The Tradewinds Centre, which will have four towers and is stimated to have a gross development value of more than RM5 billion, will be built at the locations of the Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa in Jalan Sultan Ismail.

The project will sit on a 2.8ha land and consist of office units, serviced apartments and a retail component.

According to sources, Crowne Plaza, which is managed by international hotel group Inter Continental Hotels Group (IHG), is expected to close its doors in March next year.

It is unclear if IHG will be compensated should its management contract be terminated ahead of its tenure.

Crowne Plaza could not be reached for an immediate response.

Crowne Plaza is a 35-storey hotel with 565 rooms while Kompleks Antarabangsa is a 21-storey office building with five split-level car parks.

Business Times had reported earlier last year that TCB was looking for a partner to help fund the project.

Sources said a related company could buy one of the four towers for an estimated RM600 million.

Attempts to contact TCB group chief executive officer Shaharul Farez Hassan failed.

A search on the Internet reveals GDP Architect as the architect hand-ling the Tradewinds Centre project with the first phase of completion slated for 2016.

“The Tradewinds Centre explicitly seeks to establish itself in the international arena of great financial developments. The Tradewinds project offers Kuala Lumpur many exciting features that will enhance and expand the city’s growing modern qualities, similar to Rockefeller Center for New York, or Roppongi Hills, for Tokyo,” said the architect firm’s website, which also carries an artist’s impression of the building.

The total gross floor area is 3.17 million sq m and it will have 2,888 parking lots.

Interestingly, in September last year, the then Kuala Lumpur mayor Tan Sri Ahmad Fuad Ismail said it had granted TCB an order to redevelop the 21-year-old Hotel Istana, located at the corner of Jalan Raja Chulan and Jalan Sultan Ismail.

TCB will hold its annual general meeting tomorrow.

Source by: Business Times

Picture courtesy of: malaysiahoteltour

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Group managing director Robert Tan Chung Meng said that the group would ultimately like to have a hospitality and office REIT, but the exact timing for the product could not be determined now.

“It could be anything between two and five years,” Tan said.

The timing, he said, now is suited for a retail REIT and hence it is establishing a IGB REIT, which will have two of Malaysia’s most prized mall assets – The Mid Valley Megamall and The Gardens Mall.

IGB’s preference is also to have separate REITs for different business and not to place it all under the same REIT.

IGB, a property developer, also operates hotels and manages office buildings to obtain recurring income.

The listing of the IGB REIT is expected to be in September 2012.

Some 3.4 billion units will be issued under the exercise for the two malls which have been a valued at RM4.6 billion.

Currently, both assets come under KrisAssets Holdings Bhd, in which IGB has a 75 per cent stake. KrisAssets will sell the shopping complexes to the IGB REIT.

IGB’s stake in the soon-to-be-listed trust will be 51 per cent. The dilution of the stake would provide IGB with an estimated RM800 million in cash, following the listing exercise.

Tan, who was speaking to reporters following IGB and KrisAssets annual general meeting yesterday, said that RM800 million will be used for future expansion both locally and abroad.

The board has no intention to maintain the listing of KrisAssets.

Meanwhile, Tan said IGB continues to look for properties in the country and abroad for merger and acquisition purposes, and take advantage of the opportunity in the uncertain global economy which could offer assets at a bargain.

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PETALING JAYA: Dijaya Corp Bhd’s 80%-owned subsidiary, Aliran Peluang Sdn Bhd, has entered a sales and purchase agreement to buy 11 parcels of land, measuring a total of 2.4 million sq ft, or 55.07 acres, in Mukim Pulai, Johor, for a total cash consideration of RM105.07mil from the vendor, Chua Joo Cheng @ Chua Su Yin.

Dijaya told Bursa Malaysia that the proposed acquisitions were part of its strategy to continue acquiring sizeable land banks with good development potential in strategic locations, which will provide an opportunity for it to expand and strengthen its existing business.

of property development of residential and commercial properties.

It said it would fund the proposed land acquisitions and development cost of the properties through internally-generated funds and/or bank borrowings. It said the proposed land acquisitions would not have any material effect on its net assets, consolidated earnings and consolidated earnings per share for the financial year ending Dec 31, 2012.

Source by: The Star

Picture courtesy of: trekearth

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THE real estate sector in the state has remained resilient despite political and economic uncertainties, said Mentri Besar Datuk Seri Dr Zambry Abdul Kadir.

“In 2011, the state recorded 54,452 property transactions with a combined value of RM9.23bil.

“This marks a 22.6% increase compared to 44,323 property transactions in 2010 totalling RM5.75bil,” Dr Zambry added.

The transactions included residential homes, commercial and industrial properties.

He was speaking to reporters after opening the Malaysia Property Expo 2012 in Ipoh, organised by the Real Estate and Housing Developers Association of Malaysia.

Dr Zambry said the occupancy rate for commercial and office space had also increased to 88.2% last year compared to 86.6% in 2010.

The state government would assist affected developers in dealing with unsold properties amounting to RM26mil.

“We will enlist the help of related government agencies such as the State Economic Development Corporation (SEDC) and Syarikat Prasarana Negara Bhd,” he added.

On another matter, Dr Zambry said issues concerning education especially religious schools, should not be politicised.

He was referring to objections to the building of a religious school in Taman Pegoh Aman in Ipoh.

“The school had obtained the necessary approval from the local authority and was already 80% complete.

“The argument that the school is blocking the view of houses hardly holds water as it only occupies a small portion of a field,” Dr Zambry said.

He also rapped the Opposition for claiming they have the people’s interest at heart.

“But here they are against a project that fulfils the people’s need for better education,” he said.

Source by: The Star

Picture courtesy of: propertiesmalaysia

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RESIDENTS of Sime Darby Property’s 10 townships will be seeing more greenery in their surroundings, thanks to the company’s efforts to plant endangered, rare and threatened species in their residential areas.

Spearheaded by the developer’s sustainability quality management (SQM) department, this initiative is aptly called T.R.E.E. or Together in Restoring the Earth’s Environment.

Shah Alam mayor Datuk Mohd Jaafar Mohd Atan launched the T.R.E.E programme at an event attended by nearly 250 residents of Denai Alam.

Also present were Sime Darby Property managing director Datuk Wahab Maskan, Denai Alam Residents’ Association president Datuk Aidi Ismail, Shah Alam City Council (MBSA) heads of departments and community leaders.

Mohd Jaafar, in his speech, lauded Sime Darby Property for embracing sustainability that engaged all segments of society, ranging from members of the community to local authorities.

“We hope other Malaysian corporate citizens, especially developers in Shah Alam, can spearhead more programmes such as the T.R.E.E. programme to help communities, especially children, become more conscious about conserving our natural resources and improving our environment,” he said.

Wahab said: “We are pleased to kick-start our inaugural T.R.E.E. programme in Denai Alam.

“This township is special because it was planned according to the unique “Denai” concept, which is a 4.3km continuous green trail within the township.”

The Sime Darby Property T.R.E.E programme is aligned to the MBSA’s “Trees for Life” programme.

A total of 150 endangered, rare and threatened forest trees were planted by members of the Denai Alam community.

Each tree planted carried the name of the family who planted it, and each family member will be able to see the growth of the tree just like their very own.

At the event, T.R.E.E. Pledges were presented by Wahab to head of property development Zulkifli Tahmali, head of strategic development Salem Kailany and head of commercial asset Emran Ismail, as a show of support and commitment from these townships to undertake the T.R.E.E. programme. It will be replicated in all of Sime Darby Property’s townships.

Tree saplings of hopea odorata were presented by the mayor to Daniel Hilmi and Sabrina Tan, who represented the children of Sime Darby Property employees and Denai Alam residents, respectively.

The presentation is a symbol of the significance of the T.R.E.E. programme to the future generation.

Source by: The Star

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