City & Country: Briefs

IJM Land’s project sees 50% take-up
IJM Land Bhd’s latest addition to the RM5.5 billion The Light Waterfront project — The Light Collection 1, with a GDV of RM203 million — saw a take-up rate of 50% even before its official launch during the weekend of July 31.

The Light Collection 1 is the third chapter of The LIght development in Penang, after the launch of The Light Linear and The Light Point in 2009. It will also be the first to feature water villas. The Light  is being developed in three phases on 152 acres over the next 15 years.

IJM Land’s managing director Datuk Soam Heng Choon is confident that the rest of the units in The Light Collection 1  will be taken up within the next eight months.

UOA REIT posts lower profit
For its 2QFY2010, UOA Real Estate Investment Trust (UOA REIT) registered a drop of 12.65% in net profit to RM6.6 million from RM7.6 million in the previous corresponding period.

Revenue for the quarter fell 4.4% to RM10.79 million from RM11.28 million previously. The total income of RM10.79 million was inclusive of interest income and other income of RM3,519 and RM24,406 respectively.

In a filing with Bursa Malaysia on July 22, the REIT’s manager UOA Asset Management Sdn Bhd said total expenditure for the quarter amounted to RM4.2 million, with RM2.4 million attributable to property operating expenses and RM1.8 million to non-property operating expenses.

TILB to undertake RM1.05bn projects
En route to a listing on the Main Market of Bursa Malaysia, Tambun Indah Land Bhd (TILB) plans to undertake 12 property development projects in Penang with an estimated GDV of RM1.05 billion.

According to its prospectus, the 12 projects involve some 2,532 bungalows, semi-detached houses, terraced houses, condominiums, apartments and shopoffices between June 2010 and 2016.

The Penang-based developer’s ongoing projects as at May 15 include Juru Heights (GDV: RM75.53 million), Seri Palma (RM4.6 million), Carrisa Park (RM25.93 million), Pearl Garden Phase A1A (RM54.92 million) and Pearl Garden Phase A1B (RM39.9 million).
For FY2009 ended Dec 31, the group’s net profit rose marginally to RM23.76 million from RM23.47 million in FY2008 while revenue dipped 20% to RM100.87 million from RM126.04 million.

Ken Holdings’ profit rises
Construction group Ken Holdings Bhd posted a net profit of RM1.79 million for 2QFY2010 ended June 30, up 54% from RM1.16 million in the previous corresponding period on the back of higher profit margins.

Its profit before tax (PBT) rose 46% to RM2.4 million from RM1.65 million, the company said on July 26. The higher profits came despite revenue shrinking 64% to RM5.06 million from RM14.23 million previously.

The group said its Ken Bangsar project, which was officially launched in July, has received good response.

First non-British president for RICS
The governing council of the Royal Institution of Chartered Surveyors (RICS), which is based in Parliament Square, London, has named RICS Asia chairman Ong See Lian as its president-elect and president.

This appointment makes Ong the first non-Briton to hold a leadership position in RICS in its 140-year history. He has been appointed president-elect for 2010 to 2011 and president for 2011 to 2012. Ong took up the post in April.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 817, Aug 2-8, 2010.

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