Puteri Harbour Community

[Dfiris]

KUALA LUMPUR, Jan 9 (Bernama) -- Iskandar Investment Bhd (IIB) has denied any links with PT Pembangunan Jaya Ancol and Six Flags Entertainment Corp with regards to the establishment of the third theme park in Iskandar Malaysia.

There is to date no association, formally or otherwise, between IIB and the American company, Six Flags Entertainment Corp and the Indonesian theme park developer, PT Pembangunan Jaya Ancol, with regards to the third theme park, it said, clarifying a story by Bernama yesterday.

 

[JordaneSG]

Hi, just signed the letter of offer with ocbc.
Has gotten a 90% loan and the insurance of about 20k plus is payable by loan.
The payable premium is added into loan.
Premium is about 2.5% of loan, insured RM300k for 5years.
Maybe u can try ocbc

Thanks all for your feedback.
Finally decided to get a shorter period MRTA (more or less my investment horizon + some buffer).
Even minus the 10psf if non DIBS, I'd have to pay about 25k to 30k interest in 4 yrs during construction for a 500+kRM loan... so might as well pay smaller premium upfront and stick to DIBS.

 

[IskandarMalaysiaWatch]

Even the executives at Six Flags have denied such discussions:

http://bizbeatblog.dallasnews.com/2...n-theme-park-investment-report-not-true.html/

 

[Valdez]

Positive views on UEM Land move

Posted on January 10, 2013 - Property News.

Analysts convinced by its plan to sell Johor land to major corporate players


UEM Land may dispose of more land this year, to spread the risk in the highly-priced Puteri Harbour

PETALING JAYA: The suprising move by UEM Land Holdings Bhd (UEM Land) to dipose of some of its Johor land to a handful of corporate big wigs is being seen in a positive light by analysts, who noted it helps in spreading the development risks and bring in big names into the development of Puteri Harbour.

On Tuesday, UEM Land announced that it had entered into two sale and purchase agreements (SPAs) with Liberty Bridge Sdn Bhd (LBSB) via its direct and indirect subsidiaries, UEM Land Bhd and Bandar Nusajaya Development Sdn Bhd to dispose of two parcels of land in Commercial North Puteri Harbour Nusajaya measuring about 29 acres and 14.7 acres for RM211.1mil and RM189.6mil respectively.

LBSB’s shareholders include tycoons Tan Sri Datuk Surin Upatkoon; Kuala Lumpur Kepong Bhd’s Tan Sri Lee Oi Hian; Tan Sri Wan Azmi Wan Hamzah; and Wee Ee Chao. Wee is the managing director of UOB-Kay Hian Holdings Ltd. Upatkoon, Lee, Wan Azmi and Wee respectively hold a 25% stake in LBSB.

HLIB Research analysts opine that UEM Land may dispose of more land this year, to spread the risk in the highly-priced Puteri Harbour, where new projects such as its Teega in Puteri Harbour has been commanding launch prices of up to RM900 per sq ft.

The research house additionally said it expected the bulk of land disposals to be focused in Puteri Harbour.

“We expect the bulk of land disposals in Nusajaya to be concentrated in Puteri Harbour, as we believe it is part of UEM Land’s plans to rope in desireable partners to help develop the future skyline of Puteri Harbour,” it said. The respective lands were acquired by the company between May 1994 and June 1995 at a total cost of about RM4.05mil.

The total net book value of the land based on the latest audited financial statements of UEM Land as at Dec 31, 2011 is about RM159.7mil.

The combined size of the deals is susbtantial at RM400.7mil. In its filing with Bursa Malaysia, UEM Land said the disposal would allow the company to focus its resources in developing a significant portion of the land within Puteri Harbour, centred around the Commercial South and Private Marina precincts.

“Additionally, the participation of other developers in Commercial North would help accelerate development momentum in Puteri Harbour and the economic activities created are expected to result in spillover benefits for the company’s remaining land in Nusajaya,” said UEM Land.

MIDF Research said the disposal did not come as a surprise as in the past several years companies such as Encorp Marina, Tiong Nam (Pinetree Residence), Tropical Sunrise had acquired land from UEM Land to develop their projects.

“The disposal will accelerate the development momentum of Puteri Harbour as the SPA is subject to commencement of work within 24 and 36 months from the completion date of SPA.

“Apart from that, the acquirers will have to comply with the Urban Development Guideline as approved by the state authority which will ensure the compliance to the master plan of Nusajaya,” it said.

Meanwhile, Hwang-DBS Vickers Research analysts said UEM Land stood to book a one-off disposal gain of RM241mil in its financial year 2013 (FY13) as the deal is expected to be complete by December this year.

“We maintain our earnings forecast at this juncture pending the completion of the proposed disposals. The deal may boost our FY13 earnings by 57%, taking into account the one-off gain,” it said in a note to clients yesterday.

At press time, UEM Land was not available for further comments. The company is the master developer of the 9,600ha Nusajaya, one of the flagship zones in Iskandar Malaysia.

It owns 4,141ha land there and is developing residential and waterfront properties, offices, hotels, factories, hospitals, campuses and theme parks in the area.

The first phase of the UEM Land development there which started six years ago is nearing completion. Some of developments are Kota Iskandar, Educity, Puteri Harbour, Southern Industrial and Logistics clusters, Afiat Healthpark, Medini, Legoland Malaysia, Puteri Harbour Family theme parks and Nusajaya residences.

Now, UEM Land is focusing on continuing with the phase two of its development there.

Yesterday, UEM Land’s share price rose to an intraday high of RM2.17 before closing at RM2.12 at 5pm, 2 sen down from the previous day. There were 7.44 million shares done.

 

[Dfiris]

Valdez, many good points mentioned in the articles..

The development of Puteri Harbour Skyline will be accelerated

And all developments including those by other big names will have to adhere closely to the preapproved
masterplans.

If like what the anaylst mentioned, the rest of the bulk sale will come from Puteri Harbour this year, it will be
extremely good news for those vested in PH.

Cos the whole place will look very different in 5 years time..
we dun need to wait 10-15 years.

I am having more confidence on Puteri Harbour after seeing UEM's commitment and agenda.

 

[FHBH12]

This statement disturbs me: "The suprising move by UEM Land Holdings Bhd (UEM Land) to dipose of some of its Johor land to a handful of corporate big wigs is being seen in a positive light by analysts, who noted it helps in spreading the development risks and bring in big names into the development of Puteri Harbour." Most developers with good holding power will hold on to their precious land bank.

 

[siacw]

a landbank is nothing if there is no development there.

I think currently UEMland is pretty much strecth out with their major upcoming project in Gerbang Nusajaya. hence it is better to invite other developer to speed up development in puteri harbour.

 

[IskandarRocks]

a landbank is nothing if there is no development there.

I think currently UEMland is pretty much strecth out with their major upcoming project in Gerbang Nusajaya. hence it is better to invite other developer to speed up development in puteri harbour.

I would agree.

UEM is not just a developer, but the master developer for Nusajaya. Their focus should be getting large scale development off the ground. They now need to focus on Gerbang Nusajaya. You can already see resource constraint on their end, given the delays at East Ledang.

Moreover, they have already made a good bit of money on this transaction, selling price being around 100 times the acquisition cost, if I read the article correctly.

BTW, given the recent condo selling prices at Puteri Harbour, land does not seem to be overpriced either. High rise construction costs are around RM 300-350 psf + RM 100-150 psf other expenses. At a plot ratio of 5, land cost of RM 250 psf or RM 50 psf per plot ratio still makes the deal very profitable as average condo selling price in PH is already past RM 1000 psf for luxury properties, such as Encorp and PineTree.

 

[Funniman]

It brings me back to the development of a city. All great cities were developed organically with the core being the center and spreading outwards. I am now seeing Puteri Harbour being more developed than the rest of Nusajaya in terms of speed, focus and preference development. I always thought Medini as the CBD as planned but am I seeing it is PH having more activities and spreading outwards. Did I miss anything?

This statement disturbs me: "The suprising move by UEM Land Holdings Bhd (UEM Land) to dipose of some of its Johor land to a handful of corporate big wigs is being seen in a positive light by analysts, who noted it helps in spreading the development risks and bring in big names into the development of Puteri Harbour." Most developers with good holding power will hold on to their precious land bank.

 

[kopikong99]

Looks to me that the development has some similarity to Sentosa Cove. Will we see the kind of price differences as seen between Sentosa Cove and the rest of Singapore?

 

[gooddebt]

Looks like PH is becoming the centre of Nusajaya !

 

[Dfiris]

As time gets passed, it will all be very obvious and the price too

Will be too late by then.. if not vested there

 

[Walker]

Yes I agree that it is a right move UEMLand to bring in other developers and partners to join them.
They still have control over what is built but other developers will bring in fresh creativity and even more resources.
This is a win win situation. They can't do it all by themselves.

a landbank is nothing if there is no development there.

I think currently UEMland is pretty much strecth out with their major upcoming project in Gerbang Nusajaya. hence it is better to invite other developer to speed up development in puteri harbour.

 

[Newbie11]

Looks like PH is becoming the centre of Nusajaya !

It's branded as the jewel of NS

 

[Dfiris]

In today's Business Times:

"IN A BID to rein in prices because of the growing interest in Iskandar Malaysia, Johor is mulling a doubling of the floor price for properties bought by foreigners in the state to RM1 million (S$404,240) from RM500,000 at present. If implemented, Singaporeans as the largest group of foreign buyers would be the most affected by the tightening of such guidelines.
Local government, housing, arts, culture and heritage committee chairman Ahmad Zahri Jamil revealed that the state economic planning unit is looking into the matter and would make a decision on the matter later this year.
"We are concerned about the spiralling house prices in the state, especially in Iskandar Malaysia," the Star daily yesterday reported Mr Ahmad as saying. "One waterfront project with 500 units was fully taken up with just 30 per cent of the project completed," he observed.
If Johor opts to raise the price floor, it would be the second state after Penang to do so. Last year, the Penang state government increased the threshold to RM1 million for apartments on the island acquired by foreigners, and double that amount for landed property."

 

[DCputeri]

RM1 million is still affordable for singaporeans when they look at the value of properties in iskandar. This will marginalise those smaller investors and only allow the moderate ones to come in which will propel the price to move up further. Good for existing owners of properties around the RM1mil mark,

In today's Business Times:

"IN A BID to rein in prices because of the growing interest in Iskandar Malaysia, Johor is mulling a doubling of the floor price for properties bought by foreigners in the state to RM1 million (S$404,240) from RM500,000 at present. If implemented, Singaporeans as the largest group of foreign buyers would be the most affected by the tightening of such guidelines.
Local government, housing, arts, culture and heritage committee chairman Ahmad Zahri Jamil revealed that the state economic planning unit is looking into the matter and would make a decision on the matter later this year.
"We are concerned about the spiralling house prices in the state, especially in Iskandar Malaysia," the Star daily yesterday reported Mr Ahmad as saying. "One waterfront project with 500 units was fully taken up with just 30 per cent of the project completed," he observed.
If Johor opts to raise the price floor, it would be the second state after Penang to do so. Last year, the Penang state government increased the threshold to RM1 million for apartments on the island acquired by foreigners, and double that amount for landed property."

 

[cybermad6969]

RM1 million is still affordable for singaporeans when they look at the value of properties in iskandar. This will marginalise those smaller investors and only allow the moderate ones to come in which will propel the price to move up further. Good for existing owners of properties around the RM1mil mark,

Yup stronger players have holding power so mkt will be more resilient to external shocks.

 

[Dfiris]

RM1 million is still affordable for singaporeans when they look at the value of properties in iskandar. This will marginalise those smaller investors and only allow the moderate ones to come in which will propel the price to move up further. Good for existing owners of properties around the RM1mil mark,

I agree. In fact, I have been slowly picking up resale properties in KLCC at the range of RM800-900k.

 

[sudiptol]

Hi for the Encorp Marina project can anyone recommend a bank to me that is offering 80% finance on the property to singapore PRs. So far only Public bank has come back with a 70% finance. Appreciate any contacts please. Signed the SPA today. As per the lawyer2/3 of encorp is sold to foreigners mainly singaporeans, Indian PRs some brits and he has seen a couple of Italians!
Nusajaya looking even better after the latest cooling measures in Singapore today!

 

[gooddebt]

hi all,

I have a dilemna here which I hope the bros/sis here can help advise...I have 2 Teega units. Do you think I shld cancel 1 unit since US may stop printing money this year ,resulting in less cash flow into Iskandar for investment?

People have also been asking me if it is easy to sell off the units as not many pple are buying to stay but for investment. Will there be an oversupply of condos then ? In other words, is there any real residential demand besides investment/ speculative demand to support the supply of condos?