Glomac Bhd’s wholly-owned subsidiary, Glomac Damansara Sdn Bhd has entered into a sale and purchase agreement with Lembaga Tabung Haji for the disposal of a 25-storey office block for RM170.7mil.

In a filing with Bursa Malaysia yesterday, Glomac said the property would be completed and handed over to Lembaga Tabung Haji within 36 months from the date of the building plan approval. The development order was obtained on Sept 24.

“The proposed sale will enhance Glomac’s future earnings and substantially reduce Glomac’s working capital requirements for the development of this project,” it said.

Property developer Plenitude Bhd (5075) said it wants to build office towers if it can buy strategic land, namely in Kuala Lumpur's commercial centre.


"Yes, we are considering that (to build office towers)," executive director Tan Seng Chye told pressmen after the company annual general meeting in Kuala Lumpur yesterday.

Plenitude, which typically builds affordable houses, has set up a business development team to do this.

Tan said Plenitude's present land areas are mainly for residential developments and are not in locations where office blocks can be built.

"But if we find a piece of land in the Kuala Lumpur commercial centre then we will build office towers," he added.

Plenitude aims to add more acreage to its 404.7ha land area with focus mainly in Johor, Penang and the Klang Valley.

Meanwhile, executive chairman Chua Elsie said Plenitude has outlined up to six new launches next year with a total gross development value (GDV) of RM280 million for the year to June 30, 2010.

The new projects include the first ever bungalow development in Taman Desa Tebrau, Johor, and on going projects at Taman Putra Prima, Selangor, as well as Lot 88 and Bandar Perdana in Sungai Petani, Kedah.

Taman Desa Tebrau township's first bungalow development includes 55 units of 21/2-storey bungalows in Phase 12B, with a GDV of RM55 million.

"We have another 212.8ha of undeveloped land in the township that has been earmarked mainly for terrace houses," she said.

In March next year, the company plans to launch 248 units of 2-storey, 22 x 65ft terraced houses in Phase 8B of Taman Putra Prima, says Chua. The development has a GDV of RM80.95 million.

Taman Putra Prima still has some 89ha of undevelo-ped land.

Next year, it plans to launch double-storey terrace houses and semi-detached units in Lot 88 in Kedah.

Meanwhile, group general manager for sales and marketing Khaw Hock Seang said Plenitude is re-planning its Bandar Perdana project in Kedah.

"We are planning to put in a newer product mix into the development," said Khaw, adding that double storey semidees as well gated and guarded units could be in the offering.

The demand for specialised housing to cater to senior citizens is increasing, thanks to the global ageing population.

Gray & Perkins Lawyers, Sydney, partner Bernard Tan said as the ageing population has dependency on fewer children (particularly in China), there are new opportunities to build housing for the senior citizens with age-appropriate features.


“According to the source that we have from the United Nations data, one out of 10 persons is now 60 years or above and, by 2050, one out of five will be 60 years or older. By 2150, one out of three will be in this category.

“With this in mind, the trend towards building specialised housing for them is increasing,” he told the World Chinese Economic Forum with the theme, Building Business Linkages, Charting New Frontiers, at the Palace of the Golden Horses yesterday.

Tan, speaking on the subject, Global Trends in Property - Designing, Branding, Developing Iconic Projects, said such development should provide for “ageing in place” where location to amenities such as meals, hospital and nursing homes and on-site care services were included.

“The industry for specialised housing accommodation for older persons in Asia is still at its infancy. While there will be a strong demand for housing, government policies on such development have yet to be determined,” he said.

For the Malaysian scene, he said the issue of different cultures and religions needed to be considered and also the role played by the Government.

Residential housing developments would be impacted by the ageing population and developers would have to vary designs and marketing to attract an older demographic market, he said, adding: “In my view, developers needs to work closely with the Government and religious organisations to create a viable model for senior housing.”

Naza Group has entered into a building-for-land deal with the Government which will see it receiving 65 acres of prime land in Kuala Lumpur for building a RM628mil expo centre for Malaysia External Trade Development Corp (Matrade).

The centre and other projects planned on the land would have a combined estimated gross development value of RM15bil over a 10-year period, said International Trade and Industry Minister Datuk Mustapa Mohamed.

Naza Group joint group executive chairman and Naza TTDI Sdn Bhd chairman S.M. Nasarudin S.M. Nasimuddin said it would embark on a “comprehensive development” on the 65 acres that would surround the expo centre.


“We have four international architects bidding for the master plan and it should be finalised in mid-December.

“We plan to build shopping malls, hotels and offices,” he said after the agreement signing ceremony yesterday.

The site would be leased to Naza for 99 years.

Naza TTDI, the property arm of the Naza Group, yesterday signed a privatisation agreement via subsidiary TTDI KL Metropolis Sdn Bhd with the Government and Syarikat Tanah dan Harta Sdn Bhd (a Minister of Finance Inc company) for the land-for-construction swap.

Naza TTDI group managing director S.M. Faliq S.M. Nasimuddin said financing for the construction of the expo centre would be via a combination of internal funds and bank borrowings.

“We are speaking to a few banks,” he said.

Construction of the Matrade expo centre is expected to begin in the second quarter next year for completion in 2014.

With a gross floor area of one million sq ft, it will be the largest exhibition and convention centre in Malaysia.

The building will have three floors of exhibition space that will house 12 halls. It will be located along Jalan Duta and linked to Menara Matrade.

Mustapa said the Matrade expo centre would become an epicentre for meetings, incentives, conventions and exhibitions (MICE) activities.

“We depend on trade and MICE is a growing business. We need the right kind of facilities to attract exhibitions and investments into the country.

“In terms of facilities, we are still lagging compared with many other countries,” he said.

Mustapa said the new centre would be ideal for hosting very-large-scale exhibitions that existing centres in Malaysia could not accommodate.

“The centre is expected to fulfil the demand for bigger local and international events such as Defence Services Asia Exhibition and Conference, Malaysia International Halal Showcase and International Trade Malaysia.

“This is an important venture to stimulate investments into the country. Hopefully, Malaysia will do a better job in attracting more MICE activities,” he said.

Naza TTDI Sdn Bhd has kept to its record of fast completion of its products by handing over keys to buyers of the Laman Seri Business Park units in Shah Alam ahead of schedule.

The developer started to hand over keys to buyers of the business plaza of 46 exclusive high-end units comprising six blocks of four and five-storey shops and offices from Wednesday.

"The Laman Seri Business Park heralds a new dawn for a new business lifestyle in Shah Alam.

"Our aim for this development was to create a conducive place where people can work and meet within an environmentally-friendly setting," Naza TTDI group managing director SM Faliq SM Nasimuddin said at a ceremony to hand out the keys.

Naza TTDI expects a variety of businesses including three major banks, boutiques, lifestyle spas, fitness centres, popular food and beverage outlets to occupy the Laman Seri Business Park.

Completed 18 months ahead of schedule, the development was awarded the Cityscape Asia Real Estate Awards 2008 under the Future Commercial Development category.

SELANGOR State Development Corp (PKNS) will launch three new projects in Shah Alam, Selangor, worth RM140 million over the next two months.


The projects, called Ayu Qaseh and Ayu Puri, offering 170 units and 144 units of two-storey link houses respectively that are priced from RM335,000, are located in its 243ha Alam Nusantara development.

General Manager Othman Omar said he is optimistic that the properties will be taken up within three months from its launch, beginning the end of this month.

"We expect response to be overwhelming as it is the first project by PKNS with a freehold status. We are selling with the certificate of fitness (CF)," he said.

Early next month, PKNS will also launch Puncak Tropika in Kota Damansara, featuring 28 units of three-storey semi-detached houses and priced between RM1.2 million and RM1.4 million, Othman told Business Times.

The units are 80 per cent completed and their CF will be obtained in January next year.

PKNS is currently running a home ownership fair themed "Kediaman impian@PKNS" until November 25, where it will offer for sale 1,073 units of low-, medium- and high-end houses and commercial properties, priced from RM99,000 to RM1.2 million each, or a combined RM286 million.

A bulk of the properties are existing stocks in Antara Gapi, near Rawang, consisting of link houses, semi-dees and bungalows, Othman said.

Some are terraced houses in Bernam Jaya (between Sabak Bernam and Tanjung Malim), one- and two-storey shophouses and one-storey terraced homes in Kota Puteri, which is on the way to Kuala Selangor, and semi-detached houses in Cheras Jaya.

The rest include two unsold units of semi-dees in Puncak Bangi, priced from RM835,000, 111 units of medium to high-end Kasturi Idaman apartments, priced between RM205,000 and RM365,000 in Kota Damansara, and 20 units of high-end apartments, dubbed Banjaria Court, in Gombak.

"While the properties are attractive in terms of product offering, sales have been slow due to the current economic situation. We are optimistic the two units at Puncak Bangi will be taken up soon mainly because they are the last landed properties by PKNS in Bandar Baru Bangi, Othman said.

On Banjaria Court, PKNS has launched the first of four blocks. It will open for sale the remaining blocks next year, Othman said.

To boost sales, PKNS is offering RM500 downpayment and cash rebates of RM3,000 to RM8,000, including free legal fees, for all the properties.

It is also giving a RM50,000 rebate for the semidees in Cheras Jaya.

"We hope to sell 391 units worth RM55 million this month. We have achieved RM12.7 million from the sale of 48 properties since the launch," he said.

The home ownership fair also applies to Ayu Qaseh, Ayu Puri and Puncak Tropika projects.

Naza TTDI Sdn Bhd completed its commercial development, the Laman Seri Business Park, 18 months ahead of schedule.

The business park boasts 46 exclusive high-end units comprising six blocks of four and five-storey shops and offices.

The developer expects a variety of businesses, including three major banks, boutiques, lifestyle spas, fitness centres, popular food and beverage outlets, to occupy the commercial centre.


“We are pleased to once again maintain our track record of delivering our prduct ahead of schedule,” said group managing director S.M. Faliq S.M. Nasimuddin in a statement in conjunction with the key handover ceremony yesterday.

The business park, launched in March last year, was developed to create a conducive place for people to work and meet within an environment-friendly setting.

This is manifested in the generous provision of public spaces, lush green landscaping completed with synchronised fountains and water-scape and koi pond, wide footpaths and five-foot ways and public utilities.