PETALING JAYA: Kwasa Land, a wholly-owned unit of the Employees Provident Fund (EPF) and master developer for the redevelopment of Rubber Research Institute of Malaysia (RRIM) land in Sungai Buloh, has denied talk that it is partnering Dijaya Corp Bhd.
In a statement released yesterday, Kwasa Land stated that a newsreport titled "EPF and Dijaya may develop RRIM Land" published two days ago was unfounded.
The company reiterated that so far, it has not selected any property developers as partners for the RRIM re-development.
"We view such speculative stories with concern as there will be a clear process for developers to qualify as potential partners for this development," said Kwasa Land chief executive officer Mohd Lotfy Mohd Noh.
"We will announce our pre-qualification process shortly, inviting developers to submit their credentials for short-listing by the master developer," he added.
Kwasa Land was established in September 2010 to manage the EPF's multi-billion property development investments in the country.
The government has asked Kwasa Land to incorporate an integrated transportation system into Sungai Buloh, like that of KL Sentral, into the new township and link it via mass rapid transit MRT to the rest of Klang Valley.
By Business Times
Monday, August 6, 2012
Kenanga Research positive on IJM Land UK venture
KUALA LUMPUR: Kenanga Investment Research is positive on IJM Land Bhd's venture into the UK with a joint venture to build a five-star hotel, residential apartment, which will have a gross development value (GDV) of £280mil (RM1.4bil).
IJM Land had on Friday entered into a shareholders' agreement with Lite Bell Consolidated Sdn Bhd to form a joint venture company in Jersey -- Mintle Ltd -- to acquire a 999-year lease over a 2.7-acre site.
The working capital to be funded by the company to develop the property would be between £25mil and £30mil.
"We are positive on the venture as the group is now seeking new earnings growth avenues in overseas given its already high earnings base in Malaysia," it said.
Kenanga Research said the project would see mid- to high-end apartments with a guided average selling price of £1,000-£1,100 psf. It reckoned the guided GDV was still extremely conservative. It added land cost was fair, based on the gross margin guidance of 25%. "There are no issues with the financing of the project by IJM Land. We expect the group's net gearing to inch up to 0.1 times from a 4Q12 net cash position of 0.1 times, assuming a 70:30 debt-equity financing of the land and a £30m working capital," said the research house.
By The Star
IJM Land had on Friday entered into a shareholders' agreement with Lite Bell Consolidated Sdn Bhd to form a joint venture company in Jersey -- Mintle Ltd -- to acquire a 999-year lease over a 2.7-acre site.
The working capital to be funded by the company to develop the property would be between £25mil and £30mil.
"We are positive on the venture as the group is now seeking new earnings growth avenues in overseas given its already high earnings base in Malaysia," it said.
Kenanga Research said the project would see mid- to high-end apartments with a guided average selling price of £1,000-£1,100 psf. It reckoned the guided GDV was still extremely conservative. It added land cost was fair, based on the gross margin guidance of 25%. "There are no issues with the financing of the project by IJM Land. We expect the group's net gearing to inch up to 0.1 times from a 4Q12 net cash position of 0.1 times, assuming a 70:30 debt-equity financing of the land and a £30m working capital," said the research house.
By The Star
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