City & Country: Briefs

E & O records robust earnings
Eastern & Oriental Bhd (E&O) achieved a net profit of RM75 million and recorded strong income growth of 67% for FY2010 ended March 31.

“The group’s improved position is attributable to its well-timed and successful launch of the St Mary Residences condominiums in Kuala Lumpur and Quayside Seafront Resort Condominiums in Penang,” E & O said in a statement on May 31.

E&O will be launching in the coming months more Quayside condominiums and the final phase of the Ariza seafront terraces at Seri Tanjung Pinang in Penang.

Perdana ParkCity gains international recognition
Desa ParkCity’s Adiva homes have bagged the FIABCI Prix d’Excellence Awards 2010 for the Residential (Low Rise) Category. FIABCI is the acronym for the Paris-based International Real Estate Federation.

The township in Kuala Lumpur was developed by Perdana ParkCity. The 4.5-acre gated-and-guarded freehold strata-titled Adiva comprises Parkhomes (78 units), Courtyard terraces (66) and Courtyard apartments (16). These were launched in July 2003 and handed over in April 2006.

Hap Seng to build office block next to Menara Hap Seng
Hap Seng Consolidated Bhd plans to build an office block on its newly acquired 1.1-acre freehold tract located adjacent to Menara Hap Seng on Jalan P Ramlee, Kuala Lumpur.

Hap Seng’s group managing director, Datuk Edward Lee Ming Foo said on May 27 that construction of the office block will commence in 4Q2010. Construction cost is estimated at more than RM300 million.

On Dec 21, 2009, the group’s subsidiary Menara Hap Seng Sdn Bhd, entered into a sale and purchase agreement with the Eastern & Oriental Bhd’s wholly owned subsidiary Radiant Kiara Sdn Bhd to acquire the land for RM103 million.

Paramount buys Cyberjaya land
Paramount Corp Bhd, via its subsidiary Omni Assets Sdn Bhd (OASB), has entered into a sale and purchase agreement with Cyberview Sdn Bhd and Setia Haruman Sdn Bhd for the purchase of a 50.01-acre (20.2ha) freehold plot of land in Cyberjaya for RM78.42 million cash.

Plans are for mid-upper to high-end guarded landed, and high-rise residential developments with a gross development value of about RM530 million.

Khind to acquire land for commercial development in Setia City
Khind Holdings Bhd is acquiring a freehold site measuring 65,340 sq ft in Setia City, Precint 1, a commercial development in Shah Alam, from S P Setia Bhd’s unit Bandar Setia Alam Sdn Bhd for a total of RM7.84 million or RM120 per sq ft.

Khind said  on June 1, the land would be developed for a commercial office building, for the company’s own use as well as for lease.

Chor is new housing and local government minister
In a cabinet reshuffle, Datuk Wira Chor Chee Heung has been made housing and local government minister, replacing MCA secretary-general Datuk Seri Kong Cho Ha, Prime Minister Datuk Seri Najib Razak announced  on June 1.

Kong will be taking over former MCA president Datuk Seri Ong Tee Keat’s post as transport minister. The new appointments are affective June 4. Chor was previously deputy finance minister.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 809, June 7-13, 2010