CentralPlaza development gets big boost

KUALA LUMPUR: I-Berhad and Central Pattana Pcl (CPN), Thailand’s largest retail developer, are all geared up to further boost the development of the CentralPlaza@i-City retail mall.

Both parties have executed a number of agreements for the joint development, ownership and management of the upcoming mall.

Under the joint venture, CPN will be responsible for the development and management of the mall while i-City will be responsible for the theme park and the development of other components of i-City.

According to I-Berhad deputy chairman Datuk Eu Hong Chew, the joint venture with CPN is a comprehensive arrangement, with two elements to be addressed.

Eu said firstly, the mall is another building block in making i-City a key tourism destination, in addition to the theme park and hotels. 

It will be able to offer a 24-hour leisure experience for the visitors when the mall opens in 2016.

"Secondly, the mall will be part of I-Berhad's investment property plans for i-City. As we already own the Data Centre and car parks, the mall will enable I-Berhad to have a diversified portfolio of investment properties," he said.

Eu said so far, I-Berhad has invested about RM75 million in the various rides and attractions for the theme park in i-City, which includes Red Carpet, Malaysia's first interactive wax museum.

"We expect to have invested RM100 million in the various theme park rides and attractions when the mall opens," he said.

Already attracting about 90,000 visitors a week, i-City expects to see a quantum leap in the number of visitors by the time the mall is completed. 

In fact, i-City is planning its next tourism component in the Clarke Quay@i-City - a riverfront leisure development with water-based attractions, fine dining and retail component.

"CPN has the first right to participate in the development of Clarke Quay @i-City," Eu said.
(Business Times, 23 July 2013)

DTZ: Property investment market turnaround in Q2

SINGAPORE: The Malaysian property market has gained stronger momentum after the 13th general elections (GE13), which saw a turnaround in the investment market in the second quarter of the year, says DTZ Research.

It said the overall office market was stable as both vacancy and rental rates remained unchanged with continued substantial supply in the pipeline. 

The research house also said the anticipated oversupply sentiment did not appear to affect the market as activities remained resilient and active, supported by stable rental and capital values.

Retail sales remained buoyant with continued local and international interest for investments in the sector.It said the overall office market was stable as both vacancy and rental rates remained unchanged with continued substantial supply in the pipeline. 

The research house also said the anticipated oversupply sentiment did not appear to affect the market as activities remained resilient and active, supported by stable rental and capital values.

Retail sales remained buoyant with continued local and international interest for investments in the sector.The research house also said the anticipated oversupply sentiment did not appear to affect the market as activities remained resilient and active, supported by stable rental and capital values. 

"Now that the GE13 is over, companies are starting to proceed with major investments, which may have been temporarily held back by political uncertainties.

"We can expect stronger momentum in government-linked mega projects such as the Tun Razak Exchange (TRX), where third-party investors and developers have been invited to participate, DTZ Research added.

The value of 12 deals recorded in the second quarter amounted to RM988.6 million compared with RM490.8 million comprising three deals in the first quarter, mostly in the office sector. Bernama
"Now that the GE13 is over, companies are starting to proceed with major investments, which may have been temporarily held back by political uncertainties.
"We can expect stronger momentum in government-linked mega projects such as the Tun Razak Exchange (TRX), where third-party investors and developers have been invited to participate, DTZ Research added.

The value of 12 deals recorded in the second quarter amounted to RM988.6 million compared with RM490.8 million comprising three deals in the first quarter, mostly in the office sector. Bernama
"We can expect stronger momentum in government-linked mega projects such as the Tun Razak Exchange (TRX), where third-party investors and developers have been invited to participate, DTZ Research added.
The value of 12 deals recorded in the second quarter amounted to RM988.6 million compared with RM490.8 million comprising three deals in the first quarter, mostly in the office sector. Bernama
The value of 12 deals recorded in the second quarter amounted to RM988.6 million compared with RM490.8 million comprising three deals in the first quarter, mostly in the office sector.

Business Times, 19 July 2013

Developers' eyes on 2 primetracts in KL (Ladang Batu land within Jalan Duta, Kiara Park)

KUALA LUMPUR: The potential opening up of two prime tracts of government land here will accentuate more opportunities for property developers.

Another plot situated within the Kiara Park area also attracts interest.

It was reported that the two pieces of prime land are the subject of a tussle involving various parties.

In the case of the Ladang Batu land, the courts declared Semantan Heights as owner of the 101.1ha late last year, following a 53-year tussle. Another plot situated within the Kiara Park area also attracts interest.
It was reported that the two pieces of prime land are the subject of a tussle involving various parties.

In the case of the Ladang Batu land, the courts declared Semantan Heights as owner of the 101.1ha late last year, following a 53-year tussle.It was reported that the two pieces of prime land are the subject of a tussle involving various parties.In the case of the Ladang Batu land, the courts declared Semantan Heights as owner of the 101.1ha late last year, following a 53-year tussle.In the case of the Ladang Batu land, the courts declared Semantan Heights as owner of the 101.1ha late last year, following a 53-year tussle. AmResearch said while there may be some legal ramifications involving the two plots of land, Bukit Kiara Resorts Bhd (BKRB) appears to have a foothold on the Bukit Kiara land.The 53.4ha within the Kiara Park area is leased to BKRB, a unit of Berjaya Land. BKRB's application for a development order for part of the land in return for surrendering 4.8ha to the City Hall hit a snag a fortnight ago.

"While there could be many permutations involved, we understand that 32.3ha could be opened for development, including 8ha that houses government complexes marked for demolition," AmResearch said.

AmResearch said its checks showed that many developers have been eyeing redevelopment opportunities at Ladang Batu land within Jalan Duta for quite a while.

(Business Times, 2 July 2013)