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Friday, November 23, 2007

Bolton hopes to rake in RM60m from The Wharf

Property developer Bolton Bhd expects gross profits of RM60 million for two phases of its commercial development project, The Wharf, in Puchong's Taman Tasik Prima.

The Wharf, with a gross development value of RM200 million, is a 7.29ha lakefront retail centre with three dedicated business zones - Biz Hub, The Avenue and Piazza - set to be completed by 2011.

Wong: The shop-offices are suitable for corporate offices, restaurants, boutiques and showrooms

Bolton chief operating officer Chan Wong Kwong said the profits would come from Biz Hub and The Avenue.

Biz Hub, the first zone to be launched, had more than 75 per cent of its three blocks of shop offices taken up within three weeks of its sales launch.

"We are expecting a profit margin of more than 30 per cent for the Biz Hub," said Chan during a press conference in Puchong yesterday.

Biz Hub comprises 22 en-bloc shop offices and 54 strata office units.

A block of shop offices are priced between RM816,000 and RM2.7 million whereas office units are priced between RM100,000 and RM180,000.

"With double frontage, the shop-offices are suitable for corporate office, restaurants, boutiques and showrooms," said Chan.

The Avenue, the showroom and service hub, to be launched in 2008, will offer larger commercial plots ranging from 3,200 sq ft to 0.81ha.

"There will be 20 lots, and buyers can choose to purchase the lot and design the buildings on their own, or have the developer build it for them," he said.

Piazza is a pedestrian-only retail centre made up of two to four-storey retail lots fronting the lake.

The retail village will have promenades, boulevards, semi-enclosed pedestrian-only streetscape and an event park with an entertainment-cum-exhibition squ-are.

"The Piazza will remain under our management. We will not sell it because we want to be able to control the tenant mix," he said.

Chan added that there will be a small office home office block and a neighbourhood supermarket in the Piazza.

He also projected a 10 per cent rental yield based on rental of between RM2 and RM4 per sq ft of retail space.

Chan said The Wharf had a ready catchment of customers with over 10,000 residents in the Taman Tasik Prima township and 80,000 more in the immediate surrounding areas.

"The customer base in Puchong is expected to grow to half a million by 2010 and this is yet another attractive proposition for buyers and potential buyers," said Chan.

In addition to The Wharf, a total of 2,300 units of double-storey terrace and semi-detached houses, waterfront bungalows, apartments and condominiums and shop offices will be built in this multi-phased development.

Currently, 800 residential units have been sold for a value of RM280 million.

Taman Tasik Prima is being developed by Prima Nova Harta Development Sdn Bhd, a joint venture between Bolton Bhd and Prima Nova Group.

By New Straits Times (By Jeeva Arulampalam)

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