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Green light for guarded neighbourhoods if 51% of residents approve
Resident associations may set up guarded neighbourhoods if a minimum of 51% of residents agree, said Housing and Local Government Minister Datuk Chor Chee Heung. Speaking at a press briefing on Sept 8, he said this was necessary as it involved monthly contributions for the upkeep of security features, which involved paying the security guards.
“If residents are not interested, you cannot force them to pay,” he said, adding that residents who refused to pay their monthly payments could not be hauled to court as they are not legally, but merely morally obliged to pay for security services.
SP Setia unit to buy land in Johor for RM169.26 million
SP Setia Bhd’s unit, Setia Indah Sdn Bhd, is buying 259.1 acres of land in Johor for RM169.26 million cash to replenish its land bank as the Setia Indah Johor development was near its final stages. Setia Indah had entered into a conditional sale and purchase agreement with from Kelana Ventures Sdn Bhd to acquire the land.
Based on a preliminary feasibility study and revised layout plan, the proposed development is expected to have a gross development value of RM1.5 billion. Development is expected to start by end-2011 and span eight years.
BLand acquires BKyoto to establish Japanese presence
Berjaya Land Bhd (BLand) has acquired Berjaya Kyoto Development (S) Pte Ltd (BKyoto) for S$1 (RM2.33), as it seeks to establish a presence in Japan. In a Bursa Malaysia filing on Sept 14, the group said it had acquired the company from Teow Gek Keo.
BKyoto has a unit named Berjaya Kyoto Development Co Ltd that was incorporated in Japan, which was to be mainly involved in property development.
SunCity to expand investments
Sunway Real Estate Investment Trust’s (SunREIT) listing on July 8, netted RM500 million for Sunway City Bhd (SunCity).
In an interview with The Edge Financial Daily on Sept 9, SunCity property investment managing director Ngeow Voon Yean said it planned to focus on developing investment properties that could be injected into SunREIT in the long term. He said over the short term, some existing properties could be upgraded and cross-market synergies would be created with assets already in SunREIT.
Mah Sing to issue RM325 million bonds
Mah Sing Group Bhd has proposed to issue up to RM325 million in nominal value seven-year redeemable convertible secured bonds, which will be used mainly to finance land acquisitions and working capital.
It said on Sept 9 the bonds would be convertible at the option of the bond holders into new shares at a conversion price 15% above the five-day volume weighted average market price of the shares on a price-fixing date to be determined by the board. “The coupon rate is up to 3.50% per annum payable in arrears on a semiannual basis,” it said.
Mah Sing also proposes to increase its authorised share capital from RM500 million, comprising one billion shares of 50 sen each, to RM1 billion comprising two billion shares of 50 sen each.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 824, Sep 20-26, 2010
