Sime Darby's City of Elmina sees near 100% take up

KUALA LUMPUR: Sime Darby Property’s latest development, City of Elmina saw a near 100% take up during its soft launch which involved 255 units of double-storey link houses valued at RM188.18mil.

Chief operating officer Datuk Wahab Maskan said the township provided buyers with a balanced lifestyle where it boasts a 300-acre parkland that is an extension of the existing 2,700-acre forest reserve adjacent to the township.

“The township will also feature, amongst others, a 70-kilometer cycling track, a well-marked marathon-distance (42km) jogging track and a wellness cluster of retail shops, facilities and amenities centered on health and well-being.

“In addition, safety and security of our residents will also be a priority and have been incorporated from the design stage of this township,” he added.

Sime Darby said the industrial component within City of Elmina had also been well received where the group recently saw all 51 vacant lots amounting to 95.46 acres with a sales value of RM370.07mil being completely taken up.

The group added it is planning to unveil the next phase of homes in the existing township in the fourth quarter of 2013.

The township is a part of the Selangor Vision City, where the entire Guthrie Corridor is set to be the growth center and catalyst within Greater Kuala Lumpur and Klang Valley.

(The Star, July 10)

Mah Sing CIMB’s top property pick, drawing interest abroad

KUALA LUMPUR: CIMB has singled out the Mah Sing Groupas its top property pick, rating it Outperform while maintaining a target price of RM3.48 (the stock opened at RM2.49 on Wednesday, July 10).

It said the group’s strong earnings growth, new sales and landbanking efforts should provide re-rating catalysts, advising investors to continue to accumulate Mah Sing because “the group offers the best exposure to a pure Malaysian property play, backed by an excellent track record for execution and aggressive growth”.

CIMB reported that it had taken Mah Sing’s management on a “non-deal road show” to London, Edinburgh and Paris the week before to meet with investors keen to the latest in the Malaysian property market.

“There were no major surprises from the meetings as we have followed Mah Sing's progress closely. We believe investors were impressed with Mah Sing's strong performance over the years and its lofty ambitions which are tempered by carefully calculated moves,” it said.

Explaining that the group started as a plastic injection moulding company that expanded into the property business, it said Mah Sing retained one aspect of its original manufacturing culture – a relatively asset-light and quick-turnaround business model.

Mah Sing, in its meetings with the prospective investors, said it was most optimistic about the Klang Valley in light of the major infrastructure projects like the MRT and high-speed rail which will improve accessibility.

It said it was a bit more cautious about the prospects forIskandar Malaysia and was worried about a situation of potential oversupply several years down the road, especially when some high-end condos come onstream.

The group acquired four parcels of land this year, including two in Kuala Lumpur and Iskandar Malaysia, Johor for RM438.35 million, and is eyeing more landbank in the Klang Valley, with sizes ranging from 100-700 acres for township-oriented landbank.

“It is one of the few developers with exposure to all major property markets in Malaysia, i.e. the Klang Valley, Johor, Penang and Sabah. We share management's positive view on the Klang Valley in light of the Greater Kuala Lumpur Transformation Programme.

“We are more optimistic than Mah Sing on the longer-term potential of Iskandar Malaysia. We like Penang for its heritage status and the imminent completion of the second Penang Bridge, while Sabah can no longer be ignored as it has enjoyed some of the strongest residential price appreciation over the past 10 years. Mah Sing remains our top pick in the property sector,” CIMB concluded.

(The Star, July 10)

Buyers snap up Sunway Geo Phase 2

KUALA LUMPUR: Sunway Integrated Properties reported an overwhelming response to the soft launch of Phase 2 of its Sunway Geo development last week, recording a take-up rate of 70%.

Phase 2 which makes up a gross development value (GDV) of RM452mil of the RM1.5bil total GDV, comprising almost six acres of the entire 23.4 acre Sunway Geo integrated development, consists of 46 units of retail shops and 228 flexi suites.

The enthusiastic response follows the successful launch last year of Phase 1, now fully sold. The entire Sunway Geo development consists of shops, flexi suites, urban suites and residences.
Sarena Cheah, joint managing director of the property development division, Sunway Berhad, said the seamless connectivity to Sunway Resort City (SRC) was one of the reasons for its success.  

“Sunway Geo is well-positioned along the education and healthcare precincts while being seamlessly connected through the other five components of the SRC, namely retail, residences, offices, hospitality and leisure through canopied walkways and the elevated Bus Rapid Transit-Sunway Line.

The development also enjoys great accessibility to and from the rest of Klang Valley by a comprehensive network of road and rail. Also the ready catchment of 500,000 population within Bandar Sunway and Subang Jaya including 50,000 students coupled with the 40 million visitations per annum attests to the success of the development,” she said. 

The BRT-Sunway Line, lauded for its potential to transform the landscape of the SRC and boost of property values in the area, will have a stop right in front of the development. The BRT Sunway Line connects SRC to the Setia Jaya KTM Komuter station and the upcoming light rail transit (LRT) station at USJ, Subang Jay

(The Star, 9 July 2013)