Ya..yr unit must make oldie feel high.
Old guns can only imagine high lor....unlike young huns like you.
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Puteri Harbour Community
- Thread starter Qube3
- Start date
Old guns can only imagine high lor....unlike young huns like you.
ackcherly i not so fussy oso la, important is environment and people around .. fs is for fun, if good fs, make me feel a bit better
i think funniman buying different segment of market compare to me.. heh heh
even before encorp has finished building their ph project, they hv already changed hands twice.it seems that mr yeoh is leaving encorp soon.
its funny someone even started a this thread talking about ph these guys it seems hv totally no interest in seeing their project thru particularly that effendi who is the one who talked aplenty about the ph project in the beginning. after money in pocket, the world has changed. i am totally flabberghasted with such moves by such people. so if things dont go right in ph, felda will say they are not the one who started the project, mr yeoh will say he is just the interim caretaker, and effendi? he will say "encorp marina? was there such a thing?" and btw he is now in a beach in maldives. its like none of them has any interest in seeing this project through. i hope thru each changed hands it will get better.
Felda to redevelop prime land in KL
AS Felda Investment Corp Sdn Bhd (FIC) solidifies its move into property development by taking control of Encorp Bhd, the group has earmarked three parcels of land to be developed including a 22-acre parcel in Kuala Lumpur.
The land currently houses the Balai Felda, Wisma Felda, Anjung Felda buildings and a handful of other surrounding buildings the*Federal Land Development Authority (Felda)owns and has been using for about 45 years.
FIC CEO*Mohd Zaid Abdul Jalil*said Felda intends to redevelop the site, which is outlined by Jalan Semarak, Jalan Maktab and Jalan Gurney in Kuala Lumpur.
“We are still in the preliminary planning stage. We have yet to come up with the overall concept and design for the redevelopment,” he tells*StarBizWeek. He says this would be a commercial development but the components have not been decided on.
Apart from the land in Kuala Lumpur, two other sites include 600 acres in Bukit Katil, Malacca and 2,000 acres in Pengerang, Johor.
“Again, we are still conducting our studies on the land and evaluating our options. These areas are primed for growth,” he says, noting that Malacca’s property development has been gaining momentum from its gradual urbanisation while Pengerang has the Refinery and Petrochemicals Integrated Development, or Rapid, factor.
However, Zaid denies that the land parcels would be injected into*Encorp*but do not discount the possibility of the company being roped in to help develop the parcels.
“Yes, we may consider bringing Encorp in just as a developer to develop Felda’s assets, if that gives the best returns to the Felda shareholders,” Zaid says, “We are considering all options from the financial and taxation point of views. We have to take into account how to declare dividends under the different structures.”
Although FIC is now in the driver seat for Encorp, its 49.45% shareholding means the returns from an asset transferred to Encorp may be diluted, compared to Felda owning the assets completely.
The objective of establishing FIC is, after all, to ensure ultimate parent Felda and the settlers get the maximum returns from unlocking the value of its assets.
Currently, these assets are held under Felda.
FIC is in the midst of owning Felda’s hotel assets which is previously held by*Felda Travel Sdn Bhd*under Felda and Felda Global Ventures Holdings Bhd’s (FGV) rationalisation activities.
Felda chairman Tan Sri*Mohd Isa*Abdul Samad says in an interview that FIC’s main mandate is to undertake business activities which are non-plantation related. “And our focus has always been to enter the property development sector.”
He is confident that Felda will be a big developer because it has so much land to bank on.
“The hotels belong to FIC while the properties are under FGV. There is no conflict at all with FGV, which is our plantation business,” Mohd Isa says.
FIC’s existing core business is hospitality, but in the future, Mohd Isa says, the investment unit would be open to any business opportunities, even in oil and gas.
“We will diversify.”
Prior to the Encorp buyout, FIC has bought a 25% stake in technology company*Iris Corp*Bhd.
“Iris Corp has a lot of technology and intitiatives in the housing, industrialised building systems and agriculture areas. That’s why we bought shares, so our second generation can learn from them,” Mohd Isa says.
He adds that for Felda to set up its own business will take time as it was not easy for a plantation company to switch to other businesses. “Why not share with those who already have them. It doesn’t matter that we don’t have a majority share (in Iris), it is about trust and to fast-track our growth.”
Prior to FIC’s entrance into the company, Encorp already has a number of developments locally and overseas.
Encorp, a mid cap construction and property player, officially opened its first retail development, Encorp Strand Mall, last weekend.
The mall, which has 435,000 sq ft of net lettable area, is a joint venture between*PKNS*and Encorp on an 18.6ha leasehold parcel in the thriving commercial hub of Kota Damansara in Selangor.
The mall is part of the RM1.4bil Encorp Strand, a mixed development consisting of 265 business suites, 14 blocks of self-contained garden offices, 278 serviced residences and 2,500 parking bays.
Other developments on Encorp’s plate include Encorp Marina Puteri Harbour in*Iskandar Malaysia, Encorp Cahaya Alam in Shah Alam, the Enclave Hillside Villas in Batu Feringghi, Penang and Residences on McCallum Lane in Perth, Australia.
FIC, the investment arm of Felda, has acquired all the shares in Encorp Bhd held by two major shareholders,*Lavista Sdn Bhdand*Pegang Impian Holdings Sdn Bhd, for RM239.72mil last Tuesday.
Lavista is to dispose of its 29.85% stake, as well as 8.33 million five-year warrants and 16.66 million five-year 6% redeemable convertible secured loan stocks (RCSLS) with a nominal value of RM1 each to FIC for RM133.69mil cash.
Pegang Impian, meanwhile, will sell its entire 19.6% interest in Encorp shares, 10.47 million warrants and 20.94 million RCSLS for RM106mil.
The move had triggered a mandatory general offer for the shares, warrants and loan stocks that FIC does not yet own in Encorp at RM1.55, 55 sen and RM1.55 apiece, respectively.
The MGO is not expected to go through, however, as Encorp’s share price has already superseded the offer price. It closed at RM1.64 yesterday while its warrants and loan stocks closed at 80 sen and RM1.61.
Encorp group chief executive officer*Yeoh Soo Ann*is said to leave Encorp following FIC’s takeover. He, together with chief operating officer*Mohd Ibrahim Masrukin, had engineered a management buyout of the company last July.
Both executives control Encorp through Lavista, which they had acquired from long-time Encorp shareholder and executive chairman Datuk Seri*Effendi Norwawi.
Yeoh is believed to be joining an unlisted company with his former associates.
These reports do not seem to worry FIC, it seems.
Mohd Isa says to this: We have a lot of talent. I don’t see any problem (if Encorp staff leave). The key thing is that FIC becomes the major shareholder.
He explains that Encorp’s land bank was not the focus in the acquisition of the property developer. “We have landbank, but we needed a vehicle for our property development business. If we were to set it up ourselves, it would take time.”
For Felda, Mohd Isa adds, Encorp’s already has the structure. Felda would just need to make a few changes in the administrative side.
He notes that due diligence for the takeover is ongoing, to be completed in two to three weeks time.
its funny someone even started a this thread talking about ph these guys it seems hv totally no interest in seeing their project thru particularly that effendi who is the one who talked aplenty about the ph project in the beginning. after money in pocket, the world has changed. i am totally flabberghasted with such moves by such people. so if things dont go right in ph, felda will say they are not the one who started the project, mr yeoh will say he is just the interim caretaker, and effendi? he will say "encorp marina? was there such a thing?" and btw he is now in a beach in maldives. its like none of them has any interest in seeing this project through. i hope thru each changed hands it will get better.
Felda to redevelop prime land in KL
AS Felda Investment Corp Sdn Bhd (FIC) solidifies its move into property development by taking control of Encorp Bhd, the group has earmarked three parcels of land to be developed including a 22-acre parcel in Kuala Lumpur.
The land currently houses the Balai Felda, Wisma Felda, Anjung Felda buildings and a handful of other surrounding buildings the*Federal Land Development Authority (Felda)owns and has been using for about 45 years.
FIC CEO*Mohd Zaid Abdul Jalil*said Felda intends to redevelop the site, which is outlined by Jalan Semarak, Jalan Maktab and Jalan Gurney in Kuala Lumpur.
“We are still in the preliminary planning stage. We have yet to come up with the overall concept and design for the redevelopment,” he tells*StarBizWeek. He says this would be a commercial development but the components have not been decided on.
Apart from the land in Kuala Lumpur, two other sites include 600 acres in Bukit Katil, Malacca and 2,000 acres in Pengerang, Johor.
“Again, we are still conducting our studies on the land and evaluating our options. These areas are primed for growth,” he says, noting that Malacca’s property development has been gaining momentum from its gradual urbanisation while Pengerang has the Refinery and Petrochemicals Integrated Development, or Rapid, factor.
However, Zaid denies that the land parcels would be injected into*Encorp*but do not discount the possibility of the company being roped in to help develop the parcels.
“Yes, we may consider bringing Encorp in just as a developer to develop Felda’s assets, if that gives the best returns to the Felda shareholders,” Zaid says, “We are considering all options from the financial and taxation point of views. We have to take into account how to declare dividends under the different structures.”
Although FIC is now in the driver seat for Encorp, its 49.45% shareholding means the returns from an asset transferred to Encorp may be diluted, compared to Felda owning the assets completely.
The objective of establishing FIC is, after all, to ensure ultimate parent Felda and the settlers get the maximum returns from unlocking the value of its assets.
Currently, these assets are held under Felda.
FIC is in the midst of owning Felda’s hotel assets which is previously held by*Felda Travel Sdn Bhd*under Felda and Felda Global Ventures Holdings Bhd’s (FGV) rationalisation activities.
Felda chairman Tan Sri*Mohd Isa*Abdul Samad says in an interview that FIC’s main mandate is to undertake business activities which are non-plantation related. “And our focus has always been to enter the property development sector.”
He is confident that Felda will be a big developer because it has so much land to bank on.
“The hotels belong to FIC while the properties are under FGV. There is no conflict at all with FGV, which is our plantation business,” Mohd Isa says.
FIC’s existing core business is hospitality, but in the future, Mohd Isa says, the investment unit would be open to any business opportunities, even in oil and gas.
“We will diversify.”
Prior to the Encorp buyout, FIC has bought a 25% stake in technology company*Iris Corp*Bhd.
“Iris Corp has a lot of technology and intitiatives in the housing, industrialised building systems and agriculture areas. That’s why we bought shares, so our second generation can learn from them,” Mohd Isa says.
He adds that for Felda to set up its own business will take time as it was not easy for a plantation company to switch to other businesses. “Why not share with those who already have them. It doesn’t matter that we don’t have a majority share (in Iris), it is about trust and to fast-track our growth.”
Prior to FIC’s entrance into the company, Encorp already has a number of developments locally and overseas.
Encorp, a mid cap construction and property player, officially opened its first retail development, Encorp Strand Mall, last weekend.
The mall, which has 435,000 sq ft of net lettable area, is a joint venture between*PKNS*and Encorp on an 18.6ha leasehold parcel in the thriving commercial hub of Kota Damansara in Selangor.
The mall is part of the RM1.4bil Encorp Strand, a mixed development consisting of 265 business suites, 14 blocks of self-contained garden offices, 278 serviced residences and 2,500 parking bays.
Other developments on Encorp’s plate include Encorp Marina Puteri Harbour in*Iskandar Malaysia, Encorp Cahaya Alam in Shah Alam, the Enclave Hillside Villas in Batu Feringghi, Penang and Residences on McCallum Lane in Perth, Australia.
FIC, the investment arm of Felda, has acquired all the shares in Encorp Bhd held by two major shareholders,*Lavista Sdn Bhdand*Pegang Impian Holdings Sdn Bhd, for RM239.72mil last Tuesday.
Lavista is to dispose of its 29.85% stake, as well as 8.33 million five-year warrants and 16.66 million five-year 6% redeemable convertible secured loan stocks (RCSLS) with a nominal value of RM1 each to FIC for RM133.69mil cash.
Pegang Impian, meanwhile, will sell its entire 19.6% interest in Encorp shares, 10.47 million warrants and 20.94 million RCSLS for RM106mil.
The move had triggered a mandatory general offer for the shares, warrants and loan stocks that FIC does not yet own in Encorp at RM1.55, 55 sen and RM1.55 apiece, respectively.
The MGO is not expected to go through, however, as Encorp’s share price has already superseded the offer price. It closed at RM1.64 yesterday while its warrants and loan stocks closed at 80 sen and RM1.61.
Encorp group chief executive officer*Yeoh Soo Ann*is said to leave Encorp following FIC’s takeover. He, together with chief operating officer*Mohd Ibrahim Masrukin, had engineered a management buyout of the company last July.
Both executives control Encorp through Lavista, which they had acquired from long-time Encorp shareholder and executive chairman Datuk Seri*Effendi Norwawi.
Yeoh is believed to be joining an unlisted company with his former associates.
These reports do not seem to worry FIC, it seems.
Mohd Isa says to this: We have a lot of talent. I don’t see any problem (if Encorp staff leave). The key thing is that FIC becomes the major shareholder.
He explains that Encorp’s land bank was not the focus in the acquisition of the property developer. “We have landbank, but we needed a vehicle for our property development business. If we were to set it up ourselves, it would take time.”
For Felda, Mohd Isa adds, Encorp’s already has the structure. Felda would just need to make a few changes in the administrative side.
He notes that due diligence for the takeover is ongoing, to be completed in two to three weeks time.
I think most asking prices are around 900k to 1.1m, but some flippers have not even put their units on the market yet, as cash rich investors could be waiting for the 5 year RPGT period to expire. Currently, 25 of 31 units in Phase 1 plan to stay there on daily basis, with only 1 weekend home & 5 flippers, so I think it's still alright.
10 pm came and went. Well, there's always next season.
Estuari landed homes are situated along the road between d'pristine and Afiniti. It's not in Medini. It is near Emerald Bay. This road will link medini to Puteri Harbour(near the Emerald Bay).. The other side of Kota Iskandar. This road is still under construction. I think it should sell better than Almas. limited units compare to numerous units at Almas..
Corporate takeovers is common in Malaysia.
Pembinaan Setia was taken over by PNB.
Sunrise was taken over by UEM.
RBLand was taken over by IJM and now called IJMland
Most important is that there are avaiable funds to complete these projects which is not a problem.
Dropped by Puteri Harbour yesterday and was surprised to see a small crowd on a normal weekday. Went up to Sky Bar and was simply awed by the developments taking place and the panoramic view of Singapore and Danja Bay in a distance.
Dropped by Puteri Cove showroom and was told the psf about RM 1600 now for top sea views. No wonder sales has been a bit slow. A 300psf increase in a space of 4-5 months from Tower 1 to Tower 2 is not justified esp when the govt imposed a curb in the interim. What were the management thinking? If they increase by 10% as promised I think the sales will go. But they became greedy and up by 20-% in 3-4 months. What a lousy tactic
But since they got the holding power being Pacific Star, they can take their time to sell slowly at RM 1600psf as this and next year PH will change dramatically when the first condo TOP hopefully by Christmas next year. Then the masses will start to notice and move in slowly but surely
Dropped by Puteri Cove showroom and was told the psf about RM 1600 now for top sea views. No wonder sales has been a bit slow. A 300psf increase in a space of 4-5 months from Tower 1 to Tower 2 is not justified esp when the govt imposed a curb in the interim. What were the management thinking? If they increase by 10% as promised I think the sales will go. But they became greedy and up by 20-% in 3-4 months. What a lousy tactic
But since they got the holding power being Pacific Star, they can take their time to sell slowly at RM 1600psf as this and next year PH will change dramatically when the first condo TOP hopefully by Christmas next year. Then the masses will start to notice and move in slowly but surely
A lot of ppl said it is so exp and costly BUT in the end all SOLD out! No surprise nowdays. Everything can happen- those who can afford it act fast.
What amazes me is the quality of the finishing that they give. Its seriously top notch. I mean I have bought condos outside Puteri Harbour and the finishing is just mediocre compared to this high class condo. Even got reception on the ground floor which is rather different from ordinary condos
I was told the Imperia being the first condo to VP next year also has reception on ground floor. So not surprised P Cove also has reception.
Great. Seems that the quality and standard is on par if not so much better than The Sail and Marina Bay Residences or The Reflections
having a reception is cool, hopefully they have conceirge as well.
Some conceirge in KLCC will have laundry drop off/pickup, grocery & food service, courier send & receive service,
oper the car door for u, valet parking & transport arrangements.
Not surprised if Puteri Cove tower 1 and 2 has concierge because tower 3 which is supposed to be Serviced apartment should have all these concierge etc as part of their basic package.
Heard they are now negotiating with Pan Pacific to manage the suites
Heard they are now negotiating with Pan Pacific to manage the suites
Thats cool. Anymore pictures ? Hope to se more.
Just called Encorp and they expect reaching 15th for by aug this year, looks like on track to TOP by end 2015.
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