KUALA LUMPURP: Welton Development Sdn Bhd has launched a 1,134-unit serviced apartments project in Iskandar Malaysia with an estimated gross development value (GDV) of RM1 billion.
The developer has his eyes on the bullish residential and employment market in the rapidly emerging economic zone.
The freehold residences are scheduled for completion by the second quarter of 2017.
In a statement, Welton Development said the project,Green Haven, would be undertaken on a 3.14 hectare piece of land and has a rainforest theme.
Green Haven is being touted as a beautiful, nature-inspired abode in the pulse of Iskandar Malaysia and one that overlooks Singapore's northernmost skyline, in a bid to woo investors.
Green Haven incorporates personalised facilities such as a mini theatre, library, cafe, gourmet kitchen, and an about 540-metre jogging track.
A sky bridge at the 30th storey, includes an observation desk that offers breathtaking, panoramic views across the straits.
"The market demand and potential for quality residence remains strong in Iskandar. Green Haven's appeal lies in its green and smart elements that suit the housing and lifestyle preferences of both single working professionals and homeowners," the statement said.-- Bernama
Source: https://my.news.yahoo.com/welton-launches-rm1b-gdv-serviced-083753145.html
Thursday, 30 October 2014
Sunday, 26 October 2014
Angry Birds Park to open Friday in JB
JOHOR BARU - South-east Asia's first indoor Angry Birds Activity Park will be opened to the public on Oct 31.
Fans of the animated bird game will be delighted to find fun-packed games, activities and entertainment such as the Lazer Bird Shoot, Red Bird Goal, Piggy Shooting Gallery and Captain Black Bird Ship at the park located within the Komtar JBCC shopping mall here.
At the media preview session here on Sunday, Damansara Asset Sdn Bhd executive director Yusaini Sidek said the park was a joint venture with the founder of the bird game Finland-based Rovio Entertainment Ltd.
"Fans in Malaysia and neighbouring countries can now immerse themselves in the world of Angry Birds through fun and interactive physical and educational activities," he said.
Tickets are priced at RM75 per entry but for MyKad or MyKid holders, the tickets are priced at RM60. A variety of tickets from a single pass, family passes to unlimited annual passes are available.
The park is located at the mall's third floor and will be opened from 10am to 10pm daily. Children below 10 years old must be accompanied by an adult at all times.
Angry Bird Park is the third theme park to be open after Legoland theme park and Hello Kitty theme park at Nusajaya.
Fans of the animated bird game will be delighted to find fun-packed games, activities and entertainment such as the Lazer Bird Shoot, Red Bird Goal, Piggy Shooting Gallery and Captain Black Bird Ship at the park located within the Komtar JBCC shopping mall here.
At the media preview session here on Sunday, Damansara Asset Sdn Bhd executive director Yusaini Sidek said the park was a joint venture with the founder of the bird game Finland-based Rovio Entertainment Ltd.
"Fans in Malaysia and neighbouring countries can now immerse themselves in the world of Angry Birds through fun and interactive physical and educational activities," he said.
Tickets are priced at RM75 per entry but for MyKad or MyKid holders, the tickets are priced at RM60. A variety of tickets from a single pass, family passes to unlimited annual passes are available.
The park is located at the mall's third floor and will be opened from 10am to 10pm daily. Children below 10 years old must be accompanied by an adult at all times.
Angry Bird Park is the third theme park to be open after Legoland theme park and Hello Kitty theme park at Nusajaya.
Source: http://news.asiaone.com/news/travel/angry-birds-park-open-friday-jb
Thursday, 23 October 2014
Economists bullish on impact of Kuala Lumpur-Singapore HSR rail project
KUALA LUMPUR: The RM38.4 billion Kuala Lumpur-Singapore high-speed rail project should not be seen only as a transportation upgrade but one should also observe the domino effect it would have on both Malaysia and its neighbour.
Economic analyst Hoo Ke Ping said the project, once completed, would benefit both countries and “we would enter a new phase of tourism by having more foreign tourists coming into Malaysia.
“Although the project is concentrated mainly in Johor, neighbouring states, such as Malacca, Negri Sembilan and Kuala Lumpur, would also benefit from it,” he told Business Times yesterday.
“We could expect an increase in property growth as well as other sectors as the result of the rail construction.”
Hoo also dismissed the notion that more Malaysians would be working in Singapore once the project was completed.
“I think quite the opposite will happen. More Singaporeans would be coming over to Malaysia for obvious reasons, such as shopping and a lower currency exchange rate.
“Singapore had already imposed a ruling that businesses could only employ foreigners for jobs offering salaries of more than US$12,000 (RM39,000). So, the speculation is baseless.”
On a related matter, Hoo said with the Kuala Lumpur-Singapore airline route being one of the most profitable course, local carriers should start mulling over other route possibilities.
“Maybe local airline companies, such as Malaysia Airlines and AirAsia, should strategise to find replaceable routes that could bring in as much profit as the Kuala Lumpur-Singapore route.”
An economist, who wished to remain anonymous, said the impact of such a project would be good in terms of connectivity between Singapore, a developed economy, and Malaysia, a fast developing economy, which, in turn, would spur growth in both countries.
“Singapore is a financial epicentre, and since Malaysia aspires to be an Islamic financial hub, the improved connectivity should ease networking and the allocation of resources between the two countries.
“The multiple stops in the rail link would also accelerate local businesses at nearby areas.”
Source: http://www.nst.com.my/node/45270
Economic analyst Hoo Ke Ping said the project, once completed, would benefit both countries and “we would enter a new phase of tourism by having more foreign tourists coming into Malaysia.
“Although the project is concentrated mainly in Johor, neighbouring states, such as Malacca, Negri Sembilan and Kuala Lumpur, would also benefit from it,” he told Business Times yesterday.
“We could expect an increase in property growth as well as other sectors as the result of the rail construction.”
Hoo also dismissed the notion that more Malaysians would be working in Singapore once the project was completed.
“I think quite the opposite will happen. More Singaporeans would be coming over to Malaysia for obvious reasons, such as shopping and a lower currency exchange rate.
“Singapore had already imposed a ruling that businesses could only employ foreigners for jobs offering salaries of more than US$12,000 (RM39,000). So, the speculation is baseless.”
On a related matter, Hoo said with the Kuala Lumpur-Singapore airline route being one of the most profitable course, local carriers should start mulling over other route possibilities.
“Maybe local airline companies, such as Malaysia Airlines and AirAsia, should strategise to find replaceable routes that could bring in as much profit as the Kuala Lumpur-Singapore route.”
An economist, who wished to remain anonymous, said the impact of such a project would be good in terms of connectivity between Singapore, a developed economy, and Malaysia, a fast developing economy, which, in turn, would spur growth in both countries.
“Singapore is a financial epicentre, and since Malaysia aspires to be an Islamic financial hub, the improved connectivity should ease networking and the allocation of resources between the two countries.
“The multiple stops in the rail link would also accelerate local businesses at nearby areas.”
Source: http://www.nst.com.my/node/45270
Monday, 20 October 2014
Rehda: GST will push up property prices by 2.6%
PETALING JAYA: Home prices will rise by about 2.6% once the goods and services tax (GST) comes into play, said the Real Estate and Housing Developers’ Association Malaysia (Rehda).
The chairman of the association’s task force on accounting and taxation, Datuk Ng Seing Liong, said that the calculation was based on its consultations with industry experts and member developers.
Rehda’s 2.6% estimate differs from that of the Customs Department, which expects the GST to have an impact of between 0.5% and 2% on house prices, assuming there’s no change in supply and demand conditions.
Ng said the association was in full support of the GST and concurred with Customs GST director Datuk Subromaniam Tholasy, who had said that land did not incur the 6% GST rate.
However, he said land was by no means the largest cost component in property development.
“As our calculation clearly spells out, the construction cost, which constitutes 46% of the total development, is not only the largest component but also the component which will attract the GST of 6%,” he said in a letter to StarBiz.
He said the GST on this component would inevitably lead to an increase in house prices.
Appending calculations for a housing unit originally priced at RM400,000, Ng said the price post-GST would be around RM410,560.
Under the 46% construction component, costs were broken down into non-service taxable and service taxable segments, representing 44%, or RM176,000, and 2%, or RM8,000, respectively.
Under the non-service taxable segment comes items such as cement/concrete, steel, bricks and sand, while the service taxable segment includes tiles and fittings/sanitary. Under the existing sales and service tax, no tax is imposed on the non-service taxable category, while the service taxable category has a tax of up to 10% imposed on it.
Post-GST, Rehda’s calculations showed that the non-service taxable cost had gone up to RM186,560, while the service taxable cost remained at RM8,000.
It maintained the same cost estimates for other items, including land (15% or RM60,000), infrastructure and pre-development works (10% or RM40,000), professional fees and marketing costs (6% or RM24,000), finance costs (6% or RM24,000) and profit (17% or RM68,000).
Ng said Rehda also disagreed with Subromaniam, who had said that developers could easily absorb cost increases as their margins were around 30%.
He said it was currently impossible for developers to earn up to a 30% profit, as most development costs were on the rise, along with various capital contributions and charges imposed on developers.
“On average, as tabulated in the calculation, developers, most of which are public-listed companies, are only making around 17% at best,” he said.
However, Ng said it was still too early to determine the actual house price increases post-GST, as Rehda was still in discussions with the Government and there appeared to be many more issues to be ironed out.
Source: http://www.thestar.com.my
The chairman of the association’s task force on accounting and taxation, Datuk Ng Seing Liong, said that the calculation was based on its consultations with industry experts and member developers.
Rehda’s 2.6% estimate differs from that of the Customs Department, which expects the GST to have an impact of between 0.5% and 2% on house prices, assuming there’s no change in supply and demand conditions.
Ng said the association was in full support of the GST and concurred with Customs GST director Datuk Subromaniam Tholasy, who had said that land did not incur the 6% GST rate.
However, he said land was by no means the largest cost component in property development.
“As our calculation clearly spells out, the construction cost, which constitutes 46% of the total development, is not only the largest component but also the component which will attract the GST of 6%,” he said in a letter to StarBiz.
He said the GST on this component would inevitably lead to an increase in house prices.
Appending calculations for a housing unit originally priced at RM400,000, Ng said the price post-GST would be around RM410,560.
Under the 46% construction component, costs were broken down into non-service taxable and service taxable segments, representing 44%, or RM176,000, and 2%, or RM8,000, respectively.
Under the non-service taxable segment comes items such as cement/concrete, steel, bricks and sand, while the service taxable segment includes tiles and fittings/sanitary. Under the existing sales and service tax, no tax is imposed on the non-service taxable category, while the service taxable category has a tax of up to 10% imposed on it.
Post-GST, Rehda’s calculations showed that the non-service taxable cost had gone up to RM186,560, while the service taxable cost remained at RM8,000.
It maintained the same cost estimates for other items, including land (15% or RM60,000), infrastructure and pre-development works (10% or RM40,000), professional fees and marketing costs (6% or RM24,000), finance costs (6% or RM24,000) and profit (17% or RM68,000).
Ng said Rehda also disagreed with Subromaniam, who had said that developers could easily absorb cost increases as their margins were around 30%.
He said it was currently impossible for developers to earn up to a 30% profit, as most development costs were on the rise, along with various capital contributions and charges imposed on developers.
“On average, as tabulated in the calculation, developers, most of which are public-listed companies, are only making around 17% at best,” he said.
However, Ng said it was still too early to determine the actual house price increases post-GST, as Rehda was still in discussions with the Government and there appeared to be many more issues to be ironed out.
Source: http://www.thestar.com.my
Saturday, 18 October 2014
Iskandar Malaysia expects 'big' investment soon, says Mohamed Khaled Nordin
JOHOR BARU, Oct 18 — Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin said Iskandar Malaysia is expected to receive another ‘big’ investment, which will continue to strengthen the region’s image as an attractive investment destination in the country.
Mohamed Khaled however declined to comment further on the investment.
“We have to wait for the announcement of the big investment as it is the federal government’s project. I expect the announcement will be made soon,” he told reporters today.
Mohamed Khaled who is also Iskandar Regional Development Authority (IRDA) joint Chairman said this after launching the Iskandar Malaysia Conference here.
He said the big investment which is now at Finance Ministry level would have spillover effects as it would also attract investments from other supporting companies to Iskandar Malaysia.
He said with the inflows of local and foreign investment, Iskandar Malaysia is expected to create 1.5 million high-income jobs in 2025.
The state government he said would ensure that the investments received by Iskandar Malaysia would be beneficial to the local residents in line with the government’s People’s Economy agenda.
Two days ago, Mohamed Khaled in a statement said Iskandar Malaysia had secured investments worth RM10 billion in the third quarter of this year, bringing the total cumulative committed investments since its inception in 2006 until September 30 this year to RM156.35 billion. — Bernama
Source: http://www.themalaymailonline.com/malaysia/article/iskandar-malaysia-expects-big-investment-soon-says-mohamed-khaled-nordin
Mohamed Khaled however declined to comment further on the investment.
“We have to wait for the announcement of the big investment as it is the federal government’s project. I expect the announcement will be made soon,” he told reporters today.
Mohamed Khaled who is also Iskandar Regional Development Authority (IRDA) joint Chairman said this after launching the Iskandar Malaysia Conference here.
He said the big investment which is now at Finance Ministry level would have spillover effects as it would also attract investments from other supporting companies to Iskandar Malaysia.
He said with the inflows of local and foreign investment, Iskandar Malaysia is expected to create 1.5 million high-income jobs in 2025.
The state government he said would ensure that the investments received by Iskandar Malaysia would be beneficial to the local residents in line with the government’s People’s Economy agenda.
Two days ago, Mohamed Khaled in a statement said Iskandar Malaysia had secured investments worth RM10 billion in the third quarter of this year, bringing the total cumulative committed investments since its inception in 2006 until September 30 this year to RM156.35 billion. — Bernama
Source: http://www.themalaymailonline.com/malaysia/article/iskandar-malaysia-expects-big-investment-soon-says-mohamed-khaled-nordin
Thursday, 16 October 2014
EcoWorld keen to buy 30% stake in real estate SPAC
KUALA LUMPUR: EcoWorld Development Group Bhd has expressed interest to subscribe to a 30 per cent stake worth RM562.5 million in Eco World International Bhd, a real-estate special purpose acquisition company.
In a filing to Bursa Malaysia, EcoWorld said the proposed subscription is the most appropriate means for EcoWorld to venture overseas in a significant manner without over-leveraging on the company’s financial resources.
EcoWorld has decided that it will not deliberate further nor accept the offer to acquire 0.47ha at 76-82 & 100 Church Street, Parramatta, New South Wales, Australia, as announced months earlier.
Eco World International’s proposal to undertake a listing and quotation for its securities on the Main Market as a SPAC was announced earlier yesterday in a separate announcement.
Over the last several months, EcoWorld has announced a series of acquisitions and corporate exercises to expand its land bank and scale up business operations in three key regions in Malaysia, namely the Klang Valley, Iskandar Malaysia, Johor and Penang.
The recent success of its launches in the Klang Valley (EcoSky, EcoMajestic) and Iskandar Malaysia (EcoBotanic, EcoSpring, EcoSummer and Eco Business Park 1) have further reinforced EcoWorld’s growing brand presence in Malaysia.
With a strong foundation now laid as a developer of townships and green business parks, the board is in the midst of evaluating several proposals for EcoWorld to venture into, it said.
“This includes expanding into matured overseas markets, such as Australia and the United Kingdom,” EcoWorld said.
The proposed subscription will enable EcoWorld to venture overseas via investing in a property SPAC with a management team that has a proven track record in identifying, acquiring and implementing overseas projects.
Source: https://my.news.yahoo.com/ecoworld-keen-buy-30pc-stake-152841839.html
In a filing to Bursa Malaysia, EcoWorld said the proposed subscription is the most appropriate means for EcoWorld to venture overseas in a significant manner without over-leveraging on the company’s financial resources.
EcoWorld has decided that it will not deliberate further nor accept the offer to acquire 0.47ha at 76-82 & 100 Church Street, Parramatta, New South Wales, Australia, as announced months earlier.
Eco World International’s proposal to undertake a listing and quotation for its securities on the Main Market as a SPAC was announced earlier yesterday in a separate announcement.
Over the last several months, EcoWorld has announced a series of acquisitions and corporate exercises to expand its land bank and scale up business operations in three key regions in Malaysia, namely the Klang Valley, Iskandar Malaysia, Johor and Penang.
The recent success of its launches in the Klang Valley (EcoSky, EcoMajestic) and Iskandar Malaysia (EcoBotanic, EcoSpring, EcoSummer and Eco Business Park 1) have further reinforced EcoWorld’s growing brand presence in Malaysia.
With a strong foundation now laid as a developer of townships and green business parks, the board is in the midst of evaluating several proposals for EcoWorld to venture into, it said.
“This includes expanding into matured overseas markets, such as Australia and the United Kingdom,” EcoWorld said.
The proposed subscription will enable EcoWorld to venture overseas via investing in a property SPAC with a management team that has a proven track record in identifying, acquiring and implementing overseas projects.
Source: https://my.news.yahoo.com/ecoworld-keen-buy-30pc-stake-152841839.html
Wednesday, 15 October 2014
Brisk sales for Iskandar condo Aquaint Danga Residensi
PETALING JAYA: In spite of recent analyst reports suggesting a softening of the Iskandar Malaysia property market, nearly 80% of two blocks of luxury new launch condo in Aquaint Danga Residensi were sold to house buyer at its official launch over the weekend.
Aquaint is a RM900mil development by Para Impiana Sdn Bhd, a joint venture between Rampai Fokus Sdn Bhd and its two Singaporean partners – Imperial Marina Pte Ltd and Skyfront Holdings.
Rampai Fokus is a wholly-owned subsidiary of Iskandar Waterfront Holdings (IWH).
The iskandar project development comprises four high-rise towers spread over a 1.6-ha prime waterfront site facing the Straits of Johor.
The new launch strong demand has been surprising to watchers in the Iskandar property market because of the recent spate of lacklustre sales and delayed property launches by developers within the Flagship A zone at Iskandar Malaysia.
On top of that, the luxury new launch condo units are priced about 30% higher than similar high-end apartment units launched by China’s Country Garden and Greenland Group, and all three projects are located adjacently along the Danga Bay waterfront.
Phase 1 site clearing works on Aquaint’s first two tower blocks, which have a gross development value of RM382mil, have begun and the units are slated for occupation by late 2018.
“Singapore luxury living standards at local prices means fantastic price savings for purchasers and investors,” IWH group executive director Lim Chen Herng said in a statement.
Selling prices range between RM900 and RM1,200 per sq ft.
The completed Aquaint development will comprise four luxury tower blocks with a total of 818 units with bubble lifts, integrated shops, high-end food and beverage outlets as well as extensively landscaped parks linked to an 8-km boardwalk along the Danga Bay waterfront.
Singapore co-owner of Aquaint, Tan Yang Poh, said the development was comparable to some of the best in luxury condominium projects in Singapore.
“But you cannot beat this in terms of cost savings and connectivity, especially with the upcoming mass rapid transit extension to Johor Bahru from Singapore,” she said.
Source: http://www.thestar.com.my/
Aquaint is a RM900mil development by Para Impiana Sdn Bhd, a joint venture between Rampai Fokus Sdn Bhd and its two Singaporean partners – Imperial Marina Pte Ltd and Skyfront Holdings.
Rampai Fokus is a wholly-owned subsidiary of Iskandar Waterfront Holdings (IWH).
The iskandar project development comprises four high-rise towers spread over a 1.6-ha prime waterfront site facing the Straits of Johor.
The new launch strong demand has been surprising to watchers in the Iskandar property market because of the recent spate of lacklustre sales and delayed property launches by developers within the Flagship A zone at Iskandar Malaysia.
On top of that, the luxury new launch condo units are priced about 30% higher than similar high-end apartment units launched by China’s Country Garden and Greenland Group, and all three projects are located adjacently along the Danga Bay waterfront.
Phase 1 site clearing works on Aquaint’s first two tower blocks, which have a gross development value of RM382mil, have begun and the units are slated for occupation by late 2018.
“Singapore luxury living standards at local prices means fantastic price savings for purchasers and investors,” IWH group executive director Lim Chen Herng said in a statement.
Selling prices range between RM900 and RM1,200 per sq ft.
The completed Aquaint development will comprise four luxury tower blocks with a total of 818 units with bubble lifts, integrated shops, high-end food and beverage outlets as well as extensively landscaped parks linked to an 8-km boardwalk along the Danga Bay waterfront.
Singapore co-owner of Aquaint, Tan Yang Poh, said the development was comparable to some of the best in luxury condominium projects in Singapore.
“But you cannot beat this in terms of cost savings and connectivity, especially with the upcoming mass rapid transit extension to Johor Bahru from Singapore,” she said.
Source: http://www.thestar.com.my/
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