City&Country: Briefs

Iskandar Malaysia receives additional RM700m
Iskandar Malaysia will receive an additional allocation of RM700 million for infrastructure development over the next two years, said Johor Menteri Besar Datuk Abdul Ghani Othman on Nov 30. The allocation was made at the board meeting of the Iskandar Regional Development Authority (IRDA), chaired by Prime Minister Datuk Seri Najib Razak. An earlier sum of RM339 million had been allocated under Budget 2011.

Speaking at the launch of the state’s new administrative centre, Kota Iskandar in Johor Baru, Abdul Ghani, joint chairman of IRDA, said the allocation would enable all planned developments to be completed by 2012. The Legoland theme park will open its doors in 2012 while the University of Newcastle will begin operations at the end of next year, he added.

Sunway unit clinches Tampines land for condo development
A Sunway Holdings Bhd unit has been awarded a piece of land in Singapore on a 99-year lease at S$187.59 million (RM450.19 million) by Singapore’s Housing and Development Board, as announced on Nov 26. Sunway Development Pte Ltd (SDPL) had submitted a bid for the parcel at Tampines Avenue 8 jointly with Hoi Hup Realty Pte Ltd and SC Wong Holdings. Hoi Hup, SDPL and SC Wong Holdings aim to incorporate a joint venture on a 60:30:10 basis to undertake the development — an executive condominium. The project is slated for completion in 48 months or earlier, it said.

Glenmarie Gardens launched
Glenmarie Properties Sdn Bhd (formerly known as Hicom Properties Sdn Bhd) has launched the RM380 million Glenmarie Gardens in Shah Alam. CEO Mohd Radzman Othman said on Nov 26 that Glenmarie Gardens is an exclusive, low-density enclave comprising 70 units of 2-storey and 2½-storey bungalows on a freehold tract in Glenmarie. He said the houses will be built in two phases, with work on Phase 1’s 14 units to start in May next year. Built-ups are from 5,910 to 8,033 sq ft while the land area is from 8,364 to 14,693 sq ft.

Satang Holdings sells Bukit Jelutong land for RM18m
Satang Holdings Bhd is selling a five-acre freehold parcel in Bukit Jelutong to Mega Regal Development Sdn Bhd for RM18 million, the group announced on Nov 30. The group decided to sell the land because it is not expected to contribute materially to its business in the future as it does not have plans to develop it. The group’s focus is its core business of maintenance, repair and overhaul services of safety and survival equipment.

The sale also offers an opportunity for the group to realise the capital appreciation of the land and to raise funds for working capital.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 835, Dec 6-12, 2010

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