City&Country: Briefs

WCT and GCD to build RM688 mil project in Medini
Global Capital & Development Sdn Bhd (GCD) has signed an agreement with Platinum Meadow Sdn Bhd, a wholly-owned unit of WCT Bhd, to develop a RM688 million commercial development in the Medini Business District in Iskandar Malaysia, Johor.

GCD CEO Keith Martin said after the signing ceremony on Dec 14 that the 4.12ha development would include a media village cluster development to support Pinewood Iskandar Malaysia Studios, a US$150 million (RM471 million) film and television production facility project, which is expected to create over 3,000 jobs.

This is WCT’s second venture in Iskandar Malaysia following a joint venture with Iskandar Investment Bhd last year to develop 1Medini, the city’s first residential development in Medini North.

First phase of Mutiara’s Nadayu 92 in Kajang sold out
Mutiara Goodyear Development Bhd’s maiden project in Kajang, Nadayu 92, achieved 100% sales on the first day of its launch. Phase 1 of the 68.6-acre development, comprising 119 terraced houses, was launched on Dec 11.

According to its executive chairman Hamidon Abdullah, the response was so good that part of the next phase was opened for sale. Units sold were priced from RM433,000 to about RM1 million.

Mutiara currently has projects worth RM1.6 billion in the pipeline, to be launched in the next 12 months. They include a 4.7-acre mixed development in Bandar Sunway, with an estimated GDV of RM220 million; an 8-acre high-end residential development in Penang, with an estimated GDV of RM400 million; a 15-acre residential development at Cyberjaya, with an estimated GDV of RM450 million; and the subsequent phases of the 80-acre Nadayu at Taman Melawati, which has a total GDV of RM1 billion.

Gamuda Land targets RM5 bil in property sales over two years
Gamuda Land Sdn Bhd is targeting RM5 billion worth of sales over the next two years as it embarks on a “high-growth” phase in 2011. Gamuda Bhd group managing director Datuk Lin Yun Ling said on Dec 9 that RM2 billion in sales is expected to come from local projects while the remaining will be from its two real estate projects in Vietnam.

Current unbilled sales stand at RM800 million, while the GDV of its Vietnam property ventures is currently over RM12 billion, Lin said.

The two projects in Vietnam are Gamuda City, a 500-acre mixed township development in Hanoi, and Celadon City, which incorporates a fully landscaped lake and park in Ho Chi Minh City. Both developments are set for launch in early 2011.

Bolton selling subsidiary
Bolton Bhd announced on Dec 9 that it had entered into a sale and purchase of shares agreement with Shapadu Resources Sdn Bhd (formerly known as Shapadu Global Sdn Bhd) to dispose of Lim Thiam Leong Realty Sdn Bhd for RM50 million. Lim Thiam Leong Realty is the owner of 70 parcels of retail lots, all the office suites and 286 parking bays in Campbell Complex in Kuala Lumpur.

Upon completion of the disposal of the 17 million ordinary shares of RM1, or 100% equity interest in the realty, it will cease to be a subsidiary of Bolton.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 837, Dec 20-26, 2010