Land transactions and notable developments

   

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MUCH has been written about the office market of late but there is another sub-segment of the property market that has been generating a bit of interest and this is in the area of development sale sub-segment where the Greater Kuala Lumpur and Johor Baru have been active in the development land transaction market, PPC International half-year report says.

Notable facts:

> Almost 90% of total notable land deals in Johor Baru are within Iskandar Malaysia, amounting to RM2.23bil.

> A “new price benchmark” was recorded in Puteri Harbour, Nusajaya @ RM334 per sq ft for agricultural land.

> The German ambassador’s residence was placed on the market for sale at RM200mil, an equivalent of RM2,500 per sq ft.

> Other than Greater KL, Johor and Penang, there was one notable land sale in Genting Highland, Klebang in Malacca and Seremban.

> The 1.43 acres commercial land in Genting Highland was transacted at RM8mil while the 16.8 acres reclaimed land in Klebang was transacted at RM54.3mil.

> Two plots of agricultural land in Seremban measuring 194 acres and 236.9 acres were transacted at RM7 and RM4.60 per sq ft respectively. This transaction was undertaken for the Bandar Seri Sendayan expansion.

> Mah Sing Group Bhd, via its subsidiary, bought one acre and the development rights on the adjoining 8.33 acres in Kota Kinabalu from Yayasan Sabah at RM21.9mil and RM163mil respectively. Together, both parcels of land are targeted for mixed development, to be known as “Kota Kinabalu Convention City”.

> Ongoing and upcoming mixed development in Greater KL

Tropicana Metropark @ Subang Jaya

n       An ongoing development on 88 acres

n       Estimated GDV: RM6.3bil

n       Developer: Tropicana Corp Bhd

n       Mixed development

n       May 2013: Phase 1, Pandora Service Apartments launched

n       Serviced apartments from 600-1,200 sq ft launched at RM780 psf

n       Completion: 2025

Magna Ecocity @ Section 15, Shah Alam

n       20 ares

n       Mixed development

n       Estimated GDV: RM1.4bil

n       Developer: Magna Prima Bhd

n       Second half 2013: ground breaking

Pantai Sentral Park @ Pantai Dalam, KL

n       Mixed dev on 58 acres

n       Estimated GDV: RM3bil

n       Developer: IJM Land Bhd

n       Second half 2013: ground-breaking

Yet to be named @ Jalan Bukit Bintang, KL

n       A 39-storey residential block on a 10-storey retail podium on 0.67 acres

n       Estimated GDV: RM800 mil

n       Developer: Urusharta Cemerlang (KL) Sdn Bhd

n       Expected launch: Fourth quarter of 2013

Quill City @ Jalan Sultan Ismail, Kuala Lumpur

n       A re-development of the abandoned Vision City on 7 acres

n       Estimated GDV: RM2.5bil

n       Mixed development

n       Completion: Third quarter of 2014 

The Star