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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

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