S2 Heights @ Seremban 2, Link Homes, IJM Land
S2 Heights @ Seremban 2, Link Homes, IJM Land
Naza Group to have new HQ by 2013
By THE STAR
It will be housed in Naza Tower at the Platinum Park
KUALA LUMPUR: Naza Group of Companies will have its own new main headquarters by 2013 when construction of the 50-storey Naza Tower at the Platinum Park is completed.
Group executive chairman and chief executive officer SM Nasarudin SM Nasimuddin said the tower would be built on a 1.2-acre site with a net floor space area of about 532,470 sq ft.
“We hope the tower’s strategic presence within the KLCC vicinity will be exceptionally attractive to commercial tenants, both domestic and international,” he said yesterday at the ground-breaking ceremony for Naza Tower.
This is the second tower launched at the RM4bil high-end integrated residential and commercial development at the 9.1-acre Platinum Park, following the launch of the Menara Felda last year.
Developed by its own subsidiary, Naza TTDI Sdn Bhd, the Platimum Park is set to be the single largest luxury development undertaken by a bumiputra company in the heart of Kuala Lumpur.
Nasarudin said the tower was also designed to be a “green building” with the efficient use of energy, water and materials and would be among the first candidates to apply for a “green” mark certification under the newly-launched “Green Building Index” of Malaysia.
“We have always wanted to have a very visible, easily recognisable and accessible location right in the heart of the nation’s capital. Naza Tower will give us the opportunity to serve our customers better by showcasing our products in what we believe is the best location possible,” he said.
Going forward, Nasarudin said, Platinum Plaza when fully completed would have seven towers, comprising condominiums, grade A offices and service residences which were scheduled for completion by 2018.
Apart from Menara Felda that was sold in 2008, a 38-storey building next to the Naza Tower, which has yet to be launched, has also been sold to a yet-to-be-disclosed buyer.
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KSL project in Klang Valley with gross development value of RM2.5bil
By THE STAR
SEGAMAT: KSL Holdings Bhd will be launching its first mixed property development project in the Klang Valley in the first quarter next year.
Executive director Ku Hwa Seng said the Bandar Bestari project would be sited on 180.64ha of freehold land in Jalan Klang-Banting, about 15km from the Klang town centre.
“The project, with a gross development value of RM2.5bil, will keep us busy for eight years,” he told StarBiz after the company’s AGM last week.
Ku said the initial launch would comprise 300 to 500 cluster homes and, when fully completed, the development would have 8,000 cluster, semi-detached and bungalow houses.
As a new player in the Klang Valley property market, the company would offer attractive pricing during the initial launch of the cluster homes, he said, adding that the entry price for the homes would be much lower than those offered by other players in the market “to create awareness and interest” among buyers.
On how the Johor-based developer would attract home buyers in the Klang Valley, he said: “Regardless of where they are, purchasers are more or less the same. If you give them better quality products and good facilities, they will consider buying from you and we’ve proven that with our projects in Johor.”
He said the project’s freehold land would be the main selling point as not many residential property developments in the Klang Valley still had that status.
Ku said the company would be targeting potential customers currently residing in Klang, Shah Alam and Subang Jaya.
As at Dec 31, 2008, the company had a total land-bank of about 874ha in Klang, Johor Baru, Batu Pahat, Kluang, Segamat, Muar and Mersing, with 45% located within Iskandar Malaysia.
Currently, it has four ongoing projects in Johor Baru – Taman Nusa Bestari, Taman Bestari Indah, Taman Kempas Indah and KSL City – and Maharani Riviera in Muar.
For the financial year ended Dec 31, the company registered net profit of RM90.50mil on revenue of RM216.24mil against RM118.16mil and RM277.41mil respectively in the preceding year.
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Hotel Properties plans to expand in Sabah
By BUSINESS TIMES
Businessman Tan Sri Syed Yusof Tun Syed Nasir says the company sees opportunities to buy hotels and resorts in Sabah at a discount
Singapore-based Hotel Properties Ltd (HPL) plans to expand its hotel portfolio in Sabah, with a view to snap up distressed hotels there.
Businessman Tan Sri Syed Yusof Tun Syed Nasir said the company sees opportunities to buy hotels and resorts in Sabah at a discount from their existing owners who have been hit by the current economic slowdown.
HPL, which is controlled by founder and property tycoon Ong Beng Seng, manages Concorde Hotel Kuala Lumpur, Concorde Shah Alam, Concorde Inn Sepang, Casa Del Mar Langkawi and The Lakehouse in Cameron Highlands.
"There are always expansion plans within the HPL group. We will buy, if the price is right. By doing so, we will be creating new employment.
"In hospitality, it is sad to see hotels close or a big (number of) staff being laid off," Syed Yusof, who is a shareholder of HPL, told Business Times in an interview.
The company is looking to buy small properties such as boutique hotels as they offer gross operating profit (GOP) of over 40 per cent.
For instance, the GOP for Casa Del Mar and Concorde Kuala Lumpur were 45 per cent and 38 per cent, respectively, higher than the 35 per cent for the remaining properties.
"I don't think we should miss the boat. (Sabah's) eco-tourism is booming. If we buy a property in Sabah and keep it unique, it should sell like hot cakes," Syed Yusof said.
HPL is also mulling to set up a Hard Rock Cafe in Kota Kinabalu and buy a resort in Sipadan Island.
"These plans are still preliminary. If we can manage the resort in Sipadan Island professionally, there will be good money," Syed Yusof said.
While the plans look good on paper, Syed Yusof is aware that hospitality is not an easy business to run and is vulnerable to terrorism, diseases and a recession.
"Malaysia will always be indirectly affected when the world is in crisis. Hospitality is a vulnerable business, with slow returns and huge capital. A lot of hard work is involved to keep the business afloat. It's not all that rosy as one may think it to be," he added.
Syed Yusof said the most important things in this business are dedication and cash flow to make it work.
"To succeed, one must also have good partners, management and staff. For instance, our partner, Ong, is internationally recognised and thus, we have no qualms about buying properties in good or bad market conditions," he said.
On why he has been staying in the business for over two decades, Syed Yusof said it was because of his passion for the industry.
Concorde Kuala Lumpur, formerly Merlin Hotel, on Jalan Sultan Ismail is Syed Yusof's first hotel venture in 1990, after halting from property development activities temporarily.
"Our partners (referring to Ong and Sultan Sharafuddin Idris Shah of Selangor) are dedicated in tourism. Our group is ready to assist the Tourism Ministry in new developments for the sector," he said.
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