DOCSLIB.ORG

Malaysia Property Prices Are Attractive Vis-À-Vis Properties in Singapore, Hong Kong and China

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Malaysia Property Prices Are Attractive Vis-À-Vis Properties in Singapore, Hong Kong and China KDN: PP 10251/07/2013 (032736) SECTOR UPDATE 21 March 2014 Property Bracing for a cyclical slowdown Property market likely heading for a cyclical slowdown in 2014 We believe the Malaysian property market is heading for a cyclical slowdown NEUTRAL (maintain) after a strong 4-year property bull cycle. While the long-term fundamentals have remained positive (demographics, economic growth), some short-term factors that are cyclical in nature have started to deteriorate. Broadly we expect developers to achieve lower take-up rates and weaker profit margins in view of Absolute Performance (%) higher competition, cautious bank lending, implementation of tough government property cooling measures and lower affordability. 1M 3M 12M IJM Land +17.9 +12.1 +27.4 Developers fine-tune product line-up to cushion slowdown IOIPG -0.4 na -na To cushion the slowdown, developers have fine-tuned their product line-up and SP Setia 0.0 -5.4 -8.2 Sunway +5.5 +11.2 +21.8 marketing strategy. This includes launching new projects across different Trop +13.4 +12.5 +0.3 property hot spots to diversify geographical risk and tap into a larger pool of UOA +7.1 +5.5 +13.2 buyers. The developers are also switching their product mix to launch more landed properties where demand is more resilient, and stepping up their marketing campaigns to attract foreign buyers from Singapore, Indonesia, China, Hong Kong and Japan. Relative Performance Government-led property projects offer opportunities, but also threats GLCs/GLICs and state agencies are becoming increasingly active in property development. While some of the upcoming government-led property projects offer good opportunities to the eventual project winners, it poses substantial competition (threat) to others, especially when several government projects (TRX, Medini) are packaged with special incentives and/or excellent government- funded infrastructures. Backed by high unbilled sales, earnings should remain resilient Notwithstanding our cautious view on the domestic property market, we expect developers’ 2014-15 earnings to remain resilient, underpinned by high unbilled sales. Overall, we forecast the six developers under our coverage to achieve 15% earnings growth in 2014, tapering off to 5% in 2015, driven by higher overseas earnings from the sector heavyweights IOIPG and SP Setia as well as gain on land disposal by Tropicana. Maintain NEUTRAL Maintain NEUTRAL. While we are cautious on the 2014 property market outlook, we believe that downside risk to share prices is limited, in view of the following: (i) developers’ share prices have retraced by 9-28% from their 2013 peak and now trade at a fair 0.4-0.6x P/RNAV, broadly within the historical trading range; (ii) developers’ balance sheets are generally strong and their 2014-15 earnings are still resilient; and (iii) the long-term fundamentals (demographics, economic environment) have remained supportive. Top pick is IJM Land Our top pick for the sector is IJM Land (BUY, TP RM3.30). We continue to like IJM Land for its strong management, good branding, geographically diversified land bank and strong focus on townships/ mass housing developments. We also like Tropicana (BUY, TP RM1.80) for its strategic land bank, undemanding valuation of 0.4x P/RNAV and ongoing asset monetisation and de-gearing Isaac Chow exercise. (603) 2145 0412 [email protected] Peers Comparison Stock Rating Sh Pr TP Mkt Cap YearCore PE (x) EPS growth (%) P/RNAV P/B ROE (%) Div Yield (%) (RM) (RM) (RMm) End CY14 CY15 CY14 CY15 (x) (x) CY14 CY15 FY14 FY15 IOIPG REDUCE 2.59 2.50 8,389 June 12.7 10.3 19.6 24.0 0.6 0.8 5.9 6.8 1.4 1.5 SP Setia REDUCE 2.95 2.80 7,253 Oct 16.2 14.9 -9.6 8.7 0.6 1.3 7.8 8.4 3.6 4.4 Sunway ADD 2.89 3.15 4,981 Dec 10.6 10.3 -14.8 2.9 0.6 0.9 8.6 8.3 3.5 3.5 IJMLand BUY 2.97 3.30 4,630 Mar 12.4 11.8 16.5 5.4 0.8 1.5 11.5 11.2 2.0 2.4 UOA Dev ADD 2.11 2.22 2,827 Dec 8.7 8.5 -5.8 2.1 0.7 1.2 12.9 12.5 6.6 7.1 Tropicana BUY 1.44 1.80 1,999 Dec 5.9 10.5 42.3 -44.1 0.4 0.6 12.6 6.9 4.9 4.5 Source: Affin Note: Pricing as of close on 21 March 2014 Important disclosures at the end of report Page 1 KDN: PP 10251/07/2013 (032736) SECTOR UPDATE 21 March 2014 Long-term fundamentals remain positive… The last property bull cycle was driven by supportive fundamentals Malaysia experienced a strong 4-year property bull cycle that led to substantial increases in both property prices (+43%) and transaction volume. The number of residential property transactions (for units priced above RM250,000) doubled from 40,726 units in 2009 to 82,600 units in 2013 (annualised). Similarly, the value of residential property transactions (for units priced above RM250,000) increased by 116% to RM50.2bn (annualised) in 2013, from RM23.3bn in 2009. The 2010-2013 property bull cycle was, in our view, driven by supportive fundamentals including: (i) Favourable demographics. Malaysia has a young and growing population where 71% of its population is below 40 years old. Importantly, approximately 25% of its population (7.3m people) is between 25-40 years old when the desire to purchase property is, in our view, the strongest. With the backing of parents and access to long-tenure mortgages, this group of buyers was one of the key demand drivers over the 2010-2013 period; Fig 1: Malaysia - numbers of newborn per annum Fig 2: Malaysia - population by age group 85 + ('000) 80 - 84 600.0 75 - 79 70 - 74 500.0 65 - 69 60 - 64 55 - 59 400.0 50 - 54 45 - 49 300.0 40 - 44 (age) 35 - 39 30 - 34 200.0 25 - 29 20 - 24 15 - 19 100.0 10 - 14 5 - 9 0.0 0 - 4 - 500 1,000 1,500 2,000 2,500 3,000 1948 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 ('000 people) Source: Department of Statistics Source: Department of Statistics (ii) Robust domestic economy. In 2010-13, Malaysia achieved robust annual economic growth of between 4.7-7.4% and maintained a low unemployment rate of 3.0-3.3%; (iii) Lower financing cost. Banks’ average lending rate has declined from 6% in 2008 to 4.5% currently. The lower mortgage cost, coupled with longer mortgage tenures, has lowered the monthly instalment amount, suppressed yields and encouraged property purchases; Fig 3: Malaysia’s real GDP growth and unemployment rate Fig 4: Malaysia banks’ average lending rate (%) (%) GDP Unemployment rate 10.0 10.0 8.0 9.0 8.0 6.0 7.0 4.0 6.0 5.0 2.0 4.0 0.0 3.0 -2.0 2.0 -4.0 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: BNM , CEIC Source: BNM, CEIC Important disclosures at the end of report Page 2 KDN: PP 10251/07/2013 (032736) SECTOR UPDATE 21 March 2014 (iv) Easy financing packages. The proliferation of low downpayments, cash rebates, Developer Interest Bearing Scheme (“DIBS”) and waiver of legal fees, have reduced upfront costs and spurred property investment/ speculation; (v) ETP, infrastructure projects. The government’s Economic Transformation Program (“ETP”) and new infrastructure projects such as highways in Iskandar Malaysia, Klang Valley MRT and LRT extension projects have spurred demand for properties. In addition, warmer Malaysia-Singapore relations have boosted the appeal of Iskandar Malaysia; (vi) Strong pent-up demand due to weak new housing starts during 2008-2010. Low incoming supply and completion during 2010-2011 helped fuel the property bull cycle; and (vii) Malaysia property prices are attractive vis-à-vis properties in Singapore, Hong Kong and China. Fig 5: The amount (sq m) of luxury property US$1m will buy (Sq m) 180.0 170.0 160.0 140.0 120.0 95.7 100.0 75.5 80.0 52.6 60.0 46.2 40.0 32.6 20.6 20.0 - Hong Kong Singapore Shanghai Beijing Tokyo** Mumbai Kuala Lumpur ** Based on prime price as at Sept 2013 Source: The Edge Weekly (all data comes from Knight Frank Network) Important disclosures at the end of report Page 3 KDN: PP 10251/07/2013 (032736) SECTOR UPDATE 21 March 2014 However, the market is heading for a cyclical slowdown Property market heading for a cyclical slowdown in 2014 Moving into 2014, we believe that the Malaysia property market is heading for a cyclical slowdown. While some of the above-mentioned long-term fundamentals have remained positive (demographics, economic growth), others have started to deteriorate. In our view, developers will see lower take-up rates for their 2014 launches given the following: (i) Incoming supply at record high. Malaysia housing starts (excluding low-cost housing) hit a trough in 2009-2010 with quarterly supply of around16,000-20,000 units. The housing starts have since picked up strongly, averaging 34,000 units per quarter in 2013. As at end-Dec 2013, the incoming supply was at an all-time high of 571,000 units.
Load more

Recommended publications
  • SP Setia Berhad
    2QFY21 Results Review (Within) | Thursday, 19 August 2021 S P Setia Berhad Maintain BUY (8664 | SPSB MK) Property| Property Steady earnings Unchanged Target Price: RM1.33 KEY INVESTMENT HIGHLIGHTS • 1HFY21 earnings within our expectation RETURN STATISTICS • Earnings recovered from low base in 1HFY20 Price @ 18 Aug 2021 (RM) 1.09 • Strong property sales of RM2.71b in 1HFY21 • Earnings forecast maintained Expected share price return (%) 22.0 • Maintain BUY with an unchanged TP of RM1.33 Expected dividend yield (%) 0.9 Expected total return (%) 22.9 1HFY21 earnings within our expectation. S P Setia 1HFY21 core net SHARE PRICE CHART income of RM179.8m came in within our expectation but above consensus expectation, making up 54% and 61% of our and consensus full year estimates respectively. Note that we have excluded mainly forex loss in our core net income calculations. Earnings recovered from low base in 1HFY20. Sequentially, 2QFY21 core net income was lower at RM73.1m (-31.3%qoq) despite higher topline (+2.8%qoq) as earnings were dragged by higher administrative and general expenses (+34.5%qoq). Meanwhile, 2QFY21 core net income Share price performance (%) Absolute Relative surged by more than ten-fold on yearly basis due to low base in 2QFY20. 1 month 2.8 3.0 Recall that earnings in 2QFY20 were negatively impacted by disruption of 3 months 2.8 8.2 site works as a result of MCO 1.0. This brought cumulative earnings in 12 months 39.7 43.5 1HFY21 to RM179.8m (+522.1%yoy). The earnings growth was mainly KEY STATISTICS underpinned by recovery in construction works at project sites and higher FBM KLCI 1,525.24 sales of completed inventories.
    [Show full text]
  • Media Release Events & Happenings Go Shopping and Enjoy!
    MEDIA RELEASE EVENTS & HAPPENINGS GO SHOPPING AND ENJOY! 1MALAYSIA YEAR END SALE 2015 (14 NOVEMBER 2015 – 3 JANUARY 2016) It’s the year-end school holidays and festive season. A time to take a break, celebrate, chill out, dine and SHOP! Yes, shop, and now say 1MYES for 1Malaysia Year End Sale. It’s the biggest sale bonanza of the year with BIG bargains, BIG offers and BIG rewards at shopping outlets nationwide for nearly two months. That’s not all. Expect special deals and price cuts during back-to-school sales, which will bring huge relief to moms and dads. Bring the whole family and enjoy a fun day of outing. There are also special rewards for tourists, such as tourist privilege cards, tax-free shopping, gift redemptions with purchases and GST refund at exit points. A long line-up of events and activities awaits everyone. It will be a fun time for all. Contests, promotions, prize galore, songs and dances, art and crafts, Christmas shopping, meet and greet Santa, New Year’s Eve party and much more will build up the momentum before curtains call to say goodbye to 2015, and hello 2016! Don’t miss out on the fun. In fact 1MYES extends right into the New Year. Check out 1MYES special offers, events and happenings throughout the country. PENANG 1st Avenue Year End Sale Shop & Win Shopper Rewards (14 Nov 2015 to 3 Jan 2016) – Stand a chance to win exclusive holiday packages from Royal Caribbean cruise for 2 with same-day purchases of RM100 & above in a single receipt.
    [Show full text]
  • Annual Report 2020
    010 Notice of Annual General Meeting 013 Group Directory 016 Corporate Structure 018 Corporate Information 019 Group Financial Highlights and Five Year Financial Summary 020 Chairman’s Report and Management Discussion & Analysis 025 Directors’ Profile 031 Corporate Governance Overview Statement 039 Statement on Risk Management and Internal Control 043 Sustainability Statement 047 Report of the Audit and Risk Committee 051 Statement of Directors’ Responsibilities 053 Financial Statements 156 Analysis of Shareholdings 158 List of Properties ENCLOSED Proxy Form CONTENTS ANNUAL REPORT 2020 1. Our new AsterSpring Signature at Paradigm Mall, Malaysia 2. Our new AsterSpring at MidValley SouthKey, Malaysia 3. Our new flagship Dermalogica Consultation Pod at Langham Place, Hong Kong 4. Our new Ultimate Lift Therapy treatment launch with media and influencers 5. Receiving the Iconic Brand Award from Sisters Magazine 6. Our refurbished AsterSpring at HarbourFront Centre, Singapore 1 5 4 2 5 3 6 ANNUAL REPORT 2020 1 2 7 3 1. Our Clinelle 15th Anniversary media launch at Skypark Terminal, Malaysia 2. Launching the new Clinelle CaviarGold Treatment Concentrate 3. Launching Nurish Organiq Teen with our brand ambassador, Ellya Keesha 4. Receiving the Most Entrepreneur Brand Award at the Watsons Malaysia Most Wanted Awards 2019 5. Our Clinelle WhitenUp Beauty Empowerment Workshop 4 5 ANNUAL REPORT 2020 1. Launch of the Dermalogica PhytoNature Firming Serum with our Tribe 2. Launching the Dermalogica PhytoNature Firming Serum with media and influencers 3. Supporting our Tribe and consumers digitally during the Movement Control Order 4. Launching the Dermalogica PhytoNature Firming Serum in Singapore 5. Sustainable beauty campaign with Davines 6.
    [Show full text]
  • Issue 41 Free a Private Oasis with Full Lifestyle Facilities
    ISSUE 41 FREE A PRIVATE OASIS WITH FULL LIFESTYLE FACILITIES The Amigo Clubhouse is a private retreat built for the pleasure, relaxation and enjoyment of 16 Sierra residents; where everyday feels like a vacation. A place for you where every day feels like a vacation. Amigo Clubhouse NIRVANA YOGA Saturday Wednesday 8am - 9am 7pm - 8pm Member Fee: RM100 / month Non - Member Fee: RM130 / month ZUMBA Tuesday 7pm - 8pm Member Fee: RM90 / month Non - Member Fee: RM120 / month Complimentary RM50 F&B voucher Amigo Clubhouse @ 16 Sierra, Puchong South from Ritmo Brew Cafe for Persiaran Sierra Utama, 16 Sierra, 47120 Puchong, Selangor. every new membership registration. (not for free membership) 03-8940 9240 | [email protected] CONTENTS • ISSUE 41 • REACH OUT • 03 04 Editor’s Note 23 Earth Hour 05 Bite Away Your Foodprint 24-25 Merchants 06 Mid-Autumn Festival 28-29 World Environment Day 07 Tonnes of Trouble from 30 Food Security in Malaysia Municipal Sollid Waste 31 Love Note for Parents 08-09 Who is Maeko? CONTENTS 32 Sustainable Lifestyle 10-11 15 Simple Ringgit-Saving Food Waste Hacks 33 Recipes 12-13 My Save Food: Before It 34 Fantastic Deals All Goes to Waste 14-15 The Way We Eat Is Eating Away At The Planet 16-17 Soup Kitchen 18-21 IOI Active Citizens 22 Animal For Young And A Plus For Autism 4 • REACH OUT • ISSUE 41 • EDITOR’S NOTE EDITOR’S NOTE Malaysians love food; every street corner you walk, you will see a few stores selling food and one thing that really brings Malaysians together is food.
    [Show full text]
  • Dubuyo Malaysia Outlet Address
    DubuYo Malaysia Outlet Address State Location Address Kuala Lumpur DubuYo Sunway Lot No.4-84 & 88, Fourth Floor, Sunway Putra Mall Putra Mall, No.100 Jalan Putra, 50350 Kuala Lumpur Kuala Lumpur DubuYo Berjaya Lot 04-99 & 04-99A, 4th Floor, Berjaya Times Square Times Square, 1 Jalan Imbi, 55100 Kuala Lumpur Kuala Lumpur DubuYo Mid LG-048, Lower Ground Floor,Mid Valley Valley Megamall Lingkaran Syed Putra 59200 Kuala Lumpur Kuala Lumpur DubuYo, KL L6-R7 & L6-R7A, Level 6 Sogo (KL) SOGO Department Store, Kompleks SOGO,190 Jalan Tuanku Abdul Rahman, 50100 Kuala Lumpur Kuala Lumpur DubuYo Nu Unit L4.04, Level 4, Nu Sentral Sentral Shopping Centre, No. 201, Jalan Tun Sambanthan 50470 Kuala Lumpur Kuala Lumpur DubuYo Quill City LG-08, Lower Ground Floor, Quill City Mall Mall, No. 1018, Jalan Sultan Ismail, Kuala Lumpur Kuala Lumpur DubuYo Sunway B-22, Basement One, Sunway Velocity Velocity Mall, 80 Jalan Cheras, Maluri 5510 Kuala Lumpur Kuala Lumpur DubuYo Sungei Unit C23(B), Concourse Level, Sungei Wang Plaza Wang Plaza, Lot 6F-11, Jalan Bukit Bintang, 55100 Kuala Lumpur Selangor DubuYo Sunway Lot No. LG 2.92, Lower Ground 2, Pyramid Sunway Pyramid Shopping Mall, No.3 Jalan PJS 11/15, Bandar Sunway, 47500 Selangor Selangor DubuYo IOI Mall Lot EG8A & EG8B, Ground Floor Puchong IOI Mall Puchong, Bandar Puchong Jaya, 47170 Puchong, Selangor DubuYo Malaysia Outlet Address Selangor DubuYo The L1-80/81 & L1-80/81 (ORA), Level 1, Mines Mines Shopping Fair, 228 Jalan Dulang, Mines Resort City, 43300 Seri Kembangan, Selangor Putrajaya DubuYo IOI City Lot LG 44, Lower Ground Floor, IOI Mall City Mall, Lebuh IRC, IOI Resort City 62502 Putrajaya Pahang DubuYo, Kuantan GF-13 & 13A, Ground Floor, Kuantan City Mall City Mall, Jalan Putra Square 6/1, Putra Square25300 Kuantan, Pahang Pahang DubuYo, Genting Suite No.
    [Show full text]
  • PENANG REAL ESTATE MARKET Research Report H1 2013 (For Internal Circulation Only)
    HENRY BUTCHER MALAYSIA PENANG International Asset Consultants PENANG REAL ESTATE MARKET Research Report H1 2013 (For internal circulation only) Research Report H1 2013 TIME TO BUY, HOLD OR SELL? WHAT’S AHEAD? Real estate is always a crucial link in global capital markets and risk management. While the emerging economies of Malaysia go through its metamorphosis, the real estate industry is also developing rapidly with demand for sustainable developments, social amenities, physical infrastructure as well as the exponential increase of residential and commercial properties. For the past few years, the Penang property market has been unprecedentedly extraordinary, exciting and challenging. This means that there is an inherent need for information and Malaysia, Penang, is pleased to present its current knowledge to improve decision making, whether views on the Penang property market. it is among public institutions, commercial and financial entities, developers and investors. This report is intended for discussion and should not be relied upon as professional advice. This brief report is part of an ongoing effort to facilitate a better understanding of the market. While every reasonable effort has been made to ensure the accuracy of the contents, no warranty is made with Against this backdrop, Henry Butcher regard to that content. Malaysian GDP growth at 4.1% Malaysian economy is still on sturdy track with Residential subsector, hike up to 9.8% , largely GDP growth at 4.1% in Q1 2013 ~ Department attributed by housing development projects in Klang of Statistics. Construction and services sectors Valley and Penang. were the major catalysts that spearheading the country’s economy with 14.7% and 5.9% growth respectively.
    [Show full text]
  • Date: 16/07/11 SUNGAI PETANI VILLAGE: G-27,GRD FLR,LEGENDA VILLAGE MALL,JLN LEGENDA 1,LEGENDA HEIGHTS,08000 KEDAH Tel: 04-421 8190 - 10Am - 9Pm
    THUNDER MATCH TECHNOLOGY SDN BHD (541512-U) HQ/SHOWROOM: BERJAYA TIMES SQUARE LOT 02-28 (T2-08), 2ND FLOOR, No.1, JALAN IMBI, 55100 KUALA LUMPUR. Tel: 03-2148 2532 Fax: 03-2148 5532 10.30am - 9pm LOW YAT GRD FL: LOT G13A&G30&GK1&GK3,Grd FLR LOW YAT PLAZA,55100 KL Tel: 03-2141 5589 ext 201 Fax: 03-2141 5589 10am - 10pm LOW YAT 2ND FL: LOT 2-33,2nd FLOOR LOW YAT PLAZA,55100 KL Tel: 03-2142 2589 ext 206 Fax: 03-2142 2589 10am - 10pm LOW YAT 3RD FL: LOT 3-IT-1,3rd FLOOR LOW YAT PLAZA,55100 KL Tel: 03-2145 5589 ext 210 Fax: 03-2145 5589 10am - 10pm LOW YAT 4TH FL: LOT 4-21,4th FLOOR LOW YAT PLAZA,55100 KL Tel: 03-2142 5589 Fax: 03-2142 5532 11am - 8.30pm IMBI PLAZA GRD FL: LOT G42-G44,GROUND FLOOR IMBI PLAZA,JLN IMBI,55100 KL Tel: 03-2142 2089 Fax: 03-2142 0089 10:30am - 8pm DIGITAL MALL PJ: LOT G02& LOT 2-03,04&05,DIGITAL MALL,SS 14,46100 PJ Tel: 03-7954 5589 Fax: 03-7957 5589 11am - 9pm JUSCO CHERAS SELATAN: F02,AEON CHERAS SELATAN SHOPPING CENTER,43200 BALAKONG Tel: 03-9076 0089 Fax: 03-9076 0089 11am - 8pm MID VALLEY MEGAMALL: LOT S-089, 2ND FLR, MID VALLEY MEGA MALL, LINKARAN SYED PUTRA, 59200 KL Tel: 03-2284 1089 Tel: 03-2284 1089 MINES RESORT CITY: No. L4-19, LEVEL 4 MINES SHOPPING FAIR,JLN DULANG,MINES RESORT CITY,43300 Selangor Tel: 03-8941 4325 Fax: 03-8941 4325 10am - 10pm IOI MALL PUCHONG: DW-S33/33A,2ND FLR DIGITAL WORLD,BATU 9,BANDAR PUCHOING JAYA,47100 PUCHONG Tel: 03-8075 1632 - 11am - 9pm ALAM SENTRAL: LOT 4.01,4th FLOOR,PLAZA ALAM SENTRAL,JALAN MAJLIS,SEKSYEN 14,40000 SHAH ALAM Tel: 03-5513 6089 Fax: 03-5513 6089 10am - 10pm
    [Show full text]
  • For Sale - Bromelia @ Puchong IOI Mall, Bandar Puchong Jaya, Puchong, Selangor
    iProperty.com Malaysia Sdn Bhd Level 35, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur Tel: +603 6419 5166 | Fax: +603 6419 5167 For Sale - Bromelia @ Puchong IOI Mall, Bandar Puchong Jaya, Puchong, Selangor Reference No: 102367054 Tenure: Freehold Address: Bukit Puchong, Setia Walk, Land Title: Residential Bandar Puteri, Bandar Kinrara, Property Title Type: Strata Puchong Utama, Taman Equine, 16 Sierra, Puchong Posted Date: 24/07/2021 South, Cyberjaya, LRT, MRT, Property Features: Air conditioner,Kitchen Puncak Jalil, Putra Heights, cabinet,Balcony,Bath Bandar Sunway, Subang Jaya, tub,Garden,Garage Bukit Jalil, Taman OUG, Sri Petaling, Putrajaya, KL, , Bromelia @ Puchong IOI Mall, Bandar Puchong Jaya, 47100, Name: CK Teh Selangor Company: Private Advertiser State: Selangor Email: [email protected] Property Type: 2-sty Terrace/Link House Asking Price: RM 925,214 Built-up Size: 1,800 Square Feet Built-up Price: RM 514.01 per Square Feet Land Area 20 x 65 Dimension: No. of Bedrooms: 4 No. of Bathrooms: 3 FREEHOLD 2 Storey Landed House Located at Bukit Puchong **10 mins to IOI MALL Puchong*** New Launch Project - 90% SOLD LIMITED Units Available only. Freehold Gated & guarded community Grand Entrance Hilltop 24 Hours Security Central Park Low Density with 137 units Tropical Inspired Easy accessibility to PJ/ KLCC Nature Inspired Landscapes Unit Type : 2 Storey Link House Land Area : 20x65 Build up :1800sf Type : 4R 3B 3 Storey Cluster Semi D Land Area : 30x60 Build up : 2025sf Type : 5R 5B 3 Storey Semi D Land Area : 40x80 Build up : 3900sf Type : 6R 7B 3 Storey Semi D Land Ar...
    [Show full text]
  • IOI Properties Group Berhad Initiate with NEUTRAL Largest Listed Property Developer in Malaysia Target Price (TP): RM2.65
    04 August 2016 | Initiate Coverage IOI Properties Group Berhad Initiate with NEUTRAL Largest listed property developer in Malaysia Target Price (TP): RM2.65 INVESTMENT HIGHLIGHTS • Largest listed property developer in Malaysia • Potential beneficiary of MRT 2 and High Speed Rail RETURN STATS • Sustainable income from investment properties Price (3 Aug 2016) RM2.40 • Estimating FY16/FY17 property sales of RM1.8b/RM2.3b Target Price RM2.65 • Outlook moderated by subdued Singapore property market Expected Share Price • Initiate with Neutral and TP of RM2.65 +10.4% Return Largest listed property developer in Malaysia. IOI Properties Expected Dividend Yield +2.5% Group Berhad (IOIPG) is the largest listed property developer in Malaysia by market capitalisation. Note that its market cap of RM10.5b is Expected Total Return +12.9% higher than SPSETIA’s RM8.0b (refer Figure 1 in Page 2). Potential beneficiary of MRT 2 and High Speed Rail. IOIPG is a STOCK INFO potential beneficiary of MRT2 project as one of MRT2 stations will be located in its township project - 16 Sierra. Meanwhile, IOIPG should also KLCI 1,648.50 benefit from the proposed Kuala Lumpur-Singapore High Speed Rail Bursa / Bloomberg 5249/IOIPG MK (HSR) as one of the eight stations will be located in Ayer Keroh where IOIPG owns 1,338 acres of landbank. Board / Sector Main/Properties Sustainable income from investment properties. IOIPG derives Syariah Compliant Yes recurring income from investment properties by leasing out office building and retail space. Income from investment properties contributed Issued shares (mil) 4,411.22 to 14% to total operating profit in FY15.
    [Show full text]
  • Business Name Business Category Outlet Address State 2020 Motor
    Business Name Business Category Outlet Address State 2020 Motor Automotive TB 12186 LOT A 13 TAMAN MEGAH JAYA,JALAN APASTAWAU Sabah 616 Auto Parts Co Automotive Kian yap Industrial lot 113 lorong durians 112 Lorong Durian 5 88450 Kota Kinabalu Sabah Malaysia Sabah 88 Bikers Automotive D-G-5, Ground Floor, Block D, Komersial 88/288 Marketplace, Ph.10A, Jalan Pintas, Kepayan RidgeSabah Sabah Alpha Motor Trading Automotive Alpha Motor Trading Jalan Sapi Nangoh Sabah Malaysia Sabah anna car rental Automotive Sandakan Airport Sabah Apollo service centre Automotive Kudat Sabah Malaysia Sabah AQIQ ENTERPRISE Automotive Lorong Cyber Perdana 3 Penampang Sabah Malaysia 89500 Sabah ar rizqi Automotive Beaufort, Sabah, Malaysia Sabah Armada KK Automobile Sdn Bhd Automotive Ground Floor, Lot No.46, Block E, Asia City, Phase 1B Sabah arsy hany car rental Automotive rumah murah peringkat 1 no 54 Pekan Beaufort Sabah Atlanz Tyres Automotive Kampung Keliangau, Kota Kinabalu, Sabah, Malaysia Sabah Autocycle Motor Sdn Bhd Automotive lot 39, grd polytechnic, 8, Jalan Politeknik, Tuaran, Sabah, Malaysia Sabah Autohaven Superstore Automotive kg sin san peti surat 588 Kudat Sabah Malaysia Sabah Automotive Electrical Tec Automotive No 3, Block H, Hakka Building, Mile 5,5, Tuaran Road, Inanam, Kota Kinabalu, Sabah, Malaysia Sabah Azmi Sparepart Automotive Papar Sabah Malaysia Sabah Bad Monkey Garage Automotive Kg Landong Ayang Jln Landong Ayang 2 Kg Landong Ayang Jalan Landong Ayang II Kudat Sabah Malaysia Sabah BANLEE MOTOR Automotive BANLEE MOTORBATU 1 JLN MERINTAMAN98850
    [Show full text]
  • IOI Properties Group (IOIPG MK) Buy Property - Real Estate Oper & Svcs Target Price: MYR3.50 Market Cap: USD2,464M Reference Price: MYR2.51
    Initiating Coverage, 9 January 2014 IOI Properties Group (IOIPG MK) Buy Property - Real Estate Oper & Svcs Target Price: MYR3.50 Market Cap: USD2,464m Reference Price: MYR2.51 Macro Risks 3 Coming Back With a Bang Growth . 3 0 Value . 02 0 . 03 0 We initiate coverage on IOIPG with a BUY rating and MYR3.50 FV. 0 IOIPG’s massive township developments – a segment less vulnerable to 0 sector cooling measures – will provide the company with sustainable 0 sales. IOI’s backing has benefitted IOIPG, with an easier source of landbank and high margins for property developments. Future value will be unlocked via a pool of investment assets worth >MYR2bn. A successful township developer. IOIPG is one of the largest listed developers in Malaysia. Almost all of its local projects are township developments – an important factor as demand for landed properties is typically more resilient. This segment is also less sensitive to the recent regulatory changes. IOIPG has MYR26bn worth of projects in the Klang Valley and Johor alone, representing almost 50% of total GDV. Overseas projects provide diversification. Overseas projects in Xiamen, China, and Singapore give IOIPG the flexibility to be responsive to changes in market conditions. The debut of the Xiamen project was successful, with all 480 units launched in Sept 2013 taken up. Earnings from China are expected to kick in from FY14 onwards. Backing of IOI means easier source of landbank. Another competitive advantage that IOIPG has over its peers is the backing of a strong parent company, IOI Corp (IOI MK, BUY, FV: MYR4.83) – a plantation company with 163,000ha of oil palm land in Malaysia.
    [Show full text]
  • Ioi Property
    CONTENTS 02 BERITAIOI PROPERTY 10 South Beach’s Topping Out of its South Tower COVER FEATURE Top 10 in A Whole New Perspective of Tastes, Trends and Adventures 04 at IOI City Mall 11 Four Points by Sheraton Puchong Opens for Business Service Ownership for IOIPG’s Frontliners 12 More Service Champions! Family Fun Ride at 16 Sierra CORPORATE UPDATES Fostering Neighbourliness in 06 Q1 Earnings for IOIC and IOIPG 13 Bandar Putera 2 Klang Aflac Visits Sagil Estate Family Fun Christmas Party @ The Cube 07 Higher Productivity with EFB & POME Application 14 IOIPG Wows Crowd at MAPEX 2014 Pamol Kluang Awarded Best Employer Whimsical Fairytale at Alpinia Showhouse 15 Living at D’Summit of Luxury HUMAN RESOURCE DEVELOPMENT Used Computers Put to Good Use OLEOCHEMICALS 16 Customer Visits to IOI Pan-Cen Oleo 08 IOI Oleo Wins Responsible Care Awards Brand Yourself and STAND OUT! 09 Effective Leaders Lead the Way 17 Launch of SHE Campaign 2014 Hazard Assessment at Workplace 18 Cohesive ERT Training CI Project Teams Recognised for Excellence PUBLISHED BY WEBSITE PRINTED BY IOI Group www.ioigroup.com ST ENTERPRISE Two IOI Square, IOI Resort, www.ioiproperties.com.my AS 8, Jalan Hang Tuah 1, 62502 Putrajaya, Malaysia. EDITOR Salak South Garden, Tel: 03.8947.8888 Karen Liew 57100 Kuala Lumpur. Fax: 03.8947.8958 DEPUTY EDITOR Carine Yap EDITOR’S NOTE EDIBLE OILS BERITAIOI 03 19 New Sustainable Palm Oil Policy for IOILC 1,000,000 Tons of Sustainable Palm Oil Milestone for IOILC Europe EDITOR’S NOTE 20 Striving Towards Vision 2025 2014 was indeed an eventful year for IOI Group amidst the many economic and political challenges faced by our country.
    [Show full text]