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Wednesday, January 11, 2012

Naza TTDI and Seacera in joint venture?

PETALING JAYA: Naza TTDI Sdn Bhd, the property arm of the Naza group, is likely to join forces with ceramic tile maker Seacera Group Bhd in a 500-acre mixed development project in Ulu Langat, Kajang , sources said.

Both parties met last week to discuss the probability of collaborating, a source said.

“The emergence of Naza TTDI - which launched last year its TTDI Grove mixed development project in the same vicinity and enjoyed a good take-up rate for it, will value-add Seacera because of its (Naza TTDI's) experience in the same land area.

“The collaboration will also be good for Seacera's tile business which will be complementary to the property project and give Seacera additional income,” the source noted.

In terms of benefits to Naza TTDI, the company has said that landbank expansion is its priority and this deal will enable it to gain direct access to more land in the Kajang area, having used up most of its landbank for its 113-acre TTDI Grove project.

No specific details on the joint-venture are available at this point.

StarBiz reported recently that Seacera will this year kick-start a 500-acre mixed development project in Ulu Langat with a gross development value of at least RM2bil that will span over 10 to 15 years.

Of the 500 acres, Seacera owns 113 acres, which it bought from land owner Duta Skyline Sdn Bhd for about RM27mil or RM5.50 per sq foot. The remaining land is currently owned on a 78:22 joint-venture basis with Duta Skyline, with the larger portion owned by Seacera.

Shares in Seacera have surged 47% over the past two weeks, ending at 76.5 sen at yesterday's close.

Recently, some four million shares were crossed to unidentified buyers, suggesting that there could be new major shareholders coming into the company.

It is learnt that corporate personality Datuk Samsudin Abu Hassan, who was one of the major shareholders of the company, has exited the company completely. For the third quarter ended Sept 30, 2011, Seacera made a net profit of RM981,000 on sales of RM24mil.

By The Star

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