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Penang calls for tender to refurbish Crag Hotel
The Penang government is calling for tenders from companies interested in the renovation, refurbishment and management of the Crag Hotel on Bukit Bendera (Penang Hill). Chief Minister Lim Guan Eng says the state government wants to redevelop the hotel to attract more tourists to the hill. “The Crag Hotel was the first hotel to be built atop Bukit Bendera in 1929, and it was closed in 1977. We plan to rebuild it,” Lim said on May 26.
Sunrise unveils Publika
Sunrise Bhd has unveiled Publika – the country’s first creative retail centre integrating arts and culture with urban shopping and dining.
The five-level retail centre has a net lettable area of 335,000 sq ft and Sunrise has set aside about a third of the space for the promotion of arts and cultural activities, said Sunrise executive chairman Datuk Tong Kooi Ong on May 20. The art and culture theme for the project is Making Art Public or MAP.
Sunway woos REIT cornerstone investors
Sunway City may place out about a fifth of its planned IPO of a real estate investment trust (REIT) to cornerstone investors who have greater holding power for the shares, sources with direct knowledge of the deal say.
It is learnt that the developer is in talks with seven local funds in the hopes of getting some of them to become cornerstone investors in the IPO, which is expected to raise around US$500 million (RM1.66 billion), said a Reuters report on May 24. The Sunway REIT, with a fund size of 2.78 billion units, is set to become Malaysia’s largest when it listed in 3Q2010.
Tan Chong to develop its Segambut land after 2013
Nissan and Renault vehicles distributor Tan Chong Motor Holdings Bhd’s plan to shift its Segambut assembly plant operations to Shah Alam in 2013 will give rise to its first property development venture.
The Edge Financial Daily reported on May 24, that the company is said to have already applied for a change in the land-use status for the Segambut site, from its current industrial use to mixed development use.
Mah Sing posts higher pre-tax profit and revenue
Mah Sing Group Bhd posted a 34% higher pre-tax profit for 1Q2010 ended March 31, to RM41.713 million from RM31.119 million in the same period a year ago. Its revenue also rose 54% to RM238.312 million from RM150.315 million previously.
Main contributors to revenue were from residential and commercial projects such as Southgate, Hijauan Residence, Kemuning Residence and Aman Perdana, all in the Klang Valley, Residence@Southbay in Penang and Sierra Perdana and Sri Pulai Perdana 2 in Johor Baru, the company said on May 26.
CapitaMalls expects ROI in 15 years from Malaysian properties
CapitaMalls Asia, the leading shopping-mall owner in Asia expects to achieve returns on investments (ROI) for its three retail properties in Malaysia within 15 years, said Sharon Chan, CapitaMalls Asia country head, Malaysia, on May 25.
CapitaMalls owns Sungai Wang Plaza in Bukit Bintang, The Mines in Sri Kembangan and Gurney Plaza in Penang — with a total nett lettable area of 1.9 million sq ft and overall average occupancy of 97.4%.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 808, May 31-Jun 6, 2010.
