Mah Sing buys 172ha in Bandar Baru Bangi

MAH Sing Group Bhd, one of the country’s top developers, has bought 172ha of land in Bandar Baru Bangi, Selangor, for RM333.26 million, or RM18.55 per sq ft.

The group acquired 170ha of freehold land from Boon Siew Development Sdn Bhd and around 1.6ha of leasehold land from an individual party.

The land acquisition is the third for Mah Sing this year. This means Mah Sing has achieved 73 per cent of its landbank target for this year.

For the latest acquisition, Mah Sing intends to develop Southville City in a few phases. Southville is expected to generate GDV of RM2.15 billion and it will be completed over the next five years.

The first phase of the gated and guarded project will offer affordable homes for young families, mainly double-storey-link houses, indicatively priced from RM530,000.

The remaining phases will offer linked-semi-detached (semi-D) houses, semi-Ds and bungalows for home upgraders.

Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said almost 70 per cent of the houses will be offered at below RM1 million each to meet the strong market demand for bread and butter properties. Some 30 per cent of the township will comprise commercial components, mainly offices.

The master layout and development order for the project had been obtained, Leong said in a statement yesterday.

He said registration of interest for the properties is expected to began in the third quarter of the current year.

Leong said Southville City is expected to beat the success of the group’s award winning Aman Perdana township in Meru-Shah Alam, M Residence @ Rawang, Kinrara Residence in Puchong and Garden Residence in Cyberjaya.

With Southville City, Mah Sing now has 28 ongoing projects in Greater Kuala Lumpur.

“This positions us to indirectly support the opportunities arising from the Greater KL National Key Economic Areas (NKEA) implementation, such as the additional demand for housing, as population is expected to increase from six million to 10 million by 2020,” he said.

Mah Sing is still scouting for prime land suitable for development to meet market demand.

“The land must fit our quick turnaround business model. We are keen on privately-held and government land,” Leong added.

 

 

Source by: Business Times

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Malaysia targets RM53b from timber exports

Deputy Prime Minister Tan Sri Muhyiddin Yassin said the government was confident that the figures could be met through the National Timber Industry Policy (NATIP).

“Among the wood and timber products, furniture export accounted for RM6.5 billion last year, making Malaysia the third largest exporter among Asian nations and eighth in the world.

“I hope that the Plantation Industries and Commodities Ministry will continue to develop the country’s furniture industry, so as to help the country become world’s top three exporter by 2020,” he said at the opening of the Galeri Glulam in Jalan Tampoi here yesterday.

Muhyiddin believedt hat steps taken by the ministry via NATIP would see a shift in wood-based industries towards Own Equipment Manufacturing (OEM), Own Design Manufacturing (ODM) and Own Brand Manufacturing (OBM).

“It is my aspiration to see our country becoming a famous producer of ODM or OBM furniture products like Italy, where their designs are acknowledged the world-over,” he said.

Meanwhile, Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said for NATIP to achieve its target, the country had to overcome several challenges.

This includes the availability of raw materials, skilled workforce, competition from other countries, innovation and also processing technology.

“The ministry has set up a NATIP core committee to address the various issues faced by the domestic wood and timber industry,” Dompok said.

The ministry will also undertake concerted measures to enhance the competitiveness of Malaysian wood-based industries.

It is also intensifying efforts to promote and educate industry experts abroad on the standard and certification of Malaysia’s timber.

Source by: Business Times

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CPO prices will rebound

PLANTER Kuala Lumpur Kepong Bhd (KLK) is hopeful of palm oil prices bouncing back to RM3,300 a tonne, as orders for the food ingredient pile up in the face of tight global supplies.

The third-month benchmark crude palm oil futures (CPO) on the Malaysian Derivatives Exchange depreciated by RM67 to close at RM3,111 a tonne yesterday.

KLK’s chief executive Tan Sri Lee Oi Hian said palm oil prices, despite having slipped from a peak of RM3,600 a tonne in mid-April, is likely to sustain and trade up to RM3,300 a tonne again.

“Prices should hold up in the coming months. Stocks are tight,” he told Business Times at the sidelines of Invest Malaysia 2012 held here yesterday.

He concurred with commodity reports stating tight global edible oil stocks is caused by South America’s drought on soya harvests and a lower rapeseed crop output in India.

“We’re also receiving more orders for Ramadhan in July. Based on these strong fundamentals, we think palm oil prices are likely to recover to around RM3,300 a tonne,” he said.

KLK has, so far, planted up 205,848ha in Malaysia and Indonesia. The plantation business makes up 77 per cent of the firm’s profits.

“We replant using tissue culture ramets in our Malaysian estates as this improves yield per hectare. We also carry out 5,000ha to 8,000ha new plantings in Indonesia every year,” Lee said.

“Going forward, our earnings growth will be driven by the rising yields of our young areas,” he added.

Rising yields in the field has also contributed to rising oil extraction rates (OER) at the mills. In 2008, KLK’s OER was only 20.5 per cent. To date, it has gone up to 21.8 per cent.

KLK is favoured over larger rivals like Sime Darby Bhd and IOI Corp Bhd, thanks to its younger oil palm tree profile.

BIMB Securities analyst Ng Keat Yung said more than two thirds of KLK’s oil palms are of young to prime age. This suggests KLK estates can withstand and profit from erratic weather, which has a negative impact on older oil palms.

“We’re also positive on the disposal of Crabtree & Evelyn,” he said, adding the management can now put more time and resources in oil palm planting and the manufacture of oleochemicals.

“We like that KLK is putting up three refineries and an oleochemical plant in Indonesia to leverage on the Indonesian palm oil taxes that favours downstream investments,” he said.

Ng commented that the companyKLK’s cashflow is strong and sufficient to cover its borrowings. “Their debt is manageable. Gearing is at a minimal of 0.06 times, it’s healthy. Should the company wish to embark on any acquisition to boost its plantation landbank, they have no problems in gearing up,” he said.

 

Source by: Business Times

 

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KLCI higher in early trade, boost from Sime, CIMB

KUALA LUMPUR: Blue chips made a firm start on Wednesday, boosted by gains in Sime Darby and CIMB.

At 9.07am, the FBM KLCI was up 4.45 points to 1,569.77. Turnover was 46.06 million shares valued at RM29.73mil. Gainers beat losers 119 to 50 while 96 counters were unchanged.

Sime Darby rose eight sen to RM9.68 while CIMB added seven sen to RM7.43. YTL rose six sen to RM1.88 after the company announced distribution of treasury shares.

UMW rose 17 sen to RM8.02, Aeon Credit eight sen to RM10.58 and MSM six sen to RM5.16.

Pestech fell two sen to 98 sen with 1.02 million shares when it made its debut on the Main Board. Its offer price was RM1.

Among the decliners were Bonia, down 15 sen to RM2.18, TradewindsPlantations seven sen to RM4.93, PetChem five sen to RM6.60 andPublic Bank four sen to RM13.70.

 

Source by: The Star

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High drama as Serena crashes out of French Open

PARIS, May 29 (Reuters) – A shell-shocked Serena Williams crashed to her earliest defeat at a grand slam when she was beaten 4-6 7-6 6-3 by French darling Virginie Razzano in a pulsating first round showdown at Roland Garros on Tuesday.

Never before had the 13-times grand-slam champion, one of the pre-tournament favourites for the title, lost in the first round of a major but on Tuesday she paid the price for a performance she summed up as full of “errors”.

The fifth seed was two points from victory at 5-1 up in the second set tiebreak but her game inexplicably collapsed as she lost six points in a row to lose the set.

The American appeared close to tears during the changeover at the end of the set and struggled to shake off her near-miss in the decider as she allowed her 111th ranked opponent to romp into a 5-1 lead.

But Williams, who believes herself to be the ultimate fighter in the sport, refused to throw in the towel and scraped back to 5-3 as Razzano struggled to deliver the knock out punch.

Just when it seemed as if Razzano would join a long list of players who choke at their home grand slam event, the Frenchwoman played her heart out. A cramping Razzano held her nerve in a jittery, action-packed ninth game of the final set, which lasted 25 minutes, stretched to 12 deuces and featured five break points.

There was even a moment of controversy as Razzano was penalised by the umpire for letting out a loud squeal mid-point, leading to a loud chorus of boos from the fans.

The Frenchwoman took it all in her stride before finally winning the contest on her eighth match point.

Such was the drama of the match that Razzano was even made to wait before she could celebrate her glorious victory as the umpire had to climb down from her chair to confirm Williams’s groundstroke was long.

Razzano, who lost her fiance to a brain tumour a year ago, jumped up in joy after surviving three hours and three minutes of topsy-turvy tennis that delighted the hollering crowd in Court Philippe Chatrier.

While Williams swiftly packed her bags as she digested her earliest slam exit in 47 appearances, Razzano celebrated her greatest triumph.

“I didn’t think too much. I know I have unlimited resources. I dug very deep and I knew nothing was lost, even when I had cramps (in the last game), even when I was not feeling well,” she told a courtside interviewer. “It’s the most beautiful victory in my career.

“I think today on the court there were two great players that gave it all, went to the limits, and I was able today to make a difference,” she added in a press conference.

“Sometimes I saw her on the court. She was shaking her head and saying, It’s crazy. Because I was lucid, I was able to see what was happening. I knew she was thinking, She’s incredible.”

Williams did not mince her words.

“I made so many errors today which is not the game that I have been playing in the past. There is no excuse,” Williams told a news conference.

 

Source by: The Star

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Gita Bayu Lifetsyle: Splendid Bathrooms and Kitchens

brian moh
Utter chic: This state-of-the-art Alno kitchen concept from Bina Warehouse features a high gloss black-and-white colour scheme. It also costs over RM200,000.

We have heard of people spending over RM200,000 fitting out a kitchen and an equal amount just for their master bathroom. Who are these people and where do they live?

For those answers, we got the help of Leon Chan, public relations representative for Bina Warehouse – the supplier of luxury brands of bathroom and kitchen fittings and accessories.

Our destination was Gita Bayu, a gated and guarded, upscale housing enclave in Seri Kembangan, on the southern outskirts of KL city. We were to meet travel consultant Linda Lee and her neighbour, retired civil engineer Andi K.

A search on the StarProperty.my portal revealed that the typical asking price for detached houses inGita Bayu range from RM3.2mil to RM4.5mil each. And cost per square foot range from RM290 to RM750. The average size of the plot here is about 7,000sq ft but the built-up space of some properties can exceed 10,000sq ft.

“Actually, we are not shooting the photos at this house,” said Lee when we visited her home. “It is my new house nearby. Construction is almost complete but the kitchen and bathrooms ready.”

Apparently, Lee bought her 7,992sq ft landed property last year at “only” RM140 per sq ft. Prices for Gita Bayu lots have shot up to RM200 per sq ft. She had paid an even lower price of RM89 per sq ft five years ago when she bought her first housing lot here.

Her newest house has four levels, seemingly exceeding the maximum of 21/2 storey restriction here. But her multi-storey property is on a sloping piece of land and the lower two floors are actually below the road level. Construction of her “modern style” house took only a year. Designed by a lecturer in architecture, the house has six bedrooms, one study and one audio-visual lounge. It even has a compact Desjoyaux workout pool at the side of the house.

The focus of our visit was, of course, her German-made Alno kitchen set she bought from Bina Warehouse. Then, there’s the bathtub in her master bathroom recommended by her interior designer who matched it with a chunky but funky chandelier.

Work in progress: The main lounge of Andi’s new home is dominated by a de Sede sofa that costs some RM200,000. Note the main door with a marquetry pattern combining 44 timber components and the ceiling feature that lights up like the galaxy in the night sky.

Only RM1mil  Said Lee: “Building and furnishing this house cost about RM1mil. I simply love to shop and the things I buy need not necessarily be expensive. My designer is a nice man. He controlled my spending habit by advising me on how to save money – with substitutes – and what to splurge on.

“He was the one who introduced me to Bina Warehouse. I always thought that the things there are very expensive. But when I walked into their showroom and compared the kitchen accessories, wah, the soft-closing mechanism of the Alno kitchen and the Apple green colour scheme had me convinced. It cost me about RM200,000 plus gadgets, of course.”

But Lee has changed her mind about moving into the house as her teenage son has decided to further his studies in England, earlier than expected. “With him gone for several years, this house would be too big for myself, my husband and two young daughters. But I enjoyed fitting out the house. I had spent RM30,000 on an anti-termite NLC system when the ground-breaking commenced. I also opted for a central vacuum system where the maid can plug into the ceiling vacuum vents to clean.

“My house is fully furnished with a hotel-like ambience and there’s even piped music throughout the house. My selling price is RM4.98mil,” said Lee.

Four houses  Bidding her goodbye we hurried to another house where consultant engineer Andi K was supervising the finishing touches to the last of his four houses in Gita Bayu. His other properties – completed some time back – have been rented out.

Bathing beauties: The Pharo Comfort Plus handshower is matched with the Hansgrohe Raindance Air-300 overhead shower system (not in picture).

“This is my final project as I’m getting too old for this. Too tired. A lot of work,” lamented Andi, who took a hands-on approach in sourcing for all the luxury materials including Italian and French marble as well as solid walnut wood.

As it turns out, Andi knows just about everything about the development of Gita Bayu as he was the consultant engaged for the land conversion application. According to him, typical lots here span 70ft by 110ft.

“I bought four lots at RM40 per square foot at the time. This was agricultural land and the acquisition cost of the land wasn’t expensive. This is an award-winning development with the clubhouse designed by a Thai architect (Lek Bunnag) and Bill Bensley (Bangkok-based American architect and designer).” Sited on a corner lot, Andi’s 2 ½-storey house has a built-up space of 9,000sq ft but it only has two bedroom suites. There is also an exercise room, library, study, entertainment lounge with a Runco audio-visual system and a Domuslift elevator installed.

Being in the luxury property development business on a “small-scale”, Andi has come to know suppliers who have become friends. Thus, companies like Bina Warehouse, Lumbermart and V-Ply offer him “friendly” deals.

“While I sourced for things like the latest Sonos sound system, Italian Jacuzzi tub and the Benoa marble from France, my wife is in charge of bathroom accessories like the Kohler sanitary ware and Hansgrohe and Flexdoccia shower fittings, Hydrabaths bathtub and Yatin towel rails.”

But apparently, a professional designer was engaged to help with the nitty-gritty such as the walk-in wardrobe. But Andi is particular who is sent to his house to work on the carpentry, masonry and electronics. He has hand-picked certain craftsmen noted for their exceptional skills. And it shows, for example, the wood grain on the cabinetry matches seamlessly.

To shield the home from glaring sunlight and ultraviolet exposure, Hunter Douglas blinds have been installed. The owner also showed us the RM200,000 de Sede sofa that he has just bought for the main living room, plus the magnificent front door with a 44-piece marquetry design, custom-made for his house.

As Andi is fond of saying, “Oolala!” the house is really an exercise in luxury living. But he has a reason for spending his money as splendidly as he can.

For the kitchen, the high gloss, black and white Alno kitchen with all the high-end gadgets is another stunning example of money well-spent. “I have seen so many die young from stress. I want to enjoy life,” said Andi, who toasted us with Australian sparkling wine of Grant Burge pinot noir chardonnay and his favourite curry puff, pineapple roll and Chinese “dragon ball” biscuit.

 

Source by: The Star

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Sleek and chic

uluwatu

 

 

Outside looking in … the outdoor wading pool looks into the living space which is furnished with lovely armchairs.

 

Switching from a terrace house to their bungalow required a change in mindset as well as an adjustment of lifestyle. The Lees, both a youthful 41, said the biggest challenge going from moderate to upscale was learning to adapt to the generous dimensions of space. They described their smart home as a “home without age barriers”.

Relying on the expertise of interior design specialist PDI Design & Associates, the couple remained involved at every stage of the design process. The 9,000sq ft built-up area is spread across two-and-a-half storeys.

“PDI conceptualised the design. It was the first time we were living in a bungalow and we knew we needed a designer to help us make the house livable,” recalled Lee with a chuckle.

Drawing comparison to their terrace corner house designed on a Balinese theme which was three times smaller, he admitted that his household comprising four children, his mother-in-law and a helper had to re-learn “how to live and enjoy things differently while utilising every corner of the space”.

Sleek kitchen A dry and wet kitchen was incorporated along with a plush island kitchen counter to accommodate a large area for food preparation as well as the enjoyment of meals.

The elongated bar counter where many meals are enjoyed is also the lady of the house’s favourite spot. The sleek kitchen combining black and white marble flooring and a generous splash of shiny, silver tiles make a statement of style.

The entire bungalow, equipped with high-speed, wireless and high-definition connectivity, complete with fibre and broadband fittings, demonstrate the wonders of modern technology right down to the sophisticated security system.

At the touch of a switch, you can summon recipes on the huge plasma screen in crystal-clear, high definition quality.

 

From left to right: Dining area; Touch of Broadway. Getting dressed to the nines is a breeze in this dressing area.

 

Rooftop AV room The couple, who runs PCOM Technologies Sdn Bhd, a technology-led business, decided to designate the rooftop as their special AV room, away from the hustle and bustle of family life below.

Glass windows in the AV room allow a generous peek of the outdoors, overlooking the serene landscape of the Tropicana Golf and Country Resort enclave.

The family congregates in the room in the evenings to enjoy some music or video entertainment. A mini bar for snacks and a specially designed laundry drying area make this a multi-functional living, breathing space.

Mrs Lee said that the location of the bungalow facing two sprawling golf courses adds allure to the space while creating an illusion of extended greenery.

A wow factor is the outstanding feature wall in the living room. LED lighting illuminates through the perforated holes in the wall to project a warm glow.

“The wall was designed to complement the living space and break the monotonous sense of space,” said PDI’s Edward Wong. He added that the owners wanted a warm living space for family members to chill, relax and enjoy quality time together.

 

From left to right:  Cream de la cream. The art of fine living captured so vividly with a dramatic feature wall making all the dfference; Light years ahead. This futuristic-looking kitchen is perfectly complemented by pendant lighting; Showstopper. Even the children’s bedroom becomes a centerpiece of attention with its clever showcase of toys acting as a savvy storage solution area.

 

The feature wall juxtaposed against an airy, spacious high ceiling spanning 15 to 17 feet (4.6 to 5.3m) has become a conversation spinner for guests.

Attention to detail is not spared in the three-piece stainless steel lighting fixture designed by PDI. The living space is complemented by full-length glass windows that look out onto a small wading pool where the two children, a girl aged seven, and a boy, nine, enjoy playing in.

The Lees’ older sons, aged 12 and 14, love the adjoining feature wall of their bedroom that acts as a showcase panel and storage for their toys and memorabilia.

“I think this is a display of childhood dreams. If I were a boy again, I would want such a display showpiece in my room,” said Lee.

The recurring theme of the perforated feature wall in the living space is repeated in the master bedroom.

The passage to the dressing area is designed a la Marilyn Monroe style, commanding instant attention with large light bulbs adding glamour to this private space. A right turn leads to a door opening up to a stretch of wardrobes done in high gloss white finish. This leads to the entrance of the bathroom with its double sliding glass door.

Streaks of Mrs Lee’s individuality is not only obvious in the dressing room but in the “rough and raw” materials used, such as in the silver mosaic tiles sparkling on the bar counter of the dry kitchen.

“I love to mix and match materials to make them real.

“Even my plates are mismatched. Every corner of the house is nice, but it’s where we spend time with the family that matters most,” she said.

 

Source by: The Star

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Natural wonders at home

As the saying goes, one man’s meat is another man’s poison. Just like how it is you’re your indoor room, what you want out of your garden is a matter of your own choice.

For many urbanites, our garden is just a green area that we pass by everyday on our way in and out with the occasional foot in it. Its only purpose is to remind us of nature from within our urban habitat.

While that’s not a bad thing, there’s so much more that nature can offer. We don’t necessarily have to sacrifice one for the other.

All we need is a little creativity and shift our mindset. You can still enjoy nature by inviting it into our home. We should allow ourselves to interact and integrate with nature, to embrace whatever surprises it may spring on us.

The true beauty of nature is that it doesn’t come in a neat package, it is a living force. While I’m not suggesting we all start planting trees in the middle of our living room and start a wildlife sanctuary, we can certainly learn to enjoy and create a harmonious balance with nature even within city living.

Outdoor entertainment  In a room, we would usually have a hi-fi set, the latest flat screen TV or a home theatre system as entertainment. We would also have some decorative items and ornaments that serve as conversation pieces, or family photographs lying around to add to the homely atmosphere.

All this can be created in an outdoor environment. Moreover, there are things you can create outdoors that cannot be duplicated indoors. Let’s look at some indoor features viewed in an outdoor perspective:

 

Outdoor setting: Apart from the whistle of the wind and rustling of leaves, a cascading water feature can set the mood for tranquility.

 

Sound effects  In an outdoor setting, apart from the whistle of the wind and rustling of leaves, a water feature or pond – with the relaxing sound of cascading water or the meditative effects of trickling water – sets the mood in a natural ambience. If you create an ecologically balanced water system, the water will also attract wildlife such as birds, frogs and crickets that will provide the harmonious sounds of nature. The atmosphere changes at night, as the ‘sounds’ of silence enhances our awareness of nature.

Decorative items  If you plan your garden space well, little pockets and spaces can be created to display ornaments or items that have a memorable story or sentimental value. Whether at the corner of a wall, creatively perched on the lattice or on top of a pergola, these items can add charm to your garden as a centerpiece and serve as a good topic when friends visit.

 

With a bit of planning with your garden space, children can enjoy their own playground – night or day.

 

Outdoor dining  Using your garden as a kitchen, dining or living room is a refreshing change. You don’t have to step out of your house to enjoy a holiday-like atmosphere. Entertaining guests to an outdoor dining experience or barbecue is a great way to provide a memorable experience. Lounging around in the open space amidst a backdrop of ever-changing colours is something that an indoor room simply cannot provide.

 

 

Citronella geranium is a natural deterrent to mosquitoes.

 

Tips for your outdoor experience It is all too common for us to avoid the outdoors due to the discomfort and inconvenience of the rain, bugs, mosquitoes and the humidity of our climate. Let’s be honest, I have no magic formula to make them disappear. We just have to accept and seek to understand the laws of nature.

However, there are preventive measures that can help. For mosquitoes, the best way is to make sure your outdoor space and surrounding area is airy, clean and bright. Before you go outside especially in the evening, light some citronella candles or serai wangi, both fragrances will repel mosquitoes. A natural repellent spray can be kept on hand for any visiting friend or guest.

You can add plants that repel mosquitoes, such as the ‘mozzie buster’ citronella geranium among other plants to provide a natural deterrent. Place these plants in cool, dark corners where mosquitoes usually rest during the day. Also, trees or plants that attract bugs or mosquitoes can be trimmed instead of chopping them down. Good garden planning and deciding where to place such trees will also help. A well-planned garden with the right kind of angle, shade and strategic placement of plants will also likely help reduce heat.

As for the rain, there’s nothing much you can do except embrace it or enjoy it from indoors. After all, fighting Mother Nature is as foolish as trying to control it. Just go with the flow!

 

Source by: The Star

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Dijaya wins BCI Asia Top 10 Developers Award

Property developer Dijaya Corporation Berhad (Dijaya) was awarded the BCI Asia Top 10 Developers Award 2012 at the BCI Asia Awards 2012 ceremony on May 22 in Kuala Lumpur.

This award is a testimony to Dijaya’s ongoing endeavour to strengthen its Tropicana branding and create high-quality and innovative property developments in which people want to work, live and play.

This year, Dijaya is part of the top 10 Malaysia developers whose combined portfolios contain US$3bil (RM9.4bil) worth of properties.

Dijaya managing director Datuk Tong Kien Onn received the award from BCI Asia chairman Dr Matthias Krups.

Now into its eighth year, the BCI Asia Awards is a regional event attended by the industry’s top architects and building professionals in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

This event highlights key industry players that enable the market to better understand the important roles the organisations play as well as their impact, both socially and on the environment.

The BCI Asia Top 10 Developers Award recognises key industry players in the country.

 

Source by: The Star

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Tycoon Vincent Tan likes Facebook for its value

KUALA LUMPUR: Tycoon Tan Sri Vincent Tan has no immediate plans to sell the shares that he owns in Facebook as he still sees potential value in the world No. 1 social networking site.

“Well, we may sell one day, but we’re keeping them for the time being,” he told reporters on the sidelines of the Malaysia-Philippines Business Council Pro-tem Committee luncheon yesterday.

Facebook’s stock closed last Friday at US$31.91, down 3.4% on the day and 16% below its initial public offering (IPO) price of US$38. It was listed on May 18.

It was speculated that Tan might be looking to sell off his shares in Facebook depending on how the stock performed. Despite the poor performance of the stock, he said there was still value to be unlocked from the stock.

“I think this is only a temporary setback for Facebook shares. Mark Zuckerberg (Facebook’s founder and chief executive officer) is such a brilliant person and will come up with more ideas on how to increase the revenue and profit (of Facebook) and I’m sure its shares will do well,” he said.

MOL Global Bhd, which Tan has a 88% stake in, owns 3.5 million shares in Facebook. MOL’s shares in Facebook came about in exchange for patents from another social networking site – Friendster, also owned by MOL.

Based on Facebook’s IPO price of US$38 per share, MOL was set to pocket some US$133mil (RM418.66mil) for its shares. However, based on its closing price of US$31.91 last Friday, MOL’s stake in the social networking site is now worth about US$111.69mil (RM351.72mil).

On another note, Tan said the first phase of Berjaya Land Bhd’s (BLand)Great Mall of China is expected to be completed before the end of next year.

“We will complete the first phase by November 2013. The second phase may take another three years. Our challenge is to complete it and it would be the biggest mall in the world.

“The first phase alone is over five million sq ft. The second phase is bigger, almost 13 million sq ft,” he said.

BLand’s 51% owned subsidiary, Berjaya Great Mall of China Co Ltd, is undertaking the development of the Great Mall of China.

The balance 49% is owned by Tan, through his private arm, Berjaya Times Square Cayman Ltd.

The committee luncheon was attended by over 40 dignitaries and guests from various key companies in Malaysia, with Philippine vice-president Jejomar C. Binay as the guest-of-honour.

In his speech at the event, Tan said the Philippines was a great place for Malaysian companies to invest in.

“Philippines has all the ingredients for success. It has a big population and a great advantage there is that the people speak English. And because we can speak their lingo, it’s much easier to do business (there),” he said.

 

Source by: The star

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