Property news


  • Business
  • Monday, 25 Aug 2003

DEVELOPERS will have the opportunity to showcase their properties to buyers in the Middle East at the Malaysia Real Estate Expo 2003 to be held in Dubai, United Arab Emirates. 

The three-day fair beginning from Oct 17 at the Hyatt Regency Dubai is organised by Jurusan Acara Sdn Bhd and supported by the Malaysian External Trade Development Corp (Matrade) office in Dubai.  

Jurusan Acara managing director Nor Rashid Ismail said the property expo, the first to be held in a foreign country, provides a platform for local property players to make inroads into UAE and the surrounding Gulf countries.  

It expects to attract 5,000 visitors and sales of about RM50mil. 

“Dubai is the gateway to the Middle East as it is the maritime and financial hub. Its per capita income of US$18,000 a month is one of the highest in the world,” he told StarBiz in an interview.  

Nor Rashid said the fair in response to the government's move to liberalise property ownership among foreigners in Malaysia. 

He said the lowering of the ceiling price of properties which the foreigners can buy from RM250,000 to RM150,000 has helped to promote sales. 

Those interested can contact Jurusan Acara at tel: 03-92008431/ 92870553. 

THE 20th Malaysian International Building Exposition 2003 (Malbex 2003) has attracted some 350 companies. 

The expo, scheduled from Sept 9-12, will be held at the Mines Exhibition Centre in Seri Kembangan, Selangor. It is organised by Reed Exhibitions Sdn Bhd and co-organised by the Construction Industry Development Board (CIDB) Malaysia. 

Reed Exhibitions general manager Steven Thong said 85% of the participants were local companies and the rest from overseas, which would be featuring their latest architectural materials at the expo. 

“This is a very good sign that the building and construction industry is picking up again. It is expected to grow to 4.5% by the end of the year, compared with 3.8% last year,” Thong said at a press conference in Petaling Jaya yesterday. 

Three conferences will be held alongside the expo, the International Conference on Project Management, a joint effort between CIDB and the Institute of Project Management. 

The Chartered Institute of Building (CIOB) and Master Builders Association Malaysia (MBAM) will jointly organise a two-day International Construction Conference. 

The third is the International Conference on Industrialised Building Systems with the theme “Global Trends in Research, Development and Construction”. – Bernama  

 

RATING Agency Malaysia Bhd (RAM) has reaffirmed the enhanced long and short-term ratings of A2(s) and P1(s) for LBS Bina Group Bhd's RM50mil Commercial Paper/Medium Term Notes and RM50mil Secured Serial Bonds. 

The reaffirmation is premised on LBS' sustainable performance despite stiff competition and tougher operating environment, RAM said in a statement last week. 

In the past year, response to most of LBS' launches has been encouraging, with the company achieving at least 60% sales within nine months. 

RAM said LBS' proven ability to continuously form joint ventures with landowners for its development projects has accorded the group substantial flexibility in carrying out its business strategies. 

While such arrangements have minimised its land holding costs, the flip side to such a strategy is the limited financial flexibility in the form of unencumbered land bank. 

As at June 30, 2003, only 16% of the land earmarked for future development belonged to the group. 

RAM said being a developer of affordable housing, LBS was well-positioned to reap immediate benefits from the incentives vis-a-vis the government's latest stimulus package announced on May 21, 2003. 

In the longer term, the group's new flagship project, Bandar Saujana Putra, is anticipated to be a prominent income contributor.  

Its main selling point is the proximity to Putrajaya and Sime UEP Bhd's Putra Heights. – Bernama 

 

Selangor Dredging Bhd (SDB) is expanding into property development to widen its involvement in property-related activities, chairman Eddy Chieng Ing Huong said in the company's latest annual report. 

In January, its wholly-owned property subsidiary SDB Properties Sdn Bhd, which acquired a 30% stake in Prestij Permai Sdn Bhd and Hayat Abadi Sdn Bhd, had started developing bungalows and semi-detached houses in Puchong, Selangor. 

It also purchased two parcels of land in Kuala Lumpur in the last two months to be developed as housing projects. 

The first parcel of 6,600 sq m in Jalan Stonor, in the heart of Kuala Lumpur, will be developed as an up-market high-rise development, and the next parcel on 93,000 sq m is within the established township of Taman Melawati.  

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