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Land Transactions

Guocoland buys 46.7 acres in Cheras for RM107m

posted Dec 11, 2011, 8:50 PM by Ang Ah Meng

Written by Syarina Hyzah Zakaria of   
Tuesday, 06 December 2011

KUALA LUMPUR (Dec 6): GUOCOLAND (MALAYSIA) BHD’s unit is acquiring 46.72 acres of land for RM107.8 million around Cheras to expand its land bank for future development which includes residential PROPERTIES.

Guocoland said on Tuesday that the unit Ace Acres Sdn Bhd had entered into a sales and purchase agreement with Bond Corporation Sdn Bhd to acquire nine parcels of land in Cheras and Mukim Petaling.

It said the land was about 10km south of Kuala Lumpur city centre and located between two prominent townships -- Alam Damai and Bandar Damai Perdana -- in the Cheras locality. Other neighbourhoods are Taman Connaught, The Peak Cheras and Taman Len Sen, it said.

Guocoland said that the proposal was to build bungalows, semi-detached houses, superlink houses, condominiums and shophouses.

The purchase of the land is RM53 psf and will be financed from borrowings, it said.

Guocoland said the acquisition was to increase its land banks in strategic locations for future developments and it expected the projects to boost the group's earnings.

Tiger Synergy acquires land for RM4.135m

posted Jan 31, 2011, 4:55 AM by Ang Ah Meng

By Bernama
Monday, 31 January 2011
 KUALA LUMPUR: Tiger Synergy Bhd (TSB)'s wholly-owned MyHarmony Development Sdn Bhd (MDSB) has entered into a sale-and-purchase agreement to acquire two pieces of freehold agricultural land for RM4.135 million.

The 1.18 hectare land, located in the 10th Mile to Sg Besi Road, will be acquired from vendors Sau Kia Sing @ Seow Chu Leong, Siew Chu Leong, Siew Chu Yon, Siew Soo Chin @ Siew Chu Ching and Siow Choo Kong, the company said on Monday, Jan 31 in a filing to Bursa Malaysia.

TSB intends to fund the proposed acquisition through internally generated funds and expects the acquisition to be completed in the second-quarter.

The land is being acquired for future expansion and development and, would be held as investment for its potential value appreciation due to developments in the vicinity. — Bernama

Nam Fatt disposes of land in Shah Alam

posted Jan 25, 2011, 4:14 PM by Ang Ah Meng

By Racheal Lee of
Tuesday, 25 January 2011
KUALA LUMPUR: Property developer Nam Fatt Corporation Bhd is selling a parcel of land in Shah Alam for RM2.85 million.

In a filing to Bursa Malaysia on Tuesday, Jan 25, the company said its unit Maddusalat Bhd had entered into a sale and purchase agreement with J S Bina Sdn Bhd for the disposal of the 1.99-acre leasehold land in Seksyen 13, Shah Alam.

The parcel is vacant land for a residential building, and has a net book value of RM1.67 million as at Dec 31, 2009. The present market value of the land, according to KVG-Lambert Smith Hampton (M) Sdn Bhd, is RM2.79 million under the comparison approach.

The land parcel was purchased by Maddusalat in June 1997 at RM865,761, and the disposal is expected to generate a net gain of RM1.18 million to Nam Fatt.

Glomac acquires Puchong land for RM77m

posted Jan 25, 2011, 2:11 AM by Ang Ah Meng   [ updated Jan 25, 2011, 3:58 PM ]

Written by Financial Daily   
Tuesday, 25 January 2011

KUALA LUMPUR: Glomac Bhd has further expanded its land bank after acquiring 200 acres in Puchong for RM77 million.

In an announcement to Bursa Malaysia yesterday, the company said its wholly owned subsidiary Glomac Alliance Sdn Bhd had on Jan 21 entered into a sale and purchase agreement with Score Option Sdn Bhd (receiver and manager appointed) for the purchase of the said property.

“The land is located about 900 metres off the right side of Jalan Puchong travelling towards Putrajaya/Cyberjaya from Jalan Kelang Lama, and is close to established development areas such as Pusat Bandar Puchong and Taman Perindustrian Puchong,” it said.

It is worth noting that the purchase of the land excludes residential units forming part of the buildings which have been sold to Austral Development Sdn Bhd; vacant lots sold by Austral; residential units sold by Glomac Alliance; and units sold by the previous proprietor of the land, namely Serangkai Emas Sdn Bhd (in liquidation).

Glomac said the purchase is in line with its core strategy of acquiring suitable development land bank within the Klang Valley with strong potential for prime and sizeable new developments.

“The land is strategic as it is relatively sizeable and hence ideal for a wider mix of products, and is in close proximity to Puchong’s established commercial hub whereby IOI Mall and Tesco Store are located in the immediate vicinity. The location is well serviced by several major highways such as Lebuhraya Damansara-Puchong (LDP) and Shah Alam Expressway (Kesas),” said Glomac.

In fact, Glomac had before this entered into a joint venture with Score Option to develop 90 acres — which is part of the 200 acres — in 2003.

The company said it had in 2005  launched the maiden phase of this development, known as “Lakeside Residences”, and has since successfully completed and handed over the properties to the purchasers.

However, as a result of a dispute with the vendor Score Option, the development of subsequent phases was put on hold despite the strong positive response to Phase 1, it added.

“The proposed acquisition will now allow Glomac to take full control of the 90 acres under the earlier joint venture agreement, and further extend its land bank in the same location to 200 acres, to further capitalise on the proven success of Phase 1 of ‘Lakeside Residences’,” said Glomac.

This article appeared in The Edge Financial Daily, January 25, 2011.

Wednesday January 26, 2011

At RM77mil for 200 acres leasehold land in Puchong, analysts say it’s a steal

PETALING JAYA: Glomac Bhd’s proposed acquisition of leasehold land in Puchong from Score Option Sdn Bhd (SOSB) will be advantageous to the property developer for its attractive price and strategic location, analysts said.

At RM77mil for 200 acres, the effective cost of the land worked out to be RM8.84 per sq ft, which was significantly lower than the range of transacted or asking prices of RM32 to RM48 psf in Puchong.

“The purchase price is deemed cheap,” TA Research said in its report.

Located near the established commercial hub of the town with the IOI Mall and Tesco Store in the vicinity, it is basically an extension to Glomac’s present development, called the Lakeside Residences in Puchong.

“Glomac can now strategise any land enhancement activities to improve the value of its enlarged landbank,” TA Research said.

The Lakeside Residences is a joint-venture development between Glomac and SOSB on a 90-acre land to be acquired.

The project, comprising 537 units of double-storey terraced houses and 100 units of semi-detached houses, was launched in 2005 with a total gross development value (GDV) of RM250mil.

“What’s positive is that property prices have increased significantly since the launch of the first phase of Lakeside Residence,” ECM Libra said in its report, comparing the initial launch price of about RM300,000 per unit in 2005 for terraced houses versus the current asking price of about RM440,000.

Puchong is one of the property hot spots in the Klang Valley, as the area is easily accessible via Lebuhraya Damansara-Puchong, the Shah Alam Expressway as well as the Bukit Jalil highway.

With the land acquisition, Glomac’s future earnings capability would be enhanced, as the property developer could now extend its presence in Puchong and gain from the fast-growing property market there, analysts said.

“The acquisition would be accretive to the company’s net asset value (NAV) and earnings,” AmResearch said in a recent report.

On average, some analysts were looking at a potential increase of 25% for the company’s NAV and more than 20% in the company’s earnings in the financial year ending April 30, 2013.

However, Glomac had yet to reveal details such as the GDV and timeline for its “enlarged” Puchong project. Following the proposed land acquisition, Glomac’s existing masterplan for the area would likely undergo significant amendment, according to some analysts.

Analysts in general viewed Glomac favourably for its strong earnings visibility with unbilled sales of almost RM600mil.

They also expect further news flow on land acquisition by the company as part of its aggressive expansion plan.

Glomac reported a net profit increase of 71% year-on-year (yoy) to RM15.88mil for the second quarter ended Oct 31, 2010 on revenue of RM140.89mil, which represented an increase of 86% yoy.

Over the next 12 months, the company would be launching projects valued in excess of RM1bil. These include a RM250mil apartment project in Mutiara Damansara, a RM145mil retail mall in Glomac Damansara and the RM400mil Glomac Utama mixed development in Petaling Jaya.

MK Land sells Sg Buloh land for RM130m

posted Jan 3, 2011, 6:38 AM by Ang Ah Meng

By Joseph Chin of
Monday, 03 January 2011
KUALA LUMPUR: MK Land Holdings Bhd is selling two plots of leasehold land in Sungei Buloh to Foster Estate Sdn Bhd for RM130 million cash.

The company said on Monday, Jan 3 that it had entered into sale and purchase agreements with Foster Estate on Dec 30 to dispose of 18.54 acres for RM100.78 million and 8.32 acres of land for RM29.21 million.

MK Land said it was disposing of the plots of land to unlock the value of the land which it had no immediate plans to develop. The proposals were expected to be completed by the end of 2011.

At 4.02pm, MK Land was up 2.5 sen to 40 sen with 2.29 million shares done.

UEM to acquire 448, not 463 acres of land in Bangi

posted Dec 30, 2010, 2:52 PM by Ang Ah Meng

By Siti Sakinah Abdul Latif of
Thursday, 30 December 2010
KUALA LUMPUR: UEM Land Bhd is now buying 448 acres of plantation land in Bangi for a total of RM259 million from Inch Kenneth Kajang Rubber Public Ltd Co, instead of the 463 acres at RM268.5 million proposed earlier.

Inch Kenneth COO Hussain Ahmad Abdul Kader said the change was made to benefit both parties and was agreed upon a few hours before the signing of the sales and purchase agreement on Thursday, Dec 30.

"Some clauses were changed this morning," he said at a press conference. He said the changes were made to enhance the future value of the remaining 150-odd acres of land from 600-acre plantation, including a request for UEM Land to build new roads to the site.

Hussain said the company had previously sold land to I&P Group Sdn Bhd in 2007 for a development now known as Alam Sari, and it had also included a similar request to the developer to built proper roads there.

"UEM would continue where I&P left off, so that the place is accessible by Bangi or Semenyih," he added.

He also revealed that Inch Kenneth only decided to sell the land now as it did not have a benchmark on pricing on the land value previously.

"After I&P launched Alam Sari in 2007, we now know the pricing of property in the area. Link houses were priced between RM240,000 to RM260,000 back in 2007; now, it's selling for more than RM400,000," he said.

He added that the company had three other bids for the land from listed companies.

"For almost two years, we tried to find a buyer with a good offer. We try to get the best for our shareholders," Hussain said, adding that this one-off deal would generate a profit of RM100 million and that 50% of the proceeds would be used for oil palm plantation.

Asian Pac unit disposing land for RM49.11m

posted Dec 28, 2010, 5:48 AM by Ang Ah Meng

By Surin Murugiah of
Monday, 27 December 2010
KUALA LUMPUR: Asian Pac Holdings Bhd's unit Safe Valley Sdn Bhd is disposing four pieces of freehold land in Setapak measuring about 8.7 million acres to Axis Milestone Sdn Bhd for RM49.11 million cash.

In a filing to Bursa Malaysia on Monday, Dec 27, Asian Pac said the lands were acquired in September 2007 at a cost of about RM22.06 million.

It said the proposed disposal consideration exceeded its carrying value of the lands by about RM19.94 million, and that the gain on disposal was approximately two sen per share for the financial year ending March 2012.

"The proceeds arising from the proposed disposal is expected to be utilised for repayment of the group's borrowings and working capital.

"Accordingly, the proceeds will be used towards parrying down gearing and working capital of the other development projects within the group," it said.

Mahajaya buys freehold land in Cheras for RM15.5m

posted Dec 4, 2010, 1:46 AM by Ang Ah Meng

By Wong King Wai of
Tuesday, 30 November 2010
KUALA LUMPUR: Mahajaya Bhd bought a piece of freehold land in Cheras measuring 9.375 acres from Chong Shee Jan, Chong Shee Leok and Chong Soo Lim for RM15.52  million, the group announced on Tuesday, Nov 30.

The land is currently subject to the category of land use as pertanian ("agriculture") with an express condition of tanaman getah ("rubber trees").

The group stated that land forms part of the group's on-going development, namely, Bandar Damai Perdana. The land is intended for residential development.

Mahajaya is submitting applications at present are not able to provide total development costs and expected profit from the proposed development. Commencement of development is expected before 2011.

Mah Sing acquire lands for combined GDV of RM1.2 bil

posted Nov 3, 2010, 3:32 PM by Ang Ah Meng   [ updated Nov 3, 2010, 3:33 PM ]

By Joseph Chin
Wednesday, 03 November 2010
KUALA LUMPUR: Mah Sing Group Berhad has acquired two parcels of land in Ampang and Cyberjaya with a combined gross development value (GDV) of about RM1.2 billion.

The 4.7-acre tract in Jalan Ampang was acquired for RM114.9 million (RM560.63 psf). It is earmarked for a niche project,Ampang which comprises serviced residences, SoHo and retail outlets. The project, to be developed over five years has an estimated GDV of RM920 million.

Given its freehold status and scarcity of land in this prime location, Mah Sing group managing director and group chief executive office Datuk Sri Leong Hoy Kum called the acquisition “very strategic”.

“The land is flat and vacant, and ready for immediate development. Furthermore, conversion premium to commercial development has been paid for one part of the land measuring 1.86 acres. This parcel also comes with substructure for two levels of basement car parks.

This provides substantial cost savings and will also expedite our construction therefore, this fits nicely into our business model of having a quick turnaround for niche projects,” said Leong in a press release on Wednesday, November 3.

Preliminary plans include flexible-sized serviced residences and SoHo with built-ups from approximately 500 sq ft, with indicative pricing from RM398,800.

Also planned are  lifestyle retail outlets fronting Jalan Ampang with a land size of approximately 28 ft x 78 ft and a landscaped deck on the 6th floor, which will also house amenities such as a swimming pool, gym and various other facilities. The indicative pricing for the retail outlets starts from RM398,800.

The tract has an advantageous topography offering views of Petronas Twin Towers, Taman Tasik Ampang Hillir and the Titiwangsa mountain range.

"We are toying with the idea of vertical green lungs in M City. With its prime location and our concept, we believe M City will be a preferred residential address as well as an excellent choice for those intending to set up businesses in the area or for investment purpose,” said Leong.

M City is located about 1.26 km from Mah Sing’s serviced residences, M Suites Jalan Ampang.

Meanwhile, the 34.86-acre freehold tract in Cyberjaya was acquired for RM51.6 million. The tract is adjacent to Mah Sing’s Garden Residence township, adding RM280 million to Garden Residence’s GDV and augments the township size to approximately 150 acres.

The gated and guarded residential development with a resort lifestyle environment was launched in March 2010 and as at October has generated RM540 million in sales. The strong response to Garden Residence has prompted Mah Sing to speed up its launches.

“It is certainly an opportune time to replenish our land bank in order to meet the strong demand and we intend to create an exclusive enclave of semi-detached homes on the new land,” said Leong.

Preliminary plans indicate an offering of 2- and 3-storey semi detached homes with built-up sizes from 3,076 sq ft. Indicative pricing is approximately RM1.28 million for the 2-storey semi-detached units and RM1.438 million for the 3-storey semi-detached units.

Both projects are expected to start registration of interest soon, with construction for both sites expected to begin in the first half of 2011.

Meanwhile, Mah Sing’s Garden Plaza comprising residential suites (Garden Suites) and lifestyle retail shops (Garden Retail) has also generated good response.

The development is situated directly opposite Lim Kok Wing University, and recently drew more than 3,000 registrants for the currently previewed Garden Suites.

The suites offers fully furnished small- to medium-sized units in a move-in condition and are targeted at users as well as investors looking to tap into the vibrant student population in Cyberjaya, which is currently in excess of 17,000 and expected to grow further.

Indicative pricing for the smallest unit of 500s sq ft starts from RM236,800 and there are variussizes to meet various requirements.

Mah Sing, recently ranked ninth in The Edge Top Ten Property Developers Award, has to date in 2010 acquired new projects with a combined GDV of RM3.1 billion. This is part of the company’s strategy to build a strong reserve of prime land that is ready for launch in the immediate to mid-term.

The company currently has projects with remaining GDV and unbilled sales of about RM8.64 billion, strategically located in the Klang Valley, Kuala Lumpur, Penang island and Johor Bahru.

These landbanks should last the Group between five to seven years.

LPI Capital acquiring leasehold land for RM12.9m

posted Oct 12, 2010, 4:40 PM by Ang Ah Meng

By Racheal Lee of
Tuesday, 12 October 2010
KUALA LUMPUR: LBI Capital Bhd is acquiring 50% of a piece of commercial leasehold land in Shah Alam for RM12.9 million.

The company said on Tuesday, Oct 12 that its unit Triple Equity Sdn Bhd had entered into a conditional sale and purchase agreement with Persatuan Bekas Tentera Malaysia Bahagian Negeri Selangor on the same day for the acquisition for half of the vacant commercial leasehold land.

Triple Equity plans to develop the 2.6-acre land into commercial complex and offices.

The land forms part of a master title held under leasehold commercial building land held under H.S (D) 198274, PT 17 Seksyen 14, Bandar Shah Alam, Daerah Petaling, Negeri Selangor. It has yet to be sub-divided from the master title and the lease is expiring on January 7, 2103.

The original cost of investment to Persatuan Bekas Tentera Malaysia Bahagian Negeri Selangor is RM4.25 million, which was made on 24 Jun 2009.

“The property is located next to Shah Alam Post Office along Persiaran Dato’ Menteri, Shah Alam with the back of the said land facing the Federal Highway and along the slip road from Persiaran Sultan, Shah Alam.

It is easily accessible through the Federal Highway. It lies approximately 6 km to the Subang Jaya and 20 km to Kuala Lumpur city centre,” the company added.

The acquisition will be satisfied by way of cash from internally generated funds and bank borrowings.

Persatuan Bekas Tentera Malaysia Bahagian Negeri Selangor was incorporated in Malaysia under the Society Act 1966. It is a welfare organisation that looks after the interest of the retired army personnel.

LBI Capital said the property acquisition is to enhance its property development activities in view of the completion of most of its projects.

The acquisition will increase the development land of the Group and is expected to contribute higher earnings in the near future.

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