PETALING JAYA: IJM Corp Bhd says there will be no change in strategies for the property development division after subsidiary RB Land Holdings Bhd acquires 100% of IJM Properties Sdn Bhd for RM1.222bil.
Announced in late July, the acquisition is part of IJM Corp's plan to streamline its property development business.
IJM Properties would be renamed IJM Land Bhd upon completion of the exercise.
For the financial year ended March 31, property development contributed 24% or RM77.1mil to IJM Corp's pre-tax profit of RM318.9mil on revenue of RM463.8mil.
The group would continue to monitor the property market to see how it performed, IJM Corp chief executive officer and managing director Datuk Krishnan Tan said after the group EGM yesterday.
“We've good ongoing projects and with the streamlining of the property business, we have considerable landbank in Penang, Klang Valley and Johor,” he said, adding that gross development value stood at betwen RM2bil and RM3bil.
According to Tan, the group's construction arm would continue to bid for jobs in India and the United Arab Emirates, where it has a presence, as well as in the development regions that had been launched locally.
“We've been quiet because we've been focusing on the current jobs but in the next few months there would be more news from us,” Tan said. He declined to comment on the construction arm's order book.
By The Star
Thursday, November 22, 2007
Bolton sees RM60million from The Wharf
PUCHONG: Bolton Bhd subsidiary Prima Nova Harta Development Sdn Bhd expects to gross RM60mil in profit in 18 months from the first two components of The Wharf project here.
Bolton chief operating officer Chan Wing Kwong said company had seen brisk sales of the first component – Biz Hub – since the sales launch three weeks ago.
Speaking at the The Wharf launch yesterday, he said 75% of three blocks of shop offices in Biz Hub had been snapped up to date.
“The good response for the three- and four-storey shop offices heralds a very good start for the RM200mil lakefront retail centre,” he said.
Chan said the buyers were mainly attracted to the development concept – a one-stop business, retail and leisure centre – as well as the potential of doing business and owning shops in Puchong.
Bolton's COO Chan Wing Kwong with a model of The Wharf project.
Tapping on the demand for shops, Biz Hub is the first of three precincts of The Wharf project that will be developed on an 18-acre lake-fronting site in Taman Tasik Prima. Piazza – the lakeside retail village – will be the next development, followed by Avenue, the showroom and service hub. The Wharf project is due for completion in 2011.
Biz Hub comprises 22 en bloc shop offices and 54 strata office units. The shop offices are priced between RM816,000 and RM2.7mil per block whereas the office units are priced between RM100,470 and RM182,770 each. Chan projected a 10% rental yield for the retail space based on the market rate of between RM2 and RM4 per sq ft.
Piazza will house among other things, alfresco dining outlets, café, entertainment centres, a wellness and fitness centre, convenience and household stores.
Avenue, meanwhile, will offer large commercial plots with standalone building or warehouses ideal for showrooms, drive-thru restaurants, learning centres, medical centres, supermarkets, sports centres and corporate offices.
The Wharf is part of the 345-acre resort township Taman Tasik Prima, Bolton’s maiden property project in Puchong that was undertaken via a joint venture with the Prima Nova group.
By The Star
Bolton sees RM60 million profit from The Wharf
An artist's impression of Biz Hub shop offices
PUCHONG: Bolton Bhd is expecting a gross profit of RM60 million from the sale of part of its commercial component called The Wharf in Taman Tasik Prima, Puchong.
The Wharf, with a gross development value of some RM200 million, is located within the 240-
acre leasehold lakefront township development. It comprises three components — Biz Hub, Avenue and Piazza — built on 18 acres, and will be completed in 2011.
The Biz Hub comprises shop offices with individual strata titles while commercial land is
being offered at Avenue.
Meanwhile, the developer plans to retain and lease out space at the Piazza, the lakeside pedestrianonly retail village, that will be The Wharf’s central attraction.
Bolton’s chief operating officer Chan Wing Kwong (pix) sees The Wharf as the new business cum leisure “epi-centre” of Puchong, particularly towards the southern side.
“Our project will form the nucleus of our lowdensity and resort-themed Taman Tasik Prima which is unique as it surrounds a 200-acre lake.
“The Wharf combines work, retail and leisure in a lakefront setting and we are bringing the convenience to the surrounding population that is expected to exceed 500,000 in five years’ time,” Kwong told reporters after the launching of The Wharf at its Taman Tasik Prima sales gallery yesterday.
The developer soft-launched the Biz Hub shop offices three weeks ago with more than 75% of the units sold.
“With the impending holiday season and slowing down of activities at the end of the year, we can
easily achieve a sell out early next year with our competitive pricing of about RM200 psf. We are providing individual strata titles for the shop offices for the convenience of our buyers who are investors and end-users from the Klang Valley. Based on our study from nearby shop offices, we are projecting a minimum rental yield of 10%,” said Kwong.
Biz Hub offers 22 en bloc 3- and 4-storey shop offices served by lifts as well as 54 strata office
units and prices for the en bloc units are between RM816,000 and RM2.7 million while the individual units are tagged between RM100,470 and RM182,770.
With two lot sizes of 20ft by 80ft and 22ft by 80ft, built-ups for the en bloc and individual units are from 4,000 sq ft and 1,000 sq ft respectively. On the maintenance fee, the developer says it would be less than 10 sen psf. There will be slightly less than 300 parking bays on the ground level.
Meanwhile, the developer plans to launch the commercial lots at Avenue within the first quarter of 2008. Located in the centre of The Wharf, Avenue offers 20 lots of commercial plots with sizes ranging between 20,000 sq ft and two acres. With indicative prices starting from RM100 psf, Avenue will be ideal for businesses like show-rooms, concept restaurants, medical centres, hypermarkets, banks and corporate offices, Kwong said.
“While we are selling land complete with infrastructure at Avenue, we will be offering an
option to buyers where we can also build their buildings according to their specifications,” he added.
For Piazza, there will be a 2-storey mall with lake views, lakeside boulevard with retail lots, 150 Small Office, Home Office units and an event park as well as a street market area. While the mall will have a nett lettable area of 150,000 sq ft, the external space that will be leased out will bring the nett lettable area to 280,000 sq ft at Piazza.
The RM700 million gated Taman Tasik Prima, which was launched in 2002, is a joint venture between Bolton and the Prima Nova Group, and is developed by Prima Nova Harta Development Sdn Bhd. To date, it has sold 800 units of residential properties comprising link houses, superlinks, semidees and bungalows that amount to RM280 million.
By theSun (By Loo Pik Kwan)
Genting’s Landmarks stake at 29.68%
KUALA LUMPUR: Genting Bhd continued to accumulate shares of Landmarks Bhd, acquiring nearly 1.96 million shares from Nov 12 to 16 to increase its shareholding to 142.68 million shares, or 29.68%. A filing with Bursa Malaysia showed the shares were acquired by Phoenix Spectrum Sdn Bhd, a unit of Genting. It acquired 840,000 shares at RM3.178 apiece on Nov 12, as well as another 286,000 shares on the next day at RM3.18 each. Landmarks’ subsidiary Bintan Treasure Bay Pte Ltd (BTB) is planning a multi-billion ringgit resort on Bintan Island, Indonesia, with a gross development value of RM4 billion. To finance the project, Landmarks had recently stated it might team up with overseas partners and also sell part of its landbank to developers to raise funds for its plan to boost its Bintan Treasure stake. Landmarks has sought to acquire an additional 9.5% in Bintan Treasure from Bold Impact Enterprises Ltd for S$23.17 million (RM53.3 million) cash, which would boost its shareholding to 74%. By The EDGE MALAYSIA
On Nov 14, it bought 480,000 shares for RM3.18 apiece, acquiring another 353,000 shares for RM3.176 each on Nov 16.
Dynaura sells 2.67% stake in Landmarks
KUALA LUMPUR: Dynaura Trading Sdn Bhd disposed of 12.84 million shares of Landmarks Bhd, or a 2.67% stake, on Nov 6 at an average price of RM2.96 a piece. Filings with Bursa showed that after the disposal, Dynaura’s shareholding in Landmarks was reduced to 24.9 million shares or 5.18%. Nik Suffian Mohd Zain and Datuk Othman Hashim were deemed interest in the transaction via their interest in Dynaura. Landmarks is involved in property investment and development. Its subsidiary Bintan Treasure Bay Pte Ltd (BTB) is planning a multi-billion ringgit resort on Bintan Island, Indonesia, with a gross development value of RM4 billion. Genting Bhd has been accumulating Landmarks shares, acquiring nearly 1.96 million shares from Nov 12 to 16 to increase its shareholding to 142.68 million shares or 29.68%. Landmarks 52-week high is RM3.60 on Oct 30 while its 52-week low is RM1.50 on Aug 17. Its price earnings is 13.62 times. By The EDGE MALAYSIA
Jetson awarded RM189 million Indonesia project
KUALA LUMPUR: Kumpulan Jetson Bhd has been awarded a contract worth US$56 million (RM189.28 million) to design and build 1,018 units of commercial and residential development on 26.95 hectares of land in Indonesia by land developer Kelapa Gading. In a statement to Bursa Malaysia yesterday, Jetson said its unit, Jetson Construction Sdn Bhd, had received a letter of award from PT Piramida Daya Nusantara, a special purpose vehicle incorporated by Kelapa Gading. Jetson’s scope of work involves development management, design development and approval as well as construction and project management of lands at Rawa Terate, Kelapa Gasing, Daerah Khusus Ibukota Jakarta, Jakarta Timur, Indonesia. The final contract sum would be derived on a cost-plus basis while project payment was on a progressive basis, it said. Jetson expects the project to contribute positively to the group’s earnings. By The EDGE MALAYSIA
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