City & Country: Briefs

KYM Holdings Bhd acquires RM3 mil land near Gohtong Jaya
Manufacturing and property development company KYM Holdings Bhd is acquiring three contiguous parcels of leasehold land in Genting Highlands for RM3 million.

In a July 20 filing, the company said it had entered into a sale and purchase agreement on July 19 with the vendor Datuk Seri Thiagarajah Nadarajah JP for the parcels  measuring 5,797 sq m (1.4 acres) in total.

The land is located near the Gohtong Jaya township, and fronts the main road leading to the Genting Hotel and entertainment complex.

KYM plans to develop 250 serviced apartments there, with a gross development cost of RM104 million. The project is expected to have a GDV of RM130 million.

Axis-REIT identifies new acquisition targets
Axis Real Estate Investment Trust (Axis-REIT) has spotted three assets worth about RM190 million for potential acquisition to expand its portfolio, in addition to the four purchases that were announced earlier this year.

Axis REIT Managers Bhd CEO Stewart LaBrooy says the assets comprise two new logistics warehouses and retail warehousing in Johor, and an office building in Cyberjaya. The new logistics warehouses have long-term lease arrangements.

Hua Yang’s revenue up for 1Q2010
Hua Yang Bhd saw an increase of 48%, or RM37.22 million, in its revenue for 1Q2010, compared with RM25.17 million in the same quarter last year. Its profit before tax stood at RM6.75 million.

According to a July 16 filing, the company’s net profit for 1Q2010 was RM4.89 million, an increase of RM2.1 million compared with RM2.79 million in the same quarter in 2009. The improved performance for the current period was due to better sales, the company says.

Gamuda Land buys land for RM105m
Gamuda Land Sdn Bhd is acquiring a freehold plot in Jalan Pudu for RM105 million for a mixed commercial development with an estimated GDV of RM600 million.

Managing director Chow Chee Wah tells theedgeproperty.com that Gamuda Land entered into a sale and purchase agreement last month to acquire the 2.94-acre parcel of commercial freehold land, located at the intersection of Jalan Pudu and Jalan Robertson, for RM820 psf from Wearne Brothers Properties Pte Ltd. The site is near the LRT (Plaza Rakyat station) and Puduraya bus terminal, says Chow.

Naim Holdings to build Gaddafi Tower
Sarawak-based Naim Holdings Bhd, via its unit NCSB Sdn Bhd, has entered into a memorandum of understanding (MoU) to construct Gaddafi Tower, a 50-storey tower in Tripoli City Centre, Libya.

The MoU was signed by Naim’s group managing director Datuk Hasmi Hasnan, Al-Waatasemu Charity Foundation (WCF) deputy chairman Bashir Abueid Mohammed Ghnegiwa and WCF coordinator Abdelaziz Emgahad Saleh Almabrouk.

Under the MoU, Naim will invest and undertake design and construction. The proposed Gaddafi Tower will tentatively cost US$300 million (RM960 million).

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 816, July 26-Aug 1, 2010