City&Country: Briefs

Low Yat Group to buy AP Land for RM305 mil
Asia Pacific Land Bhd (AP Land) has received an offer from major shareholder Low Chuan Holdings to buy its entire assets and liabilities for RM305.2 million or 45 sen per share, according to a Bursa announcement on Jan 11. Low Chuan Holdings is the investment vehicle of the Low Yat Group, which holds a 33.98% stake in AP Land. This marks the group’s intention to privatise its assets. AP Land’s major property projects include Bandar Tasek Puteri in Rawang and a boutique ski resort home development in Niseko, Hokkaido, Japan.

Sunway Holdings awarded land in Singapore
Sunway Holdings Bhd is set to undertake a public housing development in Singapore after being awarded the tender for a land parcel by the Singapore Housing and Development Board on Jan 10. The award is for a tract on Yuan Ching Road for a 103-year lease term at S$131.6 million (RM312.02 million), it announced on on Jan 11. The bid was jointly submitted by Hoi Hup Realty Pte Ltd, SC Wong Holdings Pte Ltd and Sunway’s wholly-owned subsidiary Sunway Developments Pte Ltd.

Hoi Hup, Sunway and SC Wong intend to incorporate a joint venture company on a 60:30:10 basis to undertake the development of the land under the design, build and sell scheme.  

Titijaya proposes listing
Titijaya Bhd has proposed to list on Bursa Malaysia. Securities Commission Malaysia put up the company’s listing prospectus exposure on Jan 10, with the last day of exposure on Jan 31. The developer, which has projects in Subang and Klang, plans to issue 45.3 million new shares, representing 25% of its enlarged share capital, for its IPO. Of the total new shares issued, 5.52% will be offered to the public while 50% will be allocated for bumiputera investors. Another 16.7% will be offered to investors via private placement, while the remaining 2.76% is reserved for eligible employees and directors of the company.

The pricing of the IPO and the amount to be raised have not been finalised, but according to Titijaya, 25% of the proceeds from the IPO will be for acquiring landbank, while the balance will be used to repay bank borrowings and as working capital.

Its ongoing projects include the RM125 million Subang SOHO and RM398 million Subang Parkhomes condo in SS19, Subang Jaya.

Movenpick Hotel set for 2014 opening
Movenpick Hotels & Resorts has signed a management agreement to operate the Movenpick Hotel & Convention Centre KLIA in Malaysia, scheduled to open in early 2014.

The 333-room upscale hotel will form part of a larger 6ha development that includes a convention and exhibition centre located near the Kuala Lumpur International Airport and F1 Sepang International Circuit.

Datuk Ismee Ismail, group managing director and chief executive of Lembaga Tabung Haji, says the project will also feature a haj complex. “Movenpick Hotels & Resorts has extensive experience hosting pilgrims in the Middle East as well as meeting corporate travellers’ needs all year round. We’re proud to bring such a renowned hotel company to Malaysia,” he says.

Movenpick Hotels & Resorts is represented in 28 countries with over 90 hotels, existing or under construction. Of Swiss origin, the hotel group is owned by Movenpick Holding (66.7%) and Kingdom Group (33.3%).

Mydin to open eco-friendly hypermarket
Mydin Mohamed Holdings Bhd plans to open an environmentally friendly hypermarket in Bandar Meru Raya, Ipoh, in March 2012. Managing director Datuk Ameer Ali Mydin says the RM150 million hypermarket will have solar panels and T5 energy-saving and consumer-friendly lights.

He adds that the 750,000 sq ft hypermarket, its biggest in the country, will have a green landscape with various species of palms and trees planted in the vicinity. “With the environmentally friendly landscape, I believe we can woo customers to remain loyal to us, and also attract new customers.”

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 841, Jan 17-23, 2011