many were enjoying turkey and minced pies, Monica K was busy with clients. "I spent the whole of Christmas day at viewings," she half-groan-ed. Piped in her colleague, J K: "We have also been working a lot of Sundays, too."
Specialising in the popular areas of Mont Kiara, Bangsar, Damansara Heights and Desa Park City, the agency has seen a number of sellers in certain developments wanting to cash out after the government announced at the end of October that higher real property gains tax (RPGT) would apply from Jan 1 to curb speculation and sky-rocketing home prices.
Ms Monica K said that most of the sellers of high-rise and landed properties are in their 30s and looking to on-sell after holding their properties for two to three years. This is also the period when owners who bought under the now-banned Developer Interest Bearing Scheme have to shoulder the loan repayments themselves upon the unit's completion.
Notwithstanding the rush, the agents estimate sellers have still managed to eke out a more than decent 10-15 per cent profit net of expenses.
"My client still made about RM50,000 (S$19,240) net on a RM500,000 property," said an agent Kenneth, who was very busy in the first two weeks of December. He recounted a viewing where the buyer arrived at 11pm rather than the initial appointed time of 5pm, but made up for his tardiness by agreeing to buy on the spot.
"We had to call the owner although it was late since he (the owner) wanted to rush the sale and we had to get the agreement signed and stamped before January."
An RPGT rate of 30 per cent applies to gains on disposals in the first to third year, 20 per cent in the fourth and 15 per cent in the fifth year, after which there is no tax. For foreigners, the rate is 30 per cent for five years, and 5 per cent thereafter.
Previously, the prevailing rate was 15 per cent for the first and second year, and 10 per cent for the third to fifth year.
Another agent Bee said that she only had one viewing on Christmas day as those intending to sell had done so prior to Budget 2014 because they had anticipated the higher RPGT.
Agents say that some property developments had attracted more speculators who wanted a quick sale - especially if their properties are of a larger size - while there are projects where the owners have stronger holding power and do not mind keeping it for a while more.
Property players reckon that the market is likely to soften next year - particularly the earlier part - because of the new cooling measures. But they do not see prices falling because electricity, toll, labour, material and other costs are rising fast.
As KH Chen, managing director of Landserve Sdn Bhd, told The Edge over the weekend: ". . . Such measures will not deter genuine homebuyers and investors with a long-term view. We have clients making transactions in December, some of which are at record prices. Genuine property investors may be more cautious, but they will never leave the property market."
http://www.businesstimes.com.sg/specials/property/msia-property-sellers-cashing-out-jan-1-20131231
More punitive taxes will kick-in then to curb speculation
BY PAULINE NG IN KUALA LUMPUR
PUBLISHED DECEMBER 31, 2013
REAL ESTATE agents have been swamped with viewings in the last few weeks of the year ahead of more punitive property taxes which will kick-in come Jan 1.
While many were enjoying turkey and minced pies, Monica K was busy with clients. "I spent the whole of Christmas day at viewings," she half-groan-ed. Piped in her colleague, J K: "We have also been working a lot of Sundays, too."
Specialising in the popular areas of Mont Kiara, Bangsar, Damansara Heights and Desa Park City, the agency has seen a number of sellers in certain developments wanting to cash out after the government announced at the end of October that higher real property gains tax (RPGT) would apply from Jan 1 to curb speculation and sky-rocketing home prices.
Ms Monica K said that most of the sellers of high-rise and landed properties are in their 30s and looking to on-sell after holding their properties for two to three years. This is also the period when owners who bought under the now-banned Developer Interest Bearing Scheme have to shoulder the loan repayments themselves upon the unit's completion.
Notwithstanding the rush, the agents estimate sellers have still managed to eke out a more than decent 10-15 per cent profit net of expenses.
"My client still made about RM50,000 (S$19,240) net on a RM500,000 property," said an agent Kenneth, who was very busy in the first two weeks of December. He recounted a viewing where the buyer arrived at 11pm rather than the initial appointed time of 5pm, but made up for his tardiness by agreeing to buy on the spot.
"We had to call the owner although it was late since he (the owner) wanted to rush the sale and we had to get the agreement signed and stamped before January."
An RPGT rate of 30 per cent applies to gains on disposals in the first to third year, 20 per cent in the fourth and 15 per cent in the fifth year, after which there is no tax. For foreigners, the rate is 30 per cent for five years, and 5 per cent thereafter.
Previously, the prevailing rate was 15 per cent for the first and second year, and 10 per cent for the third to fifth year.
Another agent Bee said that she only had one viewing on Christmas day as those intending to sell had done so prior to Budget 2014 because they had anticipated the higher RPGT.
Agents say that some property developments had attracted more speculators who wanted a quick sale - especially if their properties are of a larger size - while there are projects where the owners have stronger holding power and do not mind keeping it for a while more.
Property players reckon that the market is likely to soften next year - particularly the earlier part - because of the new cooling measures. But they do not see prices falling because electricity, toll, labour, material and other costs are rising fast.
As KH Chen, managing director of Landserve Sdn Bhd, told The Edge over the weekend: ". . . Such measures will not deter genuine homebuyers and investors with a long-term view. We have clients making transactions in December, some of which are at record prices. Genuine property investors may be more cautious, but they will never leave the property market."
http://www.businesstimes.com.sg/specials/property/msia-property-sellers-cashing-out-jan-1-20131231
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