Friday, May 30, 2014
Sunday, May 25, 2014
Aeon to increase investments despite subdued sentiment
Aeon will open its first furniture outlet called the Index Living Mall in Puchong via its 70%-owned joint venture with the Thai-based Index Living Mall, which is the largest furniture retailer in Thailand.
“The products will be sourced from Thailand. The initial capital is about RM10mil,” Poh said.
Index Living Mall has its own manufacturing plant in Thailand and is currently already exporting to other countries with a franchise business as well.
Aeon forms Malaysian JV
Japanese retail giant Aeon and Thailand’s Index Living Mall have joined together in a Malaysian joint venture. Aeon and Index Living Mall will own 70 per cent and 30 per cent, respectively, of the joint venture called Aeon Index Living Sdn Bhd.
The JV plans 20 stores by 2020 with the first to open next year. Index Living Mall is a successful furniture chain likened by some as an Asian answer to Sweden’s Ikea.
For Index Living Mall, which operates special malls entirely devoted to selling furniture not only in Thailand, but also in markets like Vietnam, Myanmar, Nepal, Laos as well as Dubai, the new venture will leverage its brand across the region.
While for Aeon, it will support its goal to become a leader in retail in Asia, it says.
The two companies are optimistic about the new venture citing that Malaysia’s home furnishings market is still fragmented with few international brands. The country’s per capita income is also twice that of Thailand, making the market more attractive.
Source: Inside Retail Asia
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Wednesday, May 21, 2014
A preview event organised by Bukit Hitam Development Sdn Bhd (BHD) for its Epic Suites development drew a crowd of potential buyers who started queuing at 5am outside the company’s sales gallery in Bukit Puchong.
Epic Suites, set to be officially launched this Saturday, is BHD’s latest offering.
The project is situated in the heart of Bukit Puchong, one of the up-and-coming development areas in the Greater Kuala Lumpur region.
BHD general manager Edward Lee said, “The response was truly overwhelming and better than expected.
“People started waiting outside our office from as early as 5am on Saturday.”
Set on 0.93ha of prime, freehold land among retail and commercial developments, the project comprises two 21-storey blocks of low-rise serviced apartments.
The apartments will come in six different designs with built-up areas ranging from 619sq ft to 1,206sq ft, with prices starting at RM490 per sq ft.
“We believe we have a good offering in Epic Suites as it is the ideal investment, not only for those planning to stay on their own but also for those with families as they can choose between a one-room studio, a two-bedroom unit and a three-bedroom unit within a safe living environment in a strategic location,” Lee added.
Members of the public who missed out on the sales preview can learn more about Epic Suites at the project’s launch on May 24 and 25 from 10am to 4 pm at the BHD Sales Gallery.
Having maintained a low profile over the last two years to fine-tune its masterplan for the Bukit Puchong township, BHD has now ramped up its thrust in the area with the launch of Epic Suites, among other developments within the vicinity.
Lee says potential people investing in Epic Suites and other property in the Bukit Puchong township have good reason to do so as BHD has a good track record.
Lee adds that completed units within the township have nearly doubled in value since it was launched.
For example, the developer’s Park Villa townhouses, launched in 2008 with built-ups between 1,259sq ft and 1,560sq ft, that were priced at RM218,000, have been transacted in the secondary market recently at RM430,000.
Similarly, the medium-cost Baiduri Courts of about 750sq ft units that were going at RM87,000 when it was launched in 2007, was recently transacted at RM170,000.
For details on Epic Suites and other BHD upcoming projects, visit www.bukitpuchong.com.my.
Monday, May 12, 2014
SITTING on land worth over RM600mil, Mitrajaya Holdings Bhd’s market capitalisation appears small at slightly over RM300mil. But that is the problem that almost all companies with property held for development face – the market does not attach a premium for property that has yet to be developed. In the case of Mitrajaya, it also has RM1.2bil worth of construction contracts to date and the company plans to more than double the order book this year. As for its property division, Mitrajaya plans to launch projects amounting to RM2bil in gross development value (GDV) to realise its value. A big chunk of Mitrajaya’s fortune lies in its landbank, which is worth about RM620mil and booked at only RM160.55mil in the books. Speaking to StarBizWeek in an interview, managing director Tan Eng Piow says it will make strategic moves in unlocking the value of its land. Taking its 3.76ha at Seksyen 28, Petaling Jaya as an example, the plot sits along Federal Highway but as the development along the stretch has not matured yet, Tan prefers to keep it until the time is right.“Otherwise, we will not be able to realise the best value out of it,” he quips.
Another parcel that it holds for a long time is the commercial land in Puchong Prima, which is ripe to be reaped. Surrounded by commercial shops, Tan sees an opportunity for a different product that is more in demand now - mixed development. It plans to launch the RM1.5bil project next year. “Timing is right as the parcel will be served by the extension of the LRT Ampang Line in the future,” he says. The upcoming project sits on a 6.07ha parcel, which is the last piece of land available in the enlarged 101.17ha-integrated township development in Puchong Prima. The proposed mixed development project will consist of a five-storey shopping mall, one budget hotel and three blocks of serviced apartments with a net sellable area of one million sq ft. “We will build a link bridge to the LRT Station and will work with an international architect for this particular project,” he says.