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Thursday, November 22, 2012

Bolton aims to achieve RM1b in sales by 2014

SUBANG JAYA: Property developer Bolton Bhd aims to achieve RM1 billion in sales by 2014 from RM600 million currently, said executive chairman Tan Sri Azman Yahya.

"Currently the company has RM619 million gross development value (GDV) of on-going projects and RM3.5 billion GDV of upcoming sales," he told reporters after signing an agreement to raise RM370 million and seal a joint venture development in Kota Kinabalu with Mobuild Sdn Bhd.

The fund raising agreement comprises RM230 million sukuk, managed by Affin Investment Bank and guaranteed by Danajamin Nasional, and a RM140 million five-year revolving loan by Affin Bank Bhd.

Azman said the money will be used for working capital and to acquire strategic landbanks.

"With this new fund raising exercise, we are now poised to embark on a landbank acquisition exercise to sustain the growth of the company for the next 10 years and beyond," he said.

Meanwhile, the 50:50 partnership with Mobuild will see Bolton entering Sabah to build 500 units of luxury condominiums and landed villas with a GDV of RM480 million in Kota Kinabalu. The project, on a 4.2ha plot, is expected to be launched in the first half of 2013.

Going forward, Azman said Bolton is vying for strategic land deals in Penang and Kota Baru to develop high-rise residentials.

Currently, Bolton's real estate landbank spreads across 404.7ha in the Klang Valley, Kedah and Penang.

By Business Times

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