City&Country: In the News

Dijaya JV plans RM2.8b property development in Johor
Dijaya Corp Bhd’s joint venture Magical Heights Sdn Bhd (MHSB) plans to undertake property projects in Plentong, Johor Baru, with a gross development value (GDV) of RM2.8 billion.

It said on Aug 15 that the projects will be built on two pieces of land which MHSB is acquiring from Trident World Sdn Bhd for RM220 million.

Dijaya and Iskandar Waterfront Sdn Bhd each has a 50% stake in MHSB.

On Aug 15, MHSB entered into a conditional sale and purchase agreement with Trident World to acquire 125 acres of land for RM165 million and 15 acres for RM55 million.

The group plans to develop mostly landed properties, which are expected to see sustainable demand in the Johor property market, said Dijaya.

S P Setia plans RM3.5b mixed township in Ulu Langat
S P Setia Bhd plans to undertake a mixed residential development in Ulu Langat with an estimated gross development value of RM3.5 billion.

The company said on Aug 12 that the township project will be carried out on 1,010 acres of freehold land which it is purchasing from Ban Guan Hin Realty Sdn Bhd for RM330.13 million or RM7.50 psf.

It said the land is midway between Semenyih, Bangi old town and Beranang, and 12km south of Kajang town and 25km south of the Kuala Lumpur city centre.

S P Setia said the proposed acquisition offered “a good opportunity to tap into strong demand for attractively priced homes by first-time owners and other homebuyers in the Semenyih-Kajang corridor”.

It said the proposed acquisition would enable it to further reinforce and expand its core business by replicating its proven township development model in an emerging growth corridor presently not served by the group’s more mature projects in the Klang Valley.

L&G to develop RM1.5b project in Sri Damansara
Bandar Sri Damansara developer Land & General Bhd (L&G) plans to step up the development of its remaining 67 acres (26.8ha) of land in the prime township. The first of these projects will be a RM1.5 billion high-rise residential development on a 42-acre site to be launched by the end of this year, said its managing director Low Gay Teck.

To be built in four phases, the project is codenamed “Meranti” as it is located in Persiaran Meranti in the township.

It will consist of 2,800 three-bedroom condos of 1,300 to 1,600 sq ft. According to Low, the design and features of the homes will incorporate practicality and functionality that will suit families well.
Some features designed for the enjoyment of residents are a jogging track, a treehouse and cabanas.

Low said not all of the site will be developed as the company plans to retain 50% of it for landscaping purposes.

L&G has not finalised the pricing of the condos, but according to Low, it is looking at around RM500,000 to RM800,000 each.

YTL reveals valuation of plot for MRT project
YTL Corp Bhd has released the value of a plot of its land in Jalan Bukit Bintang earmarked for acquisition for the construction of the Klang Valley Mass Rapid Transit (MRT) project.

Independent valuer Raine & Horne International, Zaki and Partners Sdn Bhd, in a letter released by YTL Corp to Bursa Malaysia on Aug 15, said the resultant decrease in the estimated market value of the 820.5 sq ft plot is RM2.05 million or RM2,500 psf.

“This is expected to be compensated by the authorities as determining the compensation to be awarded, the authorities are bound to take into consideration, inter alia, the market value based on the principles set out in the LAA (Land Acquisition Act 1960),” said the valuer.

In a letter addressed to the directors of YTL Corp and YTL Land & Development Bhd, the valuer said it was informed by Suruhanjaya Pengangkutan Awam Darat (Spad) that the piece of land will be acquired for the MRT project.

It said the tract, which is about 7.5% of the land area of Lot 534, was intended to be acquired as gazetted vide a Warta Kerajaan dated June 27, 2011.

“In our opinion, any development of the subject property will not be severely impacted as Jalan Bukit Bintang can still be accessed on ground level,” the valuer added.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 872, Aug 22-28, 2011