property developer

 
 

MCT Bhd acquires land within Tropicana Golf and Country Resort for RM42.28m

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.


See Hup raises stake in Kimsar

PETALING JAYA:>/b> See Hup Consolidated Bhd is acquiring an additional 32.9% stake in Kimsar Sdn Bhd for RM1.80 billion, raising its stake in the property developer from 14.47% to 47.37%.

The group told the stock exchange that it will be purchasing 31.41% equity interest, representing 1.14 million shares, from Seven Success Sdn Bhd for RM1.72 million cash and 1.49% equity interest representing 54,587 ordinary shares from LHG Holdings Sdn Bhd for RM81,880.50 cash.

The funds for the purchase will be sourced internally.

The group said the acquisition is part of its plan to diversify its revenue sources to reduce dependency on its existing core business of providing transportation and logistics services.

“The group believes that investing in Kimsar, which has access to a large land bank, will allow it to leverage on its business options to include property development, which has strong growth prospects, into its revenue base. This will be beneficial to the group’s future earnings,” said its board of directors.

Kimsar has 41.54% equity interest in Kim Ma Supertiles Sdn Bhd via its wholly owned subsidiary Iping United Development Sdn Bhd, which in turn owns 10 parcels of freehold vacant land in Seberang Perai Utara, Penang.

See Hup's shares were untraded on Friday.


Maxis Concepts lines up RM1.6b worth of launches in FY19

PETALING JAYA: Matrix Concepts Holdings Bhd aims to launch RM1.6 billion worth of new properties in the financial year ending March 31, 2019 (FY19) on the back of resilient demand from home buyers.

The property developer said in a statement today the target is 27.2% higher than the RM1. 2 billion worth of launches in FY18.

The new launches planned for FY19 are located mainly within its township developments namely, Bandar Sri Sendayan in Negri Sembilan and Bandar Seri Impian in Johor.

“We are positive on demand for homes in Bandar Sri Sendayan, especially with the growing number of Klang Valley buyers for our launches. This is attributed to the township's vast appeal in terms of affordability, pricing, and locality, which are highly important qualities to a successful development,” said its chairman, Datuk Mohamad Haslah Mohamad Amin.

“Our optimism is also guided by the strong interest received for most of our recent launches, underpinning our confidence to a higher launch target for FY19,” he said.

The group will also be launching its first high-rise serviced apartment in Kuala Lumpur, Chambers Kuala Lumpur, in the second half of 2018.
In FY18, Matrix Concepts achieved record revenue and net profit of RM818.5 million and RM213.3 million respectively, its best performance since listing in 2012.

As at March 31, 2018, the group had RM2.6 billion worth of ongoing developments, significantly higher from RM1.8 billion last year.
Unbilled sales climbed to RM1.1 billion as at March 31, 2018 from RM859.5 million previously, to be recognised until 2020.


Matrix Concepts lines up RM1.6b worth of launches in FY19

PETALING JAYA: Matrix Concepts Holdings Bhd aims to launch RM1.6 billion worth of new properties in the financial year ending March 31, 2019 (FY19) on the back of resilient demand from home buyers.

The property developer said in a statement today the target is 27.2% higher than the RM1. 2 billion worth of launches in FY18.

The new launches planned for FY19 are located mainly within its township developments namely, Bandar Sri Sendayan in Negri Sembilan and Bandar Seri Impian in Johor.

“We are positive on demand for homes in Bandar Sri Sendayan, especially with the growing number of Klang Valley buyers for our launches. This is attributed to the township's vast appeal in terms of affordability, pricing, and locality, which are highly important qualities to a successful development,” said its chairman, Datuk Mohamad Haslah Mohamad Amin.

“Our optimism is also guided by the strong interest received for most of our recent launches, underpinning our confidence to a higher launch target for FY19,” he said.

The group will also be launching its first high-rise serviced apartment in Kuala Lumpur, Chambers Kuala Lumpur, in the second half of 2018.
In FY18, Matrix Concepts achieved record revenue and net profit of RM818.5 million and RM213.3 million respectively, its best performance since listing in 2012.

As at March 31, 2018, the group had RM2.6 billion worth of ongoing developments, significantly higher from RM1.8 billion last year.
Unbilled sales climbed to RM1.1 billion as at March 31, 2018 from RM859.5 million previously, to be recognised until 2020.


Singapore developers cut prices after latest property curbs

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SINGAPORE, Aug 16 — In a bid to attract more buyers, some property developers are lowering the prices of their residential projects by about 5 to 10 per cent after the latest round of cooling measures took effect on July 6. Daintree Residence, a…


Scientex expands landbank in Malacca

PETALING JAYA: Global packaging manufacturer and property developer Scientex Bhd is expanding its landbank in Malacca, by purchasing two parcels of land totalling 209 acres from Real Golden Development Sdn Bhd for RM68.2 million.

Together with the group’s existing 197 acres land in Scientex Durian Tunggal, the enlarged township would consist of a formidable 406 acres in total.

Scientex recently launched 116 units of affordable landed homes in the township under the Rumah Mampu Milik Melaka (RMM) programme in July 2018.

To-date, Scientex has launched 660 units of affordable landed homes in the township since its maiden launch in end-2017.

Scientex Bhd managing director Lim Peng Jin said he believes the land acquisition is timely, as the enlarged landbank in the area strongly supports its ever-growing development plans and future launches in the state. Additionally, this move brings it a step closer to achieving its aim to build 50,000 affordably-priced quality homes throughout the nation by 2028.

The purchase is subject to approval by the Estate Land Board, and is expected to be completed in the first half of 2019. It will be financed by internally generated funds and/or bank borrowings.


Delay in GST refunds affect companies’ cash flow, tax experts say

KUALA LUMPUR, Aug 11 — The delay in refunding the input tax from the Goods and Services Tax (GST) to companies will affect their cash flow as they might need to rely on borrowings to cover the unexpected delay. Tax consultant from YYC Holdings Sdn…


UEM Sunrise maintains RM1.2b sales target this year

KUALA LUMPUR: UEM Sunrise Bhd is maintaining its sales target of RM1.2 billion for 2018 with the improved sentiment following the change in the government.

Its managing director and CEO Anwar Syahrin Abdul Ajib said it has achieved about 60%-70% of its target so far.

“We're optimistic but we're cautious,” he said at a media briefing here today.

The property developer is making homes more affordable by offering 300 homes, mainly in Cyberjaya and Johor Baru, for as low as RM293,000.

Customers will be able to own a home with a downpayment ranging from as low as RM1,000 for Bayu Angkasa, RM5,000 for Verdi and Symphony Hills and RM10,000 for Estuari Gardens, Residensi Ledang, Teega Puteri Harbour and Almas Puteri Harbour.

The offer will commence next Monday.


Insider Moves: Astro Malaysia Holdings Bhd, Serba Dinamik Holdings Bhd, Sunway Bhd, Iskandar Waterfront City Bhd, Kretam Holdings Bhd

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Notable filings FROM July 16 to 20, notable filings of shareholders’ movements in companies listed on Bursa Malaysia included that at Astro Malaysia Holdings Bhd, which saw the Employees Provident Fund (EPF) acquire 13.95 million shares via multiple transactions between July 9 and 13 from the open market. As at July 18, EPF had a direct interest of 417.4 million shares or 8.006% in the pay-TV provider.   Serba Dinamik Holdings Bhd saw several changes in holdings by its substantial shareholders, including the disposal of one million shares on the open marketRead More


China’s shift from greenback detractor to record dollar borrower

BEIJING, July 30 — China used to rail against the outsize role of the US dollar. But in a major turnaround, the world’s second-biggest economy has started embracing the currency of its larger rival. Chinese companies and banks — and even the…