Mah Sing To Launch RM3b Icon City
Mah Sing Group, Malaysia’s fifth largest developer by revenue, will launch Icon City in Petaling Jaya, Selangor, in the next quarter. The RM3b integrated commercial development comprises of lifestyle shop-offices, gourmet street with 20 two-storey food outlets, small office versatile-offices, serviced apartments, lifestyle mall, boutique hotel and office towers. In 2010, Mah Sing was the most active developer in terms of land banking, completing 10 transactions valued at RM756m. The company has 300 hectares of undeveloped landbank and will use its internally generated funds and loans for land acquisitions and new projects.
Significance: Mah Sing has aggressively increased its ongoing developments to 33, with remaining gross development value and unbilled sales of RM11.4b, compared to 23 projects in 2009. The company is on track to achieve its sales target of more than RM2b this year, having achieved almost 18% or RM363m in the first two months.
SP Seita Targets Sales Of RM300m From Duta Villa Project
Property developer SP Setia targets to achieve RM300m in sales from its luxury Duta Villa project this year. The amount is equivalent to 10% of the group’s RM3b gross development value. The project, comprises 300 units of villas, is located at one of the highest spots in the 1,600 hectare Setia Alam and Setia Eco Park site in Shah Alam. The first phase comprising 123 units of villas will be launched by end April and is expected to complete by Jun-13. On new projects this year, SP Setia plans to launch cluster homes by May, small office home offices by August as well as low and medium cost apartments by October.
Significance: Demand for properties will continue to be strong for years to come with the support from government under the Economy Transformation Plan. SP Setia is likely to sustain its sales given its good track record on development concept, competitive pricing and attractive financing packages.
SOPPOA Sees 15% Growth In CPO Output
Sarawak Oil Palm Plantation Owners’ Association (SOPPOA) expects output of crude palm oil (CPO) to grow 15% to 2.5m tonnes this year, as more oil palms mature and bear more fruits. Chairman Datuk Abdul Hamed Sepawi said the association members’ tree profile is pointing towards favourable output in the immediate years while Malaysia’s final expansion frontier is in Sarawak. As of Dec-10, Malaysia’s oil palm planted area totaled 4.85m hectares. In 2010, the Malaysian Palm Oil Board revealed that both Peninsular Malaysia and Sabah’s CPO output fell by 6% and 3% to 9.5m tonnes and 5.3m tonnes, respectively. Sarawak’s production, however, went up by 9% to 2.2m tonnes.
Significance: The prospects for Sarawak planters appear bright. The oil palm growth story lies in Sarawak with some 3m hectares of agriculture land yet to be cultivated. For the latest updates PRESS CTR + D or visit Stock Market news Today
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