UEM Land eyes RM3bil in sales in 2012
UEM Land Holdings Bhd is targeting RM3 billion in sales this year, riding new launches with a GDV of RM5.5 billion. CEO Datuk Wan Abdullah Wan Ibrahim said the group will be launching properties in Nusajaya (Johor), Mont’Kiara, the Kuala Lumpur central business district as well as Bangi and Kajang (Selangor).

The group hit its RM2.2 billion target in sales last year and is confident of achieving the RM3 billion target this year, said Wan Abdullah after the signing ceremony between UEM Land and Medini Security Services Sdn Bhd on Jan 10. The agreement was for Medini Security Services, a wholly-owned subsidiary of Iskandar Investment Bhd, and UEM Land to form a full-fledged security services company to provide Nusajaya, one of the five nodes of Iskandar Malaysia, with enhanced security.

On UEM Land’s bid for the development tender of the 7.6ha former Unilever plant site in Jalan Bangsar, Wan Abdullah said the group has been shortlisted and invited to present its proposal. The landowner is Pelaburan Hartanah Bhd, a government entity set up to promote bumiputera ownership of prime real estate.    

Over 85% of Tropez Residences’ Tower A sold
Dijaya Corp Bhd sold over 85% of Tower A of its Tropez Residences in Iskandar Malaysia, Johor, within a month of its launch, the group announced on Jan 10. “We are very pleased to receive this strong response from locals and Singaporeans in such a short time,” said group CEO Tan Sri Danny Tan.

The 428 units in the 38-storey tower have built-ups of 689 to 1,668 sq ft with one-bedroom plus study room units to three-bedroom units priced from RM400,000. Tower B, with its official launch on Jan 14, stands at 39 storeys and features 424 units while Tower C, which is slated to be launched after Chinese New Year, has 29 storeys and will contain 297 units. In total, there will be 1,149 serviced apartments within the development with built-ups ranging from 463 to 1,798 sq ft. Dijaya Corp expects to complete Tropez Residences in 2014.

Tropez Residences is part of the Tropicana Danga Bay integrated development that will also feature office towers, residences, SoHos, a medical centre, an international school, a hotel and a shopping mall. The 37-acre freehold project is a joint venture between Dijaya Corp and Iskandar Waterfront Sdn Bhd worth RM3.8 billion.

KWAP to expand real estate portfolio in Australia and the UK
Kumpulan Wang Persaraan (Diperbadankan) (KWAP), which recently completed its acquisition of the 14-storey ASX Building in Sydney, Australia, for A$185 million (RM599.69 million), will continue to grow its global real estate investments, said CEO Datuk Azian Mohd Noh.

“Besides Australia, the UK is another major property investment destination for KWAP. It has allocated 4% of its entire fund size or about RM3.2 billion for both local and international property investments,” he said.

The ASX building is KWAP’s second acquisition in Australia. Located in the corner of Bridge Street and Pitt Street, the Grade-A office building with a net lettable area of 213,089 sq ft is 85% occupied. Its major tenant is ASX Operations Pty Ltd, part of ASX Group which operates the Australian Securities Exchange. The ground floor retail space is occupied by HSBC Bank Australia Ltd. KWAP previously acquired the 737 Bourke Street office building in Melbourne in December 2010 for A$113 million.

Genting Malaysia considering US$4 bil complex in Queens
Genting Malaysia Bhd’s unit is considering developing an integrated mixed-use complex, costing US$4 billion (RM12.56 billion), adjacent to the Aqueduct Racetrack in Queens, New York. It said on Jan 5 that its indirect unit, Genting New York LLC (Genting NY), had signed a non-binding letter of intent dated Jan 3 with the New York State Urban Development Corporation for the project.
“The proposed project is anticipated to cost at least US$4 billion, which will include an integrated 3.8 million sq ft convention and exhibition centre with up to 3,000 hotel rooms and an expansion of Resorts World Casino New York City,” it said.

Genting NY said it will work closely with the New York State Urban Development Corporation, which is undertaking the business as Empire State Development Corporation, and the relevant parties to negotiate the terms. The plan is to enter a binding memorandum of understanding on or before Nov 30.

Ministry to revive 35 abandoned projects this year
The Housing and Local Government Ministry aims to revive 35 abandoned housing projects in the country this year. Minister Datuk Seri Chor Chee Heung said the target was the main key performance indicator (KPI) for the ministry this year.

“Since 2009, we have revived 84 abandoned housing projects. Almost all these projects involved low-cost housing projects because those are our main focus,” he told reporters after handing over the keys to houseowners at the revived Taman Kerisi, Seremban, and Taman Bukit Ara, Kuala Pilah, on Jan 6. He added that 31 projects were revived last year.

Chor said the amendments to the Housing Development (Control and Licensing) Act, 1966, are meant to ensure the orderly development of housing and protect homebuyers. “Section 7 (F) of the Act stipulates that developers have to submit half-yearly reports to the ministry on the progress of their projects. Legal action may be taken against irresponsible developers who abandon projects without valid reason,” he said.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 893, Jan 16-22, 2012