Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg 5)

Revival of Taman Kenanga

Re: Taman Kenanga : Projek Terbengkalai

Postby mus » 10 Feb 2012, 21:35

Correct me if I am wrong, tomorrow 11 February 2012 there will be a court hearing on the voting whether the white knight will proceed with the revival of the Taman Kenanga project or not. Can someone tell me the venue and time?
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Re: Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg

Postby admin » 12 Mar 2012, 08:10

Latest event kat website MBSB:

21st March 2012
Signing Ceremony Between
MBSB and NCT United
Development Sdn Bhd
Venue: Hilton Sentral, Kuala Lumpur
Time: 10.30am - 1.00pm


ada kaitan kot..
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Re: Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg

Postby admin » 21 Mar 2012, 18:59

Berita baik buat semua pembeli di Taman Kenanga yang telah terbengkalai hampir 20 tahun!!

MBSB signs financing agreement with NCT United
Tags: Ahmad Zaini Othman , Bandar Baru Salak Tinggi , Malaysia Building Society Bhd , MBSB , NCT United Development Sdn Bhd , Sepang , Taman Kenanga

By Mohd Kamarul Azhar of theedgeproperty.com
Wednesday, 21 March 2012 18:33
KUALA LUMPUR (Mar 21): Malaysia Building Society Bhd (MBSB) has signed an agreement for term and bridging financing facilities of up to RM215 million with NCT United Development Sdn Bhd to revive the largest abandoned housing project in the country.

The abandoned housing project, Taman Kenanga, is situated in Bandar Baru Salak Tinggi in Sepang, Selangor. The project which was initiated in 1998, was halted in 1999, and was classified as an abandoned project by the Ministry of Housing and Local Government in 2002.

Speaking during the signing ceremony on Wednesday, MBSB president and chief executive Datuk Ahmad Zaini Othman said the effort to find a permanent solution to resuscitate the project is part of MBSB's new recovery strategies.

Ahmad Zaini said the significance of the signing ceremony marks MBSB's determination to address and resolve its corporate legacy accounts. He said through programmes underlined by the new management's strategy, MBSB's net non performing loans have been reduced to 8.5% in 2011 from 18.7% in 2009.

Meanwhile, Bernama reported that NCT chief executive officer Zulfikri Saidin said "We expect the project [Taman Kenanga], with a gross development value (GDV) of RM243 million for the abandoned site, to be completed in the next two years."

He also announced that NCT would develop the balance of the land of about 250 acres with GDV of about RM1.5 billion, and would take between six to eight years to complete.

This development includes an international renowned private school, a private hospital, hypermarket and business and commercial centres, he added.


Source: The Edge Property
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Re: Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg

Postby indergopp » 21 Mar 2012, 21:32

cool.thanks admin
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MBSB signs financing agreement with NCT United

Postby s_redza » 22 Mar 2012, 01:44

Alhamdulillah...harapan nya lpas ni xde lagi masalah ..xsangka rupanya projek terbengkalai paling besar di Malaysia..
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Re: Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg

Postby admin » 22 Mar 2012, 23:33

MBSB targets NPL cut this year
In The Edge Financial Daily Today 2012
Written by Kamarul Azhar
Thursday, 22 March 2012 14:38

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) targets to reduce its net non-performing loans (NPL) by another two to three percentage points (pps) this year. It palans to provide financing extensions and resuscitate abandoned projects which have been on its books for years.

According to president and CEO Datuk Ahmad Zaini Othman, MBSB’s net NPL ratio stood at 8.5% as at end-December. He said if the group could shave its net NPL ratio by another two to three pps this year, to 5.5% to 6.5%, it would be another great achievement.

“Back in 2008, our NPL were between 24% to 25%, now it is just over 8%. To further reduce NPL, we have to put in the right amounts of money to the right parties. If we don’t do that, the NPL will still remain with MBSB, and it will increase, compounded over and over again, and that will destroy the value of MBSB,” Zaini said yesterday.

Though significantly reduced over the years, MBSB’s 8.5% NPL ratio is still considered high compared with other financial institution’. For example, Malayan Banking Bhd’s net NPL ratio stood at 1.87% as at end-December 2011.

Zaini was speaking to reporters after signing an arrangement agreement with NTC United Engineering Sdn Bhd, which will take over and revive an abandoned housing project called Taman Kenanga in Sepang from the original developer Kumpulan Sepang Utama Sdn Bhd (KSUSB).

KSUSB, which is in the process of liquidation, started the housing project in 1998, at the onset of the Asian financial crisis. Construction halted by the end of 1999, and it was declared the largest abandoned housing project in Malaysian history by the Ministry of Housing in 2002. MBSB financed the Taman Kenanga project and saw its loan go sour.

The signing ceremony was witnessed by deputy finance minister Datuk Dr Awang Adek Hussain, MBSB directorJasmy Ismail and NTC group managing director Yap Ngan Choy.

According to NCT CEO Zulfikri Saidin, the abandoned units at the Taman Kenanga project are valued at RM243 million. The total development area is 127ha, of which the abandoned project takes up 44ha.

Zulfikri said NCT will develop the balance land of about 100ha that will take six to eight years to complete with a gross development value (GDV) of around RM1.5 billion.

It will consist of an internationally renowned private school, a private hospital, hypermarket and commercial centres.

Following the arrangement agreement, MBSB will facilitate NCT with a term and bridging facility of up to RM215 million to revive the project. At the same time, MBSB is also extending end financing to the affected purchasers of the abandoned units.

Zaini said MBSB is confident NCT will be able to complete the project. “But for the end financing we foresee the purchasers are going to have problems obtaining loans from other financial institutions because of their credit history, so we’re putting up another package, an end financing package to support the purchasers,” said Zaini.

The end financing package will cover 100% of the unit price as agreed on the sale and purchase agreement (SPA) signed between the purchaser and NCT. The financing term for the purchasers is up to 30 years, or to age 70, whichever comes first.

Asked whether MBSB is actually taking on more risk by reviving the abandoned projects and at the same time offering to refinance the affected purchasers, Zaini said it is the “right move” to make the projects commercially viable.

“Any financial institutions will always go towards revival of the projects, if it’s viable of course, and the revival must take the commercial approach. So this is exactly what we’re doing. We’re reviving the biggest abandoned project in the country. [The soured loan] has been on our books for 10 years, but with the perseverance of the management and NCT, we will resolve this within three years.

“Once the project is revived, we are able to get the income from that revival to pay all our provisions and also our new loans, and hopefully this will be a win-win situation for all,” he explained.

Zaini said since 2009, MBSB has revived three other abandoned projects, located in Penang, Melaka and Kuala Lumpur. Going forward, the group has about another one or two deals in the pipeline to be revived.

This article appeared in The Edge Financial Daily, March 22, 2012
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Re: Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg

Postby admin » 22 Mar 2012, 23:42

Dari The Star:

Biggest abandoned housing project in M'sia to be revived
By DANIEL KHOO
danielkhoo@thestar.com.my | Mar 22, 2012

Image

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) will finance the builder and buyers of Malaysia’s biggest abandoned housing project, located in Bandar Baru Salak Tinggi, Sepang as part of its efforts to resolve its corporate legacy accounts issue.

MBSB, which is 65.5%-owned by the Employees Provident Fund (EPF), will provide term and bridging finance facilities of up to RM215mil to builder NCT United Development Sdn Bhd (NCT), and an additional RM243mil to the buyers, said MBSB CEO Datuk Ahmad Zaini Othman.

“When the new management (of MBSB) came in in 2009, we wanted to find a way on how we can resolve these legacy problems.

“And one of the ways is to support this project through NCT to revive the project.

“This project have been unresolved for more than 10 years,” Ahmad Zaini said.

“We foresee they’re (the buyers) are going to face problems to secure financing from the banks.

“So we are also putting up another package which is the end financing package to support purchasers.

“We are shifting the corporate risk from NCT to the purchasers,” he added.

Buyers will pay an interest rate of base financing rate minus 0.5%, which is slightly more expensive compared with conventional loans because these borrowers are mostly in their 50s, according to MBSB.

MBSB is also classified as an ‘exempt finance company’ and is thus not bounded by any financial regulators in Malaysia.

“It is only fair and just to do so as they (these borrowers) have honoured their initial obligations but failed to receive their end of the bargain,” Ahmad Zaini said.

After discussions with the purchasers, an agreement was reached to divide them into two classes.

According to NCT, one class of buyers who wish to continue with the purchase will have to top up another 30% to the original purchase price of either RM140,000 (for 20X70) or RM97,000 (for 18x60) units.


These units have seen a price appreciation of about 80% since it was abandoned.

The second group of buyers can get a full refund for their units as construction of their units was minimum.

“This is a big step for us.

“Hopefully it will be a win-win situation for all,” Ahmad Zaini said at the signing ceremony here yesterday, adding that there were two more such abandoned legacy projects that were scheduled to be revived.

“NPL (non performing loans) will not go away unless and until you revive the project,” he said, adding that MBSB’s net NPL stood at 8.5% as at December 2011.

The project, named Taman Kenanga, was abandoned in 1999.

The developer, Kumpulan Sepang Utama Sdn Bhd (KSUSB), is currently in liquidation.

The signing ceremony of the agreement yesteday involved three parties - MBSB, NCT and KSUSB’s liquidators, GTC Corporate Advisory Sdn Bhd.

According to MBSB, the housing project was abandoned due to cost overruns coupled with the “unfavourable economic situation then”.

It will be renamed Sepang Perdana and is expected to be completed within two years, said NCT CEO Zulfikri Saidin.

The project was initially earmarked to have 2,536 units of commercial, linked houses and low cost houses on 110 acres.
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Re: Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg

Postby admin » 22 Mar 2012, 23:47

Sepintas lalu track record NCT United Development:

Website: http://www.nct.net.my/Property/default.asp
- 78 Unit Rumah Berkembar 2 Tingkat, Bandar Eco-Setia, Shah Alam
- Rumah Berkembar & Rumah Sesebuah Show Units, Fasa7B, Taman Melawati, Gombak, Selangor
- 375 units Terrace Houses, Rambai Idaman, Bukit Rambai, Melaka
- 85 Units Terraces, Landscape Works, Infrastructure Works & Associated Works on Sub-Precinct 14-3, Putrajaya
- 58 Units Terrace Houses & 36 Units Semi-Detached Houses & Infrastructure Works, Parcel 18R1, Putrajaya
- Bungalow, Bandar Springhill
dll boleh rujuk disini: http://www.nct.net.my/Property/products ... =Bungalows
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Re: Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg

Postby adiwarna » 23 Mar 2012, 00:02

Buyers will pay an interest rate of base financing rate minus 0.5%, which is slightly more expensive compared with conventional loans because these borrowers are mostly in their 50s, according to MBSB.


so interest dia 6.1 ke?? gila betul :?
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Re: Taman Kenanga : Projek Terbengkalai(dsign pemaju baru Pg

Postby capt (r) watie » 23 Mar 2012, 18:50

haiiii...bile la nk settle2 nie?byr saje2 je kat bhg pinjaman perumahan dari tahun 98...
admin wrote:Berita baik buat semua pembeli di Taman Kenanga yang telah terbengkalai hampir 20 tahun!!

MBSB signs financing agreement with NCT United
Tags: Ahmad Zaini Othman , Bandar Baru Salak Tinggi , Malaysia Building Society Bhd , MBSB , NCT United Development Sdn Bhd , Sepang , Taman Kenanga

By Mohd Kamarul Azhar of theedgeproperty.com
Wednesday, 21 March 2012 18:33
KUALA LUMPUR (Mar 21): Malaysia Building Society Bhd (MBSB) has signed an agreement for term and bridging financing facilities of up to RM215 million with NCT United Development Sdn Bhd to revive the largest abandoned housing project in the country.

The abandoned housing project, Taman Kenanga, is situated in Bandar Baru Salak Tinggi in Sepang, Selangor. The project which was initiated in 1998, was halted in 1999, and was classified as an abandoned project by the Ministry of Housing and Local Government in 2002.

Speaking during the signing ceremony on Wednesday, MBSB president and chief executive Datuk Ahmad Zaini Othman said the effort to find a permanent solution to resuscitate the project is part of MBSB's new recovery strategies.

Ahmad Zaini said the significance of the signing ceremony marks MBSB's determination to address and resolve its corporate legacy accounts. He said through programmes underlined by the new management's strategy, MBSB's net non performing loans have been reduced to 8.5% in 2011 from 18.7% in 2009.

Meanwhile, Bernama reported that NCT chief executive officer Zulfikri Saidin said "We expect the project [Taman Kenanga], with a gross development value (GDV) of RM243 million for the abandoned site, to be completed in the next two years."

He also announced that NCT would develop the balance of the land of about 250 acres with GDV of about RM1.5 billion, and would take between six to eight years to complete.

This development includes an international renowned private school, a private hospital, hypermarket and business and commercial centres, he added.


Source: The Edge Property
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