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Friday, May 15, 2009

AmResearch keeps 'buy' call on IJM Land

AMRESEARCH Sdn Bhd is maintaining a "buy" rating on IJM Land Bhd, the property arm of IJM Corp Bhd, with a RM2.40 fair value, following good response to the launch of its "Summer Place" condominium project in Penang recently.

The local research firm said it was surprised by the stronger-than-expected market response to the developer's recent soft launch of Summer Place, which had on offer 528 condominium units at RM330 per sq ft. The take-up rate has now reached 75 per cent, within a month of launch.

This has prompted IJM Land to bring forward its maiden debut of "The Light", which is located close to Summer Place, starting with the launch of "The Light Linear" in June, said AmResearch in a report yesterday.

The Light Linear project will offer 328 condominium units with build-up ranging from 1,379 sq ft to 1,520 sq ft and are likely to be priced around RM400 per sq ft.
"Some 1,500 potential buyers have registered with IJM Land to purchase The Light Linear - further underpinning our conviction on demand. The management may also be looking to extend its "My Space" homeownership programme with possibly early birds discount to boost buying interests," said AmResearch.

The second phase of The Light development will be "The Light Point", comprising 88 units of luxurious condominiums with build-up of between 1,800 sq ft to 2,250 sq ft in a 28-storey block. It will be launched in September 2009.

The units will be priced around RM500 per sq ft.

AmResearch said it reaffirms its conviction that IJM Land is an excellent reflation stock play, given that it is still under-researched and under-owned by the investment community.

"Its institutional shareholdings are also low, as such it can leverage on parent IJM's wide following among institutional investors to build a solid shareholding structure, and it has attributes of a large cap blue-chip proxy to the property sector," it added.

By Business Times

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