KUCHING: Exabytes Capital Group Sdn Bhd (Exabytes), an eCommerce and Cloud solutions provider in Southeast Asia, has announced its third acquisition in 2018 over HostPro2U (owned by E-Global Innovative Sdn Bhd). The 100 per cent acquisition was sealed in September 2018 for an undisclosed amount. Established in 2009, HostPro2U is a Malaysian based hosting provider […]
KUALA LUMPUR, Oct 9 — In a move to diversify revenue and earnings, PLS Plantations Bhd (PLS) through its unit, Brighthill Synergy Sdn Bhd, is venturing into the durian business by acquiring a 70 per cent share in Dulai Fruits Enterprise Sdn Bhd…
KUALA LUMPUR: Despite the abolishment of the goods and services tax (GST), there are other costs components contributing to high house prices, according to UEM Sunrise Bhd managing director Anwar Syahrin Abdul Ajib.
He said these include development cost, premiums and land prices which has to be taken into account.
Some cost components have seen a hike hence increasing the price of the development.
“We would like to reduce the prices of houses so that it becomes more affordable for more people but from a cost perspective there are various different cost components in development,” he told reporters at the strategic partnership inking ceremony between UEM Sunrise and GrabPay.
If there are savings, we can pass it to our customers but like I said there are other costs that has come into force – for example, development charges, premiums, so those things have come in and that affects the prices. Our land price is very high and when development charges come in, it can be up to 25%… that adds up to all the cost,” he said.
On the implementation of the sales and services tax, Anwar said he has to research before commenting on it.
The property developer will scrutinise its cost in accordance to the announcement of Finance Minister Lim Guan Eng, who urged developers to reduce the prices of houses.
He was recently quoted as saying that he hoped to receive positive response from the housing industry by month-end to reduce property prices.
On a separate note, Anwar said that UEM is looking to launch projects for the remaining of the year with a gross development value of between RM350 million and RM500 million.
UEM Sunrise today inked a strategic partnership with Grab Malaysia to enable in-store cashless payment via the e-hailing service provider’s, GrabPay platform.
This will be made available for retailers and merchants at Publika and malls in Iskandar Puteri.
As part of the partnership, UEM Sunrise will assist Grab to ensure that a significant number of their tenants at the two locations adopt GrabPay as their preferred cashless payment method.
For starters, GrabPay is looking to enable at least 60% of the 284 merchants in Publika to utilise its platform.
GrabPay which was rolled out three months ago with 100 merchants on board has seen the numbers increase by four folds ever since. This is expected to double by the year-end.
PETALING JAYA: Tropicana Corp Bhd is acquiring 50.1% stake in Peluang Duta Sdn Bhd(PDSB) for RM49.05million from four individuals, to develop a township on a leasehold land owned by PDSB’s unit.
Tropicana’s board of directors told the stock exchange that the acquisition will be funded by internally generated funds.
PDSB’s 70% owned subsidiary T Sanctuary Development Sdn Bhd owns 329.1 acres of leasehold land, which is strategically located in Johor and close to Singapore and other matured township developments.
The land has been earmarked for a mixed development with a potential net gross development value (GDV) of RM4.3 billion—for which PDSB had obtained planning permission to carry out the proposed development on April 14 and May 11, 2015.
The overall proposed development component comprises 70% residential and 30% commercial, which includes terrace houses, shop offices, urban affordable homes, serviced apartments as well as an international school.
“The proposed acquisition is consistent with our strategic intent to expand our existing landbank and sustaining its property development income. The successful completion of the proposed acquisition will increase our landbank in the strategic southern region,” the board of directors said.
The board is optimistic of the prospects of PDSB as the future development of this landbank is expected to be earning accretive to the group,” it added.
Tropicana's shares gained 0.58% to close at 86sen with 157,600 shares done.
PETALING JAYA: Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has acquired two purpose-built student accommodation properties in the UK from IP Investment Management (HK) Ltd and Maven Capital Partners for a total of £39.75 million (RM280 million).
The properties are 800 Bristol Road in Birmingham and The Mill House in Edinburgh, which were acquired for £14.62 million and £25.13 million respectively. The estimated average net yield of the properties is at 5.08%.
“We are very pleased to add the two properties to our growing portfolio in the UK market as the acquisition aligns with KWAP's aspirations to increase its international property exposure. We will continue to grow our presence in foreign markets without compromising on our risk appetite, in line with our mission to serve the pensioners of Malaysia,” KWAP CEO Datuk Wan Kamaruzaman Wan Ahmad said in a statement today.
Completed in 2016, 800 Bristol Road in Birmingham is situated in Selly Oak and is within walking distance from the University of Birmingham. Surrounding universities include Birmingham City University, Aston University and University College of Birmingham.
The four-storey freehold building offers 103 studio-type accommodation for students, in addition to a cinema room, function room, gym, study rooms, laundrette, secure bicycle storage and 11 car parks.
The Mill House in Edinburgh is situated within Edinburgh Education Corridor. There are four universities within the corridor, namely University of Edinburgh, Heriot-Watt University, Edinburgh Napier University and Queen Margaret University.
Completed in 2017, the six-storey freehold building offers 23 studios and 234 en-suite units, in addition to a gym, common room, games room, laundrette, secure bicycle storage and 12 car parks.
The acquisition of both properties brings the number of international properties owned and co-owned by KWAP to 14. Its other international properties are in Australia, London and Germany.
KWAP's acquisition of properties is directed by its strategic asset allocation, which currently stands at 40% fixed income, 45% equity and 15% alternative investments.
Property investments comprise 9% of the allocation for alternative investments, followed by private equity at 4% and infrastructure at 2%. As at Dec 31, 2017, 75% of KWAP's property investments were foreign while the remaining 25% were in the local market.
KUALA LUMPUR, Aug 29 — The Retirement Fund Incorporated (KWAP) has acquired two purpose-built student accommodations in the United Kingdom from IP Investment Management (HK) Ltd and Maven Capital Partners for approximately RM280 million. Chief…
KUALA LUMPUR: Sime Darby Plantation Bhd’s (SDP) wholly owned subsidiary New Britain Palm Oil Ltd (NBPOL) has completed the US$52.6 million (RM215.6 million) acquisition of Markham Farming Co Ltd (MFCL) from Markham Agro Pte Ltd (MAPL).
In a filing with Bursa Malaysia, SDP said NBPOL has assumed the net debt of MFCL and MAPL of US$11 million. MFCL is now indirectly fully owned by SDP.
“The final purchase consideration and the eventual total cash outlay to be paid by NBPOL will be subject to the findings of a post-completion audit,” it said.
MFCL is a private limited company incorporated in Papua New Guinea and owns 6,110ha of agriculture land in Markham Valley in Papua New Guinea comprising two estates. The total plantable area is about 5,713ha, of which 4,018ha has been planted with oil palm.
MFCL also operates two copra mills in Papua New Guinea with a combined throughput capacity of 55,000 tonnes a year.
“MFCL is the largest coconut oil exporter in Papua New Guinea and the acquisition enables SDP/NBPOL to expand its lauric oils business into coconut oil production,” said SDP.
PETALING JAYA: MCT Bhd’s indirectly owned subsidiary One Residence Sdn Bhd is acquiring a 1.765 acre parcel of land located in Bandar Damansara for RM42.28 million from Tropicana Golf and Country Resort Bhd, to develop a luxury condominium.
MCT told the stock exchange that the vacant residential plot is located within the Tropicana Golf and Country Resort.
The purchase and the eventual development cost will be funded through bank borrowings and internally sourced funds.
“The proposed acquisition is in line with the group’s strategy to acquire more landbank for potential development in strategic locations with high development value, which will provide the opportunity to expand and strengthen the group’s existing business of property development of residential and commercial properties,” its board of directors said.
It is also in line with the group’s efforts to build its brand as a quality property developer who is able to meet the needs of different social and economic classes by developing a diverse mix of products ranging from affordable homes to luxury properties in exclusive neighborhoods,” it added.
Given the strategic location, well-equipped infrastructure, recreational facilities and public amenities surrounding the land, the Group believes that the proposed development will contribute positively to its future growth plan and earnings prospects moving forward.