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Reports Malaysia

Malaysia stock market and companies daily report (June 24, 2014)

June 24, 2014, Tuesday, 06:10 GMT | 01:10 EST | 10:40 IST | 13:10 SGT
Contributed by Shares Investment

Ivory Targets RM1.4b Penang Development

- Ivory Properties Group (Ivory) intends to develop high-end residential properties with a gross development value of RM1.4 billion to RM2 billion on its 80-acre land bank in Penang over the next few years.

- Spread across various parts of the state, Ivory aims to develop high-rise condominiums and boutique bungalows in Jesselton while it seeks to build high-rise residential properties in Tanjung Tokong and Batu Ferringhi.

- For FY14, Ivory is eyeing a turnover figure of about RM180 million, with RM30 million derived from the sales of completed projects in Penang and the balance from new launches.

Significance: Upon a successful establishment of its brand in the Northern region, particularly Penang, Ivory intends to expand its business down South in Malaysia.

Sentoria Wins RM80m Construction Contract

- Sentoria Bina, a subsidiary of Sentoria Group, has bagged an RM80 million main contract for the main building and infrastructure works of a proposed project under the 1Malaysia Housing Programme in Kuantan, Pahang.

- Situated on 79.2 acres of government land, the project consists of 612 units of single storey semi-detached houses, one unit of single storey bungalow and 16 units of single storey shop lots.

- The contract is expected to commence on 1 July 2014 and complete by 31 December 2016.

Significance: While the project is not expected to have any substantial impact on Sentoria’s FY14 financial performance, it is expected to contribute positively down the road.

Uda Holdings To Resume Redevelopment On Pudu Jail Site

- Together with the Employees Provident Fund (EPF) and Eco World Development Group, Uda Holdings will restart its work on a 7.9-hectare site for a development known as the Bukit Bintang City Centre.

- The plan for the land, where the former Pudu jail stood, is to construct a mixed development comprising seven blocks of buildings for commercial and residential use, office towers, a hotel and a retail mall.

- A special purpose vehicle, with Uda and Eco World holding 40 percent each and EPF holding the balance, will be set up to undertake the development project with a gross development value of RM7 billion.

Significance: Once the special purpose vehicle has been set up, plans will be submitted to the authorities for a development order, which might take up to six months. Work is expected to start at the beginning of next year.

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