Sime Darby Property (SDP), the property arm of Sime Darby Bhd (4197), made sales of RM86 million in just the first four days of its third "Parade of Homes" marketing campaign.
The company started the campaign in June 2008. Malaysia's property market faces soft demand amid an economic slowdown and developers are giving incentives like lower downpayments to pull buyers.
SDP's offers proved to be attractive as almost 1,000 people visited its booth at a property exhibition and its 10 sales galleries, it said in a statement.
Among others, SDP offers a lower interest rate on the loan and buyers can pay the downpayment in 12 instalments. The third campaign started on March 6 and will end on June 15.
"Evidently, our continuous research has given us an insight into property buyers' needs and concerns. These findings have allowed us the ability to offer property buyers unique packages during our Parade of Homes campaign," managing director of SDP Datuk Tunku Putra Badlishah said in the statement.
SDP's first Parade of Homes campaign attracted more than 15,000 visitors and generated sales worth more than RM246 million over nine days.
The second campaign in November 2008 made over RM146 million in sales.
Results of the first two campaigns have also helped SDP to post a 7 per cent increase in revenue to RM566 million in the first half to December 31, 2009.
COUNTRY Heights Holdings Bhd,(5738) a property and leisure group, has shelved plans to sell up to RM500 million in real estate investment trust (REIT) due to unfavourable market conditions.
The group, founded by Tan Sri Lee Kim Yew, had planned to list a commercial REIT, which would include the Mines Waterfront Business Park and Malaysia International Exhibition and Convention Centre (MIECC), late last year.
However, the plan has been shot down and the company will focus instead on completing its ongoing developments in the Klang Valley and Negeri Sembilan, said Mark Rozario, the company's group managing director.
"It is not viable to do a REIT (now) because of high yield expectations. Even if we tie up with other assets, we need the size to command a better yield, so I don't think we will be looking at it for the next three to five years," Rozario told Business Times in an interview at Seri Kembangan, Selangor, yesterday.
However, he did not rule out an asset sale.
Country Heights' current asset is worth some RM1.5 billion. Besides the business park and MIECC, it owns the Palace of The Golden Horses hotel and Palace Beach Resort & Spa in Seri Kembangan.
The company also has a 70 per cent stake in Borneo Heights Sdn Bhd, which owns Borneo Highlands Resort in Sarawak.
"Our gearing is low but we need to re-profile our borrowings. We have a RM150 million bond due on December 31. We are open to asset disposal or strategic investors taking a stake in the properties and making them more profitable, but we will view the price offered," he said.
At at December 31 2008, Country Heights had RM340 million in debts.
In 2007, it sold Mines Shopping Fair to Singapore's CapitaLand Ltd for RM432 million, from which it made an estimated gain of RM102 million.
Rozario said Country Heights will buy land in the Klang Valley to expand its existing 2,400ha of land and grow its health tourism business by setting up more health retreats in the country.
It is targeting to open a retreat in Borneo Highlands Resort, under the Country Heights Health Sanctuary brandname, within a year or two.
Country Heights will also double the facilities at its existing 11,000 sq ft health screening centre at Palace of The Golden Horses, which has 11,000 local members, and enhance its outlet in Mont' Kiara.
"Medical tourism is the way forward. The figures are growing but what we want now is to capture the foreign market," he said.
Source from btimes.com.my
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SYARIKAT Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL) saw all 60 units of three-storey shop offices in phase one of its The Trillium project sold within one week of its official launch, generating a total gross development value of RM60 million.
Due to the unexpected strong demand, the second phase of The Trillium, offering 40 units of three-storey shop offices comprising 40 units, will be open for sale from RM1.14 million onwards.
SPYTL general manager of property department Edward Lee said the sell-out of The Trillium has proven that a quality product with the right location can weather any cycle of the market.
"This is coupled with our strong track record of delivering high capital appreciation on all our properties, in turn maximising value for us, our purchasers and our investors," he said in a statement issued last Friday.
The Trillium is located in Sungei Besi, Kuala Lumpur. Featuring shop offices with built-up that starts from 4,805 sq ft, it is scheduled for completion by the first quarter of 2010.
Besides The Trillium, SPYTL had earlier launched Midfields, a 9.315hamixed development project offering prime stylishly designed condominium units, retail lots and offices that is also located in Sungei Besi.
The launch of Phase One of the Midfields condominiums in 2008 was an overnight success where 300 units were sold out in the first weekend of its debut.
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