Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Thursday, November 22, 2007

Bolton sees RM60 million profit from The Wharf

An artist's impression of Biz Hub shop offices

: 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)

No comments: