Apr 22, 2015 Last Updated 5:57 AM, Apr 21, 2015


KUALA LUMPUR: Property developer Sunsuria Bhd is taking full control of a 331.27-acre township project in Putrajaya called Suria Serenia by acquiring the 50% stake held by its joint-venture (JV) partner for RM173.4mil.
Sunsuria told Bursa Malaysia on Monday that it had signed a conditional share purchase agreement with Sime Darby Property (Sungai Kapar) Sdn Bhd to acquire the equity interest in Sime Darby Sunsuria Development Sdn Bhd (SDSD).
The RM173.4mil includes a shareholders advance of RM16.39mil. The cash consideration for the 50% stake translates to a price of RM41 per sq ft after having considered the possible adjusted land areas and after deducting outstanding land payments by SDSD to vendors as well as shareholders advances.
The Suria Serenia development is an integrated development surrounding the upcoming Xiamen University Malaysia Campus and is strategically connected with the Express Rail Link and highways.
Sunsuria had earlier executed a subscription agreement with its major shareholder Datuk Ter Leong Yap and Datin Kwan May Yuen for the subscription of RM1mil ordinary shares and RM237mil redeemable preference shares (RPS)-B in Sunsuria Gateway Sdn Bhd, resulting in Sunsuria effectively owning the other 50% interest in SDSB. 
Sunsuria said that taking full control of SDSD allowed Sunsuria to optimise the value and effective implementation of the development being a smart liveable and sustainable city.
The proposed subscription of RM238mil by Sunsuria in Sunsuria Gateway would be used to settle the RM168.39mil that constitutes full and final capital repayment of all its existing RPS-A.
An amount of RM69.61mil will be retained in Sunsuria Gateway for working capital purposes including payment of the remaining unpaid land purchase consideration by SDSD.
Of the RM168.39mil settlement, RM100mil is in the form of new shares to be issued by Sunsuria at an issue price of RM0.98 per share.
The corporate exercise is expected to be completed by the sexc2nd Quarter of 2015.
Sunsuria was known as Malaysia Aica prior to May last year.
source: The Star


KUALA LUMPUR: Impian Bebas Sdn Bhd, which is undertaking a mixed commercial development at Kuala Lumpur City Centre (KLCC), has secured a 15-year, RM1.08bil syndicated Islamic term financing.

Impian Bebas, a JV between KLCC (Holdings) Sdn Bhd and Sapura Resources Bhd, secured the financing from Maybank Investment Bank Bhd, Public Islamic Bank Bhd and RHB Islamic Bank Bhd.
The three banks had on Monday signed an agreement with Impian Bebsa to provide the financing.
Maybank IB was appointed as the coordinating bank and joint lead arranger together with Public Islamic and RHB Islamic for the syndicated financing. 
Lot 91 would be a mixed commercial development comprising of office tower, convention centre and retail podium.
An Impian Bebas official said the project was at a prime location within KLCC Precinct and was designed with seamless integration with the existing Kuala Lumpur Convention Centre. 
The project is also within walking distance from the Suria KLCC Shopping Mall and is expected to garner strong interest from tenants. 
Maybank IB CEO John Chong said the syndicated Islamic term financing was is a competitive financing solution tailored to meet Impian Bebas’s funding requirements and will provide long term value to the company." he added. 
The project is expected to be completed by 2020.
source: The Star

KUALA LUMPUR, April 20 (Bernama) -- Perumahan Rakyat 1Malaysia (PR1MA) Bhd has reiterated that its homes have always been priced at between RM100,000 and a maximum of RM400,000.

"PR1MA has never changed its price range," the corporation said in a statement Monday.

In fact, to enable more urban families to be eligible for PR1MA homes, it had adjusted the income ceiling from RM7,500 to RM10,000, said PR1MA, which is under the Ministry of Housing and Local Goverment.

The change in income ceiling was announced by Prime Minister Datuk Seri Najib Tun Razak on Oct 10, 2014 at the tabling of Budget 2015.

PR1MA said it had identified various measures to implement its affordable housing programme nationwide with particular emphasis on cost-effectiveness, speed of delivery and customer requirements.

Joint ventures with private developers are one of the measures that have been adopted, in order for PR1MA to deliver 500,000 homes to middle income families that meet their lifestyle requirements.

PR1MA said it remained committed to delivering affordable homes to middle income families and would continue to focus on strategies that would assist in keeping residential property prices at a sustainable level over the long term.