City & Country: Briefs

PNB to conduct study on Kampung Baru redevelopment
Permodalan Nasional Bhd (PNB), Malaysia’s largest fund manager, will conduct a study on the government’s plan to redevelop Kampung Baru.

PNB president and CEO Tan Sri Hamad Kama Piah Che Othman says the study is to determine whether the redevelopment will yield competitive returns for the company following the government’s proposal to appoint PNB to undertake the redevelopment.

Mah Sing to launch two new projects in 2H2010
Mah Sing Group Bhd plans to launch two new projects — Icon Residence Mont’Kiara and M Suites @ Jalan Ampang — in 2H2010, its managing director and CEO Tan Sri Leong Hoy Kum says.
He says the two projects will be the group’s maiden launches of high-rise residential products in the Klang Valley. The gross development value (GDV) of Icon Residence Mont’Kiara is RM298 million while that of M Suites @ Jalan Ampang is RM257 million.

CMMT to boost property investments in Malaysia
CapitaMalls Malaysia REIT Management Sdn Bhd (CMRM) plans to inject more properties into the soon-to-be-listed CapitaMalls Malaysia Trust (CMMT), its chief executive Sharon Lim says.
She adds that CMMT is looking to acquire and develop shopping malls with a net lettable space of 300,000 to 500,000 sq ft. The REIT manager is looking to buy Gurney Plaza Extension through its sponsor, CapitaMalls Asia Ltd. The property, if acquired, would increase the REIT’s asset size by about 11%.

Gula Perak Bhd disposes of hotels for RM193.9 million
According to a June 28 filing, Gula Perak Bhd recently entered into a sale and purchase agreement to sell The Dynasty Hotel in Kuala Lumpur and The Empress in Sepang, Selangor, for a total of RM193.9 million to Time Glory Investment Ltd.

WCT to open its first hotel development in Klang
WCT Land Sdn Bhd, a wholly-owned subsidiary of WCT Bhd, is scheduled to open its first hotel in Bandar Bukit Tinggi, Klang. According to a statement by the developer, the hotel is currently under construction and is scheduled to open on Oct 10. The hotel will be named Première. 

The 22-storey hotel, which will be managed by WCT Land, will offer 250 rooms, including suites.

Glomac’s 4Q net profit rises, earnings to improve further
Glomac Bhd’s 4Q earnings surged 80% to RM12.45 million, and the developer expects its financials to improve further, helped by the company’s locked-in real estate sales, upcoming property launches and landbank expansion.

Glomac group executive and chairman Tan Sri F D Mansor says unbilled sales of RM588 million at end-April were a record high for the company. “Together with a healthy balance sheet and a pipeline of prime projects, we are targeting to launch over the next two years. The group is poised for significant growth,” he adds.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 813, July 5-11, 2010