Golf courses targeted for re-development - Too valuable for golf?

Tweet

Golf courses in the centre of development areas are now being targeted for re-development as property prices rocket through the roof.

Caddy Master By WONG SAI WAN

JUST a couple of decades ago, the crowning jewel for any Malaysian developer was to own a golf course and to use that sporting facility to enhance their property sales.



In the 1980s and 1990s, it was unthinkable for a housing developer not to try to have a golf project. Even if they do not have enough land for a full 18 holes, they would try for a nine-hole or at least a driving range.

But how things have changed with the Asian financial crisis of 1998. There were less than a handful of new golf courses built in the past 12 years. In fact, more golf courses have closed down in this period.

KGNS sits on prime land and has been in the news a lot of late.

Fast forward to this year and once again developers are eyeing the golf courses but in a totally different manner. Developers no longer want to build golf-related projects; instead they want to tear them down.

Word has it that, especially in the Klang Valley where the prices of property have gone up tremendously, developers are eyeing golf courses to be turned into property development projects.

An 18-hole golf course with a reasonably sized clubhouse will cover about 50ha and a land of that size in the Klang Valley or even just outside the greater Kuala Lumpur is worth hundreds of millions.

For developers such a large track of land will be worth billions in terms of property for sale especially if it is located near major highways or with railway access to Kuala Lumpur.

Many of such courses when developed between 15 and 20 years ago were located away from the city centre with some built on former estates – usually the lousiest piece of land that is hilly and with plenty of valleys and swampy soil.



Those days this kind of land was considered “rubbish” and too costly to rehabilitate to build good houses that would have fetched the top dollar.

But two decades on things have changed. The Klang Valley has grown and the Government has adopted the concept of the Greater Kuala Lumpur where they expect almost 10 million people will live in.

                  Image via Wikipedia

This expanded Kuala Lumpur will stretch all the way from Sungai Buloh in the North all the way to Kajang/Semenyih in the south; Klang/Banting in the west to Bukit Tinggi in the east.

More than 40 golf courses are located within this very large area and every single one of them have suddenly become prime land and worth a lot of money. The landowners who previously thought they were sitting on a worthless piece of property now find that they have a gold mine.

From the likes of Rahman Putra Golf & Country Club to the now defunct Emville Golf & Country Club, these are now prime properties. Even the Kampung Kuantan Golf Club and Kundang Lakes Golf & Country Club which were the starting grounds for many golfers in the Klang Valley may not be safe from the hands of developers in a few years time.

Already, Kajang Hill Golf & Country Club has been sold to Dijaya Corporation Bhd for redevelopment for RM228mil into mixed development with an estimated gross development value (GDV) of RM2bil.

Dijaya, which owns Tropicana Golf & Country Club in Petaling Jaya, plans to develop the more than 80ha site that now sits the golf course and the clubhouse facilities into a new project called Tropicana Kajang.

The deal was struck in September and club members were then informed that they had less than a year left to play on its Par 72 championship course layout measuring 7,148 yards.

Kajang Hill was owned by the Japanese company Taiyo Resort (KL) Bhd. It was not the most exciting golf course but it had unique Japanese features set in tropical settings.

There is now a rush by golfers to play there before the course is closed down for good.

Word is abound about all sorts of other courses been targeted by land hungry developers. Among them is said to be the Kelab Golf Negara Subang which sits right smack beside of the Federal Highway in Petaling Jaya.

The present committee decided to not renew a Caveat the club had placed on the land thus allowing the Federal Land Commissioner to act on the land title.

Speculation is rife that there are some people eyeing the land of one of KGNS two 18 holes. There is no concrete proof but a hurriedly called EGM by the members has appointed a panel to look into the matter.

KGNS is reported to be sitting on land worth some RM5bil – a sum that some people deemed too valuable for golf.

This is what worries the golfing community that both courses on the outskirts as well as those within the city limits are being eyed for re-development.

This is made worse by the fact, many of the commercial club owners are only just too keen to sell or redevelop the land. It would seem that only a recession or the burst of the property bubble would prevent this from happening.

Till next month, Merry Christmas and a Happy New Year.

Dijaya in RM228mil land deal for Kajang Hill Golf Club land

I was a member of the Kajang Hill Golf Club and I received notice to terminate the membership from November 2011. However, they are paying back the monies that we paid to join. So, I was expecting some news on this. This was confirmed in today's papers. The owner, a Japanese Datuk is going to make a lot of money in this deal.

However, if you go to the vicinity of the area, the whole place is going to be developed very soon. The size of the whole area is huge with the other areas combined.

The prices of the properties here is also very high (by Kajang standards), mind you. So it's left to be seen how the place will eventually turn out.

Until the next time, cheers.

The Star, Tuesday September 6, 2011

Dijaya in RM228mil land deal

Purchase of freehold land from Taiyo to cater for increasing demand for property in Kajang
 

PETALING JAYA: Dijaya Corp Bhd has entered into a conditional sale and purchase agreement with Taiyo Resort (KL) Bhd to acquire five parcels of freehold land in Mukim Semenyih, Ulu Langat, Selangor, measuring approximately 80.33ha for RM228mil cash.

In a filing with Bursa Malaysia yesterday, Dijaya said the agreement with Taiyo Resort was entered by its wholly owned subsidiary, Tropicana City Service Suites Sdn Bhd (TCSS)

The parcels of land are currently held under the operations of Kajang Hill Golf Club, it added.

Dijaya said the land would be transformed into a mixed development consisting of landed houses, condominiums, apartments and shop offices with an expected gross development value of about RM2bil.

“The development, known as Tropicana Kajang, will be another future revenue generator for the group and shall contribute positively to its financial performance,” it said in a separate statement.

Dijaya said the freehold land had an upside potential in terms of capital appreciation because of the increasing demand for residential and commercial properties in Kajang, as seen in other developments such as Nadayu 92, Tiara Residence, Ramal Villa, Twin Palm and Jade Hills, just to name a few.

“With increasing population and expanding residential properties in and around Kajang, the proposed development of commercial properties will cater to the rising demand for office and retail spaces.

“Furthermore, the proposed Kajang-Sungai Buloh MY Rapid Transit project will enhance the investment potential of Kajang, presenting a greater opportunity to property investors,” it said.

Group chief executive officer Tan Sri Danny Tan Chee Sing said the group was continuously acquiring sizeable land-banks with good development potential in strategic locations.

“The land deal provides an opportunity for the group to introduce more development in Kajang with quality and prestige synonymous with our Tropicana brand,” he said.

Dijaya said the purchase price was arrived at on a willing-buyer, willing-seller basis after several considerations including the reasonably low land cost of RM26.36 per sq ft which will enable TCSS to price its proposed development competitively and with reasonable margins.

On the financing for the purchase, Dijaya said it would be funded through internally funds and/or bank borrowings.

“The exact mix of internally generated funds and bank borrowings will be determined by the management of the company at a later stage, after taking into consideration Dijaya Corp and its subsidiaries' gearing level, interest costs and internal cash requirements for its business operations,” it said.

The group's net gearing is expected to rise to 0.22 times post-land acquisition assuming about RM114mil, representing approximately 50% of the purchase price, is financed via borrowings. As at Dec 31, 2010, Dijaya was in a net cash position.

Sources:Kajang Town Blog

Related post:
BJCC Golf and Country Club News

Is Malaysia's history all about semantics? A lesson on Sept 16!

Tweet

ONE MAN'S MEAT By PHILIP GOLINGAI

The debate over when is Malaysia Day, Aug 31 or Sept 16, will continue as there are still differing views. But one thing is certain – there are Malaysians who are very passionate about our history. 
Image via Wikipedia

Last week I had my Zainal Kling moment. In case there are those who are clueless on the recent big issue concerning Malaysia, here’s a summary.

Datuk Prof Dr Zainal Kling of the National Professors Council stirred a historical controversy when he declared that Malaya was never a British colony but only a “protectorate”.

Last week, in this column, I wrote an article titled “A lesson on Sept 16” (see below).

It was a history lesson that the Federation of Malaya, not Malaysia, was created in 1957. And that Sabah and Sarawak did not join Malaysia – they formed the country together with the then Malaya and Singapore on Sept 16, 1963.

That was that, I thought. Until I received brickbats mostly from my fellow Sabahans. Though most comments were good-hearted ribbing, I felt as if I was a snake that bit its own tail.

There were jocular warnings that Sabah will use its special immigration power to bar me from entering my state.

There were also warnings that went for the jugular. I was accused of living in Kuala Lumpur too long.
Factually correct, as I’ve been living in Greater Kuala Lumpur for more than 25 years. But parochially incorrect as you can take Philip out of Sabah, but you can’t take Sabah out of Philip.

And it was as if I did not live through Parti Bersatu Sabah’s ‘Sabah for Sabahans’ political era.

Factually, there was nothing incorrect about my article. It is just that I neglected to mention something that is close to the heart of many Sabahans.

The first brickbat was from a reader who may or may not be a Sabahan or a Sarawakian.

Sonny68mak emailed: “If I recall correctly my history lessons, Sabah, Sarawak and Singapore declared independence on Aug 31, 1963.

“They could not form Malaysia on that day because they were waiting for the official referendum results to be declared by the United Nations which was delayed by Jakarta and Manila’s protests at the UN,” wrote the reader, who could even be a Singaporean.

“So therefore the Borneo states independence was effective Aug 31, 1963. They formed Malaysia on Sept 16 as two-weeks-old independent sovereign states.”

“Please ask your Prof friend to recheck the facts so that the public is not confused.”

Fair comment, I thought. As if I was debating the issue, I would have taken a similar stand.

However, just to show him that I was not a hack, I replied: “Yes, I did check that fact with the Prof.”

“I told him for example, North Borneo gained independence on Aug 31, 1963 so it must have been an independent country,” I wrote.

“He said ‘no’ as even though the British granted independence to North Borneo on that day, it still administrated Sabah.”

As soon as I sent that email, I received an SMS from a Sabahan who is a veteran journalist. Though the timing of his SMS was coincidental, it was as if he sensed my “betrayal” in cyberspace.

The 40-something journalist SMS-ed: “I beg to differ. On Aug 31, 1963, the Union Jack came down and the Sabah flag went up. Sabah and Sarawak were independent nations until Sept 16, 1963. You’re selling propaganda. Ha ha”.

Immediately I called him. And after 30 minutes we agreed that history is about semantics. And, quoting Winston Churchill, “History is written by the victors”.

Then I received a call from a Penangite who is more Sabahan than me. Well, he has lived in Sabah for more than 20 years.

“We can buang negeri (kick you out of Sabah) you!” he said.

“Your article missed the point. You should have written that Sabah was a country before it formed Malaysia! And you should have written that 1/3 of Sabahans wanted to form Malaysia, 1/3 did not want to and 1/3 were undecided.”

“You’ve also missed the point that it was four equal nations (Malaya, Sabah, Sarawak and Singapore) forming the Federation of Malaysia.”

“But, but, but,” I replied. “The point of my article is just to discuss Sept 16.” “No, you missed the point!” he said.

“Do you know that Sept 16 is also Lee Kuan Yew’s birthday?” I said, just to change the topic.

However sharp the comments I received throughout the day, it was delightful to know that 48 years after the fact, Sabahans are still passionate about their history.

Still, it made me feel as if I had sold Labuan to the Feds. Wonder where’s Zainal Kling? I need a hug. And some historical semantics.

A lesson on Sept 16

ONE MAN'S MEAT by PHILIP GOLINGAI

The federation of Malaya, not Malaysia, was created in 1957. Sabah and Sarawak did not join Malaysia – they formed the country together with the then Malaya and Singapore on Sept 16, 1963.

ON AUG 31, I spent my Mer-deka Day holiday tweeting history lessons. I found certain historical inaccuracies on my Twitter timeline as annoying as – to misquote a tweet from @ATM2U – seeing a straight man eat cupcake.

For example, one of Malaysia’s tycoons tweeted: “Independence day for Malaysia today.”

As a Sabahan, I just had to correct him even though he is worth a billion times more than me. So @PhilipGolingai admonished: “Sir, independence day for Malaya. Malaysia was formed on Sept 16, 1963.”

Then someone – not the billionaire – tweeted: “Why Singapore not celebrating Malaya’s Indepen-dence day?” History was definitely not her favourite subject.

I replied: “When Malaya dec-lared Merdeka, Singapore was under the British. On Sept 16, 1963, Singapore, Malaya, Sabah & Sarawak formed Malaysia.”

My colleague @ChiaYingTheStar (Lim Chia Ying) tweeted: “How can a tv station say Happy Birthday to M’sia on Aug 31?? My gosh, no wonder kids can never learn real facts?”

On Merdeka Day, Faridah Stephens, daughter of one of Malaysia’s founding fathers, Tun Fuad Stephens (Sabah Chief Minister), reminded her Peninsu­lar Malaysian friends of our country’s history.

“(Some of) my friends wished Happy 54th Birthday Malaysia. They always say Malaysia. But it is not Malaysia’s independence but Malaya’s,” she lamented.

On Facebook, Faridah watched a video clip of Negaraku sung in Chinese. The rendition was “beautiful” but the ending of the video was a “dampener”.

“Alamak, I thought, when I saw ‘Happy 54th Birthday Malaysia’ at the end,” she said.

How did her friends’ respond to her reminder?  “Some people went quiet,” she said, laughing heartily.
      
Some Malaysians mistake Aug 31 for Malaysia’s birthday, according to Faridah, because “we tend to be West (Peninsular) Malaysia-centric”.

“Many forget that Malaysia did not exist until 1963. Malaysia was not created in 1957. Sabah and Sarawak did not join Malaysia, they formed the country,” she said, adding that “I’m just stating a historical fact.”

To get my historical facts right, I called my old classmate, then a history buff, at La Salle secondary school in Tanjung Aru, Sabah.

“Why are there Malaysians who confuse Hari Merdeka as Malay-sia’s birthday?” I asked Danny Wong Tze Ken, a history professor in Universiti Malaya.

Wong lectured me on the birth of Malaysia. Here’s a summary: On Aug 31, 1957, the Federation of Malaya was established. It was expanded into the Federation of Malaysia on Sept 16, 1963. The country became larger with the inclusion of Singapore, Sarawak and Sabah. And in 1965, Singapore left.

“If you think of the day for independence for Malaysia, then Sept 16, is logical for Sabahans and Sarawakians as that was when both states achieved independence, in 1963. But for the people of Peninsular Malaysia clearly it was Aug 31, 1957, as that was when Tunku Abdul Rahman declared Merdeka,” Wong ex-plained.

“So when is Malaysia’s birthday?” I asked.

“The best answer is to take the case of the United States. Their independence day is July 4, 1776, even though at that time there were only 13 colonies. Although the rest of the United States was incorporated only later, all the 50 states observe July 4 as Indepen-dence Day,” he said.

“So when is Malaysia’s birthday?” I asked again.

“As a newly formed Federation of Malaysia the birthday of Malaysia will be Sept 16 whereas the Independence Day of the country remains on Aug 31,” he said.

Wong said over the years, Sept 16 was no longer celebrated as Malaysia Day.

“In Sabah it was celebrated as the TYT’s (Governor’s) birthday. And Sabahans wondered why that day was then celebrated as the TYT’s birthday and not as Malaysia Day,” he added.

“It was only last year that Sept 16 was declared a public holiday to commemorate the formation of Malaysia.,” the historian said.

So, on Friday, if you are on Twitter, don’t forget to tweet “Happy 48th Birthday Malaysia!”

Related posts:

The decline of the West

Malaysia's history, sovereignty violated, semantics need truly national!

British Massacre - Batang Kali Victims win UK court scrutiny 

PAS Deputy President, Mat Sabu, In the spotlight for wrong reason?

Malaysia Day: Let’s celebrate Sept 16 for its significance!

Malaya, look east to boost Malaysian racial unity!    

Malaysia's future: A time for Malay renewal ! 

Malaysia still in pursuit of full independence  
The true meaning of independence 
Reviving our winning ways