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Saturday, August 7, 2010

Bolton in talks to buy land with RM500m GDV

Property developer Bolton Bhd is in talks to buy land with potential gross development value (GDV) of RM500 million this financial year, says its top executive.

"We target to acquire strategic landbank for our future development in Penang and the Klang Valley," said chairman Datuk Mohamed Azman Yahya.

Bolton plans to use about a third of the RM195 million loan it got in May this year for the purchase.

"With a low net gearing of 0.1 times and having raised additional banking lines, we now have the opportunity to gear up and embark on a landbank acquisition exercise to fuel our growth phase," he told pressmen after the company's annual general meeting in Shah Alam, Selangor, yesterday.
The group would focus on developing high-end residential properties.

Bolton now has 2.4ha to 2.8ha of land and this is expected to keep the company profitable for the next three to four years.

Its plan also includes the launch of four major projects this year, which can bring in RM500 million in sales.

The projects are the recently-launched RM155 million Arata condominiums in Bukit Tunku, the RM202 million "SixCeylon" condominiums and the RM220 million "51 Gurney" niche apartments, all located in Kuala Lumpur.

And later this month, Bolton will unveil The Wharf, a commercial development within Taman Tasik Prima township in Puchong with a GDV of RM650 million.

The group may raise more debt from loans or bond sales or it can also sell new shares to raise funds.

Meanwhile, executive director Chan Wing Kwong said Bolton may venture abroad in two years if the right opportunity arises.

By Business Times

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