Friday 31 May 2013

Tropicana Corp launches RM6.3b Tropicana Metropark project in Subang Jaya

Property developer, Tropicana Corp Bhd, is developing a 35.6ha land in Subang Jaya into a mixed development project, namely Tropicana Metropark, with a gross development value of RM6.3bil, spanning over 12 years.
Group CEO Datuk Yau Kok Seng said on Friday the project, with a net floor area of about 743,000 square metres, will be offering a fusion of residential, office space, retail, shopping mall, a four to five-star hotel, entertainment hub and learning and medical centres.
“Tropicana Metropark is the company’s launch pad to build its momentum this year,” he told reporters at the ground-breaking ceremony by Subang Jaya Municipal Council (MPSJ) president Datuk Asmawi Kasbi.
To enhance accessibility of its development, Yau said, the company will build a RM150mil flyover which will directly link the project to the Federal Highway. “Work on the flyover will commence next year and is expected to be completed by 2016,” he said.
Meanwhile, Asmawi said MPSJ was talking to Keretapi Tanah Melayu Bhd to relocate the nearby Batu Tiga commuter station into the Metropark area to improve connectivity of the development.
In conjunction with the ground-breaking, Tropicana also launched the Pandora service residences, with a gross development value of RM360mil.
The two residential towers offered 627 apartment units with three designs studio, two and three-bedroom, with built-up areas from 600 to 1,200 square feet, priced at RM840 per square foot.
“Since the preview two months ago, over 70% of the total units were snapped up, signifying high demand and buyers’ confidence for the development,” Yau added.

Tuesday 21 May 2013

Units at Meridin@Medini sell like hot cakes



By Farah Wahida:

The Meridin@Medini in Iskandar Malaysia sold 446 units with a collective value of RM261 million during its recent preview, reported The New Straits Times.

Astoundingly, 75 percent of the units were sold within just five hours. Out of this figure, 65 percent were purchased by Malaysians, while the rest were bought by foreigners from Singapore, Indonesia, Korea, Taiwan and Japan.

“This reflects investors’ confidence in the product, concept, location and our Mah Sing brand name. We shall certainly create a new icon in Medini,” said Tan Sri Datuk Sri Leong Hoy Kum, Group Managing Director cum Group Chief Executive of Mah Sing.

Also sold were 30 lifestyle retail units measuring from 850 sq ft and priced from RM1,000 psf. Most of the buyers were firms that commence qualifying activities before 31 December 2015 as they will be able to register for IDR Status. This grants many incentives such as royalties, income tax, import duty, sales tax, real property gains tax and withholding tax for services.

Developed by Mah Sing Bhd, Meridin@Medini is a purpose-built integrated project located along Persisiran Pantai JB-Nusajaya.

MAPEX 2013 in Ipoh Perak is back. Bigger, Better and More choices.


Event Description

MAPEX 2013 (Perak) promises to be the best property showcase yet in Ipoh. It is going to be an event not to be missed. Choose from a variety of projects at different locations of choice. Organized by REHDA Perak with support from MBI, PKNP and Media Partner; PropertyGuru, the event brings together a show that aims to offer all visitors a chance to find their dream home.

Event Showcase:
• Wide variety of residential properties at many locations and affordable / attractive prices.
• Lots of choices for affordable housing.
• From landed terraces to semi-detached, bungalows, condos and event plantation plots!
• Special and exciting discounts offered by developers during the fair.
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Event Details

Start Date:Friday, 7th Jun 2013
End Date:Sunday, 9th Jun 2013
Opening Times:11.00am – 10.00pm
Organizer:REHDA Perak
Category:Expo

Contact Details

Directions

Venue:Stadium Indera Mulia, Ipoh, Perak
Address:Kompleks Sukan MBI
Jalan Ghazali Jawi
Ipoh 31400
Malaysia

Buy a home, get a visa in Spain



By Andrew Batt:

A new law in Spain which is expected to come into force in July is expected see many more buyers from Southeast Asia investing in property there - because it will come with residency.

The law, which we first reported about in late 2012, will allow non-European Union residents to get Spanish residency automatically if they buy a property worth €500,000 (RM 1.9 million) or more.

According to the latest data from the Bank of Spain, foreign investment in the Spanish property market has increased by 17 percent in 2012. The market has become increasingly attractive as a result of the significant falls seen in property prices since it was enveloped in the financial crisis.

An influx of investors from Asia-Pacific, China, Russia and America is likely to boost the Spanish
Spain-based luxury real estate agency Lucas Fox is already working with the Asian property consultancy SQFT, and they are expecting a delegation representing nine groups of Chinese and Korean investors to come to Barcelona by the end of May. They will be shown properties in Catalonia, Ibiza and the Balearics.

Speaking to The Daily Telegraph Han Bin, Director of SQFT, said: "Most Chinese investors want to buy a property in Barcelona because not only are they getting a good investment, but there is now the opportunity to acquire Spanish residency at the same time. What's more, the market is particularly attractive given the historic low prices."

Cesar Garzon, a Spain law expert based in London, said: “The Spanish government, through Secretary of State for Economic and Business Support, Fernando Jimenez, has assured the bill will shortly be approved. He confirmed it may be this week or next. We will nevertheless have to wait until the bill is fully approved as he did not confirm the minimum amount to be invested.

Garzon added: “We do not exactly know at this stage whether the residence permit will be granted to the registered owner of the property or to all his/her family. I guess there will be some procedures and deadlines to extend the permit to the family members. In any case right now in Spain, if you are resident, you can ask for family residence reunification.”

Garzon also suggested that it may be possible that the government will stipulate minimum periods of ownership to keep the residence since purchasing the property.

Wednesday 8 May 2013

BN win bodes well for Malaysia: investor group



By Farah Wahida:

Following Barisan Nasional’s (BN) victory in the 13th general elections, Malaysia is expected to become stable, peaceful and progressive, according to Datuk PHS Lim, President of Malaysian Investors Association.

“The elected government will most likely continue its transformation programmes with its people-first policy,” he told Bernama. The BN administration will also be more cautious about corruption due to Pakatan Rakyat’s allegations during the campaign period.

Regarding the defeat of BN’s Abdul Ghani Othman on Gelang Patah’s parliamentary seat, Lim said: “BN lost a battle but won the war in the GE13.”

The outgoing Chief Minister of Johor was defeated by DAP advisor Lim Kit Siang with a majority of 14,762 votes.

On the challenges that PM Najib will be facing, Lim explained that the prime minister has to fulfil BN’s election promises as well implement people-first policies and economic transformation programmes.

“He has to bring in foreign investments and perhaps introduce a Goods and Services Tax. He has to form a clean government perception, as corruption was widely alleged by the opposition,” he added.

HK actor scours Malaysia for ideal vacation home



By Farah Wahida:

Bosco Wong, a famous actor and singer from Hong Kong, is presently on the lookout for properties in Kuala Lumpur and Penang, reported Yahoo! News.

According to showbiz portal Jayne Stars, Wong plans to buy two residential properties in Malaysia, including a 6,000 sq ft home.

“The two properties are great. You can get a beautiful view of the ocean from the apartment in Penang, and the one in Kuala Lumpur is very convenient. I just have to plan everything out before deciding!” said the actor.

He explained that the properties are not for investments, but for his mom’s convenience whenever they travel to the country.

In fact, the actor is very fond of Malaysia that he had already established a bar lounge in Ipoh known as the House. But despite his bullishness on overseas investments, his roots are still in Hong Kong.

“I’ve always lived in the Sha Tin District, so I want to find a penthouse in this area. However, they’re more expensive, so I won’t be rash and be sure to look carefully,” Wong explained.

Smooth sailing for multi-billion rail projects



By Farah Wahida:

The multi-billion rail projects implemented by the federal government will proceed as planned thanks to the BN’s victory at the 13th general election, reported The Star.

“The (construction) sector will now steer clear of potential radical changes proposed by the Pakatan Rakyat coalition that could have hurt earnings and fundamentals including a review of MRT-related contracts and abolition of toll roads,” said RHB Research.

“The risks of cancellations, changes to terms and scopes of MRT-related contracts are now greatly reduced.” In addition, more rail-related projects are due to be awarded later this year, noted the research unit.

Rail infrastructure projects that are still in the pipeline include Gemas-JB electrified double-tracking project, the Singapore-Kuala Lumpur high-speed rail (HSR), a light rail transit (LRT) extension between Port Klang and Petaling Jaya, as well as the two remaining lines of the mass rapid transit (MRT) network. Currently, the RM7 billion LRT extension and the RM23 billion Sungai Buloh-Kajang MRT project are ongoing in the Greater Kuala Lumpur area.

“Now, we can continue to work and support the Government as well as carry on with the transformation programme for the benefit of the people and country,” said Datuk Azhar Abdul Hamid, CEO of MRT Corp.

The public should expect more news on the proposed line 2 and 3 of the MRT project in the coming weeks or months, added Azhar.

Meanwhile, Syarikat Prasarana Negara will continue to enhance the quality of public transportation, said its Group Managing Director Datuk Shahril Mokhtar.

On the LRT line between Petaling Jaya to Port Klang, Prasarana had recently embarked on studies which are due to be completed in six months. After that, results will be given to SPAD so that they can conduct a more detailed feasibility study.

GE13 results to benefit developers, banks



By Farah Wahida:

The recently concluded 13th General Elections (GE13) will positively affect local property developers and banks, with expectations that more infrastructure projects will be started by the winning party of Barisan Nasional led by Prime Minister Najib Razak.

According to Bloomberg, companies that will benefit from the election results include UEM Land Holdings Bhd. (ULHB), CIMB Group Holdings Bhd. (CIMB) and IJM Corp. (IJM).

Bank of America Corp.’s Merrill Lynch unit also cited government-linked companies such as Astro Malaysia Holdings Bhd. (ASTRO) and SapuraKencana Petroleum Bhd. (SAKP).

In the GE13, the BN secured 133 seats in the 222-member parliament. As such, Najib now has the mandate to deliver US$444 billion (RM1.318 trillion) worth of infrastructure and other investment plans by 2020.

“Najib and his government can push through the reforms and pump in the fiscal infrastructure,” noted David Poh, Singapore-based Regional Head of Portfolio-Management Solutions at the private banking unit of Societe Generale SA, which manages US$113 billion (RM335.44 billion).

“The whole economic growth is going to be positive,” he added.

Meanwhile, Idris Jala, who supervises Malaysia’s economic transformation, reckoned that the country has a “very healthy” investment pipeline. He added that the elections result will also significantly boost the country’s economy.