Amanahraya REIT purchasing Vista Tower for RM455 million
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1 Jordan Lee & Jaafar Sdn. Bhd. News Highlights Government looking to expedite MRT3 The Malaysian Government may be looking to expedite the construction of the Mass Rapid Transit 3 (MRT3) ahead of its scheduled completion in At the Sustainable Urban Transport Summit on September 5, Transport Minister Datuk Seri Liow Tiong Lai stated, We have planned to complete MRT2 in 2024 and MRT3 in 2027, but looking at the benefits that we can reap from the MRT projects, the ministry has proposed to see whether we can bring forward the completion of MRT3 from We can start planning now, because the implementation will take five years. Amanahraya REIT purchasing Vista Tower for RM455 million IKEA Batu Kawan to open in 2019 IKEA will be opening its fourth branch in Batu Kawan in the first quarter of IKEA Southeast Asia manager director, Christian Rojkaer, stated that the 433,000 sq. ft. branch is expected to cater for 825,000 households within an hour s drive from the store. A ground-breaking ceremony was held onsite at Aspen Vision City on September 12. Separately, IKEA s third store in Tebrau, Johor Bahru will begin operations by the end of the year. Source: TheEdgeProperty.com TheStar.com.my TheSunDaily.my Bursa Malaysia Vista Tower, Jalan Tun Razak Tenure: Freehold Occupancy Rate: 74.4% (July 2017) Land area: 228,948 sq. ft. Strata area: 776,196 sq. ft. NLA: 551,875 sq. ft. Average floor plate: 11,450 sq. ft. Car park bay nos: 917 Gross Annual Rental: RM30.2 million Estimated Net Yield: 6.46% Amanahraya Real Estate Investment Trust (AREIT) is buying Vista Tower, located along Jalan Tun Razak for a cash consideration of RM455 million (analysed at RM per sq. ft. over net lettable area). In a stock exchange announcement dated September 7, 2017, the company announced that they had entered into a conditional sale and purchase agreement with The Intermark Sdn. Bhd. for the proposed acquisition of the property. The purchase price of RM455 million is 13% below its current market value of RM523 million. In the corresponding announcement, AREIT stated, The proposed acquisition is in line with the key investment objective of the manager to invest in properties that are yield accretive, value accretive (capital appreciation) and are able to continuously generate sustainable return to the unit holders. >Transaction details on Page 5
2 News Highlights Healthier Sales for retailers in 2Q2017 Malaysian retailers registered sales growth of 4.9% in 2Q2017, marking an improvement over 1Q2017 when overall sales contracted by 1.2%. In the latest Malaysia Retail Industry Report (August 2017), Retail Group Malaysia managing director Tan Hai Hsin stated the retail industry managed to recover slightly after a dismal performance in the first three months. The improved performances in all retail sub-sectors during the quarter contributed to an overall growth of 2.5% in the first six months of The department store category improved to 15.1%, the department store-cum-supermarket improved to 4.1%, supermarket and hypermarket registered a 0.8% growth, with fashion and fashion accessories increasing 2.5%, while other specialty stores rose 6.3%. Finally, the pharmacy and personal care sub-sector grew by 7.9%. Ibraco to buy PJ land Sarawak-based developer, Ibraco Bhd. has proposed to purchase four plots of freehold development land in Petaling Jaya, Selangor, with an aggregate land size of 170,195 sq. ft., for RM37,442,928 (analysed at RM220 per sq. ft.). The land, which fronts onto the New Pantai Expressway was granted with a development order by the Petaling Jaya City Council for a mixed commercial development. However, Ibraco intends to apply for a variation or new DO in due course. The budgeted GDV is yet to be determined. >Transaction details on Page 5 Pavilion Group unveils Pavilion Damansara Heights Pavilion Group and the Canada Pension Plan Investment Board (CPPIB) have recently unveiled their latest integrated development, Pavilion Damansara Heights at Pusat Bandar Damansara. With a GDV of RM9 billion, the project spanning 16 acres will comprise 10 corporate towers, 5 residential towers and a retail mall. The exclusive unveiling was attended by Y.B Datuk Seri Utama Tengku Adnan bin Tengku Mansor, who stated that the project will raise the city s stature and rejuvenate the area, at the same time attracting both local and international tourists and investors. Pavilion Damansara Heights is envisaged to be completed in stages by year Source: TheEdgeProperty.com TheStar.com.my TheSunDaily.my Bursa Malaysia B, PLAZA DAMANSARA, JALAN MEDAN SETIA, BUKIT LBS Bina to purchase M3 Mall for RM105 million Property developer, LBS Bina Group has announced that the group will be purchasing the M3 Mall in Gombak, Selangor for RM105 million. The deal also includes a RM12 million payment for the 100% acquisition of Gerbang Mekar Sdn. Bhd., the owner and operator of the mall. The mall, which was completed in the third quarter of 2016, is part of the larger mixed development known as Medan Mega Melati, comprising the M3 Residency, two blocks of 16-storey serviced apartments built atop the mall. The mall is anchor tenanted by The Store and Texas Chicken Restaurant. >Transaction details on Page 5 M3 Mall, which has a net lettable area of 182,609 square feet, was transacted for RM105 million (Analysed at RM575 per sq. ft.) Bank Negara Monthly Highlights: July 2017 As published on August 30, 2017 Page 2 Further decline of Inflation Headline inflation further declined to 3.2% (June: 3.6%), primarily due to lower fuel prices during the month. RON95 petrol averaged at RM1.96 per litre, as compared to the average RM2.00 per litre in June Financial markets remained stable amidst cautious market sentiments Financial market participants remained cautious amid international uncertainties arising from geopolitical tensions between the U.S. and North Korea Bond yields increased by 3.8 basis points, while the equity market and ringgit exchange rate were relatively unchanged
3 Chinese developer purchases prime land along Jalan Raja Chulan for RM500 million Page 3 Shenzhen-based developer, China Vanke Co Ltd has won a tender for a tract of prime land located along Jalan Raja Chulan. The 7.4 acre plot of land was put up for sale in March 2016 by Deloitte Corporate Solutions Sdn. Bhd., which was the appointed liquidators of City Centre Sdn. Bhd., the registered proprietor for the land. The transaction was made through Malola Garden City Sdn. Bhd., a locally incorporated company of the developer for about RM500 million (analysed at approximately RM1,600 per sq. ft.). The approved plot ratio for the land is 7 but the purchaser is hoping to apply for a plot ratio of 10. Malola Garden City Sdn. Bhd. intends to build 6 towers of serviced apartments with an estimated 4,000 units on the site. >Transaction details on Page 6 General view of the tract of land (Image source: The Edge Markets) Location of the 16 plots of development land purchased by China Vanke (outlined in red)
4 Page 4 PETALING JAYA: UPCOMING CONDOMINIUM / SERVICED APARTMENT / SOHO SCHEMES SUNWAY SERENE BY SUNWAY Scheme Launch / Completion Date Sunway Serene Overlooking a serene lake and a magnificent golf course, this luxurious lakefront home is located in the matured neighbourhood of PJ, with close proximity to Sunway City and world-class amenities such as universities, shopping malls and financial institutions. Easily accessible and well connected to 5 major highways via Federal Highway, LDP, Kesas, NPE & NKVE. Sales Gallery: Off Jalan SS8/2, Petaling Jaya, Selangor (To the west of Western Digital Tenure No. of Units No. of Blocks Floor Area (sq. ft.) *Current Selling Prices (RM psf) 2017 / 2021 Leasehold Approx , PJ MIDTOWN BY IOI PROPERTIES, SIME DARBY & BRUNSFIELD An exuberant place is all about convenience. PJ Midtown is hyped as the flagship mixed-use development, where its strategic placement advocates a vibrant and energetic destination. The provision of existing integration between accessible roads and public transport extends you to a cutting-edge place that elevates your lifestyle Sales Gallery: G-021, Ground Floor, Centerstage, Jalan Kemajuan Section 13, Petaling Jaya, Selangor Scheme Launch / Completion Date Tenure No. of Units No. of Blocks Floor Area (sq. ft.) *Current Selling Prices (RM psf) PJ Midtown 2015 / 2019 Leasehold , BOULEVARD 51 BY TAIPAN GROUP Located in the heart of Petaling Jaya, Boulevard 51 is only a stone s throw from the Federal Highway, 5 minutes away from the Damansara Puchong Highway (LDP) and 5 minutes away from the New Pantai Expressway (NPE), Boulevard 51 is also conveniently locatd with easy accessibility to the many facilities and amenities available in Petaling Jaya Sales Gallery: CH1-1, Ground Floor, Plaza 51, Jalan 51A/241, Seksyen 51A, Petaling Jaya, Selangor Scheme Launch / Completion Date Tenure No. of Units No. of Blocks Floor Area (sq. ft.) *Current Selling Prices (RM psf) Boulevard / 2018 Leasehold *All prices are before discounts / rebates and as at September 2017
5 MAJOR TRANSACTIONS SEPTEMBER 2017 Page 5 Petaling Jaya, Selangor Darul Ehsan Company : Ibraco Berhad Type : Development Land Seller : Milan Sanctuary Sdn. Bhd. And Jurapat Sdn. Bhd. Buyer : Ibraco Berhad Location : Fronting onto New Pantai Expressway, Petaling Jaya Details : 4 plots of leasehold development land Land Area : 15, square metres (aggregate) Transaction Price : RM 37,442,928 (RM 220 per sq.ft.) Date of Transaction : Remarks : The land was granted with a development order for a mixed commercial development. Ibraco intends to apply for a variation or new development order. Jalan Tun Razak, Kuala Lumpur Company : Amanahraya REIT Type : Office Tower Seller : The Intermark Sdn. Bhd. Buyer : CIMB Islamic Trustees Bhd as trustees for Amanah REIT Location : No. 348, Jalan Tun Razak Details : 63-storey office tower with 2 concourse levels and 3 basement levels Land Area : 21, square metres Net Lettable Area 51, square metres (551,875 square feet) Transaction Price : RM 455,000,000 (RM per sq. ft.) Date of Transaction : Jalan Madrasah, Gombak Setia, Selangor Darul Ehsan Company : LBS Bina Group Type : Shopping Complex Seller : Gerbang Mekar Sdn. Bhd. Buyer : LBS Bina Group Location : M3 Mall, Jalan Madrasah, Gombak Setia Details : Shopping complex Net Lettable Area : 16, square metres (182,609 square feet) Transaction Price : RM 105,000,000 (RM575 per sq. ft.) Date of Transaction : Remarks : Transaction also includes a RM12 million payment for the 100% acquisition of Gerbang Mekar Sdn. Bhd. (owner and operator)
6 Page 6 Jalan Raja Chulan, Kuala Lumpur Company : China Vanke Co Ltd Type : Development Land Seller : City Centre Sdn. Bhd. Buyer : Malola Garden City Sdn. Bhd. Location : Jalan Raja Chulan Details : 16 plots of freehold development land Land Area : acres Transaction Price : RM 516,275,200 (RM 1,600 per sq.ft.) Date of Transaction : Source: Bursa Malaysia, Jabtan Penilaian dan Perkhidmatan Harta This report and other research materials may be requested from us. Questions related to information herein should be directed to the Research Department at the number indicated above. This document has been prepared by Jordan Lee & Jaafar Sdn. Bhd. for general information only. Jordan Lee & Jaafar Sdn. Bhd. makes no guarantees, representation or warranties of any kind, expressed or implied, regarding the information including but not limited to, warranties of content, accuracy and reliability. Interested parties should undertake their own inquiries as to the accuracy of the information. Jordan Lee & Jaafar Sdn. Bhd. excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss or damages arising therefrom. Jordan Lee & Jaafar Monthly Bulletin September 2017 Issue Compiled & Edited by: Chin Shiow Wei & Ew Gene Wern Enquiries: research@jlj.com.my FOLLOW US ON FACEBOOK - JLJ INTERNATIONAL For news, listings & other current events
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