MONTH: FEBRUARY 2014 ISSUE: 02/2014

Property

News

PA International Property Consultants is a registered real estate firm committed to providing a comprehensive range of property solutions to meet the needs of investors, occupiers and developers.

The Research Division provides core real estate information to clients and internal departments in order to ensure accurate real estate decision-making. Our research team has completed market studies and research work for various ongoing development schemes within Valley, providing comprehensive economic analysis, property PA INTERNATIONAL market information, forecasts and consulting advice based PROPERTY CONSULTANTS (KL) SDN BHD on reliable sources. Phone: 03-7958 5933 Fax: 03-7957 5933 We constantly strive to present the most up-to-date Website: http://www.pa.com.my market knowledge in order to ensure clients are well- Email: [email protected] armed with sufficient data to make the right property

decisions.

Issue 2: 1- 28 Feb 2014

GENERAL ECONOMIC & PROPERTY MARKET

1. CCM completes disposal of land (Star Biz,14 February 2014) . Chemical Company of Bhd (CCM) has completed the disposal of 2-contiguous parcels of freehold LAND DEVELOPMENT / MARKET & PROPERTY ECONOMIC GENERAL land in , along with 3-units of double-storey detached houses, to Permodalan Nasional Bhd (PNB) for RM74.8 million cash. . The proposed disposal has been completed and vacant possession of the properties has been delivered to PNB.

DEVELOPMENT LAND

2. LBS Bina rises to 2-month high on Johor land deals (Business Times, 18 February 2014) . Last week, LBS Bina bought 1.73ha in Iskandar Malaysia, Johor, from the Employees Provident Fund (EPF) for RM71.82 million. . Seven months ago, it acquired a 0.5ha plot in the same vicinity for RM42 million. . LBS Bina said it will develop both land parcels into a mixed development worth RM2 billion, which is a fourfold increase in gross development value (GDV) for the proposed project. . When LBS Bina acquired the first piece of land last July, it had said the GDV would be around RM500 million. But after the second deal, it decided to combine both land parcels to create a larger development.

3. Eco World plans for Kota Masai (StarBiz, 4 February 2014) . Eco World Development Group Bhd is working on a new plan for undeveloped parts of Kota Masai township in Johor that will reflect its new owner. . It gained control of this mature township, which still has 401ha of landbank, after it took over Focal Aims Holdings Bhd last year. . The company also would relaunch the final 26 residential units at Saujana 0-Lot, a small high-end development in Glenmarie near , .

4. 1MDB buys Tadmax land for RM317mil (Star Biz, 21 February 2014) . Government-linked company 1Malaysia Development Bhd (1MDB) has bought a 310-acre land in from Tadmax Resources Bhd for RM317.3 million, or RM23.50 per sq ft. . This is the first plot of land that 1MDB is acquiring from the private sector, given that it had earlier obtained two strategically located plots in the city via direct negotiations with the Government. . The leasehold flat land at Lot 72779 is located in Klang, Selangor. With 82 years to run its course before expiring in 2096, the land is located within a larger plot measuring 381 acres adjoining the Free Zone (PKFZ) mega transhipment hub. . 1MDB is buying 310 acres of this plot. . With this purchase in Pulau Indah, IMDB comes in second to A&M Realty Bhd in terms of land bank in the

area. A&M Realty is developing the Amverton Cove Golf & Island Resort, a 2,000-acre project worth RM10 billion in , south of Port Klang.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 1 Issue 2: 1- 28 Feb 2014

RESIDENTIAL PROPERTY IN

5. Fiamma eyes project launch in KL early next year (Star Biz, 10 February 2014) . Fiamma Holdings Bhd hopes to launch its second property development project in Kuala Lumpur early next year, comprising two blocks of 40-storey service apartments at Jalan Yap Kwan Seng. . The project, that is pending approvals from the relevant authorities, will be located on a 0.6ha site near the Public Bank headquarters and the Australian High Commission at the Jalan Ampang intersection. . “The planned development will be bigger than our project at Jalan Tuanku Abdul Rahman,” said the company’s spokesperson. . The office and retail project has a gross development value of RM160 million and is almost fully sold.

6. New heights for (Metro Biz, 10 February 2014) Scenic township (Star Metro, 25 February 2014) Project / development Tropicana Heights Kajang (Fairfield Residences)

Developer Tropicana Corp Bhd PROPERTY RESIDENTIAL Location Kajang Development type / unit Two and three-storey terrace homes -289 units (2-storey) -91 units (3-storey) GDV RM2.3 billion Tenure Freehold Land area 199 acres Fairfield Residences -25 acres Completion date About 10 years to complete Price From RM736,000 to RM1.4 million Built-up From 2,135 sq ft. Facilities . Multi-purpose hall . Playground . Swimming pool . Kindergarten . Barbeque area Features . Market square . Neighbourhood schools . Landed residential property . Significant green areas . Condominiums Notes . Previously the land was known as Kajang Hill Golf Club. . The area is easily accessible via the SILK and Lekas Highways and flyovers and upgrade of roads have been proposed to service the nearby developments. . Tropicana is also expected to open its show village soon to showcase its Kajang property. . While this translates to an average price of RM360psf, which is on the high side for a property in Kajang. . Fairfield Residences is planned as a low density residential area with only about 11 units of homes per acre. . In line with the developer’s vision for a green development, a sizeable part of Tropicana Heights Kajang has been allocated for green space. This includes a 16- acre central park flanked by mature trees transplanted from the existing golf club. The central park will also feature a children’s playground, fitness garden, futsal court and spice garden among other things. . There will also be a 1.5-acre community linear park within Fairfield Residences itself. . More than 60% of units are booked. . 1.5-acre linear park, which is in line with the concept of Tropicana Heights being

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 2 Issue 2: 1- 28 Feb 2014

a green township. . The main draw of this green concept is the additional 16 acres dedicated to the creation of a Central Park in Tropicana Heights, which is also currently being developed with Fairfield Residences. . Single entry and exit entrance at Fairfield Residences with 24 hours guards. . Tropicana Heights is designed to be a low-density township with a mix of both landed and high-rise residential and commercial properties hence Kajang can expect to see big developments in the years to come. . Kajang will be especially well connected after the completion of the new Mass Rapid Transit (MRT) -Kajang line. . The local council is also working with several local developers to finalise the details for a proposed nearby flyover access directly from Bangi, which will greatly increase the accessibility of Tropicana Heights.

RESIDENTIAL PROPERTY RESIDENTIAL

Two and three-storey terrace homes

7. L&G plans RM788mil project (Star Biz, 12 February 2014) L&G plans project with GDV RM788m (Sun Biz, 12 February 2014) . Land & General Bhd (L&G) plans to launch its second Ampang serviced apartment project by the end of this year or early next year, having obtained shareholder approval. . The joint-venture (JV) project with the Malaysia Land Properties Sdn Bhd (Mayland) group has a gross

development value of RM788 million. . With a gross development cost of RM558 million, L&G should see an estimated profit of RM230 million from this project in its 2015 financial year. . They are trying to include features like dual-key units and 3+1 bedroom units and are awaiting approval from local authorities. . The new development will have four 46-storey apartment blocks and will be launched in two phases. . The group was looking to price the units at about RM900 per sq ft. . In November 2013, the company’s wholly owned subsidiary, Pillar Quest Sdn Bhd, entered into a JV and shareholders’ agreement with Positive Valley Sdn Bhd, a unit of Malaysia Land Properties Sdn Bhd to acquire and develop the land via Extreme Meridian Sdn Bhd as the JV company. . Extreme Meridian also entered into a conditional sale and purchase agreement with Bingo’s Gold Sdn Bhd for the proposed acquisition of land for cash RM118.49 million.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 3 Issue 2: 1- 28 Feb 2014

8. Developer to launch new phase in Melawati (Metro Biz, 21 February 2014) Project / development Nadayu Melawati (Nadayu62) Developer Nadayu Properties Bhd Location Development type / Apartment / 182 unit unit GDV RM91 million Land area 2 acres Built up From 950 sq ft to 2,015 sq ft Price From RM612,000 onwards or RM579 per sq ft Completion date 2017 Facilities . Multi-purpose hall . Playground . Swimming pool . Kindergarten . Barbeque area Notes . The surrounding developments are priced at an average price of RM600 per sq ft. . Mohd Farid Nawawi, Chief Executive Officer of Nadayu Properties, says enquiries about Nadayu62 have been good so far and he expects the project to be sold out at the official launch, which is slated for mid-March.

. Nadayu Melawati is located about 15km away from KLCC and is served by several major PROPERTY RESIDENTIAL highways including the DUKE Highway and the MRRII. . The units come with a fully equipped kitchen, washer/dryer, built-in wardrobes, water heaters, basic lighting and air-conditioning making it convenient for a hassle-free occupation. . Nadayu Properties also has plans for a commercial project within Nadayu Melawati, a 338-unit SoHo development with a GDV of RM204 million that is expected to be launched in the middle of this year. . Mohd Farid said that the company’s other projects are progressing well. Its development in Kajang, Nadayu92 is almost sold out, while Nadayu28 in is 40% completed and 80% sold. Nadayu28 is expected to be completed by the end of this year.

Nadayu62 Development

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 4 Issue 2: 1- 28 Feb 2014

9. Lakeside luxury in (Metro Biz, 21 February 2014) Project / development Dream City Developer Clearwater Group Location Seri Kembangan, Kuala Lumpur Development type / Junior penthouse / 20-units unit Built up 1,630 sq ft Price From RM830,000 / RM509 per sq ft Notes . The penthouses that are located in Dream City’s residential towers modelled after Malaysia’s famous limestone hills feature a spectacular view of a 20.6ha lake. . The penthouse units offer a luxurious living space with open-plan kitchen and dining areas. . Floor-to-ceiling window panels in the units will allow unobstructed views of the surrounding scenery. . Each unit comes with eco-friendly features such as high-quality paint finishes, solid bamboo flooring and energy-efficient lighting. . The 20 units that were launched are located on the higher floors of Dream City’s seven- tower development.

. The development is also designed with a 8,361-sq m skypark on level seven that connects and stretches across all the towers. PROPERTY RESIDENTIAL . The skypark comes fitted with earth-friendly conveniences such as rainwater recycling and energy efficient windows. . The skypark features several gardens where residents can enjoy walking tracks, two tennis courts, three infinity pools, yoga pavilions and a gymnasium. . The Dream City development is located within the Bluwater Estate south of Kuala Lumpur and is 20 minutes’ drive away from the city centre. . It is easily accessible via major highways such as the KL-Seremban Highway, Sungai Besi Highway, SILK Highway, Cheras-Kajang Highway and KESAS Expressway.

Bluwater Estate in Seri Kembangan.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 5 Issue 2: 1- 28 Feb 2014

10. Sterling Prima eyes March launch for project (Business Times, 18 February 2014) Project / development Affordable housing project Developer Sterling Prima joint venture with Emkay Group Bhd Location Cyberjaya Development type / Block 18 & Block 19 / 960 units / 3 towers unit GDV RM1.2 billion Price Begin at RM270,000 for the 850-per-sq-ft unit and upwards Notes . The housing project is divided by two parcels with Block 19, slated for launch next month, will be made available to Selangor people. . Those interested will need to register at the Lembaga Perumahan dan Hartanah Selangor (LPHS), a state government agency that aims, among others, to provide affordable houses for the rakyat. . As of now, 600 units out of the 960 have already been registered for at LPHS. . No Bumiputera discount for the units as the pricing is already low. . Block 18 is operating under an open pricing concept and will be available to the public from April. . With this project, they are looking at 960 apartments divided by three

towers. The pricing for the apartments will begin at RM270,000 for the 850- per-sq-ft unit and upwards. PROPERTY RESIDENTIAL

11. Mah Sing unveils clubhouse at Garden Residence (Business Times, 18 February 2014) . The Clubhouse@Garden Residence's facilities include swimming and wading pools, a gymnasium, a dance studio, as well as futsal and badminton courts for fitness enthusiasts. . There are also convenience stores and dining options, such as al fresco dining, and a cafeteria, while a multi-purpose hall, a day care area and a tuition centre are also available. . Next to The Clubhouse is The Promenade@Garden Residence, which is a lakefront facility designed to be the top address for shopping, dining and entertainment. . Other proposed communal retail amenities are laundromats, banks, postal services and electrical services. . The state of the art architecture with a grand pavilion is expected to be completed by the fourth quarter of

this year. . Meanwhile, Aspen@Garden Residence is the fourth precinct of Garden Residence. It comprises 69 limited edition 3½-storey bungalows that come with 9+1 bedrooms and nine baths. . Another project, Clover@Garden Residence, is Mah Sing's commitment to introducing a premier lifestyle in Cyberjaya. This development offers 231 units of 2 and 3-storey semi-D houses with spacious floor plans. . Garden Residence is the first integrated development featuring landed and high-rise properties, a clubhouse and communal retail amenities built amid lush landscape in Cyberjaya.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 6 Issue 2: 1- 28 Feb 2014

12. Luxury development rapidly taking shape in Kuala Lumpur (Metro Biz, 28 February 2014) . Project / development Horizon Residences Developer Hap Seng Land Sdn Bhd Location Jalan Tun Razak, Kuala Lumpur Development type / Two 27-storey Serviced apartments unit 335 units GDV RM412 million Land area 1.35 acres Tenure Freehold Built-up - Typical units 549 sq ft to 2,551 sq ft - Penthouses 3,552 sq ft to 4,316 sq ft Price From RM1,300 psf Facilities . Floating gym . 50m infinity edge lap pool . Bubble jet pond with stepping stones . Comprehensive three-tier security system

Notes . All units are semi-furnished. . Easy access to embassies nearby, the Prince Court Medical Centre, an RESIDENTIA international school, and malls. . Japanese department store operator Takashimaya Co Ltd is said to be considering setting up an outlet at the Tun Razak Exchange (TRX), Kuala Lumpur’s upcoming international financial district, which is a stone’s throw from The Horizon Residences development. . Approximately 90% of the units have already been sold. . The project, which has a gross development value of RM412 million, features a floating gym, a 50m infinity edge lap pool, a bubble jet pond with stepping stones and a comprehensive three-tier security system. PROPERTY L . Each unit is also equipped with double-glazed glass to cut out external noise from traffic. . This project has also submitted a Green Building Index certification, which is a green rating tool for buildings. . Officially launched in January last year, the project is expected to be completed by March 2015.

RESIDENTIAL PROPERTY IN SOUTHERN PENINSULAR

13. Eco World to launch two townships (Star Biz, 11 February 2014) . Eco World Development Group Bhd will be launching two township development projects in Iskandar Malaysia in May. . Chief Executive Officer Datuk Chang Khim Wah said the projects, EcoSpring and EcoSummer, located in the Tebrau growth corridor would be launched concurrently. . EcoSpring, sitting on a 161.87ha site, would comprise cluster homes, semi-detached houses and bungalows designed after English cottages, while EcoSummer, sited on 80.93ha just next to EcoSpring, would offer only double-storey link houses for buyers along the lines of English colonial-styled houses. . Both projects, on a 242.80ha site, have a combined gross development value of RM5 billion.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 7 Issue 2: 1- 28 Feb 2014

. Chang said Eco World’s maiden project, EcoBotanic@Nusajaya, had received good response, with the first phase’s 624 units of cluster houses and semi-detached houses priced between RM900,000 and RM1.3 million, and RM1.8 million and RM2 million, respectively, being sold out. . He said the next launch for the Nusajaya project would be at the end of the year, with 200 units of semi- detached houses and bungalows at indicative selling prices of RM2 million and RM3.5 million, respectively.

COMMERCIAL PROPERTY IN KLANG VALLEY

14. Looking forward to new mall (Star Metro, 17 February 2014) . Gamuda Land Sdn Bhd recently played host to a Chinese New Year dinner party dedicated to the tenants of the company’s latest retail development project, Gamuda Walk. . The event at the Kota Permai Golf and Country Club attracted some 50 guests, comprising representatives

of Gamuda Walk’s major tenants such as Rakuzen, Cars International, Nando’s, Caring Pharmacy, Samsung

COMMERCIAL PROPERTY COMMERCIAL and Coffee Bean. . Slated for a December opening, Gamuda Walk has a 47% occupancy rate to date and it is expected to reach 80% to 85% by its launch. . The mall will occupy the ground to second floor in the 10-storey building. . Tenants include F&B, entertainment, services, health and beauty as well as fashion, with 39% allocated for general retail, 29% for F&B, 5% for banking and services, 21% entertainment and leisure and 6% for education services. . The building also includes office suites from levels three through seven, comprising 500 to 900 sq ft units, which have been fully sold.

15. Mah Sing to unveil projects worth RM7.2bil in KL (Star Biz, 18 February 2014) . Mah Sing Group Bhd will launch projects worth about RM7.18 billion in Kuala Lumpur in the first quarter of

2014. . The projects comprise the RM1.15 billion Lakeville Residence in Taman Wahyu , featuring serviced apartments and shop offices the RM5.13 billion @KL South in Bangi comprising linked landed properties and the RM901 million D’Sara Sentral in Sungai Buloh, comprising serviced apartments, retail shops, and small office versatile office (SoVo) units.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 8 Issue 2: 1- 28 Feb 2014

16. MCT explains backdoor listing (Star Biz, 7 February 2014) . MCT Consortium Bhd’s hefty funding needs of around RM500 million to RM600 million was the main driver of its decision to seek a backdoor listing via the takeover of GW Plastics Holdings Bhd last month. . Chairman Tan Sri Barry Goh Ming Choon said the group intended to retain the corporate offices, hotels and retail podium for rental income, and hence the need to raise funds. . “We want to keep 75% of Phase 3, selling only the small office flexible office (SoFo) units. We could not fund the entire phase on our own as a private property company, so when we found GW Plastics, we thought it was a good way to get listed for access to the capital market and cheaper loans,” said Goh. . One City Phase 3, called MCT Mall, has a gross development value (GDV) of RM3.5 billion. The total GDV for One City is RM5 billion. . Phase 3 will have 4-blocks of 45-storey towers sitting on a 5-storey retail podium. . The blocks are planned for an office tower, two 4- and 5-star hotels in a tower and 2 SoFo towers. The hotels will also be run by MCT. . The 2 SoFo blocks will be launched in the third quarter of this year. . Leasing Division General Manager, Joe Hue said “Phase 3 alone will have 1.5 million sq ft of net lettable office area and 1.5 million sq ft of net lettable retail space. With this 1:1 ratio of office and retail space, we

COMMERCIAL PR COMMERCIAL can ensure a steady everyday crowd for the shops and convenience for the office segment”. . In comparison, One City’s Phases 1 and 2 have a total net lettable area of 1.8 million sq ft, divided evenly between the office and retail components. . Hue said the third phase would have an estimated 1,300 SoFo units, ranging from 450 to 1,500 sq ft. . One City Phase 2 has another smaller residential component, The Square, comprising 343 SoFo units sized between 500 and 800 square feet. . The area within a 5km radius of the 31.16ha freehold development in USJ25 has a population catchment of 1.5 million.

OPERTY COMMERCIAL PROPERTY IN SOUTHERN PENINSULAR

17. Mall project in Johor attracts strong interest (Metro Biz,28 February 2014) . As part of a joint-venture initiative between developers, Hatten Group Sdn Bhd, Sunbuild Development Sdn Bhd and contractor, Gadang Holdings Bhd, Capital 21 is just the first phase of the RM2.2 billion integrated project named Capital City. . Spread across 14 acres in the increasingly developed area of Iskandar Malaysia, the vast mixed-use development will also house two international hotel blocks and three small office home office (SOHO) towers nestled atop Capital 21’s massive mall platform which offers over 1 million sq ft of retail space. . Capital 21 is slated to complete in 2018.

An artist’s impression of Capital 21 development in Iskandar Malaysia.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 9 Issue 2: 1- 28 Feb 2014

HOSPITALITY & TOURISM

18. YTL unit aims to expand Vistana hotel chain nationwide (Business Times, 18 February 2014) . YTL Corp Bhd’s hospitality arm, YTL Hotels & Properties Sdn Bhd, aims to expand the Vistana hotel chain nationwide over the next few years. . YTL Hotel is also eyeing luxury hotel brands to include in its classic collection. . The refurbishment of Vistana Hotel Kuala Lumpur involved the hotel’s 360 executive deluxe rooms and 2 executive suites, while for Vistana Hotel Kuantan, it involved 210 executive deluxe rooms and 5 executive suites. . For Vistana Hotel Penang, the exercise involved retrofitting its 221 executive deluxe rooms and 17 executive suites. . The refreshed hotels all have a modern and stylish look, offer 24-hours gym equipped with FreeMotion Fitness equipment, free WiFi, and “grab-and-go” coffee bars. . YTL Hotel’s investment to upgrade the hotels is to capture the growing tourism market as well as to cater

to the demand arising from Visit Malaysia 2014 events. TOURISM & HOSPITALITY

19. Ken plans RM2bil projects (Star Biz,5 February 2014) . Ken Holdings Bhd has lined up 4-hotels and an office project, all with a gross development value of RM2 billion, over the next 2-years to boost its earnings. . Group Managing Director Sam Tan said the hotels would be located in , Johor Baru, Kota Baru and Shah Alam, while the office project would be in Kuala Lumpur. . “We intend to introduce a top-level brand for the hotels in Genting Highlands and in KEN JBCC in Johor Baru, and a boutique business hotel concept in Kota Baru, Kelantan, and in KEN RIMBA, Shah Alam,” Tan added. . Located near the Woodlands checkpoint, he said the project would have retail space, hotels, serviced suites, offices and medical centres. . Meanwhile, its Kota Baru project, located next to the KB Mall, will also feature a green-compliant hotel and serviced suites.

An artist’s impression of KEN TTDI, a platinum grade corporate office project in Taman Tun Dr Ismail.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 10 Issue 2: 1- 28 Feb 2014

INFRASTRUCTURE & AMENITIES

20. KLIA2 will start operating on May 2, says MAHB (The Star, 28 February 2014) . Malaysia Airports Holdings Bhd (MAHB) has affirmed that the Kuala Lumpur International Airport 2 (KLIA2) will start operating on May 2. . Department of Civil Aviation Director General Datuk Azharuddin Abd Rahman said MAHB had done tests through an independent company to ensure the strength of the runway. . He assured that there was no safety issue as the cracks were superficial ones and not a structural defect. It is only depression at the taxiway. . “The department has discussed with MAHB regarding the depression and it has rectified whatever needs to be done before the operation of the airport so that the runway can be used on May 2. . “MAHB has done simulation using grown vehicle (heavy vehicle) to simulate load vehicles such as aircraft

going to the apron. And the strength of the apron has met our requirement,” he said.

INFRASTRUCTURE . He added that the completed runway profile had fully complied with the International Civil Aviation Organisation (ICAO) standards. Ground surveys carried out at the area showed there was no uneven settlement on the runway surface.

21. Bridge of opportunity for Eco World (Business Times, 5 February 2014) . The Second Penang Bridge opening is likely to see the entry of Eco World Development Group Bhd in Penang as the company looks to emerge as the biggest landowner in Batu Kawan. . Eco World is participating in a request for proposal (RFP) by Penang Development Corporation (PDC) to buy 190 hectares on a hillock close to the landing point of the new crossing between Batu Kawan in Seberang Prai and Batu Maung on the island.

. It is further learnt that the winning bidder will have to develop a golf course on 60ha of the total 190ha &

plot. AMENITIES . The bid is expected to open at RM45 per sq ft. . If Eco World succeeds in its bid, the source added, an affordable housing component will also feature on mainland Penang, where the company has already acquired some land in Seberang Prai Selatan. . Property analysts have also speculated that if Eco World, with nationwide landbank of 1,200ha (of which about 40ha are in Penang), wins, its Chief Operating Officer Datuk S.Rajoo (formerly SP Setia Bhd’s northern region general manager) will be making a comeback to Penang to oversee the development of

the mammoth project. . The PDC is said to be inviting local and foreign firms to bid for the purchase and development of 87ha for the international theme park, and the 190ha, which Eco World is making a bid for, is meant for a golf resort development.

-END-

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 11