Naim to develop RM300m mixed project in Kuching

SARAWAK-based Naim Holdings Bhd (Naim), a property developer and construction group, will develop prime land in Batu Lintang, Kuching, into the state's biggest comprehensive mixed development project, costing more than RM300 million.

Managing director Datuk Hasmi Hasnan said the proposed development would be sprawled over 13.597ha and be completed over 20 years.

The project will comprise a four-storey shopping mall with basement car park, office tower block, hotel tower, a 36-storey office tower with basement and elevated carpark, showroom, 18-storey condominium block and a 27-storey high-rise apartment.

"We will incorporate a water theme park, a roof garden and incorporate plenty of greeneries so as to come out with a development that is eviromental friendly and one that the local populace can enjoy and benefit from," he said.
The project will be developed on a joint venture basis between Naim, Sarawak Mosque Welfare Trust Board and Tabung Baitulmal Sarawak.

The three parties signed a memorandum of understanding to facilitate the venture witnessed by Chief Minister Tan Sri Abdul Taib Mahmud.

Hasmi said Sarawak Mosque and Tabung Baitulmal will each have a 15 per cent equity in the project venture while Naim would hold the remaining 70 per cent.

"We estimate employment for more than 2,000 people in the project," he said, without disclosing, when the construction will begin.

By Bernama

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Equine unit to develop land

EQUINE Capital Bhd’s wholly-owned subsidiary, Equine Park Country Resort Sdn Bhd, has signed a joint development agreement with Revenue Concept Sdn Bhd to develop a 3.6ha in Subang Jaya, Selangor, into a RM1 billion mixed commercial and residential development.

The project will be carried out in phases over seven years, Equine said in a filing to Bursa Malaysia yesterday.

By Business Times

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Naim to develop Batu Lintang land

Sarawak-based Naim Holdings Berhad (Naim), a property developer and construction group, will develop prime land in Batu Lintang, Kuching, into the state’s biggest comprehensive mixed development project, costing more than RM300 million.

Managing Director Datuk Hasmi Hasnan said the proposed development would be sprawled over 13.597 hectares and be completed over 20 years.

By Bernama

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Guocoland to launch Damansara City 2 by Q3

GUOCOLAND (Malaysia) Bhd hopes to launch its RM1.9 billion flagship development, known as Damansara City 2, in the third quarter of this year, an official said.

The property arm of the Hong Leong group will build the integrated development in Kuala Lumpur's Pusat Bandar Damansara, over a 2.2 million-sq-ft area.

It will comprise two office blocks, a 300-room hotel, a 260-unit serviced apartment block and a retail centre.

"We hope to launch it, hopefully, in the third quarter. The gross development value is not really firmed up yet, but it could be between RM2 billion to RM2.5 billion. We're selling only the serviced apartments," managing director Yeow Wai Siaw told Business Times yesterday.
He said work on the project could start immediately once all approvals were obtained. He is targeting for the project to be completed in about 30 to 36 months.

The project by Guocoland was first announced by Prime Minister Datuk Seri Najib Razak yesterday. It was one of 19 projects he unveiled under the government's Economic Transformation Programme.

Guocoland's share price gained 11 sen to RM1.35 in the stock market yesterday.

By Business Times

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Guocoland to spend RM1.9b on KL project

Guocoland (Malaysia) Bhd, the property arm of Hong Leong Group, will invest RM1.9 billion on a mixed development in Kuala Lumpur, Prime Minister Najib Razak said in a statement today.

The project will include offices, retail space, a hotel and apartments, Najib said.

By Bloomberg

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Boustead in talks to buy army base land for RM8b project

Boustead Holdings Bhd may build mixed commercial and residential properties worth more than RM8 billion on the 98ha Batu Cantonment army base at Jalan Ipoh, Kuala Lumpur.



The group's main shareholder Lembaga Tabung Angkatan Tentera (LTAT), which holds a 59 per cent stake, is in talks with the government to buy the land and is close to sealing the deal.

Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin is hopeful that it will be involved in the land development.

"Hopefully the deal could be secured soon. Everyone is working hard to make it happen. If LTAT can buy the land, we will do a feasibility study to decide on the most viable properties to build," he said.

"It is a good site for a mixed development. It would be the kind of project that one would want to pursue on this prime land," Lodin told Business Times.
He said Boustead may build medium to high-end houses, commercial and residential towers, shophouses, small office/home office and a mall.

The government is selling some of its prized land bank around Kuala Lumpur and the Klang Valley at current market value for redevelopment.

These include the Batu Cantonment land, 24ha at Jalan Cochrane, the 1,320ha Rubber Research Institute land in Sungai Buloh, and smaller parcels at Jalan Stonor, Brickfields, and Bukit Ledang, off Jalan Duta.

It is unclear how much the Batu Cantonment land is worth but according to Previn Singhe, founder and chief executive officer of Zerin Properties, the market value for unconverted land at Jalan Ipoh is now between RM40 and RM80 per sq ft.

Previn said the development will attract foreign investments as it is closely located near the KLCC.

"The shear size of the development offers a lot of promises. Prices of real estate along Jalan Ipoh have always been stable with good movement ... it's not as docile as how one thinks.

"This project will have a positive impact on Jalan Ipoh if done well and if the developer can tap on the commuter line nearby, and the proposed Kepong-Kajang line," Previn said.

The Batu Cantonment army base, which has been there for over 40 years, will be relocated.

In 2002, the Perak state government had earmarked a 680ha site in Batu Gajah for the relocation.

By Business Times

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Sunway City launches RM500mil development

KUALA LUMPUR: Sunway City Bhd has launched its latest integrated mixed development – Sunway Nexis at Dataran Sunway, Petaling Jaya.

In a statement yesterday, the company said the development covered 5.83 acres with a gross development value of RM500mil. The development is being undertaken by Sunway Damansara Sdn Bhd.


Ho Hon Sang ... ‘Sunway Nexis is a complete lifestyle centre.’

Sunway City managing director of property development Ho Hon Sang said: “Sunway Nexis is a complete lifestyle centre encompassing leisure, entertainment, recreation and work facilities. Following the success of Sunway Giza, this development offers modern retail shops, office suites and SoHo with a promising potential for growth.”

The commercial development at Sunway Nexis comprises three-storey retail shops with sizes ranging from 4,133 sq ft to 8,718 sq ft and priced at RM4mil and above.

The 13-storey office suites range from 925 sq ft to 1,722 sq ft and are priced at more than RM700,000, while the 20-storey flexi office block range from 850 sq ft to 1,980 sq ft.

By Bernama

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Launched -- Sunway Nexis with RM500m GDV

Sunway City Bhd has launched its latest integrated mixed development, Sunway Nexis, located at Dataran Sunway, Petaling Jaya.

In a statement today, the company said the development covers 5.83 acres (2.36 hectares) with a gross development value (GDV) of RM500 million.

The development is being undertaken by Sunway Damansara Sdn Bhd.

Sunway City managing director property development Malaysia, Ho Hon Sang said: "Sunway Nexis is a complete lifestyle centre encompassing leisure, entertainment, recreation and work facilities right at the doorstep.

"Following the success of Sunway Giza, this innovative development offers modern retail shops, office suites and SoHo with a promising potential for growth."

The commercial development at Sunway Nexis comprises three-storey retail shops with sizes ranging from 4,133 - 8,718 sq. ft and priced at RM4 million and above.

The 13-storey office suites range in size from 925-1,722 sq. ft and are available at more than RM 700,000 while the 20-storey flexi office block is from 850 to 1,980 sq. ft.

By Bernama

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