Monday, 8 August 2011

Jusco May Join "Alma Party" Soon

After months of rumor flying around, finally the truth reveals. 

Aeon has entered into a Sales & Purchase Agreement on 5/8/2011 with DNP Land (Wing Tai Malaysia) for the sale of land located at Jalan Rozhan, Alma. 

    When can we see it in Alma?

The land is currently vacant and is within DNP Land's plan to extend its currently under-construction Impiana Commercial Hub, which also houses a Tesco hypermarket which has started operation last year.

Aeon plans to build a shopping complex with Jusco on the land. This is good news to resident and property owners in Alma area. Alma for the past 1-2 years sees lots of new medium to high end residential development being launched here with encouraging take-up rate, and it has not finished yet.

Property developers to benefit from it include: DNP Land (Taman Seri Impian, Jesselton Hill), Tambun Indah (Impian Residence), Asas Dunia (Desa Impian), IJMLand (Permatang Sanctuary), WHH, Aroma, and even developers of Tropicale Residency & Garden Residency near Machang Bubuk.

    The land in Alma

Current Jusco in Seberang Perai City Shopping Mall is leased from Aseania Development, the developer of Bandar Perda. We can see that this building has serious defect such as sinking land and cracked wall. Aeon has filed legal proceeding against Aseania for material breaches.

From renting retail space from Aseania in Bandar Perda to rent out retail space to others in Alma, it is a good move by Aeon.

From The Edge:

KUALA LUMPUR: Wing Tai Malaysia Bhd expects to record a gain of RM27.63 million from the sale of two pieces of land in Seberang Perai, Penang to Aeon Co. Bhd for RM50.12 million cash consideration.

It said on Friday, Aug 5 the two pieces of land, about 7.29 ha and 4,625 sq metres, were currently vacant and Aeon planned to build a shopping complex with car park facilities.

Under the agreement, Wing Tai’s unit DNP Land would construct at its own cost certain infrastructure outside the site including road widening, installation of traffic lights and utility tap-off points.

“The proposed disposal represents an opportunity for WingTM group to dispose the sale property and to realise the cash from the disposal. The net proceeds from the proposed disposal shall be redeployed to WingTM Group’s other property development activities and/ or general working capital purposes,” it said.

Wing Tai said the proposed shopping center would enhance the prospect of the future phases of Taman Seri Impian project to be developed by DNP Land.

The net book value of the two pieces of land is RM12.483 million were acquired by DNP Land on Aug 26, 2005 at RM12.483 million.

DNP Land estimated RM10.01 million to be incurred for its compliance with the conditions including soil tests and clearance. WingTM Group expected to derive RM27.633 million before tax from the disposal.

     Impiana Commercial Hub, Alma, Bukit Mertajam

Latest Jusco Alma progress: Jusco Alma On The Way?


  1. market on megasales for the 2nd day, looks like megasales will be there for sometime...any picks??guess where and when is the bottom....??

    time to accumulate bullet and patient

  2. When it does rebound, I believe that pick anything will do, just the timing only... when???