MRCB shortlisted for incinerator project

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) said it has been shortlisted for the 1,000-tonne-per-day waste-to-energy incinerator project in Taman Beringin, Kepong, which is estimated to cost up to RM800 million. This confirms The Edge Financial Daily’s report on Monday, which quoted industry sources as saying that the group had been shortlisted, together with Puncak Niaga Holdings Bhd, UEM Environment Sdn Bhd and DRB-Hicom Bhd, beating 29 other competitors.  It is said MRCB will team up with South Korea’s Hyundai Rotem Co to  bid for the concession, which may be for up to 30 years. MRCB chief financial officer Ann Wan Tee was quoted as saying in a Bernama news report yesterday that the group is expected to submit its bid to the government in November. “We are putting our best effort to win the tender. We are ‘fighting’ against other bigger boys as well, let’s see whether we can win it. It is going to be a concession. We do not know how long the government would give the concession [but] to build [the incinerator], it will take three to four years,” Ann reportedly told newsmen after the group’s extraordinary general meeting. MRCB’s tender book stands at about RM1.1 billion for its construction arm and RM1.8 billion for its property arm. On the development of the first parcel of the Kwasa Damansara project, Ann said the land is still under the condition precedent period as the group and Kwasa Land Sdn Bhd are required to get certain approvals. “We are going to have a couple more EGMs  ... because the agreement is quite sizeable,” he was quoted as saying by Bernama. This article first appeared in The Edge Financial Daily, on September 24, 2014. For more information on Building and Construction event, please visit www.asiapacificevents.com

Mayland Parkview’s stake in L&G inches closer to MGO threshold

KUALA LUMPUR: Land and General Bhd (L&G)’s largest shareholder, Mayland Parkview Sdn Bhd, yesterday further converted 64 million irredeemable convertible unsecured loan stocks (ICULS) into new shares, bringing its shareholding in the property developer to 307.42 million shares or 30.33% direct stake, another step closer to the 33% mandatory general offer (MGO) threshold. In a filing with Bursa Malaysia yesterday, L&G said Mayland Parkview had on Monday converted the ICULS into 64 million new shares. Last Thursday, Mayland Parkview had converted 140 million ICULS into 140 million new shares. Following the conversion, Mayland Parkview’s holding in L&G rose to 243.42 million shares or 25.9% stake as of last week. According to L&G’s 2014 annual report, as at July 21 this year, Mayland Parkview controlled 240.371 million or 48.63% ICULS, being L&G’s top ICULS holder. After the conversions last Thursday and on Monday, involving a total of 204 million ICULS, Mayland Parkview still holds 36.371 million ICULS. When contacted, L&G chief financial officer Ng Kee Chye said that assuming Mayland Parkview were to convert all its remaining ICULS, its stake would be raised from 30.33% to 32.73%. As at July 21, Mayland Parkview had 14.73% interest in L&G, according to its annual report. During L&G’s annual general meeting on Monday, some minority shareholders raised concerns over the possibility of it being taken private should Mayland Parkview’s interest in the company reach 33%, triggering an MGO. Under Malaysian rules, an offer to acquire the remaining interest in a company must be extended to the other shareholders once the major shareholder or together with parties acting in concert holds more than a 33% interest. “As long as Mayland Parkview’s shareholding is below 33%, there is no concern about that. “I can’t answer that on behalf of the major shareholder, but there is no indication from them [to take L&G private] and there was no such discussion,” L&G managing director Low Gay Teck had said. The five-year ICULS with a coupon rate of 1% per annum were issued on Sept 25, 2013, at nominal value of 13 sen apiece and will expire in 2018. According to Low, more than 598 million ICULS were issued last year. Up to last week, 450 million ICULS have been converted, with some 140 million ICULS still outstanding. This article first appeared in The Edge Financial Daily, on September 24, 2014. For more information on Building and Construction event, please visit www.asiapacificevents.com

Hua Yang launches its first high-rise residential in Johor

JOHOR BARU: Hua Yang Bhd is launching its first high-rise residential development in Johor today. The RM216 million residential project — Citywoods — has received 50% registration of interest since early August for the first seven residential floors in Tower B, levels 7 to 14.

“These registered interests come from home-owner occupiers who knew of Citywoods through our website and those who are familiar with Hua Yang offering affordable homes,” says Hua Yang Johor branch manager Casey Wong at a media briefing in Johor Baru on Wednesday.

“From the registered interests, Citywoods’ types A and B are the most popular because the buyers are mostly between 25 and 40 years old, who are first-time homebuyers,” he said.

Citywoods, which sits on 2.21 acres (0.89ha) of freehold land, has two 19-storey towers with a total of 417 units. It offers three layouts with built-ups of 764 sq ft (type A), 958 sq ft (type B) and 1,249 sq ft (type C). The prices for these units start from RM428,000. Tower B will be released now while tower A will be released next year.

Wong described Citywoods as an oasis of green within the city. Citywoods is located along Jalan Abdul Samad, behind the five-star Thistle Hotel, in Johor Baru.

“Citywoods is tucked serenely amid a hilly landscape while being just a stone’s throw away from the bustling city centre. The integrated aspects of nature and serenity exude a sense of peace and tranquillity amidst the conveniences of city living,” Wong said.

The development will have 24-hour security with a single-card access system. The unit security includes video intercom and digital door lock for all units. It offers resort-like facilities such as an infinity pool, jacuzzi, indoor and outdoor gym, barbecue area, event space, game room and KTV as well as a children’s playground and an audio-visual room.

A centralised water filter system will be used to provide clean water to all units and sky gardens on levels 11, 15, 19 and 23. A 6-storey car park sits on the lower levels of the tower, and residents of types B and C units will get two parking bays, while type A units will have one parking bay.

To date, Hua Yang’s projects in Johor account for 40% of the group’s total gross development value for its financial year 2015. The group has 106 acres, worth RM624 million, of undeveloped land bank in Johor.

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Seventy Saint Patrick receives overwhelming response

SINGAPORE: Singapore property developer UOL Group Ltd has sold nearly 100 units of the total 120 units of Seventy Saint Patrick in Singapore. The 186-unit freehold condominium was launched last Saturday.


The low-rise development comprises nine blocks of 5-storey apartments on a 140,000 sq ft site at St Patrick’s Road, which is located in the District 15 area. The development houses a one-level basement car park with 189 lots, including lots for the disabled.

“We released 120 units today (last Saturday) and nearly 100 units, including about 10 penthouses, have been taken up. Due to the overwhelming response, we will open up the rest of the units tomorrow (last Sunday). Seventy Saint Patrick sits on a freehold site that is near to the upcoming Marine Terrace MRT (mass rapid transit) — such locational attributes are rare. It is also in a prestigious location surrounded by private and landed housing. We have a well-designed product which will appeal to those who like the charms of living in low-rise units and being close to nature,” said deputy general manager (marketing) Anthony Wong in a press statement recently.

The 2- to 3-bedroom apartments have built-ups ranging from 700 sq ft to 1,302 sq ft, while the 4-bedroom dual-key units have built-ups ranging from 1,410 sq ft to 1,442 sq ft. The development also includes 36 2- to 4-bedroom penthouses with built-ups ranging from 1,033 sq ft to 1,647 sq ft. The apartments are priced from S$1,600 (RM4,102) per sq ft (psf) to S$1,700 psf. The development is expected to be completed in 2017.

Situated less than 1km away from the beaches of East Coast Park, the development is near the upcoming Marine Terrace station of the Thomson-East Coast MRT Line. It is connected to the rest of Singapore via the East Coast Parkway, Kallang-Paya Lebar Expressway and Marina Coastal Expressway, and is within close proximity to Changi Airport.

Wong said that residents of the development will enjoy nearby facilities such as Parkway Parade, 112 Katong shopping mall, Marine Parade Library and Parkway East Hospital. Schools in the vicinity include Tao Nan School, Victoria School, Tanjong Katong Girls’ School and Victoria Junior College. The development is located near an array of dining options in East Coast Park, Katong, Siglap and Joo Chiat, as well as restaurants and cafes along East Coast Road.

Seventy Saint Patrick won the top accolade in the Singapore residential development category at the Asia-Pacific International Property Awards 2014.

With 50 years in the industry under its belt, the company’s portfolio includes residential developments, office towers, shopping centres, hotels and serviced suites. The company, with its wholly-owned hotel subsidiary Pan Pacific Hotels Group Ltd (PPHG), owns two brands, namely Pan Pacific and Parkroyal. PPHG now owns, manages and/or markets over 30 hotels in Asia, Oceania and North America, with close to 9,600 rooms.


This article first appeared in The Edge Financial Daily, on September 26, 2014.

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Govt mulls ‘Youth City’ housing concept

KUALA LUMPUR: Aside from the continuous effort by Perbadanan PR1MA Malaysia to build affordable homes, the government is mulling over a new concept of public housing dubbed “Youth City” to supply more affordable houses to Malaysians. Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said the authority is planning to build two youth cities — one on the fringes of Klang Valley, and another in Sabah. Abdul Rahman said the idea for a youth city was first mooted by Prime Minister Datuk Seri Najib Razak at Malaysia’s National Blue Ocean Strategy (NBOS) meeting recently and his ministry, together with the ministries of youth and sports and rural and regional development, have been mandated to spearhead the project. “The objective is to build affordable houses for younger people with an environment that caters to their needs and lifestyle,” he said, adding that the new youth cities would be built near highways for ease of connectivity,” he told reporters after launching the sixth international conference on World Class Sustainable Cities (WCSC) 2014 yesterday. “Many ideas and suggestions have been put forward … We may build the cities from scratch or identify places that are not fully developed yet,” he said. WCSC 2014, organised by the Kuala Lumpur branch of the Real Estate and Housing Developers’ Association Malaysia, the Malaysian Institute of Planners and the Institute of Architects Malaysia, aims to learn from best practices around the world on elements and factors necessary for world-class sustainable cities. Abdul Rahman acknowledged that property and land prices in Kuala Lumpur have been increasing, but said “the trick is to have connectivity so that we can have it [the youth city] slightly far [from Kuala Lumpur]”. And with lower property prices, residents would have to stay in smaller units, he said, adding that the minimum units in each youth city would be 4,000 to 5,000, and would cater to people aged 40 and below. “Certainly, there must be some restrictions in terms of age and the size of the houses. We will probably concentrate on smaller apartments.” He also noted that the activities created in those areas would mostly be dominated by the creative industry and online businesses, adding that the proposed youth cities could be built on government or private-owned tracts. “We are open to all ideas. Obviously, if it is on government land, it will be cheaper. It’s also easier for you to create a city that is sustainable when you start from scratch rather than taking an old city and try to transform it to a sustainable city. Just like what we did to Putrajaya and Cyberjaya, it is more organised in that sense,” he said. This article first appeared in The Edge Financial Daily, on September 26, 2014. For more information on Building and Construction event, please visit www.asiapacificevents.com

1MDB RE invites tenders for new work packages at TRX site

KUALA LUMPUR: 1MDB Real Estate Sdn Bhd (1MDB RE), the property arm of 1Malaysia Development Bhd (1MDB), has invited contractors to participate in the pre-qualification exercise for infrastructure and internal roadway works for the Tun Razak Exchange (TRX) development in Jalan Tun Razak.
“The next packages of work would extend to the roadwork and tunnels to support our key infrastructure, including underground road structures, installation of buried utilities, and both at-grade and elevated roadways,” said 1MDB RE chief executive officer Datuk  Azmar Talib, in a statement yesterday. The pre-qualification will shortlist companies for the tender stage for the new phase of TRX construction.  According to 1MDB RE, the TRX site is currently undergoing earthworks, which involve a four-storey deep excavation for the underground basement level. This is expected to be completed in the first half of 2015.
The initial phase of the TRX development will include the “lifestyle quarter” — a retail-led mixed-used development of over 17 acres (6.87ha) of land. Australia-based property and infrastructure group Lend Lease was chosen to be the development partner for the lifestyle quarter.  1MDB RE has said the lifestyle quarter alone is expected to attract up to US$1 billion (RM3.25 billion) in foreign direct investments.
On Wednesday, The Edge Financial Daily reported that major global investors from Qatar and Abu Dhabi were considering withdrawing from 1MDB RE projects such as TRX and Bandar Malaysia.  The reasons cited by a source close to the matter were the lack of transparency in the project’s planning and its slow progress. It was also reported that there had been several changes to TRX’s master plan and this has led to delays in the project.
Azmar Talib said 1MDB RE is “in the final stages of discussions with several other international and local investors”.
He maintained that the company has “remained faithful to the master plan” of the development, “other than some additional enhancement meant for the surrounding neighbourhoods”.
Azmar Talib  said TRX will develop its first office tower soon. 1MDB RE had last week signed a 20-year concession agreement with Veolia Water Technologies Southeast Asia for waste water treatment and recycled water supply for the TRX project, he added.



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Battersea closes £1.35b syndicated debt facility

LONDON: Battersea Power Station Development Company Ltd has closed a syndicated debt facility of £1.35 billion to fund the development of Phase 2 and Phase 3 of the iconic Battersea Power Station (BPS) here. The financing is one of the largest real estate financing transactions in recent years. It comprises a £750 million facility to fund the development of the power station building and a £600 million facility to fund the development of BPS’ high street Electric Boulevard, comprising buildings designed by Gehry Partners and Foster + Partners. CIMB Bank Bhd, Malayan Banking Bhd and Standard Chartered Bank are acting as mandated lead arrangers, book runners and joint co-ordinators. DBS, National Bank of Abu Dhabi, OCBC Bank and RHB Bank Bhd are participating as primary syndicate members. “The agreements shows the confidence of the banks in BPS and the shareholders, and we thank them for their support,” said Battersea Project Holding Company Ltd (BPHCL) chairman Tan Sri Liew Kee Sin at the signing ceremony held yesterday. The event was witnessed by Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan. The £8 billion BPS is owned by the consortium of S P Setia Bhd, Sime Darby Bhd and the Employees Provident Fund. BPHCL is gearing up for a global tour to 13 cities in 11 countries that will be launched from London on Friday at 8am GMT. Phase 3A, comprising 539 of the total 1,305 Gehry Partners and Foster + Partners designed homes, will be opened for sale at the same time. The homes will be part of BPS’ pedestrianised high street. “The global launch is for us to engage with the world. It’s not just for people to buy apartments, but also for leasing space. We want to make BPS a global brand,” said Liew. The global tour aims to seek out the most exciting UK and global brands, businesses and restaurants to come to BPS. The launch will open 3.5 million sq ft of commercial leasing space to international brands and companies. The area will have over 250 retail and food and beverage outlets, three hotels, cinemas, event and conference space, and 1.62 million sq ft of offices, among others. The commercial space will be kept for recurring income. This article first appeared in The Edge Financial Daily, on October 29, 2014. For more information on Building and Construction event, please visit www.asiapacificevents.com