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Monday, December 13, 2010

Mutiara reaps RM76m from housing sales

Mutiara Goodyear Development Bhd accrued RM76.3 million from the sale of 119 terrace houses in phase one of Nadayu 92 Kajang and additional units from phase 2 of the company's maiden project in Kajang.

The 100 per cent take up rate for phase one of the project last Saturday was not only overwhelming but prompted the company to open part of the next phase of the project for sale, much to the delight of buyers.

"As of Sunday, 145 units were sold between RM433,000 and RM1.023 million each," said Executive Chairman Hamidon Abdullah in a statement today.

"The concept of gated and guarded with good communal amenities within a central green is alien in Kajang. "Proven now, this is what our purchasers are looking for," said Hamidon.

Having reached this stage, he said the company must now get on with the construction. "This will be the real test for Mutiara. The proof is when the keys are delivered," he added.

By Bernama

PHB secures anchor tenants for Nu Sentral

Both Parkson and GSC take up about 25 per cent of the 460,000 sq ft net lettable area in Nu Sentral, says Pelaburan Hartanah Bhd

Pelaburan Hartanah Bhd (PHB) has secured two anchor tenants, Golden Screen Cinema (GSC) and Parkson, for its seven-storey retail development called Nu Sentral in Kuala Lumpur Sentral.

Nu Sentral is part of a bigger 2.4ha integrated commercial development called Lot G, being jointly developed by Malaysian Resources Corp Bhd and PHB.

"Both Parkson and GSC take up about 25 per cent of the 460,000 sq ft net lettable area in Nu Sentral," PHB managing director and chief executive officer Kamalul Arifin Othman told Business Times.

The development will also have a 27-storey office building with a net lettable area of 450,000 sq ft.

Lot G, with gross development value of RM1.4 billion, is slotted for completion in 2012. It is set to be one of the developments PHB plans to inject into its recently-launched Amanah Hartanah Bumiputera unit trust scheme.

Kamalul said PHB also was in the final stage of evaluation for the development of an integrated commercial complex on a five-acre site at Jalan Ampang.

"We are talking to several parties now, and looking at starting physical work on phase one in mid-2011," he added.

The development is slotted to have a gross development value of RM1 billion and also to be injected into AHB.

PHB is the sponsor for AHB, a RM1 billion unit trust aimed at increasing Bumiputera participation in the commercial property sector.

The fund enjoys beneficial ownership of five properties, ultimately owned by PHB. They are three office buildings CP Tower, Wisma Consplant in Damansara and 26 Boulevard in Putrajaya; Tesco Setia Alam and an industrial complex in Shah Alam.

Kamalul declined to reveal the terms of the beneficial ownership agreement but said the arrangement maximises the unit trust's income distribution to ensure that unitholders will enjoy a competitive and consistent return from their investment.

Early estimates are that initial returns could be in the region of 6 per cent for the first year of the fund.

By Business Times

Forecast earnings for Bolton raised

Bolton is a "buy" with a price target of RM1.50 a share, says OSK Research, noting that Bolton has completed the acquisition of 23 acres in Ukay Perdana for RM72 million, slightly ahead of schedule.

The land comes with a ready development order and substantial earthworks done which should allow for speedy launch in 2Q11.

The project consist of 98 units of gated & guarded zero-lot bungalows with a gross development value of RM220 million.

"We raise our FY12-13F earnings by 3-18 per cent to RM53 million and RM92 million respectively to factor in the project," says OSK Research.

By Business Times