SP Setia earnings up in Q2 on higher revenue

KUALA LUMPUR: SP Setia Bhd’s net profit rose marginally to RM93.38mil, or 4.85 sen in earnings per share, for the second quarter ended April 30, against RM92.2mil, or 5.55 sen in earnings per share, a year ago.

Revenue increased 24.2% to RM617.2mil from RM496.7mil.

In notes accompanying its financial results, SP Setia said that for property development, revenue increased by 29% while pre-tax profit rose 6%.

“The increase in revenue is mainly contributed by higher recognition from residential and commercial properties in the Klang Valley, Johor Bahru and Penang,” it said.

The property developer said its pre-tax profit from a year ago had included gain from the disposal of an investment property, resulting in the lower increase in pre-tax profit during the current quarter as compared to the increase in revenue.

Setia Pearl Island in Penang is one of the property projects that contribute to SP Setia’s profit and revenue.

SP Setia said ongoing projects that contributed to the profit and revenue included Setia Alam and Setia Eco-Park at Shah Alam; Setia Walk at Pusat Bandar Puchong; Setia Sky Residences at Jalan Tun Razak; Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru; and Setia Pearl Island, Setia Vista and Setia Greens in Penang.

In the first six months, SP Setia posted a higher net profit of RM166.3mil on a 9.2% increased in revenue to RM1.1bil.

“SP Setia’s strong sales performance has not abated despite concerns about a possible slowdown in the global economy. The group’s 7-month sales for the financial year 2012 has reached RM2.14bil, placing it well on track to achieve RM4bil sales target for financial year ending Oct 31, 2012 (FY12),” it said in a statement.

President and chief executive officer Tan Sri Liew Kee Sin said the group’s existing projects in the Klang Valley, Johor Baru and Penang would continue to be the main contributors to sales.

“We are aiming to achieve sales of about RM3.4bil from our Malaysian projects, with our overseas projects giving us another RM600 to RM700mil in FY12.

“Our Setia Alam and Setia Eco Park flagship projects can easily sustain annual sales of RM1bil collectively for at least the next seven years. We also expect our iconic KL Eco City in Bangsar, which has a total gross development value of more than RM6bil, to contribute RM1bil in sales this year,” he said.

He added that the remaining sales would come from its projects in Johor, Penang, Sabah and overseas.

“Our six active projects in Iskandar Malaysia are doing tremendously well and we have the breadth and depth of product offerings to put us on track to deliver RM1bil worth of Johor sales in FY12,” Liew said.

On economic uncertainty, Liew said it had presented the group with some outstanding opportunities.

“In line with our ambitions to become an international property player, we have joined forces with Sime Darby Property Bhd to secure the iconic Battersea Power Station (BPS) site in central London.

“This is evidence of SP Setia’s continued focus to acquire choiced assets on favourable terms to further strengthen the group’s growth prospects consistent with its long-term expansion plans,” he said.

The joint-bid partners have until July 4 to formalise the acquisition of the BPS site, and will make the necessary announcements in due course.

In a separate announcement, SP Setia said its public spread stood at 21.45% on June 15 and hence it did not comply with the public shareholding spread requirement.

It said Bursa Malaysia had approved its application for an extension of time of six months until Sept 18 to comply with the required public shareholding spread.

“Permodalan Nasional Bhd (PNB) and the company are in the midst of formulating a proposal to rectify the company’s required public shareholding spread, taking into consideration the sustainability of the company’s share price performance and the trading volume of SP Setia Shares.

“Nevertheless, as part of PNB’s rectification plans, PNB and several ofunit trust funds managed by PNB had pared down their interests in SP Setia by disposing 8.94 million shares in the open market between April 3-13,” it said. - The Star

10 island development projects under ‘Green’ assessment

GEORGE TOWN: The Penang Municipal Council (MPPP) is assessing more than 10 new development projects under its Green Building Index (GBI) rating system.

State Local Government and Traffic Management Committee chairman Chow Kon Yeow said incentives could be given to the developers upon completion of the assessment as this represents efforts to encourage builders to incorporate features on protecting the environment.

“Once the projects qualify for the GBI standard, the developer can get a discount on development charges of about RM5 per sq ft while the normal rate is RM15 per sq ft.”

He said the GBI rating system that was implemented in 2010, assessed the impact of a new building on its environment based on six criteria such as water usage efficiency and innovation.

“Most of the development projects under the GBI assessment are still under construction,” he said, adding that the buildings were rated on a points-scoring format and they could be awarded either platinum, gold or silver certified ratings.

The council had introduced GBI to encourage the development of greenery-based projects here.

Chow was speaking after launching a conference entitled ‘Planning for Green and Low Carbon Cities’ here yesterday.

The conference is jointly organised by Malaysian Institute of Architects (PAM) northern chapter and Malaysia Green Building Confederation (MGBC).

MGBC vice president Looi Hip Peu said that to date, some 300 development projects in the country had come under the GBI assessment. - The Star

乔治市入遗效应大把脉

（槟城21日讯）乔治市入遗4周年，槟城人的古迹文化认知和醒觉提升了多少？2008年7月7日，当乔治市披上“入遗”光环，有人担心市区老屋将受古迹条令约束，不少老房子在一夜之间被铲泥机无情推倒。
4年后的今天，像一场龟兔赛跑，经济比文化跑得更前端的乔治市，房屋价格一直飙涨，尤其是历史悠久的老房子，被当成会下金蛋的母鸡，纷纷被高价收购及出租。 乔治市老房子飞上枝头变凤凰，是否真的反映了槟城人对古迹文化价值的认知和提升？古迹区人民的生活和文化素质又改善了多少？《光华日报》访问一批热爱槟城生活的老中青、古迹专家及世遗机构代表，为入遗4年后的乔治市把脉，他们盼望这座文化遗产城的明天是怎样的？
经济利益掩盖精神文化
陈耀威（槟城文史建筑研究及保护者）：我记得在2000年后，随着屋租统治法令废除，许多人被迫迁出市区，大家都在担心乔治市即将变成一座死城。而在4年前，当乔治市刚入遗成功，业主担心受到古迹法令限制，许多老房子一夜之间被拆除，我们这一批扮演螳臂挡车的义工，经常去现场拍照、请命、联络报社及各有关单位，为老房子保命。
4年后的今天，槟州老房子的身价一直在飙涨，我们已不需要疲于奔命捍卫老房子被拆除，但讽刺的是，之前没有人居住的乔治市老屋，它们现在的身价已经不是一般槟城小市民有能力买得起或租得起的。经济利益掩盖精神文化，我认为这很不健康。这样下去，你又怎样能够盼望，槟城人的文化素养能够提升呢？ - 光华

曹观友：护生态重环保 峇都加湾打造槟首个绿城

(槟城21日讯)槟州政府或将把拟议中发展的威南峇都加湾打造成槟州模范“绿城”（Green Township）。槟州地方政府委员会主席曹观友行政议员即针对马来西亚绿色建筑联合会（MGBC）的建议，认为威省峇都加湾的大片槟州发展机构（PDC）发展地有条件可打造成绿色城，他将向槟州发展机构提议，以便将绿色城概念列入其中。在此之前曹观友也说有峇都加湾可塑造成槟州生态发展楷模。
曹观友是在出席马来西亚绿色建筑联合会与马来西亚建筑师公会北马分会于依恩奥酒店举行“绿色及低排碳城的规划”研讨会推展仪式后，如是接受电访时指出；他表示，在推展峇都加湾计划时州政府即已拟朝绿色建筑概念为发展方向，然而他承认有关概念并没有全面具体概念，如今马来西亚绿色建筑联合会有此建议，他将向槟州发展机构献议，研究在此计划中实践绿城目标。
曹观友：符先决条件
他承认要打造一个绿城面对土地问题，因为要找来一块上百依格地并非易事，即然峇都加湾发展面积高达上百依格，这已符合其先决条件。他认为朝绿色建筑发展已是大势所趋，已成为一种必要，人们的思维必须改变，在建筑的规划上必须迎合此方向，此外绿色概念不一定会加重建筑成本，比如他举例为了减少室温，建筑物可避免面西，以免太阳下山直射造成室温上升使到家中开冷气更为耗电。此外他说，为了减低室温，建材上也可作出选择，比如一些屋瓦即会有隔热功能，以控制室温，减少耗电，长远而言将减轻家中负担。
涉及交通规划等
再来曹观友认为，绿色城的规划将涉及全面性规划，不只建筑设计，也将涉及交通规划等，所以他认为发展商及建筑师必须“拥抱”绿色建筑概念。曹观友在较早致词时也指出，槟州政府全力支持联邦政府将绿色科技打造成国家发展的主要推动器，同时在地方政府权限下，将致力推动成立绿色居家环境。- 光华

被指把单位当酒店出租 黄伟益拉队上门彻查

槟城20日讯）光大区州议员黄伟益在槟岛市政局执法组官员陪同下，周三下午到被指把部分单位做为酒店用途的公寓彻查，惟公寓办公室大门深锁，官员只好发出24小时的通知书，指示对方现身协助调查后就离开。黄伟益在事后的记者会上指出，早前曾拉大队到该公寓取缔，执法当局也针对业者把私人公寓变成酒店出租，向业者发出传票罚款。他表示，该公寓共有66个单位，其中28单位是出于业者作为酒店用途。
他说，执法组官员在抵达公寓办公室时曾多次按铃，但没有人回应。而黄伟益的助理罗志强也尝试联络传单中的电话号码，对方表示会安排负责人在酒店外保安亭接待，但迟迟不见人影。他披露，市政局执法单位针对有关事件，较后会发出24小时期限的通知书，要求负责人现身协助调查，否则在任何时候可以采取进一步对付行动。黄伟益希望业者可以给予充分配合。
黄伟益承认目前州内很多类似的问题存在，但是，要彻底解决这些问题，屋主就必须挺身“说不”，以及加强管理层的保安措施，进而不随意让外人进入等行动。他也呼吁该私人公寓的屋主，踊跃出席于本月23日举行的居民协会大会，以少数服从多数拒绝业者把私人公寓变相成出租酒店。
周小姐：不反对变出租公寓
住户周小姐在该公寓居住了12年，很满意该公寓的居住环境，并不反对公寓变成出租公寓，她也劝请其他业主不要将事情闹大，以免公寓形象受损，影响屋价。她说，该公寓环境有目前的幽静，全托出租公寓的福。“我们这里有60几个单位，平时的住户也就是那20多间，如果都住满的话，一定比现在更吵。”出租公寓只有在公共假期或学校假期才比较多住户，已是上班族的周小姐常常还是因为有小孩来渡假才知道是放假了。“这里平时太安静了，有时听到泳池传来孩子的嘻闹声，感觉公寓环境更有生气。”据了解，出租公寓业者并不随便出租，对那些来历不明者都会一概拒绝，所有入住者资料都会登记在案。- 光华

Tanjung Tokong Terrace Corner - Sweet as Honey

* High demand, low supply
* One of the most sought after property in Penang
* Freehold
* Land Area: 2,200 sq ft
* Move in condition
* High ceiling
* Auto gate
* Priced to sell
* View to appreciate
* Going, going, gone!

Click here to contact us, Penang I Property for more information or viewing

Desa Bistari - Do a Little & Save a Lot (SOLD)

* Freehold
* Near to Queensbay Mall & Bayan Lepas Industrial Park
* 700 sq ft
* Fully renovated & furnished
* 1 car park
* Move in condition
* The price is right, don't miss this golden opportunity


Click here to contact us, Penang I Property for more information or viewing

Alila Homes - One of a Kind

* Fully furnished
* Built-up: 1,000 sq ft
* Full condo facilities
* 2 covered car parks
* Brand new
* Priced to rent: RM2,500pm
* Townhouse with condo facilities, one of a kind in Penang
* With courtyard garden
* Low density
* Near to all amenities & quite neighbourhood
* View to appreciate


Click here to contact us, Penang I Property for more information or viewing

Pearl View - Dollars and Sense

* Freehold
* Built-up: 1,430sf
* Fully renovated & furnished
* Full condo facilities
* Seaview
* 2 car parks
* Move in condition
* Price: RM688,000
* Act now before too late
* View to appreciate

Pearl View Condominium is a low-density freehold development tucked away amongst the lush greenery of Jalan Bunga Pudar, along the beautiful coastline of Tanjung Bungah in Penang.

The condo consists of only 90 residential units measuring between 1,399 sq ft and 2,024 sq ft in size. There are 84 standard units and 6 penthouse units.

Facilities at the condo include a swimming pool, a gymnasium, tennis and squash courts, a playground and a jogging track. There is also a sauna, Jacuzzi, barbeque area, community hall and car wash bay. For the convenience of residents, there is also a mini-market, a multi-storey covered parking podium and beautiful putting greens. The condo is equipped with 24-hour security surveillance with an intercom system.

Located just 5 minutes away from the famous Tanjung Bungah hotspot, Pearl View is endowed with a wide array of amenities which include restaurants, hawker stalls, retail shops, banks, cafes and shopping centres. It is also a stone’s throw away from the popular Batu Ferringhi and Tanjung Bungah beaches.

The nearby Island Plaza, Queensbay Mall and Tanjung Bungah’s night market are great places to shop. Pearl View is also surrounded by several hotels such as the Paradise Sandy Beach Resort, the Copthorne Orchid Hotel, Chymes Hotel and Naza Hotel.

SMK Tanjung Bungah, Sekolah Tanjung Bungah and the Mount Miriam Hospital are located nearby.

The area is well-connected via Jalan Tanjung Bungah, Jalan Tanjong Tokong and Persiaran Gurney.



Click here to contact us, Penang I Property for more information or viewing

Ivory plans to unveil RM1.6bil worth of residential, commercial units in Penang

GEORGE TOWN: Ivory Properties Group Bhd (IPGB) plans to launch RM1.6bil worth of properties on Penang island in the second half of 2012.

IPGB executive director and chief operating officer Murly Manokharansaid these projects comprised the first phase of Bayan Mutiara, which has a gross development volume (GDV) of RM800mil, the third and fourth phases of the residential towers for Penang Times Square (RM300mil GDV), a RM130mil sea-fronting condominium block in Batu Ferringhi, and the RM400mil City Mall and City Residence in Tanjung Tokong.

He said the first phase of Bayan Mutiara involved the development of some 1,500 high-rise units with built-up areas of between 500 sq ft and 600 sq ft each.

“We are negotiating with investors from Japan and Singapore to explore possible joint-venture projects for the commercial portion of this project,” Murly said. The total built-up area for the commercial portion is 2.5 million sq ft to 3 million sq ft.

“We should be able to conclude a deal in the next three months,” he added.

For the condominium block, Murly said the group would position it as a medium to high-end scheme in line with the current demand.

The group plans to build 700 condominium units with sizes ranging from 400 to 1,200 sq ft for its Penang Times Square residential towers. It will develop 80% residential units and 20% commercial lots under the City Mall and City Residence project.

“We are looking at selling each unit of the City Mall and City Residence at between RM700,000 and RM750,000.

Murly said the group would submit the master plan for the entire RM10bil Bayan Mutiara project and reclamation reports to Penang Development Corp in September.

Meanwhile, IPGB chairman and group chief executive officer Datuk Low Eng Hock said the group expected a significant contribution in profit and cash flow from the acquisition of associate company Ivory Villas Sdn Bhd.

“We foresee the positive effect arising from acquisition of the remaining 51% equity interest in Ivory Villas Sdn Bhd for RM40mil upon completion on April 2,” he said.

On the recently launch The Latitude, Low said the response was overwhelming and it had sold out all non-bumiputra units of Tower A of the freehold residential development in Tanjung Tokong. The Latitude has a gross development value of RM163.7mil.

“This luxurious 45-storey tower is conceptualised as an abode that promotes affordable luxury by making mid-sized condominiums in the suburbs an attainable reality for those craving understated elegance.

“The take-up rate for The Latitude is now 70%. The two towers are poised to be the most affordable luxury condominium in Penang,” he said.

Low said construction of the project had begun early this month and scheduled for completion in three years.

For the first quarter ended March 31, the group posted RM3.77mil in pre-tax profit on RM24mil revenue, compared with RM6.3mil and RM27.3mil respectively in the previous year's corresponding period. - The Star