Property

SINGAPORE: Brilliance Capital announced the sale of prime office units at 2 prestigious developments: Samsung Hub and The Adelphi that offer exceptional opportunities for investors and businesses looking to establish a presence in Singapore’s most sought-after commercial areas. Samsung Hub is considered one of the most coveted office spaces in Singapore that is available for strata purchase comes with a 999-year tenure and is an impressive 30-storey commercial development situated prominently in Singapore’s Central Business District. As a focal point of the CBD, Samsung Hub is equidistant from key areas such as the Orchard Road Shopping Belt and the Bugis-Rochor burgeoning arts, cultural, and rejuvenated business district. Strategically located in the heart of the bustling financial district, Samsung Hub offers unparalleled access to major financial institutions, corporate headquarters, and a diverse array of dining and retail options. The office floors are occupied by a broad spectrum of businesses, including multinational corporations, financial service firms, legal practices, and technology companies, making it a dynamic hub for commercial activity. Located on the high zone floors at Samsung Hub, this 3,595 square feet office unit is sold with existing tenancy and available on a private treaty basis, with a guide price of S$4,350 per square foot. Meanwhile, The Adelphi is an iconic 10-storey mixed-use development comprising a five-storey retail podium with a six-storey office block. It is located in the heart of the Civic District and within the Business and Financial Centre of Singapore, as well as the burgeoning Arts, Cultural, and Rejuvenated District. The office floors are characterised by occupiers in a diverse range of businesses, including corporate offices, law firms, and corporate secretarial companies, among many others. The advantageous location of The Adelphi places it in proximity to several prominent shopping and recreation destinations. Enjoying the benefits of a prime location in a bustling commercial district, The Adelphi offers a dynamic blend of commercial, cultural, and hospitality offerings, ensuring high visibility and footfall for businesses within the retail quadrant, easily accessible to both locals and tourists. The building also provides ample parking with 382 carpark lots available for its occupants and visitors. The two subject units, approximately 2,034 square feet and 2,852 square feet, combine to form a contiguous space of approximately 4,887 square feet. They feature ample natural light, expansive views of St Andrew’s Cathedral and North Bridge Road, a reception area, open office space, partitioned offices, conference rooms, a pantry area, discussion areas and storage space. The combined guide price for these units is S$14.4 million, translating to approximately S$2,950 psf. These units are available for sale individually or collectively. Brilliance Capital Pte Ltd Founder and Executive Director, Sammi Lim commented, “Samsung Hub has always been an extremely sought-after office asset where demand exceeds supply. The ownership and tenant profiles are unparalleled, making it the ideal choice for businesses seeking a prestigious address with strong neighbours. “We have also witnessed significant capital appreciation of sale prices over the past 10 years, and this is expected to continue for a scarce commodity that offers a 999-year tenure, which is akin to freehold. This property represents an exceptional opportunity for companies looking to establish or expand their presence in Singapore’s most dynamic commercial hub,” she said. Lim further added, “The offering of two adjoining corner units at The Adelphi is particularly compelling in today’s market. Also featuring a 999-year tenure and a strategic location, these units benefit from superb public transportation links. We anticipate strong interest from both investors and owner-occupiers. This is an excellent opportunity for owner-occupiers to acquire an ideally sized office asset in a highly sought-after location.” With the limited availability of quality freehold and 999-year office properties, along with the convenient accessibility offered by both The Adelphi and Samsung Hub, it is expected to have robust potential for capital and rental appreciation.

KUALA LUMPUR: The performance of projects and programmes planned by the East Coast Economic Region Development Council (ECERDC) for the Ninth Malaysia Plan (9MP) to 12MP period has exceeded 90%. According to the Auditor General’s Report 2/24 (LKAN), a total of 99 (90.8%) of 109 projects and programmes have been implemented, with 77 projects completed while 22 projects and programmes are in the planning stage, in the design stage and eight in the construction still being implemented with 3 stage. However, the performance targets involving realised investments, job opportunities and the number of entrepreneurs as stated in the East Coast Economic Region (ECER) Master Plan (EMP 1.0) were not achieved, while the actual achievements of the ECER Master Plan 2.0 cannot be assessed yet as the implementation period started from 2018 until 2025, said LKAN. “However, ECERDC did not reach the target for investment realised (for EMP 1.0) that is (which was achieved totalling RM53.875 billion), offering employment opportunities of 133,873 jobs and (producing) a total of 29,275 entrepreneurs compared to the actual target set of RM66 billion realised investments, 200,000 job opportunities and 60,000 entrepreneurs, respectively,” added the report. Despite this, the ECER received a committed investment of RM111.562 billion compared to the set target of RM110 billion under EMP 1.0. Additionally, the audit found that no database has been established to measure the socio-economic achievements of the target group in the ECER region, therefore the objective achievements of the projects and programmes implemented cannot be measured, besides the ECERDC has no accurate measurement method to identify the poverty rate and income of the population in the East Coast states. Thus, the Audit recommended the Ministry of Economy, ECERDC and related parties to review the objectives, functions and roles of ECERDC in ensuring that projects and programmes that are planned and implemented take into account the priorities, conditions and current needs so that they can benefit the target groups, achieve effective objectives and does not affect the returns to the government. Besides that, LKAN has also proposed a measurement method and the creation of a database for socio-economic achievements of the target groups to identify the poverty rate and income of the population in the ECER region to ensure that the objectives of the establishment of the ECERDC are achieved. Engagement sessions with all parties involved should also be held to formulate strategies and intensify promotional activities to attract investors in industrial plots and holding companies for agropolitan projects, it added. The LKAN audit focused on projects and programmes that are implemented in the ECER region based on the 9MP to 12MP as well as the ECER Master Plan from 2018 up to 31 December 2022. — BERNAMA

KUALA LUMPUR: MIDF Amanah Investment Bhd has maintained a positive outlook on the property sector as the better loan application data indicated stronger buying interest. In its research note, MIDF Amanah said the growing loan applications should underpin developers’ earnings outlook. “We think that the stronger buying interest is supported by a lower residential overhang in Malaysia, stable house price outlook and improving economic outlook for Malaysia,” it said. MIDF Amanah named Mah Sing Group as its top pick for the sector, placing a ‘buy’ call on the property developer’s shares with a target price (TP) of RM1.97 due to its high exposure to the affordable residential segment, supported by strong buying demand. It said Mah Sing continues to expand its landbank which should continue to sustain its new sales and earnings growth, adding that the property developer’s venture into a data centre would provide recurring income in the long term. “Meanwhile, we are positive on Matrix Concepts, with a ‘buy’ call (TP RM2.05) due to the resilient sales from its Bandar Sri Sendayan township in Seremban which is supported by demand for affordable landed houses,” it said. MIDF Amanah noted that Matrix Concepts continues to expand its landbank in Labu which would spur earnings growth beyond the financial year 2027 and offers an attractive dividend yield estimated at 5.7%. According to Bank Negara Malaysia (BNM), total loan applications for the purchase of properties grew +3.2% year-on-year (YoY) to RM58.5 billion in May 2024, following a +15% YoY growth in April 2024. On a monthly basis, total loan applications in May 2024 recorded double-digit growth at +10.5% month-on-month (MoM), increasing to the highest level since April 2023. — BERNAMA

KUALA LUMPUR: Genting Plantations Bhd, via its indirect wholly-owned Indonesian subsidiaries, is acquiring two parcels of contiguous land in Jakarta totalling 152 hectares for 2.052 trillion rupiah (RM593 million). The plantation and property development group said its units PT Genting Properti Abadi and PT Genting Properti Jaya inked separate conditional agreements with PT Sentul City TBK, PT Aftanesia Raya and PT Primatama Cahaya Sentosa to acquire the land. PT Genting Properti Abadi is acquiring 80 hectares within the Sentul City township for RM509.8 million while PT Genting Properti Jaya is buying a 72-hectare parcel contiguous with the former land for RM83.2 million, it said in a filing with Bursa Malaysia. “The proposed acquisitions provide an opportunity for Genting Plantations, through its indirect wholly-owned Indonesian subsidiaries, to undertake property development-related activities in line with the objective of its Indonesian expansion. “In doing so, Genting Plantations will be able to establish its presence in the Jakarta property market which may offer other opportunities to further its Indonesia expansion initiative,” it said. Genting Plantations said the proposed acquisitions are expected to be completed in the first quarter of 2025. In a note, Kenanga Investment Bank Bhd said the acquisition would increase the company’s estimated end-FY2025 net debt of RM1.23 billion (22% net gearing) to RM1.58 billion (29% net gearing), which is still quite contained and manageable. “We believe Genting Plantations is probably also laying the groundwork for another possible Premium Outlets in Greater Jakarta and the potential property demand uplift following such an opening. “Therefore, we trim our FY2025 forecast earnings by 3% to account for higher finance cost, while property sales from Sentul City are unlikely to come in within our forecast period,” it said. As such, Kenanga Investment maintained a ‘market perform’ call on the company with a target price of RM6. Meanwhile, Maybank Investment Bank Bhd also maintained its earnings forecasts as the land acquisition would increase Genting Plantations proforma net gearing (as at end of March 2024) to 34% from 22%, if the entire purchase consideration is paid upfront. On the other hand, Hong Leong Investment Bank Bhd noted the latest proposed acquisitions would result in Genting Plantations’ net debt and net gearing increasing to RM1.7 billion and 0.32 times from RM1.2 billion and 0.22 times as of 3 March 2024. “Earnings impact, on the other hand, will likely be muted in the near term. We maintain earnings forecasts with a target price of RM5.80 and ‘hold’ rating on Genting Plantations for now, pending more updates from management,” it said. — BERNAMA

KUALA LUMPUR: Sunway Construction Sdn Bhd (SCSB) has awarded a RM416.78 million sub-contract to Sunway Engie DC Sdn Bhd, a 70:30 joint venture between its wholly-owned unit Sunway Engineering Sdn Bhd (SESB) and Engie Services Malaysia Sdn Bhd. Sunway Construction Group Bhd (SunCon), which indirectly owns SCSB, said the sub-contract works relate to the construction and installation of mechanical and electrical systems, including all associated ancillary works, for a data centre to be built in Selangor for a United States-headquartered multinational technology corporation. “The sub-contract works are for a period of 36 months and are expected to be completed by the second quarter (2Q) of 2027,” it said in a filing with Bursa Malaysia. SunCon announced on 21 March 2024 that SCSB had bagged an RM747.8 million job to build a data centre for a US-based multinational technology corporation in Selangor. It said the project work was scheduled to start no later than 15 May 2024 and would be completed by 2Q 2027. The construction company expects the sub-contract to contribute positively to the earnings of the group for the financial year ending 31 December 2024 onwards. Engie Services Malaysia is principally engaged in developing, owning and operating district cooling, onsite solar and onsite thermal energy facilities for production of utilities, provision of energy solutions and engineering, design and installation for data centre projects. — BERNAMA

PUNCAK ALAM: The transformation into a thriving township from a quiet area is a testament to IJM Land’s well-honed expertise, cultivated over two decades since 2001. The masterfully developed Alam Suria by IJM Land, spanning 1,163 acres, showcases a vibrant mix of residential and commercial projects. This prime location offers a serene environment while being close to essential amenities, making it highly attractive. It has already attracted around 28,000 residents, with more soon to join the Alam Suria community. Surrounded by nature, Alam Suria offers a peaceful retreat with refreshing breezes and tranquil tree-lined lanes. The entrance, adorned with the Gerbera Flower and the tagline ‘Bringing It All Together’. The township epitomises a comprehensive, holistic, and comfortable lifestyle. People from all walks of life can expect a complete township with a wide range of amenities, providing all the required elements for a comfortable lifestyle and more. Residents enjoy comfort, assured that Alam Suria is their long-term home where they can find daily revitalisation in the lush surroundings and retail options, fostering connections within the community and reconnecting with loved ones and friends in the nearby park. Capitalising on a key driver of exponential growth is the soon-to-be-completed East Coast Rail Link (ECRL), located at Puncak Alam, approximately 2km from Alam Suria city center. This will enhance convenience and connectivity for residents, serving as a catalyst to boost market growth and make it an increasingly appealing place to live and invest in the future.  The East Coast Rail Link (ECRL) project is a transformative 665 km-long railway that will connect several regions across Malaysia’s east and west coasts. It is scheduled for completion by the end of 2026 and full operational readiness by January 2027, significantly reducing travel time between Kota Bharu and Kuala Lumpur to just four hours. This improvement will enhance connectivity and accessibility along this stretch of the Peninsula. Within this network, the ECRL Puncak Alam Passenger Station is strategically positioned within Alam Suria as a vital hub. Located near Jalan Ambang Suria 17/2/1, the station is just 1.3km from the Suria Square commercial centre, 1.5km from Daffodil Residency, and 1 km from the highly anticipated Suria Hill, scheduled for launch in 4Q 2024. Building on the success of previous developments, Alam Suria is also set to launch Suria Hill, a low-density hilltop double-storey terrace house development spread across a 170-acre site. Comprising 918 units and consisting of five main phases, Suria Hill also features Suria Park, a 4.42-acre area of lush greenery with facilities suitable for all ages to have fun and enjoy. The Parcel 1—Type E homes, with a land area of 20’x’60’ and each measuring 1,606 sq ft, will be launched in Q4 2024. This new phase promises to offer residents modern landed living spaces in a thriving community, with each unit designed with a focus on utility, spaciousness, and comfort, catering to residents who desire a high quality of life. The launch of Suria Hill represents the next step in IJM Land’s ongoing commitment to creating well-rounded and vibrant living environments. “The ECRL and WCE will attract businesses and investors, spurring economic activity and creating job opportunities in the area. This seamless connectivity enhances accessibility and significantly boosts the value of Alam Suria as a prime living location. With improved public transportation infrastructure and better connectivity within the states, property prices in the region are expected to increase, paving the way for Alam Suria’s accelerated development and future growth,” said IJM Land Senior General Manager, Chai Kian Soon. With its blend of modern living spaces, strategic location, and upcoming transportation links, Alam Suria is set to reap the dual benefits of improved connectivity and enhanced public transport infrastructure to become a thriving and desirable community in the very near future.

KUALA LUMPUR: Mah Sing Properties Sdn Bhd has entered into a conditional sale and purchase agreement with Datuk Bandar Kuala Lumpur (DBKL) for a 2.50-hectare parcel of prime land in Taman Desa for RM108 million. Meanwhile, Mah Sing Group said the proposed development on the land is expected to have an estimated gross development value (GDV) of RM1.01 billion, which will proceed in 2 phases. The project, named M Aspira, will comprise approximately 1,600 residential units across 1.50 hectares and an additional 800 units of Residensi Madani on a one-hectare site within Taman Desa, located off Jalan Klang Lama and the East-West Link Expressway. Mah Sing Group also said in a statement that the acquisition is not expected to materially impact the group’s earnings for the fiscal year ending 31 December 2024, but it is anticipated to contribute positively in the future, pending completion in the first half of 2025 (1H25). Additionally, Mah Sing Founder and Group Managing Director, Tan Sri Leong Hoy Kum highlighted the development’s appeal to urbanites, first-time homebuyers and international investors – blending urban vibrancy with suburban tranquility. “This is one of the last pieces of development land in this mature location in Kuala Lumpur and we believe there is strong pent-up demand for the products that we have planned. “The surrounding neighbourhoods have mainly older residential projects and it is timely for us to offer well-designed homes with a good concept and facilities for the upgraders as well as first-time homebuyers from the surrounding established townships,” he added. — BERNAMA

KUALA LUMPUR: Agrobank has allocated RM200 million for a financing scheme to help eligible Federal Land Development Authority (Felda) settlers own their first homes under the Affordable Homes Programme-i. In a statement, the bank said the scheme is a testament to Agrobank’s dedication to empowering the settler community. President and Chief Executive Officer Datuk Tengku Ahmad Badli Shah Raja Hussin said applications for the financing facility have been promising, totalling RM137 million to date. “Agrobank has approved around RM59 million, proving our commitment to helping Felda settlers to own a home,” he said. The strategic collaboration between Agrobank and Felda began in 2020 with positive results in empowering the well-being of settlers. Through the Felda New Generation Housing Financing Programme, Agrobank not only provides a large allocation for the Affordable Housing Programme-1 but also improvises its financing terms for eligible applicants. The collaboration was further strengthened in 2021 with the RM100 million Settler Development Programme (PPP) that aims to improve the socio-economic status of settlers holistically. — BERNAMA