Tabung Haji is to sell land in TRX

Tabung Haji is to sell land in TRX within two weeks from mid of May.

Lembaga Tabung Haji, which is planning to sell the 0.66 hectare piece of land in the Tun Razak Exchange (TRX), has received three offers from interested buyers.

One potential buyer has offered RM188.5 million, the price Tabung Haji paid to purchase the land from 1Malaysia Development Bhd (1MDB), but with an additional profit of RM5 million.

By looking at the Gross Development Value of RM828 milion, and deducting the Gross Development Cost of RM650.5 milion, Tabung Haji is able to make a gain of RM177.5 million.

Abdul Azeez also said the value of the land at RM2,774 per sq foot was lower than several other transactions done nearby at more than RM3,000 per sq ft including Malaysian Resources Corporation Bhd’s purchase of land belonging to the German Embassy.

Todate, Pilgrims fund Lembaga Tabung Haji has yet to finalise the sale of its parcel of land at the Tun Razak Exchange (TRX) project, which it bought from 1Malaysia Development Bhd (1MDB) in April, Putrajaya said today. Minister in the Prime Minister's Department Datuk Seri Jamil Khir Baharom said Tabung Haji was still evaluating potential buyers, even though its chairman Datuk Seri Abdul Azeez Abdul Rahim had in early May said that the sale will be completed in "a week or two". Tabung Haji is still evaluating all the offers in its effort to make the best decision so that the whole process remains Shariah compliant.

The minister did not provide a specific timeline as to when the sale will be completed. "We must be very thorough and careful in this sale, it involves the interests of the Muslims, so it's important that we look after their interests

The French Embassy has sold it land at Jalan Ampang to Putrajaya Ventures Sdn. Bhd.

The French embassy has sold its coveted 7.98-acre real estate comprising two parcels to Putrajaya Ventures Sdn Bhd, a subsidiary of Putrajaya Holdings Sdn Bhd at RM2,400 per sq ft, instead of the RM3,188 per sq ft, as reported earlier.

The French Emnbassy has sold it land at Jalan Ampang at RM2400psf

The parcels, located at the prestigious Jalan Ampang, Kuala Lumpur address near the Petronas Twin Towers, may be the largest foreign mission-owned land in the country.

The French mission’s real estate in Jalan Ampang comprises a parcel with a residential title and another with an institutional title.

KLCC Holdings Bhd has a 64.4% stake in Putrajaya Holdings, while Khazanah Nasional Bhd has a 15.59% stake and CIMB Group Nominees (Tempatan) Sdn Bhd has a 20% stake.

MRCB had acquired the German embassy’s 1.87-acre plot located along Jalan Kia Peng, a leafy neighbourhood of bungalows off Jalan Ampang.

Besides the French and German missions’ sales, the former British High Commission parcel was sold to SP Setia Bhd in late 2012 at RM2,200 per sq ft.

The parcel, located opposite the French mission, comprised two parcels totaling three acres and with residential and commercial titles. The parcels were sold with a 47% premium over its reserved price of RM1,500 per sq ft.


According to to a CH Williams Talhar & Wong report, the German embassy’s real estate was about 6% above market value due to the continual demand for “prime land” in Kuala Lumpur.

Sunway acquired new land at Sungai Way Free Trade Zone, PJ

Sunway has acquired ~16.996 acres (740,342 sq ft) of prime land in Kelana Jaya via an open tender at a favourable rate of ~RM386.31/sq ft for a total of RM286mil cash. It targets to launch a five-year RM1.8bil mixed development there by 2H2016. It is proposing to build 7 residential blocks with a commercial podium, with a total built-up of ~3mil sq ft and an ASP of RM800/sq ft. The land has a 4x plot ratio. Sunway expects to complete the acquisitions within six months.

Sunway acquired new land at Sungai Way Free Trade Zone, PJ

Strategically situated next to Western Digital in the Sungai Way Free Trade Zone in Petaling Jaya, the land is easily accessible from major highways and local roads, among others, through an underpass on Lebuhraya Damansara-Puchong, Federal Highway via Jalan Majlis and local roads to Subang Airport and New Klang Valley Expressway.

It is also 600 metres from the Setia Jaya KTM and Sunway Setia Jaya Bus Rapid Transit-Sunway Line stations, providing residents access to public transportation networks to Kuala Lumpur city centre, Sunway Resort City, Subang Jaya, Shah Alam and Klang.

The land is within the vicinity of the Kelab Golf Negara Subang which features two 18-hole golf courses and is adjacent to a 15-acre water retention pond.

The proposed development has a potential margin of 15%-20% margin. Notwithstanding the larger portion being leasehold (99 years), the acquisition price compares favourably to that paid by Gamuda Bhd about three years ago of RM95mil or ~RM450/sq ft for a 4.86-acre parcel of freehold land in the vicinity.

In a“17 acres of land will allow us the flexibility and space to develop a contemporary mixed development with an unobstructed view of the golf courses and a concept focused on serene living amidst lush greenery and a beautiful lake,” said Sarena Cheah, Sunway Berhad’s Managing Director of Property Development Division for Malaysia and Singapore.

“It will be a highly sought-after development given its prime location and wide accessibility. It is also flanked by mature and affluent neighbourhoods of Petaling Jaya, Sunway Resort City, Subang Jaya and Shah Alam.”

Sunway noted that its unbilled property sales of RM2.5 billion and remaining landbank of 3,380 acres with a potential GDV of RM50 billion will keep the property division busy within the next 15 years.

FGV acquires four firms, land for RM655mil

Felda Global Ventures Holdings Bhd (FGV) is acquiring four plantation-based companies and a parcel of oil palm land in Sabah measuring 836.1ha from Golden Land Bhd for RM655mil in cash.

For FGV, the proposed acquisitions are expected to improve its brownfield land and age profile of its oil palms.

Meanwhile, Golden Land sees the proposed disposals as offering an opportunity for the group to unlock and realise the value of its investments in the companies and land being sold.

But the disposal may see Golden Land to be classified as an “affected listed issuer” and/or a “cash company” pursuant to Practice Note 16 and Practice Note 17 (PN17) of the Listing Requirements. This implies that the company will have to submit a regularisation plan since the board intends to maintain its listing status.

Golden Land and FGV revealed that FGV’s subsidiary Pontian United Plantations Bhd and/or its nominee had signed a conditional sale and purchase agreement to acquire Golden Land’s four subsidiaries and land in Beluran.

The land is currently charged to Hong Leong Bank Bhd (HLBB) as part of the security for loan given to Golden Land. Its market value, as assessed by CH Williams Talhar & Wong (Sabah) Sdn Bhd, is RM71.72mil.

To facilitate the discharge of charge on land, Golden Land will obtain a redemption statement from HLBB for the security’s partial release in respect to the loan extended to the company by HLBB.

Golden Land will also secure the redemption statement by the relevant financiers in respect to the borrowings of the four subsidiaries as well as for the purpose of releasing all securities provided by the companies as third party securities for any of Golden Land group’s borrowings.

Notably, the sale and purchase of the shares and land is expected to be completed in three months from the unconditional date or any other date that FGV and Golden Land may decide later.

Golden Land estimates that the group may gain RM15.23 million from the proposed disposals. However, the company is yet to determine the amount of the net proceeds as well as on how the money will be used.

The sale and purchase of the land and the shares will be completed within three months from the unconditional date or any other date that Golden Land and FGV decide later.

Golden Land estimated that the group would gain RM15.23mil from the proposed disposals. However, it has yet to determine the amount of the net proceeds and how exactly the money would be used.

Golden Land, which will still own about 8,497ha of plantation lands after the proposed exercise, said the disposals may trigger criteria under PN17.

Land & General Bhd is buying 112 acres land in Bukit Raja

Land & General Bhd is buying Pembinaan Jaya Megah Sdn Bhd (PJMSB), which is undertaking alienation of 112.353 acres of leasehold land in Bukit Raja, Selangor, for RM90mil. This translates to RM801k per acre or RM18psf.

The property and plantation firm told Bursa Malaysia recently that it planned to develop the land into a residential and commercial development. No details were given.

The vendors of PJMSB are Tengku Sulaiman Shah Al-Haj Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Al-Haj (30%) and Datuk Hui Swee Seong and family (70%).

Meanwhile, the District and Land Office of Petaling has given its approval for the alienation of the land in November last year. The expiry of the 99-year lease period is not yet available pending completion of the alienation of the Land and issuance of land title(s).

The proposed acquisition is expected to be completed by the second quarter of 2016.

The proposed acquisition will expand the land bank of the LandG group to facilitate future development projects and will contribute positively to the future earnings and cash flows of the group in line with our core business, it said, adding that it intends to develop the land as a residential and commercial development.

LandG said it intends to finance the purchase consideration through internally generated funds and bank borrowings.

MRCB to develop Brickfields land

Malaysian Resources Corp Bhd will demolish the five acre site, known as Lot 349/100 in Brickfields, here starting tomorrow and works to complete in two months. The property developer will then build three 40-storey towers comprising mainly high end residential units, after the transfer of land from the government is completed. The project will be connected to the multi-billion ringgit Kuala Lumpur Sentral transportation hub, riding on rail connectivity, said MRCB executive vice president Datuk Dell Akhbar Khan at a briefing here.

Source : New Straits Time , 26 MAY 2015

IJM Land’s Seri Riana Residence Phase 2 opens sales to hot response

After having previewed to pre-registered buyers last weekend, IJM Land’s Seri Riana Residence Phase 2 condominium launched officially last weekend.

According to the developer, more than half of the units for sale were already booked during the preview.

Phase 2 consists of two high-rise blocks (Blocks F and G) with a total of 284 apartments. With contemporary designs, the units offer built-up areas ranging from 1,259 sq ft to 1,830 sq ft and are priced at approximately RM600 per sq ft. Each unit is made up of either three- or 3+1 bedrooms with two to four bathrooms.

Seri Riana Residence comprises the later phases of the Riana Green East.KL development in Wangsa Maju.

Phase 2 of Seri Riana Residence comes after Phase 1 was launched in the middle of last year. According to the developer, 95% of Phase 1 has been sold, achieving sales of RM330mil.

Seri Riana Residence is a condominium developed by Elegan Pesona Sdn Bhd, which is a joint venture between IJM Properties Sdn Bhd and MSL Properties Sdn Bhd. IJM Properties is also the developer of Riana Green condo in Tropicana, Petaling Jaya.

“Every home has been designed with a great blend of luxury and a touch of nature. It offers privacy with a breathtaking view of the Kuala Lumpur skyline or Melawati Ridge,” says IJM Land chief executive officer and managing director Datuk Soam Heng Choon.
Seri Riana Residence benefits from being located next to Aeon Big (formerly known as Carrefour) Wangsa Maju and Wangsa Walk shopping mall, as well as only 15 minutes’ drive to Mont’Kiara using the Duta-Ulu Kelang Expressway (DUKE), or to Jalan Sultan Ismail using Jalan Jelatek.

Seri Riana Residence is also located not far from the Sri Rampai LRT station, which is six stops from the KLCC station. The developers have said that they will build a covered walkway and link bridge to the LRT station.

The development comes complete with  facilities designed for the whole family which includes 2.8 acres of themed landscaped parks, a sports centre, children’s play zone, green lawn, 40m lap pool, sauna and more.

Seri Riana Residence  is targeted for completion by the first quarter of 2017.

STAR, October 21, 2013

New LRT extension to connect Kelana Jaya to Klang through Shah Alam?

PETALING JAYA: The feasibility study of the third light rail transit (LRT 3) line connecting Kelana Jaya to Klang through Shah Alam is expected to be completed by the end of next month and the project is expected to cost between RM8bil and RM9bil, said a source close to the matter.

“This will translate into about RM230mil per km on average to cater to the most populated and industrialised cities in Selangor.

“Looking at the environment now, where the Government is pushing towards the development of public rail infrastructure networks, it should receive the green light soon.

“After the feasibility study by Syarikat Prasarana Negara Bhd is completed, it will then go to the relevant authority for approval.

“And this will be good news for the people in Shah Alam and Klang as well as contractors involved in the ongoing RM7bil LRT extension of the Ampang and Kelana Jaya line to bid for more jobs,” the source told StarBiz.

Some of the main stations, according to the source, would be Glenmarie, Stadium Shah Alam, i-City, UiTM, Bandar Baru Klang, South Port and Bandar Sultan Sulaiman.

“There are several route options being proposed and this LRT 3 is going to be connected to the Kelana Jaya line and the mass rapid transit line.

“The LRT 3 is going to be 30km to 34km in length with projected ridership of 22,000 passengers per hour per direction,” he said.

As of 2010, Shah Alam has a total population of 216,000 while Klang has 909,500 people.

Currently, the Greater Kuala Lumpur region is witnessing the ongoing construction of the RM23bil Sungai Buloh-Kajang MRT project undertaken by MRT Corp and its project delivery partner, a joint venture between Gamuda Bhd and MMC Corp Bhd.

The line with 31 stations serves a corridor with an estimated population of 1.2 million people.

Meanwhile, Prasarana’s LRT extensions of the Kelana Jaya and Ampang line with additional 13 stations for each line will be fully completed by June 2015.

The extension of the Kelana Jaya and Ampang line will see the construction of 17km of elevated tracks extending from Kelana Jaya station to Putra Heights and another 17.7km track from Sri Petaling station to Putra Heights.

The Kelana Jaya line extension will increase passenger capacity up to 98,000 during peak hours, while the extended Ampang line can cater to 79,800 passengers.

Upon completion, the two lines will connect at the Putra Heights station, forming a complete rail system in the Klang Valley.

STAR, October 21, 2013