Asian iconic structures to feature at Legoland in Johor

By THE STAR

JOHOR BARU: Legoland Park Malaysia in Iskandar, Malaysia, will have miniature replicas of iconic buildings and structures across the region.

The US$200mil park, to be completed in 2012 on a 23ha site, is a joint venture between Merlin Entertainments Group and Iskandar Investment Bhd.

Merlin Entertainments production director Tim Burnell said the replicas included the Petronas Twin Towers, the tallest twin buildings in the world, and its researchers were currently touring several Asian countries in search of other iconic buildings and structures to be incorporated in the theme park.

“All the structures will be located at Legoland’s Miniland where cities are created and the miniland is part of the theme park,” Burnell told a press conference during the competition and the interviewing session for 84 shortlisted candidates applying to become model shop associates.

Legoland model designer Elizabeth De Silva (left) with Tim Burnel shorlisting candiates in the competition and interview session.

He said the theme park would also have famous buildings in Johor Baru, such as the Royal Museum, Sultan Abu Bakar Mosque or the Dataran Bandaraya clock tower.

Other famous structures from the region are India’s Taj Mahal, Beijing Bird’s Nest Stadium, Cambodia’s Angkor Wat and Singapore’s Merlion statue.

Burnell said only six candidates would be selected to attend a 10-week training programme in California or Denmark.

“They will build models or components in the Legoland Model Shop here and will assist the master builders to train 40 others who will join the workshop from November.”

Legoland Malaysia would also establish Asia’s first model shop in the Nusa Cemerlang Industrial Park in Nusajaya by October, he said, adding that the model shop would provide models for Legoland worldwide, including many of the 15,000 models that would make up Johor’s theme park.

There are currently four global Legoland parks – in Billund (Denmark), Windsor (outside London), California and Deutschland (Germany).

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Glomac halves property sales goal

By REUTERS

PROPERTY developer Glomac is cutting its property sales target by half for fiscal 2010 as demand falters due to the global economic downturn, a top executive said yesterday.

Glomac aims to sell houses, shopping lots and offices worth about RM400 million in the year to April 2010, down from its previous target of RM800 million, its managing director Fateh Iskandar Mohamed Mansor said.

"At this moment in time, looking at the weak take-up rate of our properties, I have to be conservative," Fateh Iskandar said in an interview.

Mid-sized developer Glomac, which is building a 40-storey office tower in the Kuala Lumpur City Centre, ranks behind larger players such as Sunrise and SP Setia.

As a result of the lower sales target, Glomac will take longer than expected to clear planned projects, which have a gross development value of about RM3 billion, he said.

The company initially expected to market the projects in four years, he said.

"To finish this RM3 billion in four years, we have to sell RM700 to RM800 million a year. However, because of the economic slowdown, what would have taken us four years may now take six to seven years."

Glomac has reduced its net gearing ratio to below 0.1 times currently as it prepares itself for tougher economic conditions.

"We have gone through the downturn in 1997. Once bitten twice shy, I would like to keep it at about 0.5," said Fateh Iskandar.

The target gives the company scope to borrow for expansion, he said.

"If there is any opportunities such as land for sale, joint venture or acquisitions, we are in good position to look at them," he added.

The company is in "advanced talks" to sell en bloc a 25-storey corporate tower at Glomac Damansara, a mixed commercial and residential development outside Kuala Lumpur, he said.

The building has a market value of about RM170 million, he said. "We hope to complete the sale by the end of the year. If that happens, these are bonuses," said Fateh Iskandar.

Glomac shares closed up 1 sen at RM0.795 yesterday. The stock has risen 60 per cent so far this year, outpacing key rivals and a 22 per cent rise in the broader market.

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Tasco sells property

By THE STAR

PETALING JAYA: Trans-Asia Shipping Corp Bhd (Tasco), a total logistics solutions provider, will dispose of a property worth RM17.3mil to partly finance its acquisition of new office and warehouses.

In its filing with Bursa Malaysia yesterday, Tasco said it had entered into sale and purchase agreement with Greenway Link Sdn Bhd to sell its property of 4,047 sq m together with a three-storey office building and warehouse in Selangor.

Tasco had on July 1 announced that it planned to buy a property for RM41.8mil from JVC Manufacturing Malaysia Sdn Bhd in Shah Alam for use as a logistics centre.

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