Property Listing


Li Ka-Shing selling off Citta Mall @ Ara Damansara

Source: TheEdge

ARA Asia Dragon Fund — which owns five malls in Malaysia — has hired a real estate agent to find buyers for the assets that carry a price tag of more than RM2 billion, sources say.

Affiliated with Hong Kong’s richest man Li Ka-shing’s Cheung Kong Group, the fund owns 1Mont Kiara, Klang Parade and Citta Mall in the Klang Valley, Ipoh Parade in Perak and AEON Bandaraya Melaka.

The five assets, acquired between 2010 and 2012 by ARA Asia Dragon Fund 1 (ADF1), have a combined 2.7 million sq ft of space and have recently undergone a renovation and refurbishment exercise.

ADF1, which bought the properties for an estimated RM1.3 billion, initiated a renovation exercise last year, involving more than RM200 million. Klang Parade, for example, underwent an extreme makeover, while the work on Ipoh Parade and 1 Mont Kiara was at a smaller scale.

It was reported that as at March 2014, Klang Parade had 88% occupancy, Ipoh Parade 90% and 1 Mont Kiara 80%.

ARA Asia Dragon Fund is a private real estate fund managed by Singapore-listed ARA Asset Management Ltd and comes under the purview of ARA Private Funds. As at press time, ARA Private Funds CEO Ng Beng Tiong had yet to respond to an email query regarding the sale of the assets.

Ng had previously stated that should the fund divest the five assets, it would be looking at making at least 20% in internal rate of return, given that the acquisitions were made within the last four years. The fund’s investment horizon is between three and five years.

The Edge understands that the fund had last month asked real estate agents to put in their proposals, after which it selected an exclusive agent to invite bids for the assets and handle the sale.

According to a source, the fund prefers to sell all the assets to one party and the sale is likely to be completed next year.

ARA Asset Management’s presence in Malaysia was established in 2006 when it teamed up with AmBank Group to set up the AmFIRST Real Estate Investment Trust (AmFIRST REIT). Will AmFIRST make a bid for these properties? According to an official contacted by The Edge, the trust will not be putting in a bid for these assets.

Ng had previously said that because the assets are held by a fund, the interests of its investors would come first and maximising returns for the fund is paramount.

ADF1 made its maiden acquisition in 2010 when it bought 1 Mont Kiara, which comprised an office building and a retail component, for an estimated RM330 million from Aseana Properties Ltd. The fund has pumped in RM20 million to upgrade the retail portion to provide more visibility. The retail portion of the commercial property has a net lettable (NLA) area of 226,000 sq ft. In the same year, the fund bought AEON Bandaraya Melaka for RM710 million from supermarket-cum-department store operator AEON Co (M) Bhd while it was still under construction.

Klang Parade and Ipoh Parade were acquired from TMW Asia Property Fund in 2011. ADF1 had also bid to acquire Seremban Parade from TMW, but the deal did not go through. TMW is managed by Pramerica, the real estate investment management business of the US’ Prudential Inc.

Ipoh Parade, which was built in the 1990s, underwent a RM90 million asset-enhancement exercise that increased the mall’s NLA to 618,448 sq ft from about 584,794 sq ft and the number of shops to 199 from 182.

Twenty-year-old Klang Parade was upgraded last year at a cost of RM120 million. Although the NLA was decreased to 660,102 sq ft from 696,442 sq ft, the number of tenants grew to 231 from 123.

Citta Mall in Ara Damansara was the fund’s final known Malaysian acquisition. Purchased in 2012 for RM200 million, it has an NLA of 426,006 sq ft. This shopping centre was developed on a 70:30 basis by German real estate fund SEB Asset Management and property developer Puncakdana Group.

Although ADF1 is expected to eventually divest the five properties, ARA Group has maintained that it will continue to seek neighbourhood malls in Malaysia.

As at March 31, 2014, ARA Asset Management’s assets under management stood at S$25.4 billion (RM65 billion). ARA Asset Management also manages REITS listed in Singapore, including Suntec REIT, Prosperity REIT and Fortune REIT.

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Selamat Hari Raya Aidil Fitri

Selamat Hari Raya to our Muslim friends and neighbours. May you have a wonderful occasion filled with laughter and
fond memories.

Have a safe journey home to your kampung and do drive safely.

Happy holidays to the rest!

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Construction debris lands on Honda, two injured

Source: the Star Jun 26

SUBANG JAYA: Two motorists were injured when the Honda Civic car they were travelling in was crushed by falling construction debris.

Petaling Jaya OCPD Asst Comm Azmi Abu Kassim said the incident occured at around 9am today.

“The Honda car was travelling along Jalan Lapangan Terbang Subang when several metal rods hoisted by a crane fell on the car.

“A Nissan Van then hit the Honda from the rear,” he said adding that the man and woman in the Honda car suffered multiple injuries and was taken to the Sime Darby Medical Centre for treatment.

It was learnt that the crane was hoisting the metal rods for construction of one of the beams for the LRT project there.
He said the driver of the van escaped without injury.

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Park at your own risk!

Dataran Ara Damansara has become a magnet during lunch hours drawing office workers from near and far. The eateries there are doing roaring business but this phenomenon has created a new problem. The many automobile repair shops in the area have hijacked the parking lots resulting a drastic reduction of available lots. This forces many patrons to double park and to park along the main road fronting the shops as well as the opposite side next to Seri Pilmooor.

These are illegal parkings but as long as they don’t obstruct traffic, perhaps it is tolerable? So it is a surprise to see many of these signs put up overnight. Instead of the standard no parking sign, these signs warn of clamping and being tow trucked away. It looks like MBPJ is serious.

But knowing how this country operates, are they?

Have you seen MBPJ enforcement units doing their rounds here? Those who park along the main road next to the huge high rise developments have been seen summons issued. But cars are still parked there regardless.

So back to these yellow signs. Do you think they make a difference?

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Fire at Taman Perindustrian Jaya

Firemen dousing the fire

At around 7.30am this morning, a shop lot used as a warehouse at Taman Perindustrian Jaya caught fire. Thick black smoke was seen at a distance rising into the sky. Five fire engines rushed to the scene within minutes and more than 20 firemen were seen trying to put out the fire.

The shop lots were locked with grill and shutter and the firemen could not get their hoses in. One firemen was seen using an industrial saw to cut through the grill and later the shutter. They then tried to peel off the shutter and get their hoses in.

Two teams were working separately, one at the front of the shop lots while the second team attacked from the back. At one time, debris was seen falling and they had to back away.

These courageous firemen were risking their lives as the thick smoke could potentially be toxic. Although gas masks were available, none of them was seen wearing them

A crowd had already formed watching the firemen at work from a distance. Many were asking how the fire started and what were stored in the shop lots.

At press time, there was still no sign of the owner.

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Air carnival takes off this week

Source: the Star June 9

THE inaugural Subang International Air Carnival (SIAC 2014) will make its debut at the Subang Skypark this month.

A unique show designed for families, the carnival will feature over 60 aircraft during the four-day carnival from June 12 to 15 at the Subang Skypark Regional Aviation Centre in Shah Alam.

The public will have the opportunity to view some of the most interesting aircraft in aviation industry in Malaysia, Thailand and Singapore.

Event organiser F&R Exhibition and Conference said the event would be held with the support of the Transport Ministry and was endorsed by the Department of Civil Aviation Malaysia and Malaysia Airports Berhad.

F&R executive director Datuk Rosle Jaamat said they decided to host the event here because it was easily accessible to Klang Valley residents.

“Normally those who want to experience and see these aircraft up close would have to head to Langkawi for the Langkawi International Maritime and Aerospace Exhibition (LIMA). We want to organise something closer to home for everyone to enjoy,” he said.

Visitors can opt for joy rides on the aircraft for a short air tour provided by selected commercial aviation companies.

A number of companies have already pledged their participation including Firefly, Malindo Air, NADI, Air Asia, CTRM Aviation, the Malaysian Armed Forces, Systematic Aviation Services as well as Bell Helicopters.

Apart from the fun aspect, Rosle believes the carnival will serve as an educational platform for aviation industry enthusiasts.

Themed Transforming Malaysia’s Aerospace Education and Career Opportunities, several activities have been planned for this purpose.

Rosle believes the carnival will also be a great place for students to explore career opportunities and expand their horizons on possible job options.

“The carnival gives students, parents and children a glimpse of the aviation industry as well as the various careers the industry has to offer,” he said.

He added that the Malaysian Armed Forces would also have a career expo at the carnival while educational institutions were also coming on board to give career talks.

“We aim to provide enthusiasts an opportunity to understand the Malaysian Armed Forces’ role in military missions such as search- and-rescue operations, cloud seeding and non-combat roles,” said Rosle.

The event will be held at the Skypark Regional Aviation Centre in Section U3, Shah Alam. Tickets are priced at RM15 for adults, RM10 for students and RM5 for those aged 17 and below.

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Falling trees of Taman Kelana Idaman

THERE are several trees grown along the roads of Taman Kelana Idaman, Jalan PJU 1A/4E.

They are pretty huge and some of the branches are growing next to the windows of our houses. Some even have caused the TNB electrical utility pole to be slanted.

I’m sure that the lives of the residents here are in danger.

In September last year, I made an official complaint to the Jabatan Landskap Dan Kehijauan Bandar, Majlis Bandaraya Petaling Jaya (MBPJ). The response was to wait for them to investigate the matter.

I have waited and waited and nothing has been done. Not even a reply letter or a phone call.

There were even complaints lodged by the housing committee here as well.

I work with the government and as a surgeon in a public hospital. This is not the right way for a local council to handle complaints by the rakyat.
Petaling Jaya

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Crane falls off 11-storey building, killing operator

Source: TheStar Apr

PETALING JAYA: A 26-year-old Johorean native was crushed to death after the crane he was operating fell from 11-storey high at a construction site near Ara Damansara on Tuesday.

It is learnt that the victim, identified as Mohd Hafadz Sanip was operating the machinery near Tower 1 of the building under construction when the crane plunged to the ground.

He was killed on the spot.

Petaling Fire and Rescue Department assistant superintendent Muhammad Zaikunor Afendi Muhd Nordin said that Mohd Hafadz had come in for work at 7.50am after finishing his previous shift at around 4am on the same morning.

“His colleague witnessed the crane plunging to the ground at around 8.50am as he was walking to the site office.

“He screamed out loud to alert others who were standing near to the falling machinery,” he said.

Another colleague contacted the police and fire and rescue department around 9am.

Police and fire-fighters arrived at the scene around 9.15am to rescue Mohd Hafadz out of the wreckage.

“He was already unconscious by the time we reached the site.

“He was pronounced dead by medical personnel that were despatched to the scene,” he added.

Muhammad Zaikunor explained that Mohd Hafadz had already started operating the machine while his other colleagues were still attending the morning briefing.

It is learnt that the crane operator had been working from 7.30am on Monday until 4am Tuesday before coming in for the ill-fated morning shift.

“We believe that he recently moved from Johor in search for additional income.

“He was only on his second week into the job,” he said.

Muhammad Zaikunor added that firefighters are working hand-in-hand with the police to identify the cause of the falling crane.

No one else was hurt in the incident.

Mohd Hafadz’s body was sent to the University Malaya Medical Center for an autopsy.

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Crane operator dies after crane falls off 11-storey building in Ara Damansara

Source: TheStar

PETALING JAYA: A crane operator died after the crane he was operating fell off an 11-storey building at Ara Damansara.

A spokesperson from the Fire and Rescue Department said the incident occurred at around 9.01am on Tuesday along Jalan PJU 1A/2.

“We dispatched a fire engine and seven firemen to the scene and they arrived at around 9.22am.

“Initial investigations show that the crane which was on the 11th storey of the building which is under construction fell to the ground floor,” said the spokesperson.

The spokesperson added that work was underway to extricate the body of the crane operator.

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Do something AMAZING today !

Don’t let mosquitoes get to your blood first ! Blood is your most precious resources of all and has the ability to save a life. Help share this invaluable gift with someone in need. Tears of a mother cannot save her Child, but your Blood can.

Blood Donation Campaign, a community service project organized by VIVA Life Science will be held as follows:

Date : 21-22 March 2014 (Fri-Sat)

Time : 10.00am – 4.00pm

Venue : VIVA Life Science Sdn Bhd, D-G-03, Capital 4, Oasis Square.

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