Bolton's Puchong project to be fully developed by mid-2011

BOLTON Bhd's Taman Tasik Prima township in Puchong, Selangor, will be fully developed once the final phase is launched by mid-2011, comprising commercial and residential units worth RM650 million.

It will offer 3,000 units of terraced houses, serviced apartments, shops and a 250,000-sq-ft retail mall on a 8.1ha site, Bolton executive chairman Datuk Mohamed Azman Yahya said.

"It is in planning stage. The final phase will be exciting," Azman said yesterday after briefing the media on The Wharf, a prime commercial project worth RM450 million located within the township.

Bolton expects gross development profit of RM150 million from the final phase over seven years.
The Wharf has 32 blocks of three-storey boutique showroom stratified offices known as BizWalk, 1,002 units of serviced apartments in three blocks, 64 terraced residences and a 302,739-sq-ft retail mall.

Bolton will launch BizWalk this weekend. The showroom offices come in lot sizes of 25ft by 75ft and 39ft by 75ft, each priced from RM2.2 million.

Azman is bullish on sales. "We expect it to be very well received. The market is currently robust. I think it will probably hold for a while," he said.

The mall, worth RM100 million, is expected to be completed by early 2013.

Azman said it is considering to sell it to a retail operator.

He also said that he is confident that the company's sales in current fiscal year will touch RM500 million, helped by new projects.

"We see that for investment opportunities, people still prefer to invest in properties. We see a lot of buying interest from Japan, Singapore and China.

"This year we are getting five to six projects up. A bulk of the earnings will come in a year later, so going forward, earnings would be better," he said.

In the year ended March 31 2009, Bolton posted a net profit of RM18.3 million on revenue of RM292 million.

Its new projects, due to be launched in Kuala Lumpur this year, include SixCeylon at Bukit Ceylon, Arata at Kenny Hills and 51 Gurney at Persiaran Gurney.

Bolton has 240ha of land in Kuala Lumpur, Penang, Kedah and Negri Sembilan, with expected gross development value exceeding RM2 billion.

By Business Times