Ewein has value in mind

PETALING JAYA: Ewein Bhd’s joint venture with Consortium Zenith BUCG Sdn Bhd to develop a 3.67-acre freehold plot in Penang will be a mixed development which will provide high yields for purchasers.

Datuk Zarul Ahmad Zulkifli (pic), who is the chairman for both Ewein’s wholly-owned subsidiary, Ewein Land Sdn Bhd, and Consortium Zenith BUCG, said the planning for the project was still at a preliminary stage.

He pointed out that the joint venture would want to “do one thing at a time” and focus on establishing the Ewein Zenith brand first.

“Whatever we do, we will consider the buyers’ needs and will ensure that the properties we develop are able to provide high yields for them.

“Some of the value-adding features for the houses might include private lifts to apartments as well as medical facilities within the development to enhance response time,” he told StarBizWeek over the phone.

Ewein Land and Consortium Zenith BUCG’s 60:40 joint venture Ewein Zenith Sdn Bhd, had bought the land in Bandar Tanjong Pinang for RM133mil as part of Ewein’s intention to diversify its business. Ewein’s core business had been metal fabrication.

The land is the Penang state government’s payment to Consortium Zenith BUCG for its works for the multi-billion ringgit undersea tunnel project.

Zarul said: “As the consortium does not receive money upfront, we need to get the developer (in this case Ewein) to fund part of the construction works of the tunnel.”

Ewein is paying close to RM80mil for its 60% stake in this development project.

He explained that the consortium would be paid by the state government based on work completed and anticipated the milestone deliverable claims to be completed by March.

“However, we cannot wait for that as it will impact the developer’s cashflow. Hence, we are already planning while waiting for the land title,” he explained.

Once approvals from authorities are obtained, Zarul said he expected the project to be completed in two-and-a-half years.

Commenting on the property market, he said the economic growth in the northern region as well as the connectivity, which would in turn help to disperse traffic in the Pearl of Orient, would support the housing prices in Penang.

Asked if Ewein would get a share in the construction works of the third link, he said Ewein would be the partner for the property development but it would not be involved in the direct construction of the tunnel. - The Star

TWO properties belonging to the Employees Provident Fund (EPF) on Penang island are up for sale

They are Northam All Suite Hotel in Jalan Sultan Ahmad Shah and Gurney Resort Hotel and Residences in Gurney Drive.

"So far, there are no takers for the properties, which are sited at strategic locations," a source said.

It is learnt that the asking price for The Northam, which comprises 142 suites, is RM50 million, while Gurney Resort (with 259 suites) is said to be priced at RM100 million. Interested buyers include parties from China, Singapore, Japan, Indonesia and also local investors.

Both properties are managed by Swiss-Garden International Hotels, Resorts and Inns.

The 37-storey Gurney Resort sits on a 0.9ha freehold plot at the island's famous seafront promenade, while The Northam All Suite Hotel sits on 0.744ha of freehold land along "Millionaire's Row".

Other assets owned by EPF in Penang include Menara KWSP in Jalan Sultan Ahmad Shah and Bangunan KWSP Pulau Pinang in Jalan Anson.

It also owns residential units on the island and several commercial properties in Seberang Prai.

In its 2012 annual report, EPF stated that the net book value of the buildings it owns in Penang totals RM313.88 million. - Business Times

Prewar Houses at Georgetown Unesco World Heritage Site Wanted

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Skycube Residence

A Project by GSD

Relau, Penang

Property Details

Type: Condo

Tenure: Freehold

No. of types: 4

No. of Units: 410

Built-up: 1,153 - 1,275 sq.ft.

Expected Date of Completion: March 2017

The Star

Malaysia's property market to take a breather this year and next

PETALING JAYA: The property market might need at least two years to digest and recover from the various cooling measures that came into effect this month, but expect it to surge again in 2016, say industry officials.

According to Malaysian Institute of Estate Agents president Siva Shanker, 2014 is expected to be a tough year for sales, but the market will find its footing next year and catch the next upcycle in 2016.

“The market ground to a standstill after Budget 2014. There was a knee-jerk reaction in sales.

“It will probably stay in the doldrums for the first half of 2014. The second half may be better,” Shanker, who is also CEO-Agency of property consultancy PPC International Sdn Bhd, told StarBiz by phone.

Shanker believes that speculation over the past few years in the primary market, resulting in “far more properties bought than needed”, had been put to a stop by the new curbs.

“The days of 20%-40% appreciation in property prices after only a few years is over, ” he said.

Even so, Shanker sees the secondary market, which he said had languished for years, regaining its lustre.

“A new launch in Bangsar could set you back RM1,500 per sq ft, compared to RM800-RM1,000 per sq ft for an existing property. The discount goes up to 50% in some prime areas,” he said.

An analyst with TA Research said that unlike previous years, many listed developers have held back on their 2014 sales targets – a departure from their usual forward guidance in December – until a clearer picture emerges from the effects of Budget 2014 and other tightening measures.

The exception is Mah Sing Group Bhd, which is aiming for a 20% increase in sales this year to RM3.6bil.

According to the analyst, policy uncertainty on several fronts – such as whetherIskandar Malaysia’s Medini is exempt from real property gains tax, or the pricing of bank loans using the net selling price of a property – remains an overhang on the market.

“The sector’s fundamentals are intact, but in terms of share prices, the catalysts are lacking,” she said.

Property players have noticed a marked slowdown in sales since the various curbs were put in place, although it is unclear by how much.

A number of high-end launches were also shelved, as developers switch their focus to the affordable segment of the market, where demand is more resilient.

Some of the projects launched post-Budget 2014 include block B of YTL Land & Development Bhd’s Fennel@Sentul East condominiums, which saw a take-up of 80% soon after it was opened for sale in mid-November, while tower A and B of Sunway Bhd’s Geo Residences were 85% sold within two weeks, HwangDBS Vickers Research noted.

In Iskandar Malaysia, however, the response to UEM Sunrise Bhd’s Almas Suites and WCT Holdings Bhd’s Medini Signature Tower 2 have been lukewarm,Maybank Research said in a report last week.

The brokerage’s only “buy” call is Glomac Bhd, even though the firm has cut its own sales target for the year ending April 30, 2014 by 18%.

CIMB Research is more upbeat. It expects buying interest to return in the first half of this year, albeit gradually, when potential homeowners realise that prices are unlikely to fall, and that inflationary pressure from the impending goods and services tax, along with other subsidy cuts, leads to higher prices.

“As these macro prudential and policy measures are meant to curb speculation and not restrain genuine demand, the impact (though negative in the short term) should be positive over the longer run because they should help to remove froth from some segments of the market.

“Also, affordability remains close to its highest ever. Robust sales by developers should provide impetus for a re-rating of property stocks,” the research house told clients earlier this month.

Hong Leong Investment Bank Research, which believes the market will stage a recovery in the second half of the year, advocates a buy-on-weakness strategy for shares amid trough valuations. - The Star

Mak Mandin Light Industrial Park

A Project by PLB Group

Mak Mandin, Mainland, Penang

Property Details

Type: 1 1/2 Storey Semi Detached

Tenure: Leasehold 60 years

No. of types: 4

Strategically located near Industrial Area

- The Star

Investment Opportunity Ought Not To Be Missed

Bungalow Lot at Minden Height

One for the money

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• Serious seller - priced to sell quickly
• Within the township of Minden Height, one of the most sought after location in Penang
• The right size to build a nice bungalow for yourself
• Upperclass Neighbourhood and near all amenities
• Great investment opportunity with the location and price

Salient Facts

Location & Accessibility
Located at Minden Height and only 5 minutes drive away from Penang Bridge, make it convenience to travel within Penang Island or Mainland. Easy access via Jalan Sultan Azlan Shan & Lebuhraya Tun Dr. Lim Chong Eu, make it one of the most sought after location in Penang.

Neighbourhood

Surrounding this bungalow lot is mainly custom made modern & contemporary bungalows or old bungalows which is awaiting to be redeveloped in the near future and it is within upper market residential neighbourhood. It is within walking distance to USM.

Description

It is more than 5,000 sq. ft. and it is rectangular in shape with wide frontage. Right size for a lovely bungalow that you can truly be called home sweet home.

Price

RM320psf. Don't let it get away. Act now!

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