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Wednesday, March 28, 2012

Bolton in its first build-then-sell development

KUALA LUMPUR: Bolton Bhd is embarking on its first build-then-sell residential development with a gross development value of RM80mil on a 2.34ha site in Setapak.

The company has entered into an agreement with CRSC Property Sdn Bhd to develop 70 three-storey superlink terraced houses on the leasehold site, which is part of an ongoing 26.97ha residential and commercial development in Taman Sri Rampai.

Under the agreement with CRSC Property, Bolton will construct and complete the development by February 2015.

“We expect this project to be a quick turnaround for Bolton as the land is currently vacant and ready for development,” said executive chairman Datuk Mohamed Azman Yahya in a statement yesterday.

“Although this is our first build-then-sell concept development, we are confident that Bolton's good and solid reputation has garnered us a strong following in the Klang Valley to ensure the saleability of the superlink terraced houses.”

He said Taman Sri Rampai was a sought-after mature township, which enjoys good accessibility to the city centre via several major highways.

“As this project is a landed development, this would ensure that the property would enjoy healthy capital appreciation upon its completion,” he added.

By Bernama

BRDB to proceed with disposal of properties

PETALING JAYA: Bandar Raya Development Bhd (BRDB) will proceed with the proposed disposal of BR Property Holdings Sdn Bhd, CapSquare Retail Centre and Permas Jusco Mall via a tender exercise.

In a note to Bursa Malaysia yesterday, BRDB said its board noted that while Ambang Sehati Sdn Bhd, its second largest shareholder, is still evaluating its plan to increase its stake in the company (which may or may not result in a general offer), the latter has yet to confirm its decision to proceed with the exercise.

BRDB said it was working with its legal and financial advisers to implement the proposed disposal in an efficient manner.

By The Star

IGB to ink deal to co-develop Johor project

PETALING JAYA: IGB Corporation Bhd will be signing a non-binding Memorandum of Understanding (MoU) with Selia Pantai Sdn Bhd for the proposed establishment of a 70:30 joint venture (JV) to acquire and develop three vacant parcels of leasehold land situated in Johor into a retail mall and / or mixed development.

IGB told Bursa Malaysia today that the MoU shall remain valid for 30 days except as otherwise mutually agreed in writing by the parties.

“Full announcement of the proposed JV will be made in the event the parties have executed a joint venture agreement which shall constitute the definitive documentation providing the details in respect of the matters broadly set out in the MoU,” the company said.

By The Star

Singapore's HDB to launch 8,000 flats today

SINGAPORE: The Housing Board (HDB) will launch a bumper crop of 8,000 flats today through a joint build-to-order (BTO) and sale of balance flats exercise. The flats are located in mature and non-mature estates, such as in Bukit Timah, Bedok and Clementi, and cover the full range of flat types.

“With the wide range of flats offered, flat buyers will be able to apply for one that best meets their needs, and in an estate of their choice,” said National Development Minister Khaw Boon Wan in his latest blog posting.

He expects strong demand for the completed/near completed flats and flats in mature estates. Those who wanted to have a better chance of success should widen their choice and consider applying for a BTO flat in the non-mature estates, he said.

The results of the launch will help HDB calibrate the BTO rules for future launches, to ensure that the policy objectives are met. “Our priority remains to help first-timers get their first HDB flat as quickly as possible, so that they can proceed to start their family,” he said.

Earlier this month, Khaw announced in parliament new measures to help various groups of home buyers.

They include tripling the BTO chance for second-timers in non-mature estates, enhancing the married child priority scheme and introducing a new multi-generation priority scheme to help married children live with or near their parents, as well as introducing an ageing-in-place priority scheme and a silver housing bonus scheme to help the elderly right-size and age in a familiar environment.