Kuala Lumpur – Ekovest Berhad’s wholly owned subsidiary, Lebuhraya DUKE Fasa 3 Sdn Bhd, has been awarded the “Islamic Issuance of the Year” at the IFR Asia Awards 2016 for its RM3.64 Billion Sukuk Wakalah Issuance.

The Award was presented at the 2016 IFR Asia Awards Dinner, held on Tuesday, February 21 2017, at the Four Seasons Hotel, Hong Kong. The event, vastly regarded as the most prestigious in the region’s capital markets, saw 300 of Asia’s most senior and successful capital markets professionals gather, to celebrate the excellence of the industry.

The RM3.64 Billion (US$818m) project financing that featured a new shariah-compliant structure, set a record for the largest Malaysian ringgit bond for a greenfield toll-road project.

Lebuhraya DUKE Fasa 3 Sdn Bhd, as the Issuer, raised the funds in August to help fund the construction of the Setiawangsa-Pantai Expressway (formerly known as the DUKE Phase 3), a 32.1km elevated expressway that will complete a critical ring road around Kuala Lumpur.

Ekovest Berhad Managing Director, Datuk Seri Lim Keng Cheng commented “We are very proud, to be recognized for our all hard work in securing the project financing for this infrastructure project that will help ease congestion and ensure quicker travel times for the citizens of Kuala Lumpur.  Now, we can turn our focus to the construction of the Setiawangsa-Pantai Expressway.”

AmInvestment Bank, acting as the financial and principal adviser, proposed a Wakalah Bi al-Istithmar structure, combining the Wakalah, Murabahah and Tawarruq principles in an asset-light format.

The Sukuk Wakalah concept addressed DUKE 3’s lack of tangible assets and allowed the Issuer to come to the bond market at the greenfield stage. Most sukuk structures require physical underlying assets.

The format was well accepted in the International Islamic markets.  Nevertheless, it is the first time the structure has been used for a greenfield toll road project in Malaysia.

Under the Wakalah Bi al-Istithmar structure, the sukuk holders will use an investment wakeel or agent, such as a financial institution, to invest the proceeds in a combination of assets and debt.

The assets comprise of the Duke 3’s 53-year operating concession and its construction activities. The debt component is a commodity Murabahah investment on a cost-plus format while the Tawarruq, a tripartite sale format, provides the platform.

The issuer ruled out using just the commodity Murabahah concept for the entire structure as this involved additional costs such as third-party brokerage fees.

Malaysian investors embraced the new structure and local rating agency MARC assigned a AA– rating, and Duke 3 printed 14 tranches on August 23, with tenors of 10 to 23 years and coupons ranging from 5.14% to 6.43%.

The completion of the deal was more remarkable when seen against the chequered history of toll road project bonds in the ringgit market, where a number had to be restructured. But Duke 3’s urban highway location in the heavily populated Klang Valley is expected to capture strong traffic flows.

The debt, made up 83% of the RM5.05 Billion total project cost. It was also supported by a RM560 Million interest-free reimbursable interest assistance loan from the Federal Government of Malaysia, the first facility of its kind for a greenfield project.

Ekovest’s M$850m equity injection made up the balance. AmInvestment Bank was lead arranger and joint lead manager and bookrunner with CIMB, Maybank and RHB.

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60% of Sales & Purchase Agreements (SPA) signed and returned at launch event.

(fourth from left) Dato’ Seth Yap, ceo of M101 and his excellency Dato’ Sri Zahrain Mohamed Hasmil, ambassador of extraordinary and plenipotentiary of Malaysia to Indonesia (middle) together with the representatives from Century21, ERA, Harcourts, LJ Hooker, PROMEX, Ray While and REMAX at the signing ceremony in Jakarta, Indonesia earlier this year.

KUALA LUMPUR – Property tourism advocators, M101 Holdings Sdn Bhd (M101) celebrates the successful official launch of M101 Skywheel over the weekend. Located at Kampung Baru, the project has a total gross development value (GDV) of RM1.8billion.  Works on the project has commenced and scheduled to be completed by 2020.

M101’s Chief Executive Officer, Dato’ Seth Yap said, “M101 is very pleased with our achievement today. Out of 1,000 units from M101 Skywheel’s phase 1, 80% has been sold. Together with the en bloc sale of RM100million with the 7 top agencies in Indonesia, we have signed and returned over 60% of the sales and purchase agreement valued over RM400million on the day of the launch.”

Dato’ Seth Yap further shared, “We also attribute our success to the fact that we did not include any premiums in our price and it starts affordably at RM999 psf.  A study by Knight Frank stated that premium branded developments can be priced 30% higher.

Additionally, developments with MRT is priced a further 30%. We did not include both. Hence, you can say that our buyers are already enjoying an immediate value appreciation from their purchases.”

M101 Skywheel boosts the 1^st in the world Sky Ferries Wheel with the highest vantage point of 220m above the ground, the 1^st in Asia Planet Hollywood Hotel and the very 1^st integrated development in World design by Studio F. A Porsche.

The development will also feature the world’s highest shopping experience with a SkyMall that extends from 50th to 52nd level with over 200,000 sqft of retail space, with diverse product offerings a with an MRT station right at the door step of development.

INTERNATIONAL SALES

M101 kicked off the year on a high note with the launch of M101 Skywheel in Indonesia which saw the en bloc commitment of RM100million by 7 top agencies in Indonesia, namely Century21, ERA, Harcourts, LJ Hooker, PROMEX, Ray While and REMAX.

Held in Jakarta, the signing ceremony was witnessed by His Excellency Dato’ Sri Zahrain Mohamed Hasmil, Ambassador of Extraordinary and Plenipotentiary of Malaysia to Indonesia.

M101 Skywheel was also successfully launched in China. The event was hosted together with the Bank of China, Shanghai and was graced by His Excellency Mr Tan Yang Thai, Consul General of Consulate General of Malaysia in Shanghai and Mrs Zarian Dilah Judin, the Tourism Consul of Consulate General of Malaysia in Shanghai.

M101 is on track to complete the sales of Skywheel’s phase 1 by end-2017 as the Company will be introducing the development to the rest of Asia such as Taiwan, Singapore, Hong Kong, Vietnam, Sri Lanka and Bangladesh, in line with M101’s property tourism initiatives.

M101 recently appointed China Huashi Enterprises Co., Ltd. as the main contractor for the development of M101 Skywheel. During the signing ceremony, M101 further announced that China Huashi has undertaken the financing of RM50million worth of construction cost, equivalent to the cost of M101 Skywheel’s substructure.

China Huashi has a proven track record of building challenging high-rise structures and buildings such as the Sichuan TV Tower (316 meters) and the Chengdu Global Center (243 meters). Further to this, China Huashi plays an important role to advice on usage of effective and efficient construction materials based on the Huashi China’s experience in scientific research and design. Piling works has commenced at the site.

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MIRI: Some 591 out of 817 units planned for the first phase of the civil servant special housing scheme in Miri have been snapped up.

Prime Minister department assistant secretary Mursyidul Marzuki, who oversees the project, said the brisk sale of the double-storey houses showed that civil servants in Miri were keen on the housing project.

“These double storey unit costs RM300,000 each.

“We are happy with the good response from civil servants in Miri,” he said at a briefing at the Miri Resident Office.

Chief Minister Datuk Amar Abang Johari Tun Openg is expected to witness the sales and purchase deal between housebuyers and the developer this Saturday in Miri.

The project, called Perumahan Penjawat Awam 1 Malaysia (PPA1M), will be developed by Pantai Bayu Indah Sdn Bhd. It was launched last November by Sarawak Assistant Safety Minister Datuk Lee Kim Shin.

Lee had said for a built-up of 1,200sq ft, the price of a PPA1M unit was 30% cheaper than the market price.

The PPA1M scheme in Miri will be located in Parkcity Eastwood area, next to the Pan-Borneo Highway.

There will also be commercial centres and recreation areas for the residents. — By STEPHEN THEN

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SouthKey is rapidly developing into a future gateway to an esteemed lifestyle for today’s urbanites.

By CAITLYN NG LI YUIN caitlyn@thestar.com.my

Columbia Asia

RIGHT in the heart of Iskandar Malaysia’s Flagship Zone A lies a new metropolis that not only boasts a strategic location for enhanced potential, but also poises to be a thriving hub for a truly wholesome urban living, blending harmony with modernity.

SouthKey is an up-and-coming urban lifestyle development by SouthKey City Sdn Bhd that promises to be a city for a progressive lifestyle. This is an integrated urban lifestyle development that features different components such as commercial, residential, wellness, education institutional, central park and various amenities. All of which comes wonderfully together to provide a fulfilling environment for people from all walks of life to enjoy living, working, playing or relaxing.

Spanning across 330 acre, and the developer has taken careful steps to ensure that. An 18-acre thoughtfully planned Central Park serves as the lush green lung of the development, providing a much-needed breath of fresh air for all as they begin each day with a smile.

For the first time ever in Johor Bahru, there will be unique four-storey free standing boutique pods in SouthKey. These pods have excellent main road frontage that gives maximum visibility to draw the crowds, even more as they flaunt a contemporary glass and aluminium-clad design.

The built-up area for each pod has been optimised and measures between 4,305 sq ft to 11,845 sq ft, allowing for business owners to enjoy flexible spaces. As they are free-standing, this gives them the added advantage of being double frontage – facing both the ever-busy Jalan Bakar Batu and the Mosaic shops.

The Mosaic shops themselves are a sight to behold, as the 41 units of four-storey shop offices are elegantly designed to become the perfect business space for everything. Ranging from start-up companies to established big names, they can be sure that first-rate functionality is what they will get.

They would be able to choose from built-ups ranging from 5,636 sq ft to 13,883 sq ft, where each unit is capacious enough for those who are looking to create sections, without compromising on the freedom of creative layout planning.

With a polished facade, the two-block SouthKey Mosaic serviced residences is the final piece of the puzzle to complete the picture that defines luxurious living. The units come with a built-up ranging from 676 sq ft to 1,509 sq ft. Residents can expect to come home to fuss-free and practical layouts, distinctive high ceilings and wide hallways to exude a sense of spaciousness, as well as broadband ready to ensure a stable connection.

Behind the steel-and-glass, there is a first-of-its-kind car park with smart EV charging stations for electric cars plus a host of world-class facilities. Some of these include a verdant camping base for an outdoor adventure right at the doorstep, infinity pool, gymnasium, 24-hour multi-tier security system and a sky lounge on the top floor that allows for socialising to take place on a whole new level.

Southkey

Visionaries from IGB Corporation Bhd and SouthKey City Sdn Bhd decided that shopping would be the next big thing in the southern region. Thus the creation of the largest shopping mall in the southern region located within the prestigious address of SouthKey to cater to the large ready catchment population. The Midvalley Southkey Megamall comprises 2.5mil sq ft of net lettable area with an expected completion date of phase 1 by end 2018. Lakefront, a nine-storey office building fronting lake, will offer 128 units of shop offices.

No development would be complete without established amenities in the vicinity to further enhance the lifestyle of everyone. Among some of the amenities that will be present in SouthKey are the Colombia Asia Hospital with a 150-bed capacity, City University College of Science and Technology, and an upcoming 238-room business hotel. Southkey Hotel will offer facilities such as ballroom, function rooms, bar lounge, cafe, business centre, swimming pool, shop and gym room.

SouthKey enjoys excellent accessibility through a network of major highways and thoroughfares like North-South Expressway, Eastern Dispersal Link (EDL), Senai Desaru Expressway, Second Link Expressway and Coastal Highway (Phase 2). Jalan Bakar Batu is another one of the main roads that leads to and from the development, and it has already been widened to six lanes, allowing for smoother flow of traffic.

Overall, it would only take four minutes to drive from the Sultan Iskandar Customs, Immigration and Quarantine Complex, allowing for not just Malaysians but Singaporeans as well to enjoy the host of shopping, dining and recreational hotspots at SouthKey.

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BY PANG WENXI

Ganabathi (right) and his father Sivalingam with the mock key for their low- cost home.

PONTIAN: It was a proud moment for engineer S. Ganabathi when he received a mock key for his first house from the Johor Mentri Besar.

The 25-year-old, eldest of three siblings, said he had applied for the low-cost house more than two years ago.

“I never stopped trying and applied more than 10 times,” he said, adding that he had wanted to get his own low-cost home as early as possible, as houses were expensive now.

“Luckily, with the help of the government and Tanjung Piai Malaysian Indian Congress (MIC), I was able to achieve my goal,” said Ganabathi, adding that he was planning to refurbish the two-storey house located in Taman Kiara II in Pekan Nanas here.

Ganabathi was one of the 50 recipients who were presented with mock keys for their low-cost homes from Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin during his parliamentary visit to Tanjung Piai on Sunday.

Some 30 people also received titles for land in Kampung Tengah Mukim Jeram Batu in Pekan Nanas.

Canteen cook Norsiah Abdullah Sanek, 39, was another recipient who was all smiles after receiving her title.

Norsiah, a single mother with two daughters, said she had started applying for land 20 years ago, and was grateful the wait was finally over.

“Before this, my daughters and I were staying in a rented home,” she said, adding that it was difficult as she had to pay rent and save up for a future house at the same time.

Mohamed Khaled said that a total of 129 individuals received approval for low-cost houses in Taman Kiara II while 35 individuals received approval for land titles in Kampung Tengah Mukim Jeram Batu.

“The state government’s focus is always on the well-being of our people, and by providing affordable houses, more people will be able to have their own homes,” he said during the event at Dewan Muafakat Johor in Taman Sri Sentosa here .

He said the government would not neglect their responsibility in providing the public with affordable homes, adding that the Johor Affordable Homes (RMMJ) project would continue to be carried out.

He added that the government has agreed to allocate RM6.7mil to take over a 12.14ha land in Kukup in Pontian to build affordable homes for the public.

“This will be funded by the Bumiputera Property Fund, which has been used by the state government to buy back many plots of land in Pagoh, Segamat, Labis, Kluang and other areas to build affordable houses under the RMMJ project,” he said.

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PETALING JAYA: Strata development is no longer a stranger in this country, and with limited land area, it is one of the most ideal residential development scheme.

To educate the public about strata development, the Selangor Land and Mines Office will be holding the Smart Strata Seminar 2017: “Towards a Feasible Future” on March 14 and 15 (Tuesday and Wednesday) at the Setia City Convention Centre.

According to statement, the Smart Strata Seminar 2017 will not only give a holistic overview of the strata scheme, but also examine the issues relating to strata development, production of titles, as well as managing a strata scheme.

Selangor EXCO Datuk Iskandar bin Abdul Samad will be officiating the event.

The group of speakers are individuals with extensive knowledge and experience within the field of land and property management, including the esteemed Prof. Datuk Salleh Buang, a full time consultant and have once served the public sector at the Attorney General’s Chambers of Malaysia (AGC).

Other attending speakers will include Ahmad Suaidi bin Abdul Rahim (PTGS), Chan Keat Lim (JUPEM), Abdul Aziz bin Mohd Johdi (former JKPTG) and Mohammad Ridzwan Abidin (KPKT).

Seminar fees starts from as low as RM1,600 per person. For those interested to register, log on to smartstrata2017.wordpress.com/2017/02/15/pendaftaran.

For any enquiries, call Aslina at 603 55447195 or email aslina@selangor.gov.my.

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BY ZAZALI MUSA

KOTA TINGGI: MB World Group Bhd (MBWG) sees the multi-billion-ringgit oil and gas project in Pengerang pushing up demand for property in south-east Johor and other parts of the Kota Tinggi district.

Executive director Ng Liang Khiang said the company was banking on the location of its township project Taman Sri Penawar near Desaru coast to attract potential property buyers from Johor and outside the state.

“Many, including domestic and foreign investors, are now looking at south-east Johor as the new growth centre in the state offering good long-term growth prospects,” he told StarBiz.

Ng said prior to 2011, before the launch of the Pengerang Integrated Petroleum Complex (PIPC), areas in south-east Johor were not on the radar of many developers as demand for houses was not encouraging.

PIPC, located on a 8,093-ha site in Pengerang, is the largest petrochemical complex in Malaysia to date.

The project will house oil refineries, a naphtha cracker and petrochemical plants, as well as a liquefied natural gas import terminal and a regasification plant.

He said many would not even consider buying property in the laidback south-east Johor area, and the only time visitors would come to the area, especially to Sungai Rengit, was to feast on the lobsters and seafood served by seafood restaurants.

“PIPC has changed the image in recent years, with Johor developing and positioning Pengerang as the Rotterdam of Asia,” said Ng.

He said the recent announcement by Saudi Arabian petroleum company Saudi Aramco to invest RM31bil in the Refinery and Petrochemical Integrated Development, or Rapid, project would further boost investor confidence in Pengerang.

“The rental market is good in south-east Johor including in Desaru and we are looking at investors planning to rent out their properties,” said Ng, adding that 40% of its buyers were those planning to rent the properties.

He said phase one of 265 units of single-storey houses was sold out within two weeks and in one month for 161 units of Desaru Avenue – double-storey shop houses were snapped up prior to the launch date.

Ng said the company was hoping to get a similar response for the 161 units of its double-storey houses in the gated and guarded precinct to be launched this weekend.

The development of Taman Sri Penawar on a 190.20-ha site is being undertaken by MBWG subsidiary Cocoa Valley Development Sdn Bhd, with 3,330 residential and 380 commercial units.

“The entire project has an estimated gross development value of RM1.9bil and will keep us busy for about seven years,” he said.

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 Bukit Bintang City Centre is set to enhance the cosmopolitan vibe within the Golden Triangle of Kuala Lumpur.

By NURUL ASMUI MD AZMI asmui@thestar.com.my

Bukit Bintang City Centre

A prodigious historic landmark that holds chapters of untold stories betwixt the buzzing location of Bukit Bintang is seeing dramatic changes as a mixed-use masterplan has been designed to fill the historic space. Emerging to transform the area into a state-of-the-art integrated development is Bukit Bintang City Centre (BBCC), a new development that is driven by market forces since the area has grown ever more popular amongst the locals as well as the tourists.

Strategically situated on a 19.4-acre prime address of the Golden Triangle, the masterpiece in the making offers a complete cosmopolitan lifestyle for a vibrant city living. It is jointly developed by three prominent names, Eco World Development Group Bhd, UDA Holdings Bhd and Employees Provident Fund (EPF).

A city abode

With an exclusive tagline ‘Where life is spectacular’, BBCC is destined to be the new heartbeat of Kuala Lumpur. It has a gross development value (GDV) of RM8.7bil, and encompasses residential suites, modern office suites, hotels, a retail mall as well as an entertainment hub. Each and every component is designed to not only complement, but also enhance the luxurious life within the city.

The residential project in BBCC is a high-rise development dubbed Lucentia Residences. Inspired by the traditional Japanese paper lanterns, each unit at Lucentia is designed with layout that allows for plenty of natural light during the day, and by night, give off a soft peaceful lights.

Soaring at 47 and 35 floors, there are five luxury residential towers with own facility deck overlooking a lush green park on the retail podium. These service suites have been designed to offer ultimate luxuries that include practical floor-plans, homes with high quality finishes and stunning panoramic views of the city.

The podium deck provides a wide range of facilities, from an energetic and active exercise to the most relaxing one, there are plenty of activities of all residents. Choose to swim in the Olympic-length swimming pool or just relax and unwind at the spa lounge. Furthermore, residents are able to enjoy breathtaking views of the city skyline and additional lifestyle and entertainment offerings from the Sky Deck on Level 33A and 35.

Children can also enjoy a good recreation time as there is a special corner for kids on the Podium Deck, and also a Treehouse, which they can safely climb to the podium deck to find cheerful open-air play area on the mezzanine level.

Lifestyle revolution

The commercial development in BBCC strive to bring back the community vibrant past by incorporating convenient amenities. The 80-storey Signature Tower in BBCC is an iconic development that opt to transform the skyline of the city. It comprises of corporate offices designed to meet green standards, a five-star hotel with great hospitality features and serviced apartments overlooking a spectacular view.

The Stride strata office is another office building that features offices with Grade A amenities. Standing tall at 46 levels, there are a total of 341 units with built-up area ranging from 948 sq ft to 1,187 sq ft. The practical layout with maximised space offers tenants the flexibility to customise the suite to meet their business identity.

The Stride is also an iconic business location that offer an array of professionally managed business conveniences such as reception services, business lounge, meeting rooms, multipurpose room, video conference facilities and conference room.

In addition to the BBCC Signature and The Stride strata office, other luxurious elements include a four-star hotel that offers a seamless experience to city travellers; a 1mil sq ft modern retail mall featuring a mix of local and international retailers; a lifestyle street that enclose eateries, shopping and entertainment outlets; and an entertainment hub that is managed by a renewed, international entertainment powerhouse.

Threading through the development are the parks and gardens that have been designed with an effort to sustain the biodiversity and environmental zones. The green lungs of BBCC surround the architectures, envelope the interiors, and fill all empty spaces with green life, covering 70% of the overall land area.

Bukit Bintang City Centre

Connected to the world

Located in a prime area, in between two major roads, Jalan Pudu and Jalan Hang Tuah, BBCC is within close proximity to the SMART tunnel (Jalan Sultan Ismail exit), and has immediate access to four major highways, which are The Middle Ring Road 2 (MRR2), Maju Expressway (MEX), Federal Highway and KL-Seremban Highway.

BBCC is also connected to various major landmarks and towns via its own transit hub that connects the existing Hang Tuah monorail, the LRT as well as linkage to the proposed Merdeka MRT station. At the same time, BBCC is a cosmopolitan hub that has been designed to welcome visitors from all over the world.

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(From left) MB World Group Berhad sales and marketing manager Connie Liew, executive directors Janice Wong, Cindi Sim, Ng Liang Khiang, Simon Sim and project planning manager Foo Yong Hui.

A New Integrated Township in Bandar Penawar, Kota Tinggi

KOTA TINGGI: MB World Group Berhad has unveiled their first new integrated township – Taman Sri Penawar in Bandar Penawar, marking the start of more new ventures for the Group.

Taman Sri Penawar is a township development project under the leadership of Cocoa Valley Development Sdn. Bhd., a subsidiary of MBWG.

The project spans across 470 acres of prime land bank with 3,300 residential units and 380 commercial units planned.

The entire township has an estimated Gross Development Value (GDV) of RM1.9 billion. It will be developed in phases and is expected to complete in seven years.

“Taman Sri Penawar is a potential investment township that is located strategically as it is adjoining Taman Desaru Utama which is complemented by established amenities such as hotels, shopping mall, retail outlets, restaurants and clinics.

It is also well-connected with major roads and highways such as Tanjung Balau Road, Kota Tinggi – Pengerang Highway and Senai – Desaru Expressway, linking to Tanjung Balau, Bandar Penawar, Pengerang, Kota Tinggi, Johor Bahru, Senai and Iskandar Puteri.” said MB World Group Berhad executive director Ng Liang Khiang during the media launch.

According to statement, the township’s strategic location is further augmented by the Refinery and Petrochemical Integrated Development (RAPID) project spearheaded by Petroleum Nasional Bhd (Petronas) which is expected to employ 70,000 workers during construction and generate 4,000 new jobs upon completion.

Additionally, Saudi Arabian Oil Co’s (Saudi Aramco) plans to invest RM31 billion in RAPID will enhance the positive outlook of the project. This bodes well for the township as this will indirectly contribute to Taman Sri Penawar’s capital and rental appreciation.

“We believe that Taman Sri Penawar is an ideal township for working adults to invest in as the ongoing Petronas’ RAPID project in Pengerang has opened up plenty of job opportunities to the public.” Ng added.

MBWG will officially launch the project at a public event on 11 March 2017, Saturday at its sales gallery in Bandar Penawar.

The day will include a selection of activities such as property talks, D.I.Y handicraft workshops and performance. Light refreshments will also be provided.

Among the development phases, the projects that available for preview are the second phase of single storey terrace house, Desaru Avenue and Harmonia.

The second phase of single storey terrace house consists of 320 units and has an average land area of 20 by 70ft, a built-up area of 1,091 sq. ft. with three bedrooms and two bathrooms.

The property has received good response with over 50% units have been booked prior to the launch. The first phase of the single storey terrace house with a total of 265 units has also been fully sold within 2 weeks time prior to the launch.

The Desaru Avenue offers 161 units of double storey shop offices. With its spacious and flexible layout, the shop office is ideal for a variety of businesses.

To complement the success of single storey terrace house, the phase 1 of Desaru Avenue has been sold within a month prior to the launch.

The Harmonia consists of 272 units of double storey terrace houses, and has an average land area of 22 by 70ft with a built-up area of 1,996 sq. ft.

This gated and guarded development aspires to provide a safe and comfortable living environment.

In their recent quarterly announcement, MBWG announced their fourth quarter (“4Q FY2016”) results for the Financial Year Ending 31 December 2016 (“FY2016”) with the revenue for FY2016 standing at RM122.70 million which shows an increase of 103.62% from RM60.26 million for the Financial Year Ending 2015 (“FY2015”), mainly contributed from its property development segment.

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PETALING JAYA: LBS Bina Group Bhd, through its indirect subsidiary Biz Bina Development Sdn Bhd, entered into a joint development agreement with YPJ Plantations Sdn Bhd yesterday for a proposed development in Johor which has a gross development value (GDV) of RM2.6bil.

YPJ Plantations is the owner of the 541.4-acre leasehold land and is entitled to 7.5% of the proposed development’s GDV, or a minimum guaranteed sum of RM194.9mil.

In a filing with Bursa Malaysia yesterday, LBS Bina said the agreement would enable the group to participate in a viable development project without having to bear the substantial upfront cost of land acquisition.

“The proposed development is mainly targeted at the medium to medium-high income group.

In addition, the joint development agreement augurs well for LBS Bina’s property development strategy in enhancing its portfolio in township development, as well as further strengthening its presence by allowing the capitalisation of its branding in Johor.

According to the initial plan, the proposed development will be a mixed township comprising residential and commercial units.

These units include Perumahan Rakyat Johor, which takes the ‘Dasar Perumahan Rakyat Johor’ policy by the Johor State Government into consideration.

The development will also incorporate plans in relation to a dynamic Bandar Akademi YPJ. The land is located in Mukim Sg Tiram, Daerah Kota Tinggi, which is an estimated 46km from the Johor Baru town and approximately 29km from the Senai International Airport.

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BY INTAN FARHANA ZAINUL

IWH proposes to take over the listing of IWC and consolidate all properties under one company

KUALA LUMPUR: After three years of mulling a listing of its own, Iskandar Waterfront Holdings Sdn Bhd (IWH) is finally coming to the capital market through a corporate exercise that would see it being one of the region’s biggest owners of land in cities.

In a corporate proposal announced yesterday, IWH will take over the listing status of Iskandar Waterfront City Bhd (IWC) through a share swap between the two.

IWH at the moment is 63%-owned by Tan Sri Lim Kang Hoo (pic) through his private company Credence Resources Sdn Bhd, while the remaining shares are held by Kumpulan Prasarana Rakyat Johor (KPRJ). IWH holds a 38.34% stake in IWC that has 1,072 acres mainly located in Tebrau, Johor.

IWH, on the other hand, has 3,900 acres of waterfront land, of which 80% has been claimed.

The corporate exercise proposes that all land outside IWH that is owned by Lim and KPRJ be consolidated in exchange for new shares in the NewCo and redeemable convertible preference shares (RCPS).

The amount of land to be injected into the NewCo is 3,593 acres. Of the amount, Lim’s portion is 452 acres valued at RM2.6bil.

As for KPRJ, its total land that can be injected into the Newco is 3,141 acres valued at RM1.5bil.

According to a statement issued by the group, three independent valuers undertook the valuation of the land.

Apart from Lim and KPRJ, IWH will also make an offer to the Sultan of Johor to inject his land in Johor Baru into IWH.

The Ministry of Finance Inc will also be given an offer to consolidate its 28% stake in Iskandar Waterfront Sdn Bhd, the company that holds the waterfront land under IWH, at the Newco level.

If all the parties agree to the consolidation of their assets and shares at the IWH level, then the new-look IWH will have up to 7,400 acres of land.

“The new-look IWH will be the largest owner of land in Johor Baru city. This exercise does not include IWH’s 30% stake in Bandar Malaysia, which is developing another 483 acres of prime land in Kuala Lumpur city,” said Lim.

The new-look IWH, if all approvals are given and the proposal is agreed upon by the relevant stakeholders, will be sitting conservatively on RM30bil of prime city land. The basis of RM30bil is on the assumption that the 7,400 acres of land in the Johor Baru waterfront is valued at RM93 psf.

Lim said that IWH was not a property developer or master developer.

“It is the owner of land located in cities. The first phase is the city of Johor Baru and later on it will include Bandar Malaysia,” he said.

He said that the income from IWH would be generated from land sales, joint ventures with property developers and rental income from fixed assets.

“IWH is backed by pure land that is located in the city. It will only grow in value over time.

“We will take up minority stakes in joint ventures that would give us recurring income. We will also have properties in prime areas that will give us rental income,” he said, adding that IWH has been profitable.

“We make money from land sales and joint-venture developments. All the money has been ploughed back to reclaim the land and to build the infrastructure,” he said.

Upon the conclusion of the merger and restructuring, the expanded share capital of IWH is expected to be up to 4.3 billion shares, and if based on the offer price of IWC at RM1.50, the market capitalisation of the NewCo would be RM6.45bil.

The reference price for the exercise is set at IWC’s share price of RM1.50. The offer price for the share swap is a 14% premium over the 30-day volume-weighted average price of IWC shares.

IWC was last traded at RM1.64 just before its suspension last Friday, which is an 8.5% premium to the offer price.

On the RCPS, it only can be converted if the new-look IWH generates a profit of RM1bil on a cumulative basis.

The conversion ratio is two RCPS to be converted into one IWH share.

“That means IWH has to hit RM1bil profit before the conversion can take place. The reason for the issuance of the RCPS is to prevent dilution,” said Lim.

Following the merger and restructuring, IWH is proposing to place out 600 million shares, of which 400 million would comprise new shares and 200 million existing shares.

The placement tantamounts to about 13% of the enlarged capital of IWH and will help fulfil the free float requirement of IWH.

The minority shareholders, who form 56% of IWC, would be able to tap into the enlarged new entity with a bigger landbank based on a one-to-one share swap basis.

“We are confident of capital appreciation of the land, considering that over a life-span of 25 to 30 years, the land located at strategic locations can only increase in value,” Lim said.

Astramina Advisory Sdn Bhd is the financial adviser for IWH and transaction adviser for IWC. AmInvestment Bank Bhd, CIMB Investment Bank Bhd and Maybank Investment Bank Bhd have been appointed joint principle advisers for IWC.

Highlights of the deal

* Share swap of one-for-one between IWC and the new-look IWH (NewCo). IWH will take over the listing status of IWC.

* Until the exercise is completed, IWC will be the benchmark for the valuation of the NewCo.

* The NewCo will own up to 7,400 acres of waterfront land in Johor Baru.

* Based on RM93 per sq ft, the land value is RM30bil.

* Bandar Malaysia will be injected into IWH at a later stage.

* After the deal, the major stakeholders will no longer own any land in Johor Baru outside the new-look IWH.

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BY AFIQ ISA

Malaysian firm also tendering for RM4.4bil MRT project in Philippines

MANILA: AlloyMtd Group has submitted a bid to build a new administrative centre for the Philippines Government at an estimated project development cost of RM11bil.

Located in the city of Clark, approximately 96 kilometres from Manila, the proposed 1,000-hectare Clark Administrative City project will house the executive, legislative and judicial bodies of the Philippines federal government.

It replicates Malaysia’s Putrajaya and will serve as the centralised site for the national government.

Speaking to reporters during the inauguration of the Palayan City Government Centre and Central Business Hub in Nueva Ecija province, AlloyMtd president and chief executive officer Tan Sri Azmil Khalid (pic) said the proposal represented a gigantic leap for the company, which has had a substantial presence in the Philippines over the past 11 years.

“We have had success in creating ‘mini Putrajayas’ in the country, or new centralised administrative and business centres to spur growth. But with a project of this magnitude, we can build a ‘real Putrajaya’ for the Philippines government,” he said.

The proposal to relocate and centralise the country’s Government entities has been mooted for a long time.

The consolidation of national Government offices away from the congested Metro Manila city centre will enhance efficiency, while at the same time the new location would also become a new centre of operations in times of natural disasters.

The project would be overseen by the Bases Conversion and Development Authority (BCDA), a Government agency created to manage the conversion of former military bases into income-generating facilities.

AlloyMtd was invited by the BCDA to submit the proposal for the development of the project. A presentation of the master development plan was made to the BCDA chairman and board executives on Feb 2.

Azmil added that funding for the project would likely come from a sukuk issuance in Malaysia.

“We are seeking the backing of the Philippines Government in regards to the sukuk so the terms are more favourable for investors,” he said.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed, who was the guest of honour at the Palayan City project inauguration, lauded the proposal as it is wholly supportive of the Malaysian Government’s intention to boost economic and business relationships with its Filipino counterparts.

AlloyMtd has a track record in creating centralised business and administrative centres for local Governments in the country. Its projects include the Calabarzon Regional Government Centre and the ongoing Palayan City project, as well as the Bataan Government Centre.

The Malaysian conglomerate, which has a presence in 16 countries, has an entrenched presence in the Philippines in the infrastructure, institutional facilities and property development segments.

Building on the success of its RM1bil South Luzon Expressway project, the company is preparing for another major undertaking, as it had submitted an unsolicited bid for the Manila Mass Rapid Transit (MRT) Line 8 project last month.

The project, which was submitted by a consortium comprising AlloyMtd and East-West Rail Corp, spans about nine kilometres of elevated and depressed guideways with 11 stations along the route.

It runs from Quezon City to Lerma St. in Manila and the estimated project cost for the venture is around US$1bil (RM4.4bil).

The proposal is currently under review by the Philippines Department of Transportation and the National Economic and Development Authority (NEDA).

The MRT project is also the first project proposal from the private sector that was resubmitted to NEDA under the new Duterte administration, Azmil confirmed.

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(From Left) Mapex committee member Loo Chee Yang, Tiah Oon Ling, Ng Seing Liong, Mapex committee member Carrie Fong and Chan Kin Meng at the launch of Mapex 2017 press conference.

PETALING JAYA:  Real Estate and Housing Developers’ Association (Rehda) Malaysia will be holding its 22 nationwide property expositions, the Malaysia Property Exposition (Mapex), in 2017.

The first Mapex, themed “Greater connectivity for Better Affordable Living”, will be held on April 14 to 16 (Friday to Sunday) at Mid Valley Exhibition Centre, Kuala Lumpur. It will be the largest national property exposition.

Mapex organizing chairman Datuk Ng Seing Liong said the newly launched Mass Rapid Transit (MRT) and other upcoming LRT/MRT projects aim to reduce traffic congestion and provide convenience for the people.

“Efficient public transportation is good for the affordable housing projects. With more efficient transportation, there will be less need to own a car.

“Rehda would like to ask the government to consider easing some planning guidelines such as carpark provision for strata/high-rise development to meet the demand, especially for affordable housing,” said Ng, who is also Rehda past president and patron.

“The space allocated for extra carparks can be used for other common space or green area and eventually lowering the overall cost of development,” he added.

Minister of Transport Datuk Sri Liow Tiong Lai will be officiating the opening ceremony on Saturday, April 15 at 2.30pm.

“Mapex is definitely an ideal platform for developers to showcase their projects to the public, especially the new launches.

“In nearly two decades, Mapex has facilitated thousands of house buyers in search of their dream homes and I am confident that it will once again, positively influence the reach and value of properties showcased,” Ng said.

Mapex will present a wide range of strata and landed properties by reputable property developers, which range from affordable to exclusive and luxury, each with their own unique features.

Currently, 37 renowned developers have confirmed their participation, among them are Ecoworld Development Group Bhd, Mah Sing Group Bhd, Matrix Concepts Holdings Bhd and Putra Nilai Development Sdn Bhd.

“We are targeting the participation of 60 developers this year as Mapex is a good platform for developers come forward to display their units.” Ng said.

Property related agencies such as Rumah Mampu Milik Wilayah Persekutuan (RUMAWIP) under the Ministry of Federal Territories will also be there to offer special schemes on affordable housing.

Visitors of Mapex will stand a chance to win tickets of Legoland Theme Park. The first 15 homebuyers are also eligible to RM2,000 cash rebate.

There will be property talks on Saturday and Sunday. The invited speakers are Khairudin Ya’cob (Ho Chin Soon Research Sdn Bhd), Sam Helmy (Neovate Developments Sdn Bhd), Gary Chua (Smart Financing) and Gunaprasath Bhupalan (Emjay Communications).

“On behalf of the Mapex Committee, I would like to express our appreciation to all developers who have been our loyal supporters all these years, making Mapex the longest running and biggest property exposition of the nation.

“Our booths are selling out fast. So act now and contact Mapex secretariat to avoid disappointment,” said Ng.

For more information, please visit www.mapex.com.my, email secretariat@rehda.com or call 03-78808000. Follow the event on Facebook (Mapex: Malaysia Property Expo) and Instagram (MapexbyRehda) for exciting updates.

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BY PANG WENXI

Rahim (centre), Chan (left) and Property Queen chief executive officer Kenny Ng (right) signing a board during the launching ceremony of the Go Green property fair.

JOHOR BARU: With a focus on the concept of “going green”, many property developers here are looking towards building sustainable and environmentally-friendly buildings.

Many of the new properties here feature environmentally-friendly measures such as the use of solar panels, wind turbines, rain harvests as well as segregation dustbins to build the practice of reusing, reducing and recycling.

Johor Baru mayor A. Rahim Nin said that the concept of green buildings would not only be beneficial to the public and government but also in building the nation.

“The increasing number of green buildings, and the focus on the Green Building Index (GBI) is an ideal initiative to battle the issue of global warming,” he said during the launching ceremony of the Go Green property fair on March 3.

The GBI is the country’s industry recognised green rating tool for buildings to advocate sustainability and promote consciousness on environmental matters among developers, engineers, as well as the community.

Rahim said the economic development of the state was progressing rapidly, adding that the property market was a huge contributor to the state’s economic success.

He said that under the state government’s Johor Affordable Homes (RMMJ) programme, some 60,000 affordable housing would be built by the year 2020.

“This is in line with our effort to guard the welfare of our rakyat and provide a harmonious environment for homeowners,” he added.

The Go Green property fair will showcase properties from 18 property developers and a total of 36 types of products such as flats, bungalows and condominiums.

Kenlink Group Sdn Bhd director Albert Chan, who co-organised the property fair, said visitors would not only be introduced to environmentally friendly properties, but also learn more about going green.

“There will also be a booth by Universiti Teknologi Malaysia (UTM) sharing their best environmentally-friendly practices,” said Chan.

Chan said that the go green concept of buildings have been the selling point of up-and-coming properties, as more and more people were becoming aware of global warming.

The Go Green property fair was held at City Square from March 3 to March 5.

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Tips on securing a home loan 

By Yoganeswari Vellusamy

Buying or investing in a property is a crucial decision that involves a long-term financial commitment. With sufficient research and due diligence, one can accumulate wealth even in a softer market.

The third series of Star-925, titled “Unlocking Secrets, Unveiling Insights”, will be held at Menara Star on March 18 (Saturday) from 9am to 12pm.

The event will include talks on key topics by renowned speakers from the real estate industry, featuring IQI group managing director Daniel Ho and Smart Financing chief executive officer Gary Chua.

Ho, who has over 20 years of real estate expertise globally and regionally, will be sharing his investment insights in business and property in his talk titled “Investment insights of my life in business and property”.

Chua, with 11 years of banking experience in both local and international banks, will be sharing his thoughts on unlocking the secrets in securing home loan from banks.

With his extensive financial knowledge, Chua has turned his experiences and knowledge into a smart financing system, which has given him an edge in property investment.

Star-925 is a collaboration between StarProperty.my and the 925 Enterprise (#925). The aim is to create a platform to empower the professionals with education, skills and the network to achieve life and financial goals.

#925, founded by Mark Chua, bestselling author of the book “WHO SAYS”, is a social enterprise that aims to improve the career and financial standing of its members.

A project briefing on Ceylonz Suite by IQI Holdings will also be held at the event.

The event will take place at Menara Star, Seksyen 16, Petaling Jaya. Seats are limited. For details and to register, visit https://star925mac.eventbrite.com/?aff=StarProperty

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PETALING JAYA: LBS Bina Group Bhd is planning to sell convertible preferance shares as the property developer is seeking to raise up to RM165.66mil for projects in Selangor and Johor.

The stock was unchanged yesterday at RM1.96 – its all-time high.

The proposed rights issue entails the issuance of up to 150.59 million redeemable and convertible preference share (RCPS) units on a basis of one RCPS for every five existing LBS shares to the entitled shareholders.

The indicative price for the RCPS is RM1.10 a unit with 6% of proposed dividends.

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BY SHEILA SRI PRIYA

The notice board on the proposed development along Jalan 16/11 in Phileo Damansara beside Menara Star.

THE objection period for proposed projects by private developers in Petaling Jaya is only seven days.

At the end of the objection period, a public hearing will be held to address complaints from the public.

MBPJ public relations director Haniza Abdul Hamid said apart from the immediate neighbour, any affected person, including motorists, could object to a project if it would cause them grievance.

Complainants could write to mayor Datuk Mohd Azizi Mohd Zain to protest, she added.

StarMetro recently received calls from readers who asked about a notice board citing a proposed development along Jalan 16/11 in Phileo Damansara, beside Menara Star.

They said they first saw the notice on March 6 and the objection period would end March 12.

The proposed development consists of one 34-storey block that included 27 storeys housing 199 serviced apartments, 66 SOHO units and 56 units of affordable housing.

A block of serviced apartments in the villa range, with four storeys each, was also part of the proposal.

The proposed development also consists of one-storey business units at podium level and a three-storey car park with business space.

Haniza said the proposal was in its infancy and was not even brought to the council’s One-Stop Centre for further discussion and approval.

Reader Cheng Y. Ming said she noticed the proposed development on Monday when she was driving past the area.

“I was caught in a traffic jam, so I had time to read the notice board. I feel the objection period is too short.

“I am not sure if the existing roads can cater to such as large-scale development.

“I hope the objection period can be extended to allow more people to know about it and object. My concern is the evening traffic congestion,” she said.

Cheng added that the congestion was unbearable, especially along Jalan Dato Abu Bakar, Jalan 16/11 and all the way towards Taman Tun Dr Ismail.

“If the development takes place I worry the traffic situation will worsen,” she said.

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In hot seat: Several cars, one of which is believed to be ferrying Abdul Latif, entering the MACC complex in Johor Baru.

PETALING JAYA: Johor state executive councillor Datuk Abdul Latif Bandi has been arrested over the massive housing and land scandal in Johor.

Abdul Latif was detained at about 11am yesterday at the Malaysian Anti-Corruption Commission (MACC) office in Johor Baru where he was summoned again for questioning.

Last week, Abdul Latif was questioned there for four hours.

It is learnt that MACC had been tailing Abdul Latif for days and keeping track of his whereabouts, prior to yesterday’s arrest.

The news was uploaded on The Star website within minutes of the arrest.

Shortly after Abdul Latif’s arrest, MACC officers seized an array of items at his home in Johor, including 150 luxury handbags, RM41,000 cash and a luxury vehicle.

The handbags included brands such as Chanel, Prada, Gucci, Salvatore Ferragamo and Louis Vuitton.

Abdul Latif is expected to be brought to the Johor Baru court today to be remanded.

He would be investigated under Section 17(a) of the MACC Act and Section 4 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

The MACC urged the public not to speculate on the case and to allow anti-graft officers to carry out a thorough probe.

On Feb 24, Abdul Latif’s eldest son Ahmad Fauzan and his special officer Mu­­hammad Idzuan Jamalludin, were detained by the MACC in a swoop.

Abdul Latif was the Johor Housing and Local Government Committee chairman and had opted to go on leave pending an investigation into the case.

Following the arrest of his son and special officer, Abdul Latif had kept mum on the matter.

He had also not been seen in public.

About RM15.5mil in more than 45 accounts was frozen as part of the probe. Also seized were 21 luxury cars, five high-powered motorcycles and stacks of documents.

A lawyer, two developers, a contractor as well as another suspect were also arrested in a series of raids.

All seven suspects, aged between 25 and 50, have been released on bail after their remand expired.

So far, the MACC has called in 15 people to have their statements recorded.

Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin expressed sympathy for Abdul Latif over the arrest.

“We sympathise with him (Abdul Latiff) and leave it to the MACC in the interest of justice,” Mohamed Khaled told reporters outside the state assembly hall in Iskandar Puteri yesterday.

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Interweaving a sustainable township with the true essence of home.

By VIKNESH ASHLEY vikneshashley@thestar.com.my

Sejati Residences.

BEING caught up in the rat race, many of us constantly search for a suitable getaway that is close to home and doesn’t require much travelling. A place where we can recharge our mind, body and soul which allows an exchange of energy that uplifts one’s being.

How would you feel if you could bring this feeling back to where you live? Wouldn’t that be simply amazing? Just imagine the sunrise piercing into one’s home, brightening up each and every nook with positive vibes.

Those considering homes with such sought after qualities need not look any further as developer Paramount Property has crafted a pure and pristine township dubbed Sejati Residences within Cyberjaya.

Homes within this expanse closely followed the theme of offering a luxury and refined lifestyle with sustainability, evident throughout the developments pastures.

Sejati Residences is developed over a 40 acre freehold land parcel with a low dense of 249 landed units over the entire plinth of land. The residential township is split into three parcels with each acre accommodating up to six to seven units.

The uniqueness amongst the homes offered within this gated and guarded development begins with its architecture. Many of the homes featured inside the estate adopt a split level architectural design.

Such a design provides an airy and spacious ambience to each and every home, aside from adding a sense of charm and distinctiveness which sets these homes apart from other similar properties that may be developed close by.

The developer has also set renovation standards ensuring its uniformity and classy appearance, reflected by each parcel of Sejati Residences can stand the test of time.

The homes offered within this luxurious estate features functional, open-planned layouts merging both private as well as family spaces found in each home.

One will find floor-to-ceiling windows and sliding doors allowing maximal natural lighting into each home as well as sweeping views of the gorgeous surroundings that the township is set in.

Adding to that, all windows and sliding doors used in the construction of all residences within the township are coated with a specialized glazing material to further reflect sun rays, while a courtyard design, implemented to certain homes, also allowing for better ventilation and sunlight.

This lifestyle property by Paramount Property is also truly green at heart. One of the most prominent efforts taken by the developer that many may not notice is the 1,200 mature trees that are present throughout the township which is an aspect that truly brings the outdoors closer into the homes of the residents that choose this address to reside.

The township also expresses its green character via the usage of LED bulbs for street lighting as well as external lighting. This translates to a reduction of the carbon foot print and cost savings too.

The developer has also placed much thought into the selection of tree species incorporated into each property parcel of Sejati Residences.

These trees had been chosen based on suitability to the environment, its durability, different shades, colors and its ability to trap air pollutants and to keep away harmful mosquitos while, attracting colorful butterflies, an array of sweet sounding birds and a myriad of flora and fauna.

In addition, the township also has foliage showcasing the rich diversity of Malaysian trees which is part of the larger effort to introduce native plants into structural developments as part of preserving Malaysia’s rich and varied plant life.

Chengal House.

The highlight of the development is the Chengal House which is the point of contact between all the residents of the Sejati Residences township.

The true value of sustainability lies within construction of Chengal House where precious reclaimed timber was reused, cut and custom-assembled to build key parts of the majestic structure which also serves as the clubhouse of the nature-themed township.

The exterior of Chengal House features a natural green wall that helps shade away the sun via the usage of Glass Fibre Reinforced Concrete (GFRC) louvers and metal mesh screen to further contribute to the ventilation and cooling effect of the clubhouse. The GFRC louvers also required zero maintenance.

The evaporation of water from the wading and infinity swimming pools that can be found within the Chengal House also further increased the cooling effect.

Residents can also reward themselves with a huge variety of facilities. The Sejati Residences community is connected to the development’s central linear park.

Some of the facilities that can be found within the luxurious township include an 8km jogging track which promotes walking, biking and running, and water features, a spice and herb garden (where its produce can be consumed by residents) as well as plenty of outdoor exercise equipment.

Residents may also find a children’s playground, an outdoor multi-purpose court, park benches, a reflexology path and well-crafted streetscapes.

Such excellent craftsmanship does not go unnoticed. Chengal house had been proudly recognised for its dedicated efforts via two distinctive awards.

These were the 8th Malaysian Landscape Architecture Awards 2015 for an Honour Award in recognition of Chengal House’s landscape concept as well as the FIABCI-Malaysia Property Awards 2016 under the Purpose Built category.”

For more information visit bit.ly/paramountsejati.

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