City&Country: Briefs

Glomac to buy 200 acres of land in Puchong
Glomac Bhd is acquiring 200 acres of leasehold land in Bandar Metro Puchong in Puchong, Selangor, for RM77 million. Its unit Glomac Alliance Sdn Bhd has entered into a sale and purchase agreement with Score Option Sdn Bhd — the registered proprietor of the land — through receivers and managers Duar Tuan Kiat and Adam Primus Varghese Abdullah of Ernst & Young for the acquisition of the land, the developer announced on Jan 24.

“The acquisition is in line with Glomac’s strategy of acquiring suitable development landbank within the Klang Valley with strong potential for prime and sizeable new developments,” it noted.

In January 2003, Glomac and Score Option had entered into a JV for the development of 90 acres — a portion of the land. The maiden phase of the development, known as Lakeside Residences, has since been completed and handed over.

However, there was a dispute between Glomac Alliance and Score Option, and the development of the subsequent phases was put on hold. The proposed acquisition, Glomac said, will now allow it to take full control of the 90 acres and further extend its landbank there to 200 acres.

Mah Sing expects 80% occupancy when Southgate opens
The 45% tenancy rate at Mah Sing Group Bhd’s Southgate Commercial Centre on Jalan Sungai Besi, Kuala Lumpur, is expected to rise to 80% when it opens in June. The developer signed 20 tenancy agreements on Jan 25.

Southgate, which comprises retail office blocks Vox, Vivo and Vertex, the Corporate Block and Apex Tower, has a total lettable area of about 600,000 sq ft. Confirmed tenants for the retail podium include retailers of food and beverage; fashion, jewellery and accessories; personal care, beauty and fitness products, and services and speciality items.

Hua Yang 3Q2010 net profit up 179%
In 3QFY2010 ended Dec 31, Hua Yang Bhd’s net profit jumped 179% to RM7.65 million from RM2.74 million in 2QFY2010. The group also recorded revenue of RM49.3 million and profit before tax of RM10.4 million in 3QFY2010. It announced on Jan 21 that the positive 3Q results were due to better sales in its developments and improved profit margins. Projects that contributed to the strong performance include Symphony Heights, Selayang, with close to 63% of billable sales, and Taman Pulai Indah in Johor.

Equine Capital in JV to develop nine-acre site in Subang
Equine Capital Bhd has entered into a joint development agreement with Revenue Concept Sdn Bhd to develop a nine-acre freehold tract in Subang Jaya, Selangor, the company announced on Jan 21. The proposed project will feature commercial and residential developments, with an estimated value of RM1 billion.

CapitaMalls 4Q distributable income exceeds forecast
CapitaMalls Malaysia REIT Management Sdn Bhd (CMRM), the manager of CapitaMalls Malaysia Trust (CMMT), announced on Jan 21 that CMMT’s 4Q distributable income for FY2010 rose to RM24.8 million. Unit holders can expect to receive their first distribution of 3.4 sen per unit for FY2010 ended Dec 31 on Feb 25, 2011. CMRM chairman Kee Teck Koon said: “We are pleased to have delivered a strong set of results which exceeded our forecast for the year.”

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 843, Jan 31-Feb 6, 2011