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Friday, August 20, 2010

Bolton aims to increase sales by 50pc

Property developer, Bolton Bhd, aims to increase its sales by 50 per cent for its current financial year with the launch of more development projects compared with last year.

Its executive chairman, Mohamed Azman Yahya, said with a robust property market outlook, demand was expected to be good. For the financial year ended March 31, 2010, it recorded a pre-tax profit of RM50.7 million on revenue of RM257.473 million.

"Our target this year is to increase sales, by 50 per cent compare with last year -- close to half a billion ringgit in sales this year.

"A lot of developers held back last year. I think we are getting almost five to six projects out this year and the bulk of the earnings from the projects probably will come the year after," he told reporters after unveiling 'The Wharf' commercial hub in Puchong today.

Azman said the 138-hectare project at the Taman Tasik Prima, spread over six hectares of leasehold land, comprised boutique showroom offices (to be launched on Sunday), serviced apartments (Feb 2011 launch), terraced suites and a retail mall (early 2013 completion).

"With a total gross development value (GDV) of RM450 million, the one-stop neighbourhood lifestyle development will be well-received by people," he said.

He said to-date, more than 1,500 units of properties had been sold while some 90 per cent of these units had been completed and handed over.

"With eight hectares left for development at Taman Tasik Prima, Bolton''s development plans include about 3,000 units of terraced houses, serviced apartments, shops and a retail mall.

"These properties will provide the company with a GDV and gross development profit of about RM650 million and RM150 million respectively, over the next seven years," he said.

Azman said the property market was pretty robust and would probably hold. "Bank Negara Malaysia's policy is quite accommodating. The people still prefer real estate and there is a surge in demand from overseas buyers," he said.

Bolton has a landbank of 260ha, of which 70 per cent are in the Klang Valley.

By Bernama

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