The Star Online: Business
The Star Online: Business |
- UEM Sunrise, KLK team up to develop each other's land in Iskandar
- FGV denies report on land sale talks with Tadmax
- Apac Effie announces heads of jury
| UEM Sunrise, KLK team up to develop each other's land in Iskandar Posted: 07 Feb 2014 08:00 AM PST KUALA LUMPUR: UEM Sunrise Bhd and Kuala Lumpur Kepong Bhd (KLK) are pooling their resources to develop 1,215ha of each other's landbank in Johor's Iskandar Malaysia with a total gross development value (GDV) of RM20bil. This marks plantation giant KLK's maiden foray as a property developer in Iskandar Malaysia, but it is the second such project for the company's chief executive officer, Tan Sri Lee Oi Hian. Lee had teamed up with tycoons Tan Sri Surin Upatkoon, Tan Sri Wan Azmi Wan Hamzah and Singaporean magnate Wee Ee Chao in January last year to buy a 17.8ha plot in Puteri Harbour from UEM Sunrise for RM401mil via Liberty Bridge Sdn Bhd. The deals inked yesterday involve UEM Sunrise's land in Gerbang Nusajaya and KLK's vast plantation estate north of Iskandar Malaysia in Kulai, both of which are freehold. KLK would lead the development in Gerbang Nusajaya under a 60:40 joint venture (JV) called Scope Energy Sdn Bhd with UEM Sunrise, while's KLK's Kulai land, dubbed Fraser Metropolis, was to be managed by Aura Muhibah Sdn Bhd, a 60:40 unit of UEM Sunrise and KLK, both companies said in filings with the stock exchange. The Gerbang Nusajaya project, measuring 202ha is worth some RM5bil. The much larger 1,011ha Fraser Metropolis is expected to generate a GDV of RM15bil. Both parties have agreed to develop phase 1 of Fraser Metropolis using half of its 2,022ha landbank, although KLK has granted Aura Muhibah the option to acquire a further 202ha there. UEM Sunrise and KLK are planning a mixed development for Fraser Metropolis, which has been earmarked to be the next residential, commercial and industrial hub in the northern tip of Iskandar Malaysia and 30 minutes drive from Johor Baru. The Gerbang Nusajaya project will also be mixed-use. The land titles for the respective plots will be parked under the JV companies. UEM Sunrise told Bursa Malaysia that it expected to book RM380mil in land sale gains from paring down its stake in Gerbang Nusajaya. KLK will also see a net gain on disposal of RM816.8mil from the Fraser Metropolis land. Notably, UEM Sunrise and KLK are to exchange their land at the same price tag of RM871.2mil, but the parcels in Gerbang Nusajaya were valued at a higher RM40 per sq ft versus Fraser Metropolis's RM8 per sq ft. This was to compensate for the existing infrastructure in Gerbang Nusajaya, RHB Research Institute analyst Loong Kok Wen told StarBizWeek. UEM Sunrise executive director Datuk Izzaddin Idris told the media at a briefing that the properties were scheduled to be launched in the second half of next year, targeting Malaysians as well as foreign buyers. Loong believes the JV is a win-win for both parties because it would allow KLK to unlock value from its massive plantation landbank, while giving the latter's property arm a reputable partner in UEM Sunrise, the master developer of Iskandar Malaysia's Nusajaya. The collaboration would also help UEM Sunrise spread out the risk in Gerbang Nusajaya, which was too huge for the company to complete on its own, a PublicInvest Research analyst said. But demand for the properties may be hard to gauge as the market is going through a soft patch due to the various cooling measures, according to the analyst. Work on Fraser Metropolis is scheduled to start in 2017 and be staggered over 15 years. The project in Gerbang Nusajaya, also slated to begin in 2017, has an eight-year timeframe. Separately, Izzaddin said UEM Sunrise planned to roll-out affordable homes in Gerbang Nusajaya next month priced at between RM150,000 and RM200,000. The group was aiming for sales of RM3bil this year, but Izzaddin noted that it was "conscious of market conditions." Some 2,022ha out of UEM Sunrise's 4,451ha landbank in Nusajaya had yet to be developed, he added. |
| FGV denies report on land sale talks with Tadmax Posted: 07 Feb 2014 08:00 AM PST PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) has denied being in discussions with Tadmax Resources Bhd over the sale of the latter's land in Indonesia. "However, the company previously in 2013, had very preliminary exploratory discussions with Tadmax on this matter but no definitive terms were discussed, negotiated and agreed upon," it said in its filing with Bursa Malaysia yesterday. FGV was responding to an article published by an English daily on Thursday that said it was involved in a land disposal exercise by Tadmax, that could be worth as much as RM1bil. The article said that FGV was seen as the front-runner for ownership of the land. It added that Tadmax would also be involved in the felling of trees in the virgin land as well as in replantation efforts. Tadmax had issued a statement to Bursa on Thursday that it was in preliminary discussions with various parties, including FGV to sell its holdings in Indonesia. "No definitive terms have been discussed with any party to date and discussions have been generally exploratory," it had said referring to the article. Formerly known as Wijaya Baru Global Bhd, Tadmax reportedly owns 80,000ha in Irian Jaya, Indonesia, which is suitable for rubber, sugar cane and oil palm plantations. It also has a felling licence from the Indonesian government to cut down trees in the concession area. The daily reported that Tadmax would first extract timber from the forested land before converting it into an oil palm plantation. It also stated that K&N Kenanga Holdings Bhd was believed to be advising Tadmax on the deal. "The company also further wishes to state that it has not appointed any investment banker for the purpose. As such the company wishes to inform that there is no basis for the contents of the aforesaid article," Tadmax said in its filing on Thursday. According to the article, Tadmax bought the land for US$80mil (RM264mil) and could probably sell it for as much as US$200mil with the right buyer. Also, it was mentioned that other parties including Tan Sri Ling Chiong Ho, who controls Sarawak Palm Oils Bhd, and Rimbunan Hijau's Tan Sri Tiong Hiew King, had showed interest in the land. |
| Apac Effie announces heads of jury Posted: 07 Feb 2014 08:00 AM PST ASIA-PACIFIC (Apac) Effie has confirmed four heads of jury, including Association of Accredited Advertising Agents Malaysia (4As) vice-president Nicky Lim, for its 2014 award programme. Lim, who is Geometry Global regional director for the Asean region, joins Aditya Birla Group chief marketing officer (financial services) Ajay Kakar, McCann Worldgroup Singapore chief executive officer Ben Lightfoot, and Draftfcb Greater China chairman and CEO Pully Chau on the judging committee. 4As says in a statement that Lim was jury chairman for Malaysia Effie Awards in 2012 and 2013. Prior to his current position at the WPP shopper activation agency, he was Grey Group's area director for Malaysia and Thailand. "Having been involved in the Effie Awards in the past two years, I am thrilled for the opportunity to be part of this effectiveness awards once again, and this time on a regional scale," Lim says. "It will be exciting to look at the great works from the bright minds in the industry. I look forward to contributing my perspectives and a rewarding experience with Apac Effie." Meanwhile, Kakar has chaired the Effie India Awards for the last three years. Before joining the Aditya Birla Group, he worked at Ogilvy & Mather for 14 years across three key disciplines – direct marketing, advertising, and public relations. "The need and demand for work that succeeds in the marketplace have given the Effie Awards a pride of place on the shelves of agencies and marketers. I look forward to the exciting opportunity to review the most insightful and impactful campaigns from across the region," Kakar says. Lightfoot, chairman of the 2013 Singapore Effie Awards, has 18 years' experience in the advertising and communications industries. Pully Chau, who has been named Advertising Person of the Year for China twice, has a deep history of involvement with the Effie programme with multiple years of experience judging for Effie China as both a judge and jury leader. The heads of jury will form the judging committee, together with Connie Chan, the awards and judging chairman for Apac Effie Awards 2014. Organised by the Confederation of Asian Advertising Agency Associations and Tenasia Group, APAC Effie Awards honours the region's most outstanding marketing communication works that have proven results in meeting strategic objectives. |
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