New landmark for Kuching

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An artist's impression of the Batu Lintang project that will change the skyline of Kuching.

KUCHING: Kuching skyline is set to change with the construction of a 36-storey office tower in the prime area of Batu Lintang.

The proposed tower will beat the city's tallest building, the 22-storey Wisma Bapa Malaysia in Petra Jaya which now houses the Chief Minister's office, several ministries and the state secretariat.

The tower is part of Sarawak's biggest mixed-development project jointly undertaken by Naim Holdings Bhd with Lembaga Amanah Kebajikan Masjid Negeri Sarawak (LAKMNS) and Tabung Baitulmal Sarawak (TBS), both state charitable trusts.

Naim has a 70% stake in the joint venture while LAKMNS and TBS each holds a 15% equity interest. A memorandum of understanding (MoU) on the project was signed recently.

Naim managing director Datuk Hasmi Hasnan said other components of the 13.6ha project were a 27-storey apartment, 18-storey condominium, a second office-tower block, hotel tower, a four-storey shopping mall, a 17,000-sq-ft showroom and multi-storey car parks.

'We will incorporate a water theme park, roof garden and plenty of green areas to make the development environment friendly and one that the local population can enjoy,'' he added.

The project site was previously occupied by government quarters. The land has been cleared and earth-filling works was completed recently.

Hasmi said the project would be carried out in phases over 20 years, with the apartments to be built first. The apartment block will have 115 units and the condominium 216 units.

“For each phase, we will do in-depth study on market demand and supply to take cognition of any changes in the economic climate to ensure the project's success,'' he said.

Hasmi said the development was expected to create 2,000 jobs and would provide business opportunities to retailers and wholesalers.

By The Star

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Naim to develop RM300m mixed project in Kuching

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SARAWAK-based Naim Holdings Bhd (Naim), a property developer and construction group, will develop prime land in Batu Lintang, Kuching, into the state's biggest comprehensive mixed development project, costing more than RM300 million.

Managing director Datuk Hasmi Hasnan said the proposed development would be sprawled over 13.597ha and be completed over 20 years.

The project will comprise a four-storey shopping mall with basement car park, office tower block, hotel tower, a 36-storey office tower with basement and elevated carpark, showroom, 18-storey condominium block and a 27-storey high-rise apartment.

"We will incorporate a water theme park, a roof garden and incorporate plenty of greeneries so as to come out with a development that is eviromental friendly and one that the local populace can enjoy and benefit from," he said.
The project will be developed on a joint venture basis between Naim, Sarawak Mosque Welfare Trust Board and Tabung Baitulmal Sarawak.

The three parties signed a memorandum of understanding to facilitate the venture witnessed by Chief Minister Tan Sri Abdul Taib Mahmud.

Hasmi said Sarawak Mosque and Tabung Baitulmal will each have a 15 per cent equity in the project venture while Naim would hold the remaining 70 per cent.

"We estimate employment for more than 2,000 people in the project," he said, without disclosing, when the construction will begin.

By Bernama

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Naim to develop Batu Lintang land

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Sarawak-based Naim Holdings Berhad (Naim), a property developer and construction group, will develop prime land in Batu Lintang, Kuching, into the state’s biggest comprehensive mixed development project, costing more than RM300 million.

Managing Director Datuk Hasmi Hasnan said the proposed development would be sprawled over 13.597 hectares and be completed over 20 years.

By Bernama

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New project a boon for Ibraco

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KUCHING: Ibraco Bhd, which is expected to come out of the Practice Note 17 (PN17) status soon, has chalked up sales of RM140mil for its newly-launched commercial, industrial and residential project called Tabuan Tranquility.

Located along the Kuching-Kota Samarahan Expressway, it is Ibraco's biggest mixed development project on 66ha which comprises 640 double-storey terraced houses,108 semi-detached houses, 60 three-storey townhouses, 76 units of four-storey shophouses, 72 semi-detached industrial buildings, an office block and a petrol station.

Also on sale are 24 residential detached lots.


Chiew Chiaw Han says Ibraco is on the lookout to increase its landbank.

Ibraco chief executive officer Chew Chiaw Han said the project, which formed part of the company's regularisation scheme, had a gross development value (GDV) of RM517mil.

“The project has a five-phase development up to 2015. Two of the phases have been launched,” he told StarBiz yesterday. The project is expected to generate a gross profit of RM83.5mil.

He said 70 units of the shophouses priced between RM1mil and RM1.79mil had been sold for RM73mil. The mall will be completed in July.

Sales of RM67mil were generated from 160 houses under phase five launched more than a month ago. This phase comprises 204 terraced houses and 38 semi-detached houses priced between RM363,000 and RM800,000. They are expected to be ready by November next year.

Chew said Ibraco would maintain property development as its core business, adding that there was no plan to diversify into other businesses.

The company has a landbank of about 285ha in Sarawak more than 50% of which is in Kuching.

“We are on the lookout to increase our landbank,” he added.

Last week, the company announced its proposal to sell a piece of land in Kuching for about RM14.2mil. Chew said the proceeds would be used for its working capital.

He said Ibraco, which completed its regularisation scheme a week ago, was expected to exit the PN17 category in the second half of this year.

After the completion of the regularisation, the company is required to report profits for two consecutive quarters.

Ibraco was classified a PN17 company after its revenue for the financial year ended Dec 31, 2009 fell below 5% of its paid-up capital.

Chew said Ibraco, which has a paid-up capital of nearly RM99.5mil, settled all its bank borrowings of RM12mil last week, and had zero gearing now.

The company's single-largest shareholder is Sharifah Deborah Sophia Ibrahim, with a 21.7% stake. Sharifah Deborah is the daughter of Ibraco founder, the late Wan Alwi Ibrahim whose family once owned more than 60% of the company.

The other substantial shareholders are newly-appointed executive director Datuk Wee Song Ching (16.79%), Singaporean Ng Cheng Chuan (16.61%) and Chew (11.51%) through his firm Hiap Ghee Seng Sdn Bhd and a direct stake.

By The Star

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Cahya Mata unit in RM380mil JV to build hotel, apartments

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PETALING JAYA: Cahya Mata Sarawak Bhd, through 51%-owned subsidiary CMS Land Sdn Bhd, has signed a joint-venture agreement to build, own and manage a four-star hotel and service apartments at the Kuching Isthmus in Sarawak.

It told Bursa Malaysia yesterday that it had signed the agreement with Premier Cottage Sdn Bhd (PCSB), Boulevard Jaya Corp Sdn Bhd (BJSB), Hikmat Majusama Sdn Bhd (HMSB) and Isthmus Developments Sdn Bhd (IDSB).

The building, comprising 381 hotel rooms and 96 service apartments, will cost about RM380mil, including outfitting, furniture, fittings and equipment, but excluding financing costs and contingencies.

IDSB, which will undertake the development, will finance it via a combination of share issuance, borrowings from banks or financial institutions, as well as advances from the joint-venture partners, except CMS Land, totalling up to RM50mil.

CMS Land will inject two parcels of vacant land in Kuching, totalling 4.25ha with a lease period of 99 years expiring in 2109 to IDSB for a total consideration of RM10mil to be satisfied via the issuance of 10 million new shares in IDSB, which will undertake the hotel development, at their par value.

Based on the audited financial statements as at Dec 31, 2009, the net book value of the land was approximately RM5.106mil. The land has not been income generating and thus no profit is attributable to the land, it said.

CMS Land will eventually own 10.3% in IDSB, while PCSB, BJSB and HSMB will hold 50.5%, 19.6% and 19.6% respectively.

CMS Land will subscribe for 300,000 new RM1 shares in IDSB, while PCSB, BJSB and HSMB will subscribe for 5.05 million new shares, 1.96 million new shares and 1.96 million shares respectively.

Building works for the hotel is expected to begin in the first quarter of 2011 and completed by December 2013.

CMS Land is the land owner and property developer for the Kuching Isthmus development project, which is intended to become Kuching's new central business district.

It is a proposed mixed commercial and residential development project that includes convention and exhibition centre, transport hub, tertiary educational institutions, marina and other housing/commercial developments.

By The Star

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Cahya Mata unit in apartments, hotel deal

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CAHYA Mata Sarawak Bhd's 51 per cent unit has formed a joint venture with four parties to help it build, own and manage serviced apartments and a four-star hotel in Kuching Isthmus in Sarawak.

CMS Land Sdn Bhd will have a 10.3 per cent stake in the joint venture company.

The other parties are Premier Cottage Sdn Bhd, Boulevard Jaya Corp Sdn Bhd, Hikmat Majusama Sdn Bhd and Isthmus Development Sdn Bhd.

By Business Times

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