Mah scouting for additional land with potential GDV of RM1.4bil

KUALA LUMPUR: Mah Sing Group Bhd is aiming to acquire additional land with a potential gross development value (GDV) of RM1.4bil this year.

“We have acquired land with GDV of RM3.63bil so far this year, which is about 73% of our target of RM5bil. We have seven months to go, and we definitely have to lock in more land to fuel our long-term growth,” said group managing director and chief executive officer Tan Sri Leong Hoy Kum on the sidelines of the Invest Malaysia 2012 conference.

This year, Mah Sing has acquired land for projects consisting of M Residence 2 in Rawang, Sutera Avenue in Kota Kinabalu, and Southville City which is a planned 412-acre township in Bandar Baru Bangi.

Leong pointed out that Mah Sing currently has 39 residential, commercial and industrial projects across Greater Kuala Lumpur, Johor, Penang and Sabah, with remaining GDV and unbilled sales of RM18.2bil.

The group's executive director Steven Ng Poh Seng said 70% of the remaining GDV would be from projects in the Klang Valley.

Ng also pointed out that the group has unbilled sales of RM2.48bil as of March 31.

“In acquiring more land, we also make sure we juggle our cash flow well and that the group's net gearing does not exceed our internal target of 0.5 times,” said Ng.

Ng said the group's net gearing was still manageable even after the recent RM333.26mil acquisition of 412 acres targeted for a mixed township near Bangi, Selangor.

“We have four to five months to pay for the land. Then we have about RM300mil cash coming in (from delivery of vacant possession of property units). Our gearing is always very manageable because of our quick turnaround business model.” Presently, the group has a land bank of 1,538 acres.

“Even now, we have enough land (to develop) for the next seven to eight years,” said Leong.

As at May 15, the group has achieved property sales of slightly above RM1bil, which is 40% of its 2012 sales target of RM2.5bil.

The bulk of sales were in the Klang Valley (82%), followed by Johor Baru (10%) and the balance from Penang.

Leong said he was “selectively optimistic” regarding the property market this year.

“We need to fit supply to demand. For example, we focus more on mass market products priced below RM1mil such as small serviced residences or link homes,” said Leong.

He also said the group was exploring potential opportunities in the region. - The Star

Unhappy over compensation

GEORGE TOWN: Residents of an estate in Mount Erskine are not satisfied with the compensation offered by a housing developer that bought the land there. It is learnt that the developer had issued a letter of eviction to the residents last month.

Residents association chairman Teh Kim Long, 74, claimed that the compensation of between RM30,000 and RM60,000 offered to the residents, was less than half of the current property value.

“Residents were given the option to accept the money or get a flat with a built-up area of 55.7sq m (600sq ft),” he said, claiming that 62 residents were affected by the development.

Teh claimed the residents wanted to pay the quit rent to the developer but the latter did not want to receive the payment.

“It is stated behind our quit rent receipt that if the quit rent is not paid in six months, the residents would lose their right to voice out their concern and cannot object to any changes conducted by the land owner,” he claimed during a press conference at Pulau Tikus assemblyman Koay Teng Hai’s service centre in Jalan Peirce yesterday.

Teh said that the residents were confused as they are unsure as to who they should pay their quit rent.

“We have engaged a lawyer to collect our quit rent and seek his service to hand over the quit rent to the developer.

“Several residents have paid their quit rent to the previous land owner as they fear they might lose their right,” he said.

Koay said according to the land office, the ownership of the land was transferred to the developer on Jan 5.

“I have also called the developer to convey the wishes of the residents last month,” Koay said.

When contacted, the developer refused to comment on the matter. - The Star

CM rapped over hillside development

GEORGE TOWN: An MCA state leader has criticised Penang Chief Minister Lim Guan Eng over the latter’s statement that more stop-work orders have been issued against hillside development by the current state government.

State MCA Wanita chairman Tan Cheng Liang (pic) said Lim, who is also the DAP secretary-general, had “conveniently avoided” revealing the increase in number of protests in the state since 2008.

“He boasts about more stop-work orders being issued now compared to when Barisan Nasional was helming the state government.

“However, he failed to reveal that there have been more protests by Penangites against hillside development since Pakatan Rakyat took over.

“The latest is the chorus of dissatisfaction by residents of Mount Pleasure in Batu Ferringhi, objecting against approval accorded by the Penang Municipal Council (MPPP) for the construction of 21 four-storey villas and 80 two-storey bungalows there,” she said.

She said the 2008 DAP general election manifesto unveiled by Lim promised to “preserve our forest, wetlands and bio-diversity” while Pakatan Rakyat’s common policy framework stressed that the “environment must be preserved for the sustainability of future generations.”

“Just six weeks ago, Lim said in a speech that the Pakatan government was proud of its record of not approving any hillside development.

“However, the voices of disapproval by Penangites are evidence that Lim, the DAP and Pakatan are deceptive,” she claimed.

Citing examples, she said on April 8 this year, Sungai Ara residents protested against approval issued by MPPP Planning Department for two hillside development projects and in February 2009, Tanjung Bungah residents protested and submitted a memorandum calling on the state government to ban all current and future Class III and Class IV hillslope development projects.

“In view of these protests and to deliver the DAP and Pakatan’s pledge to protect the environment, I challenge Lim and the state government to issue a stop-work orders against all hillside development projects approved by MPPP,” she said in a press release yesterday.

Tan also took a swipe at Lim for focusing on luxury residences but allegedly had no regard for the poor.

“Approvals are given for exclusive housing and condominium projects on hills, but scant attention is given to low-cost housing for the poor where no low or medium cost units were constructed between 2008 to 2011,” she claimed.

On Tuesday, Lim said more stop-work orders had been issued by both local councils since 2008 compared to previously.

He said this proved that the state government was “more stringent in upholding the rule of law, demanding strict compliance with technical requirements and more unforgiving than Barisan.” - The Star

Road link project to start soon

THE project to complete the Jalan Bukit Kukus/Jalan Paya Terubong link will start some time next year, said Penang Public Works, Utilities and Transport Committee chairman Lim Hock Seng.

“Presently, the road stops dead in Jalan Bukit Kukus. The state will acquire the necessary land to complete the project.

“The state also applied for funds to upgrade the stretch of road from Jalan Paya Terubong to Relau but this was rejected by the Federal Government,” he said.

Lim, who was speaking to reporters after launching an ‘Update on Construction & Contractual Issues in Malaysia’ seminar on Tuesday, said a paired road from Majestic Heights to Bukit Gambir would also be built.

On the bus crash in Jalan Tun Sardon on Friday, he said the stretch where the accident occurred was well-maintained with ample signboards, guardrails and other safety items.

He said: “Incidentally, the Jalan Tun Sardon stretch was recently identified as the second best maintained road in the country by the Public Works Department.” - The Star

Area Plan bids to rejuvenate George Town

THE implementation of the BIDS (Business Improvement District Scheme) will result in a cleaner, safer and more accessible George Town.

Think City Sdn Bhd, which introduced BIDS to stakeholders around the Komtar area in December 2009, has come up with an Urban Design Guideline and an Area Plan for the redevelopment of the city, said its senior fellow Dr Neil Khor Jin Keong.

“At the time, each of the stakeholders approached the Penang Municipal Council (MPPP) with their own (separate) plans, wanting to contribute towards a better and more connected environment.

“The council was unable to adopt any one plan so we proposed BIDS — an innovative way to achieve the regeneration of the area.

“The Area Plan we showed was a community proposal and we have included ideas for programmes and events after rounds of consultations with the stakeholders, a public exhibition and surveys were conducted,” he said.

George Town BIDS Sdn Bhd was incorporated recently as a special purpose vehicle to implement the BIDS Area Plan.

Dr Khor said a manager and executive would be hired by next month to oversee the implementation of the BIDS Area Plan recommendations.

“The implementation of George Town’s BIDS will be the first in Asia covering a boundary area of 34.5ha. It is expected to improve connectivity through creative methods like green corridors, shaded walkways and a shuttle service which will result in a cleaner, safer and more attractive business and family-oriented district.

“Connectivity, a prerequisite as it ensures accessibility, will work in concert with a strategy to turn green spaces and urban plazas into congregational spaces,” he said.

Among the recommended measures are the use of green technology and sustainable practices such as rainwater harvesting, composting for businesses with organic waste and harnessing solar power at pedestrian shelters.

Dr Khor added that BIDS must recognise heritage values and be inclusive and people friendly.

Think City is the secretariat for BIDS. Feedback on BIDS can be sent to bids@think-city.com.my. - The Star

Sia Boey resurrection?

THE state government is mulling over a proposal to bring the old ‘Sia Boey’ — formerly Penang’s oldest wholesale market — back to life under the Komtar Phase 5 project.

Among the ideas mooted by Think City Sdn Bhd senior fellow Dr Neil Khor Jin Keong were to have a cultural centre, library, residences and shoplots in the area.

Sia Boey on Lebuh Tek Soon, is part of the Komtar Phase 5 project which also encompasses Jalan Dr Lim Chwee Leong and Jalan Maxwell.

Comprising five phases, the Komtar project undertaken by the Penang Development Corporation (PDC), was launched in 1974.

“Think City is the secretariat for BIDs (Business Improvement District Scheme).

“Our work scope is solely to look at public areas but we were requested by PDC to give our input on the (privately-owned) Komtar project,” he said.

Dr Khor was speaking during the BIDs presentation to Chief Minister Lim Guan Eng last Thursday.

Lim said the state government wanted more green spaces and public areas for people to converge.

The rejuvenation of ‘Sia Boey’ was also part of Barisan Nasional’s alternative blueprint for the development of Penang.

MetroNorth had reported last week that the proposal to turn the island into an international tourism hub would include a ‘Sia Boey’ town square concept to capture the feel of old Penang.

Clearing the surrounding waterways to allow small boats to enter from the clan jetties in Weld Quay to the old market spot, taikong in traditional costumes rowing boats, a floating market and the setting up of stalls selling popular local dishes and trendy coffee outlets, were among the suggestions.

In March last year, State Local Government and Traffic Management Committee chairman Chow Kon Yeow announced that the Penang government would adopt the BIDs to rejuvenate the inner city.

BIDs committee chairman Datuk Rosli Jaafar, who was present at the press conference, said working closely with the Penang Municipal Council (MPPP) was crucial for BIDs’ success.

“BIDs is not just about physical development and programmes but it’s also about getting the surrounding businesses to utilise their respective budgets in a way that can have a bigger collective impact and benefit,” Rosli, who is also the PDC general manager, said. - The Star

槟城中华游泳公会 面对千万元公寓发展献议

（槟城29日讯）发展有价，历史悠久的槟城中华游泳公会面对千万令吉高楼公寓发展献议？
据本报探悉，座落在丹绒武雅的槟城中华游泳公会因地皮有价，在多年前即有人献议将地皮改为超级公寓发展项目，唯计划引反弹，面对阻力，无疾而终；事隔多年后，有人旧事重提，继续对计划兴趣盎然，再次提出时引来争议。
据了解，在地皮有价，尤其是丹绒武雅地寸土如金下，槟城中华游泳公会毗邻的超级公寓Skyhome的地价相信天文数字计，任何的公寓单位都可以上百万令吉转手，成为投资黄金地皮。
据知，有关计划是由土地持有信托人，即槟城中华游泳公会置业有限公司（CSC Prop）提出，在计划下该占地数依格地将改为高楼，而中华游泳公会将在其中划分的面积上继续提供会员服务，有关公寓的收入或将作为援助游泳公会的发展。- 光华

中路及玻璃池滑8层变二十多层 槟多区打破高楼限制

（槟城29日讯）槟州民联政府一改前朝政府作风，为解决土地有限问题，大胆打破高楼限制，多个区域已开始出现大楼拔地而起。
其中，在乔治市中路已开始打破前朝政府定下的8层楼高度限制格局，市政局在308后即批准多栋高楼计划，其中一栋高楼已快竣工，从乔治市头条路可远眺发现有关高楼开始与升旗山山脉天际线抢高，而另一栋22层高楼也开始大兴土木，即矗立在民政党槟州总部对面的一片地。
民联一改前朝作风
在民政党总部约200公尺的一栋英殖民地式建筑，在不久前夷平以建造公寓，建筑格局将超越原有8层楼。此外，在玻璃池滑也面对同样情况，令当地民联议员头痛的是，在308大选前引起争议的一片停车场空地，将打造成27层楼商业大楼，令原本对郭庭恺寄以厚望的选民感无奈。
除了上述27楼的商业大楼，在不远约500公尺外的广东民律，也同样将矗立一栋32层楼超高大楼，同样打破该区8层楼格局。- 光华

槟中华游泳公会地皮 或发展成星级酒店

（槟城30日讯）槟州中华游泳公会黄金地皮或发展为星级酒店！据本报探悉，报导指中华游泳公会面对超级公寓拨地计划方案外，槟州中华游泳公会置业有限公司也接获打造星级酒店计划书，然而置业有限公司（CSC PROP）也向公众及会员发出“定心丸”，任何的发展方案都将不会造成产业的管理及拥有权易手他人，产业将继续掌控在置业有限公司手中。
据了解，槟州中华游泳公会在5年前在会员代表大会上已原则上通过中华游泳公会发展，同时也通过拨款一笔500万令吉作为迎合上述发展的用途。据来自置业有限公司的消息告诉本报，有关计划方案是在槟州中华游泳公会前主席郑添诚领导下在会员大会上通过，而之后置业即接获不少的投资献议书，其中计有公寓和酒店及提升游泳公会设施等。
据了解，尽管有关方案在多年前提出，唯因为面对建筑成本高涨，尤其是钢铁起价，所以计划并未能积极推动，他承认提出献议的公司在积极的游说置业有限公司推动计划，然而由于中华游泳公会为公家产业，所以必须小心行事。据表示，置业有限公司了解到任何的发展必须建立在双赢方案下，唯不能妥协的是，有关土地不能转手，不能成为私有产业，该公司必须继续牢控产业的管理及所有权，这也意味地皮不会面对易手问题。针对计划的可行性，据了解，其中酒店计划可能符合公会初期提供外坡及参赛者栖身所的便利，中华游泳公会在早期有提供外坡及参赛者住宿，然而可能设施不比星级酒店，后来沦落为学生住宿所在。
消息指，一旦发展规划酒店，中华游泳公会会员将继续以会员资格享有游泳设施便利及服务外，酒店计划也将迎合中华游泳公会初创时期提供住宿便利的宗旨，一举两得。据了解，任何的计划必须确保中华游泳公会的存在，会员将继续享有更好的便利，比如更好的泊车空间、更良善的基本设施等，只会在计划下为会员提供改善设施福利，而不是改得更坏。据悉，置业有限公司即在多年前在会员大会通过发展方案前，即为中华游泳公会的泳池进行修装，修补破损的泳池瓷砖等。据知，有人针对置业有限公司提出的发展有异议一事，不过，该公司相信一些方面可能对计划所知有限，不过，可通过会议上坦诚公布了解，而置业有限公司继续以开放方式来听取各方面的献议报告。消息指，迄今置业有限公司尚未针对任何计划作出决定，一切只是纸上谈兵，八字也没一撇。- 光华

Penang not beholden to developers, says CM

GEORGE TOWN: The Penang Government has denied claims that it is “the darling of developers” at the expense of the public, especially those in need of public housing.

Chief Minister Lim Guan Eng said more stop-work orders had been issued by both the local councils since 2008 compared to previously.

He said this proved that the state government was “more stringent in upholding the rule of law, demanding strict compliance with technical requirements and more unforgiving than Barisan Nasional”.

“Under Pakatan Rakyat, the Penang Municipal Council issued 259 stop-work orders from 2008 till 2012 which is nearly seven times more than the 38 stop- work orders issued for the same period (between 2004 and 2007) under Barisan.

“The Seberang Prai Municipal Council issued 11 stop-work orders from March 2008 until May this year, whereas not a single stop-work order was issued from 2003 till March 2008 by the Barisan government,” he said.

Lim said the state government was business-friendly, provided rules were complied with.

Dismissing allegations that property prices in the state rose due to increased land premiums, he said the land conversion rates were the same as they were under the previous Barisan administration.

He said the rise in property prices was due to rising public confidence in the state government’s competency, accountability and transparency administration as well as market forces.

“To ensure sufficient affordable housing, the state government has allocated a minimum RM500mil to build 18,000 affordable homes.

“Unlike in Johor, where a bungalow in Iskandar costs RM3mil and can be bought by foreigners including Singaporeans, Penang has imposed a limit on all property purchases by foreigners beginning July 1,” he said in a press release yesterday.

Lim said he was responding to claims allegedly made by Barisan against the state government recently. - The Star