City & Country: Briefs

Bolton to buy Gombak land
Bolton Bhd’s wholly-owned subsidiary Ketapang Realty Sdn Bhd has entered into a sale and purchase agreement with LP Heights Sdn Bhd to acquire 22.98 acres of leasehold land in Gombak, Selangor, for RM72 million.
The tract, located in the Ukay Perdana /Ulu Kelang area, comes with a development order for 184 residential units, comprising 36 semi-detached houses, 88 terraced houses and 60 town villas.
Ketapang Realty might amend the layout to build a gated and guarded community comprising 3-storey semidees and 3-storey bungalows with an estimated gross development value (GDV) of RM220 million. Bolton expects the proposed acquisition to be completed by 4QFY2011 ending March 31.

RM42 mil facelift
for Seri Pacific Hotel
The five-star business hotel Seri Pacific Hotel Kuala Lumpur located next to the Putra World Trade Centre has undergone a RM42 million facelift, its general manager Hadi Yusuf said.
The refurbishment took three years, he said at the launch of the hotel’s rebranding campaign. It was formerly known as Best Western Premier Seri Pacific Hotel Kuala Lumpur.

Home prices may rise up to 20% by year-end
Housing prices are expected to increase by up to 20% in the next six months according to a survey conducted by the Real Estate and Housing Developers’ Association of Malaysia (Rehda).

Rehda president Datuk Michael Yam said at a media briefing on Aug 9 that factors contributing to the price rise include urbanisation, rising affluence and the fact that housing starts and planned supply for 2H2010 have decreased from the previous year.

“We are looking at about 80,000 new houses in 2010. However, our basic housing demand annually shows that an average of about 150,000 to 180,000 units are needed. We also have to take into account the continuous migration into the cities and upgraders. We may face a supply shortage in the market soon,” said Yam.

Nu Sentral to generate RM70 million a year
Nu Sentral, the upcoming mall at Kuala Lumpur Sentral, is expected to generate around RM70 million a year from rents, said Mohamed Razeek Hussain, CEO of Malaysian Resources Corp Bhd (MRCB), the developer of the project. This translates to a rental yield of about 6% to 7% per year, he added, while speaking at the mall’s retail launch on Aug 6.

MRCB and Pelaburan Hartanah Bhd (PHB) are jointly developing the mall on a 51:49 basis. The mall’s net lettable area is about 650,000 sq ft, with about 270 stores. Anchor tenants include Parkson Corp and Golden Screen Cinemas. The mall is scheduled to open in March 2012.

Ivory to buy Batu Ferringhi land for RM25 mil
Ivory Properties Group Bhd is acquiring a 1.103-acre freehold tract in Batu Ferringhi, Penang, for RM25 million, the company said on Aug 5.

The land has been earmarked for a residential project, comprising 96 condominiums. The estimated GDV is RM159 million, with an estimated gross development cost of RM76 million.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 819, Aug 16-22, 2010.

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