Thursday, September 26, 2013

Why Isa Samad must not .. Part ll: Shopping spree in London's Bayswater

Felda settlers' RM499.8 million hotel in Bayswater, London

If you haven't read Part 1, h e r e
"Why (is Felda) not putting money into assets that are synergistic to its strengths in agribusiness? And, finally, why not simply distribute the cash to the settlers, the majority of whom may never set foot in the British capital?" - Felda's buys boggle the mind, The Edge, Sept 23-39, 2013
News about Felda's decision to splash almost half a billion ringgit on a serviced apartment in Bayswater, London was picked up gleefully by pro-Pakatan websites. Thanks to Isa Samad, a fresh round of Najib-bashing has begun. Read Felda and FGV spend big on QUESTIONABLE assets (pdf file h e r e) and Felda slammed for splurging on NON-CORE assets but not a single sen on replanting.

Now the Edge is littered with Anwaristas who, by definition, have closed minds but the weekly's editorials sometimes make sense. 
"While investing in London properties has become increasing popular, that is not to say there are no pitfalls. Does Felda have the experience to manage a far-flung hotel in London?" 

16 comments:

Haji Kamal said...

Dear Rocky,

If you think FELDA's shopping spree in London's Bayswater is outrageous, wait for news about Tabung Haji's latest acquisition in Melbourne (commercial), London (boutique hotel) and Paris (boutique hotel). No local newspaper has carried out the news, but it was reported by THE AUSTRALIAN. And the broker for Melbourne's deal is CIMB Advisor. Tabung Haji's new Chairman with 2 Es have been busy travelling around the world looking for more deal. Tabung Haji is expected to seal the deal for boutique hotel in London and Paris
by Dec 2013. Read below.

"Malaysian fund stalks AUD$170m office building

.....The Australian reported last month that the group and fellow Malaysian player Tabung Haji were looking to back a play by Singapore's CIMB Trust Capital Advisors for Walker Corp's Australian Taxation Office tower at its development in Melbourne's Docklands. - See more at: http://www.theaustralian.com.au/business/property/malaysian-fund-stalks-170m-office-building/story-fn9656lz-1226710075292#sthash.3a0YdCuH.dpuf

and please read this...

International investors were interested in towers with strong weighted average lease terms.............More groups are capitalising on these conditions, with Malaysian funds KWAP and Tabung Haji looking to back a play by Singapore's CIMB Trust Capital Advisors for Walker Corp's Australian Taxation Office tower at the group's flagship development in Melbourne's Docklands.

Despite reports pricing on the deal could show a yield as low as 6.25 per cent -- and claims CIMB had secured an exclusive position -- a deal is yet to be inked.

- See more at: http://www.theaustralian.com.au/business/property/credit-suisse-foray-leads-foreign-influx/story-fn9656lz-1226693017005#sthash.8JJHgZx4.dpuf

serena said...

melayu tipu melayu

core business plantation tapi dah lain jadinya

bila tak focus on core business

habislah felda

bila felda dah takde duit
org ni akan pegi tapi peneroka yg
akan terima impactnya

felda oh felda

King Khalid said...

Dear Haji Kamal,

Wow, this is a sickening news bro. Why Tabung Haji bother to take risk investing overseas with returns of only 6.5%? And CIMB is the advisor? The same advisor for the screwed-up MAS-AirAsia deal. CEO, Board, Management of Tabung Haji buat apa? Gentel teloq and kira komisyen? The Minister in charge of Tabung Haji, Jamil Khir and Chairman, Azeez Rahim are both contesting for MP in the upcoming UMNO election. Hope both of them will loose miserably and they can go from UMNO to HELL!

Anonymous said...

Kalau mereka bolih beli hotel yang lengkap dengan Pubs yang jual arak maka tiada had lah bagi Tabung Haji beli Harta Harta membelai maksiat!

Nik said...

The sad thing is that Najib approved these guys to head FGV and TH - so he must know their plans and his failure to speak up about them in itself says a lot....
Way things are going Felda will lose its way and become just another property player. London is in a bubble right now so they are buying at the top of the amrket.
If it all goes to pieces we can't blame anybody but Najib....

HALim said...

Are the hotels and other properties that Tabung Haji bought Syariah/Islamic/Halal compliant?

Ajibgor said...

Anak Menteri Makan-Angin pun mampu beli rumah bernilai RM7 juta...
Apa Lagi Datuk Mahu Heboh-Kecoh!???

Anonymous said...

You must have a reason to travel to the glamorous capitals of the world in first class style - with fat commissions to be kept outside the country as a bonus.
These are the motivations of our leaders. We are well on the way to being an African nation!

Anonymous said...

Datuk,

Isn't the "rakyat-financed London shopping spree" a problem that extends well beyond Isa Samad?

Anonymous said...

What is MACC doing?. It's time to investigate and don't wait till after everything cooled down to react. This is no small fish manipulation but definitely involved white collar brainy fishes of all species. Go get them!.

Pendeposit Tabung Haji said...

King Khalid dan Haji Kamal,

Terima kasih kerana berkongsi maklumat terkini mengenai Tabung Haji. Jika tidak silap bangunan di Melbourne itu mulanya akan dijual kepada KWSP, tetapi cadangan itu gagal kerana pulangan yang rendah (sila rujuk petikan akhbar "The Australian" bertarikh 17 Oktober 2012). Oleh kerana broker penjualan ialah CIMB, tidak hairan yang Tabung Haji menjadi mangsa "wahyu dari langit" (terima kasih PM & RM). Syabas kepada pihak pengurusan Tabung Haji yang begitu hebat sehingga sanggup mengadaikan amanah pendeposit2 dan bakal-bakal haji untuk pulangan yang tidak seberapa dan akan timbul isu2 samada pelaburan itu berteraskan syariah atau tidak. Masih ingat dengan pelaburan Tabung Haji di London (10 Queen Street Place) di mana salah satu penyewa ada menjual minuman keras kepada pelanggan-pelangan? Jangan kerana terlalu ghairah dan taksub untuk membuat pelaburan serata dunia, pihak pengurusan Tabung Haji lupa akan tujuan asal penubuhan Tabung Haji yang hanya untuk memberi perkhidmatan yang terbaik kepada bakal-bakal haji dari Malaysia.

Lang Walker floats partial Docklands sale
SARAH DANCKERT THE AUSTRALIAN OCTOBER 17, 2012

The Australian

BILLIONAIRE property developer Lang Walker said yesterday he would consider selling a portion of Walker Corporation's $1.5 billion office development in Melbourne's Docklands precinct to Singapore's CIMB TrustCapital Advisers. Mr Walker's comments came as his company opened the first tower -- the Melbourne headquarters for the Australian Taxation Office -- at the company's Collins Square development in the Docklands yesterday. Mr Walker confirmed CIMB's interest in the project after the unveiling of the $250 million tower, which Walker Corp had previously insisted was not up for sale, claiming no talks had taken place. "Yes, they like it," Mr Walker told The Australian when asked if the fund had made an offer on the ATO tower, the most-prized in the office park. Mr Walker said that if the price was right he would be open to a deal with CIMB-TCA on one of Walker Corp's valued assets. "You'd never say never. Obviously, the yield and the price is the focal point," he said. "One of their investors is the Malaysian pension fund and they're huge. They're very focussed on Australia." CIMB-TCA, a joint venture between Malaysian investment bank CIMB and Singapore's TrustCapital Partners, has a mandate from Malaysia's Employees Provident Fund to invest in Australian commercial property and is said to be looking to seed an $800m Australian office fund with the Docklands building. Walker Corp has sold two offices to CIMB-TCA over the past 12 months -- a new office building in Canberra for $226m and a $56m building in Brisbane.

- See more at: http://www.theaustralian.com.au/business/property/lang-walker-floats-partial-docklands-sale/story-fn9656lz-1226497332000#sthash.S3bxQf4N.dpuf

Anonymous said...

Rocky
You have missed the chance of being invited to stay in the Felda property in London for your next holiday.
Cant you just diam-diam sahaja?

PARAMESWARA

Anonymous said...

Bukan kah Jamil Khir team Mukhriz, macam mana boleh kita kasi dia kalah??? Nanti tak sedap!!!

Anonymous said...

Any investments that provide good returns with manageable risks are good investments.

Have you heard of Malaysian hotels in London gone bust?

Probably MACC should investigate all the chingkies construction companies and property transactions in Malaysia first because they are not transparent.

I repeat: not tranaparent. Then only you can talk cock about foreign investments. And never us with singaporeans because singapore has too many foreign investors and they are what they are today.

Anonymous said...

Bro,

Melayu memang jangan melabur luar negara seperti syarikat multinational. Nanti kaya, lupa daratan macam si Tanggang. Teruskan duduk di kampong dan bercucuk tanam, toreh getah dan sabit sawit. Teruskan kemiskinan.

MUS

Anonymous said...

Around the early 80's, my dad (not politically connected) purchased a 2 bed apartment in Corrinham,Craven Hill Gardens, just round the corner from hotel Felda ni.He purchased it for 49k pounds and sold it 4 years later for abt 90k pounds. That area memang prime site and Felda will make a whopping profit kalau dijual in a few years.Rasanya kalau Felda jadi property developer di UK and buat rumah mampu milik lagi banyak keuntungan dan faedah kerana kebanyakkan orang muda diLondon esp tak mampu beli rumah kerana property prices terlalu tinggi.Felda would also be better off getting involved in membina rumah murah kat KL ni.Tolong orang kita dulu,charity at home first, then baru venture out.