Glomac sees better times with more projects and bigger landbank in the Klang Valley

An artist impression of landed units that will be built by Glomac in its recently acquired Puchong land.

By next week, right after its analysts and fund managers' briefing on Tuesday, June 26, Glomac Bhd will be making preparations to move to its new headquarters in Damansara opposite Tropicana City Mall in Petaling Jaya. The briefing, held in conjunction with the release of its financial results for its fourth quarter, and the move to its new premises, are in a way, the beginning of a new chapter for the medium-sized developer with market capitalisation of around RM550mil.

The last several years, Glomac has been riding high on a buoyant property market. It is expected to announce strong results again, due very much in part to the multiple projects it has undertaken. Prior to 2009, results were a bit flat. But in the three years starting 2009, the net profit and revenue have been strong.

“We were not doing well because we undertook few projects. Today, we have 10 to 15 on-going projects, which account for our strong balance sheet,” says Group managing director and chief executive officer Datuk FD Iskandar.

FD Iskandar: ‘Today, there is a huge appetite for landed housing and we are going to provide this.’

In and around Petaling Jaya, Glomac has some pretty interesting projects. In February of this year, it launched high-rise apartments, Reflection Residences in Mutiara Damansara, which is expected to be completed at the end of 2015 starting from RM800 per sq ft. There are few units left.

It is also developing Glomac Centro in Bandar Utama, another serviced apartment from 1,175 sq ft to 1,162 sq ft with two-storey shop offices between RM700 and RM800 per sq ft.

Its third commercial project in Petaling Jaya is Damansara Residences project opposite Tropicana City Mall where its new headquarters is located. It is currently developing the fourth of a six-phased project here.

The interesting part about all three of these projects is connectivity. They will have a My Rapid Transit (MRT) station several hundred metres away, a fact that FD Iskandar is very pleased about.

Its Damansara project started out with a gross development value (GDV) of RM500mil. Today, it has nearly doubled to about RM900mil for a seven-acre site.

“Our (projects') GDV has gone up from RM3bil to RM7bil in a matter of a few years. Which brings me to this point: You can have 10,000 acres but what is important is WHERE is your land bank?”

Besides these projects, which comprise mainly serviced apartments with commercial retail element, the company will be moving into township development.

In the last 18 months, Glomac has bought three pieces of land, each about 200 acres, in Sungai Buloh, Puchong and Dengkil, Sepang.

“Landed housing is what the people want today. Two years ago, the hottest thing in the property market was commercial properties. Last year, it was three to five-storey houses. Today, there is a huge appetite for landed housing and we are going to provide this,” he says.

As for condominium developments, this will be popular in specific locations, and this can be seen in the demand for high-rise residential living in Petaling Jaya.

“Landed housing, however, is always popular. Because of that, the three pieces of land we bought will focus on landed properties and part of it, commercial projects.”

The company extended further its project in Bukit Saujana by another 240 acres, having paid RM45mil for it. Bukit Saujana is about 1,000 acres now.

It recently completed its sale and purchase for 200 acres in Puchong for RM77mil. The land is near Tesco Puchong and there are plans to have rail transport, either the LRT or MRT, about 200 metres from the site.

“In that respect, there will be good access and connectivity which will increase the value of our Puchong site. Also, this location is in Puchong proper and not far away in the peripheral of Puchong. So that makes the development noteworthy,” says FD Iskandar.

The third piece of land in Dengkil, Sepang, about 3km from Cyberjaya and 4.5km from the K L International Airport, was acquired for RM67mil. “The Sepang parcel, of about 191 acres, will be our project for the future,” says FD Iskandar.

At the same time, Glomac is keen to replenish its land bank in the Klang Valley.

On whether it is on a land buying spree, he says: “I won't call it that. We have been developing properties for the last 24 years. We have to replenish land banks.

“Why sit on cash? We have about RM350mil in cash and we must replenish. We saw our opportunities the last 12 months. Land prices are going up too high. Owners thought their land was gold, especially early this year.

“There has been tightening in lending, which we have taken note of. But the domestic economy has been good though the situation in Europe has not been addressed.”

FD Iskandar says the company is taking cognizance of these factors but it has also to consider the cash pile it is sitting on, and the gearing, which at 0.1 times can be increased to 0.5 times.

The company has seen tremendous growth in the last three years and FD Iskandar attributes this to the multiple projects the company has embarked on. Prior to this, the company had few projects.

Today, it is simultaneously developing more than 10 projects of different sizes.

Its unbilled sales have been hovering around RM300mil since 2000 and presently it is about RM700mil and still climbing.

“Unbilled sales will turn to revenue next year,” he says.

On its focus to purchase more land in the Klang Valley and not move in the same directio of other developers who have ventured into Penang and Iskandar Malaysia, FD Iskandar says the company is familiar with Klang Valley.

“We are aware of the pockets of growth in Penang and in the south in Iskandar, but 67% of the RM107bil residential sales for the whole of Malaysia last year are from within the Klang Valley. This is where the action is. This is the first point of entry.”

On his outlook for the rest of the year, FD Iskandar expects the property market to remain stable.

“There will be growth but the increase will not be as fast as in 2010 when Klang Valley property prices went up 20% to 30% .

“Prices rose last year too, but not as much as in 2010. It is expected to continue to grow this year,” he says.

By The Star

Fajar Baru submits plans for condo projects

KUALA LUMPUR: Fajar Baru Builder Group Bhd is believed to have submitted plans to the local authorities in Selangor and Kuala Lumpur in a move to venture into the property development sector, people familiar with the matter said yesterday.

It is understood that the construction company had submitted the plans over the past three months to build residential condominium units in Puchong and Jalan Ipoh.

A company official, speaking on condition of anonymity, confirmed the matter, but noted that the company has yet to receive the full suite of approvals yet. "We are targeting for a launch in the early part of next year," said the official.

Fajar Baru, which has about some RM1 billion worth of ongoing construction jobs at hand, bought the land in Puchong for about RM39.94 million late last year.

It also bought 0.92ha land in the Jalan Ipoh-Sentul area last year for RM23.6 million. The land is said to be a gold mine as it is one of the nearest entry point to the city.

"The land in that area should easily fetch more than RM500 per sq ft," said the source.

RHB Research recently noted that for the year ending June 2012, Fajar Baru had secured five key contracts, boosting its year-to-date new contracts to RM668 million from RM368 million and outstanding order book by 46 per cent to RM925 million from RM625 million.

"... We gathered from Fajar Baru during a recent visit that it expects to put onto the market by the first quarter of next year a high-rise serviced apartment project in the Sentul/Jalan Ipoh area," RHB Research said in a report last month.

Business Times was told that the high-rise project in Jalan Ipoh will have a gross development value of about RM280 million.

For the year ended June 30 2011, Fajar Baru registered a net profit of RM13.6 million, but Kenanga Research expects its profit to rise to RM15.8 million this year and RM27.1 million by 2013.

The research house has an outperform call on the stock with a RM1.27 target price.

By Business Times

RM124m financing for LBS upmarket D'Island Residence

KUALA LUMPUR: Property developer LBS Bina Group Bhd is borrowing RM124.6 million from Malaysia Building Society Bhd (MBSB) to finance its upmarket development in Selangor.

The 70.8-hectare D'Island Residence housing project in Puchong, with gross development value of RM3.6 billion, is expected to be completed by 2020.

LBS managing director Datuk Lim Hock San said the first phase was fully sold out.

"We expect to hand over the houses to owners in six months," he told reporters here yesterday after sealing the loan agreement with MBSB.

The RM125 million loan is to finance the second phase of D'Island Residence, consisting of semi-detached and superlink homes.

The semi-detached homes are priced from RM2.38 million while the three-storey superlink homes will be sold from RM1.7 million.

In its filing to the stock exchange yesterday, LBS said its fourth quarter profits to December 2011 fell 19 per cent to RM9.02 million.

Revenue dipped five per cent to RM143.41 million.

For the full-year, the group's profits more than doubled to RM36.72 million, thanks to progressive sales at D' Island Residence and The Lake Residence in Puchong, Topaz III & IV, Ivory Residences I & II, Indigo Homes, Magenta Homes and Lavender II in Bandar Saujana Putra.

The high profits were mainly driven by the group achieving RM662 million sales last year, 57 per cent more than 2010's RM422 million.

As at December 2011, the group has 20 ongoing projects and unbilled sales of RM649 million.

Lim said LBS is confident of topping RM800 million sales this year as domestic consumption is still growing at a sustained pace.

"There's liquidity in the market. Property sales at select locations are doing well," he said.

By Business Times

New township offers synergy of family, work, business and leisure

Brand new: The Zest Serviced Apartment @ Kinrara 9 is completed ahead of schedule.

The Trinity Group team shifted into high gear as 2011 drew to a close — and delivered a full schedule ahead for the much-awaited launch of The Zest Serviced Apartment @ Kinrara 9. Dreamed up to be the next prime address in Bandar Kinrara 9 offering an integrated location for family, work, business, leisure, and entertainment — The Zest @ Kinrara 9 became an anticipated reality at the official Key Handover Ceremony recently.

The company is right ahead of target with the completion of an integrated development that consisted of 20 units of shop offices, 24 units of retail outlets and 720 units of serviced apartments in the Bandar Kinrara 9 township development — with infusions of modern and contemporary architectural design.

“The launch of The Zest @ Kinrara 9 marks our foray as a serious contender and comprehensive player offering a gamut of services in the real estate industry,” said Trinity Group managing director Datuk Neoh Soo Keat.

Moving in: Lok Jean Hui (left) is among the 720 homeowners receiving his key from Neoh (right) while Chor looks on.

Trinity Group’s long-standing commitment towards “building communities and enriching lives” is strongly reflected in its developer journey as it grew from strength to strength with each project. Its credo echoes the Malaysian government’s dedication towards ensuring quality and affordable housing to meet the needs of Malaysia’s growing population by matching demand and supply as well as providing efficient public utilities and services as well as a clean and livable environment.

Neoh added that Trinity Group wishes to redefine property development by bringing landmark projects that incorporate the best design, quality, technology and timely delivery. “As a forward thinking and customer-driven developer, we will ensure that all our new products offerings will set new benchmarks in terms of quality and value creation for our customers while remaining true to our aim of pursuing business activities in an ecologically-friendly manner.”

Housing and Local Government Minister Datuk Seri Chor Chee Heung was the guest-of-honour at the key handover ceremony. He said it was imperative for the Government and private sector to work together in order to create a competitive and sustainable housing industry.

“The partnership will benefit the homeowners as well as housing developers. I am pleased to see Trinity Group taking a leader role in raising the industry bar for private developers and employing the six thrusts in the National Housing Policy (NHP) as its guiding principle to achieving conducive and liveable environments and shared community infrastructure and foundation,” he added.

Being a resident or business owner in one of the units at The Zest Point means all-year access to amenities.

Trinity Group does not take community enhancement lightly; its service-focused vision spanning beyond property development is attested by its series of community projects such as a RM7mil access ramp, a RM3mil access road for The Z, and Malaysia’s first air-conditioned bus stop.

The ramp, linking the opposite side of the road and The Zest @ Kinrara 9 with the Bukit Jalil Expressway to lessen traffic congestion and commuting time, was launched by Chor.

Community development, to Trinity Group, is an on-going pursue. “We do not ­— and will not stop here. In the near future, we will undertake more development and community projects that are aimed to improve and enrich people’s lives”, said Neoh.

By The Star

Three-in-one offering in Puchong for potential buyers

TAMAN Tasik Prima in Puchong will soon become a lively place when The Wharf Residence makes its debut soon.

The residences which comprises of three blocks of waterfront apartments by Bolton Berhad is located on a 6.07ha tract as part of the area’s development plans.

The project has a mix of residential and commercial developments.


Smart offerings: The public taking a closer look at The Wharf Residence.

“The first is the The Wharf Residence comprises three blocks of high-rise towers featuring 1,002 high end apartment units overlooking Tasik Prima, followed by the integrated three-in-one development which has boutique showroom offices, flexi suites a retail mall,” said Bolton Berhad executive director Chan Wing Kwong during the launch of Tower 8 — the first of the three The Wharf Residence’s towers.

The tower features 334 units with a built-up area ranging from 795 sq ft to 1,173 sq ft.

With a starting price of RM275,130, The Wharf Residence also provides owners with facilities such as swimming pools, a gymnasium, a playground, a yoga zone, a jogging track and a garden.

Chan said a unique feature of the apartment units was the introduction of an external storage room on each floor.

“There is one storage room for every unit which you can turn it into a store room,” he added.


Check it out: Bolton Bhd sales general manager Pamela Tan pointing to the available units for the Wharf Residence.

Besides the apartment units, the public also had a sneak peek into the BizWalk comprising 32 units of three-storey boutique showroom offices.

The offices were launched in August last year and had sold out since.

However, Chan said Bolton plans to follow-up the success with the launch of specially-designed flexi suites, a two-in-one commercial offering.

“The flexi suites can be used as an office and a residential space as well.

“You can stay in one and operate your office in the other or you can even rent it out,” said Chan.

As for the retail mall, it has a gross floor area of 506,510 sq ft and some 1,296 parking bays.

When completed, the mall will also see a link bridge from the apartment blocks.

Chan also shared that the mall will also be incorporating green features such as using less energy, less treated water, thus reducing chemical footprint in general.

The Wharf Residence show unit at the Bolton Studio sales gallery in Taman Tasik Prima Puchong is open seven days a week between 9am and 6pm.

For details, call 03-7844 6333/8068 4030.

If you have upcoming projects, property sales previews or launches to highlight, e-mail us at metro@thestar.com.my

By The Star

LBS to launch high-end RM3.5bil D’Island Residence in September

LBS Bina Group Bhd, which is working towards developing more premier property projects, will launch D’Island Residence in September.

Located on 175 acres in Puchong, the development will comprise 237 super-link houses, 298 semi-detached homes, 148 bungalows and 352 high-end condominiums as well as two blocks of commercial units.

Managing director Datuk Lim Hock San says the project, with a gross development value (GDV) of RM3.5bil, will also feature a commercial hub.

It is expected to take five to seven years to complete, he says.

Lim says D’Island Residence will be developed based on the tagline Island Retreat, Urban Charm and will promote modern lifestyle living.

It will have a clubhouse and adopt environment-friendly features like rainwater harvesting system and light-emitting diode street lights.

At the soft launch of D’Island Residence in April, 71 super-link houses worth RM83.4mil were sold. The latest launch today will feature 74 semi-detached houses priced from RM2.38mil.

Lim says the development is projected to contribute 30% to 40% to the group’s revenue and earnings over the next few years.

“We are transforming LBS to move up the value chain to focus on higher priced products,” Lim explains.

Houses priced above RM350,000 will constitute 60% of those that will be built by LBS this year. For the past five years, abouts 90% of the company’s sales came from medium-low to medium-cost homes.

Lim says LBS will adopt more green technology and designs in its projects.

As part of its long-term initiative to focus on high-end residential property market, Lim says LBS will launch a re-branding exercise later this month.

LBS has engaged alpha245, the brand communications subsidiary of Leo Burnett, to provide professional advice and guidance on the exercise, Lim says.

“LBS is also improving on customer experience and the quality of its products,” Lim adds.

Known for building affordable homes, the company plans to focus on medium-high to high-end market segment to earn better profit margins.

Lim says LBS is targeting sales to hit RM650mil this year from RM422mil last year.

He expects sales to reach RM800mil in 2012 and RM950mil in 2013.

As at May 31, the company has unbilled sales of RM527mil, which will be realised over the next two years.

Lim says LBS will continue to build affordable homes priced below RM350,000, albeit on a smaller scale.

The company has been building affordable homes at Bandar Saujana Putra, its flagship development spanning over 835 acres in Selangor.

The self-integrated township was launched in February 2003 and has a GDV of RM3bil. Sales of RM850mil have been recorded so far.

LBS has handed over about 5,000 units of various types of properties in the township.

By The Star

New RM1.5bil project to give trendy look to Puchong

Modern street mall: Tan (left) and Millennium Land senior operations manager Chua Chin Eng with a model of Millennia City.

PUCHONG: Millennium Land Sdn Bhd will embark on a RM1.5bil mixed-development project, M Square, which it is optimistic will become the new commercial centre for Puchong and turn it into a trendy township.

Located on 10.12ha, M Square comprises a 380,000 sq ft shopping mall located in the podium block below the 18-storey 255-room Hilton Garden Inn and a 2.1 million sq ft street mall comprising of 13 six-storey blocks of retail and office units.

The development will start by the third quarter this year and is targeted for completion by 2014.

Millennium Land executive director Benjamin Tan said the company also planned to build residential units targeted at the higher income group.

“Puchong is one of the fastest growing districts in Malaysia in terms of growth especially in three key areas population, monthly household income and commercialisation.

“The primary catchment in Puchong reaches an estimated 420,000 people while its secondary catchment area, some 10 minutes away, reaches some 1.2 million people,” he added.

International hotel chain Hilton Worldwide will be managing the 255-room Hilton Garden Inn Hotel set for opening in 2014. It is targeted at business and leisure travellers.

Tan said one of the project's main selling points was that when completed, it would showcase the largest street mall in the country.

“It ties in together with today's lifestyle trend with alfresco dining and outdoor live performances amid a conducive environment,” he said.

He said the project's major pull factors included its size which puts it into the regional mall category.

The size allows for a good tenant mix, and the ambience of a street mall will give it a very different feel compared to the other shopping centres.

“Our design, being modular, allows for flexibility as it does not have lift shaft in the centre like other conventional shop lots. Instead it is served by glass lifts on the exterior of the building,” he said.

“For the convenience of shoppers, every block was planned to cater to specific target markets, such as a Kids' Corner, Japanese Street and Digital Centre that can take up an entire block or a large portion of it, and by itself serves as an anchor tenant,” he added.

By The Star

Hilton hotel to 'crown' RM1.5b Puchong project

The fast-growing district of Puchong in Selangor will welcome a Hilton hotel in 2013, which is part of a RM1.5 billion mixed-development project named Millenia City.

The project, located on a 40.5-hectare site, is being developed by privately-held Millenium Land Sdn Bhd, which shares similar directors as Tanco Bhd.

The group yesterday signed an agreement with international hotel chain, Hilton Worldwide, to manage Hilton Garden Inn Hotel that will target the mid-market business and leisure travellers.

Millennia City, which is set to be the commercial heartbeat of Puchong, will comprise M Square, a 380,000 sq ft self-enclosed six-storey shopping mall that is linked to the 255-room Hilton Garden Inn and a 2.1 million sq ft Street Mall comprising 13 blocks of six-storey retail and office units.

The development will start by the third quarter this year and is targeted for completion by 2013. The company also plans to build high-rise apartment, targeting the high income group.

"From our research, we found that Puchong is currently one of the fastest growing districts in Malaysia in terms of growth especially in three key area - population, monthly household income and commercialisation," said executive director Benjamin Tan in Kuala Lumpur.

Also present at the signing ceremony were tourism minister Datuk Seri Ng Yen Yen and Hilton Worldwide senior vice president Middle East and Asia Pacific Andrew Clough.

The primary catchment in Puchong reaches an estimated 420,000 people while its secondary catchment area, some 10 minutes away, reaches some 1.2 million people.

"As such, we believe that the development of Millennia City will be a highly significant project as we foresee it to be a major cornerstone of a modern, trendy and touristy Puchong," said Tan.

By Business Times

Millennium unveils RM1.5b Puchong project

The Millennium Group today announced a project with a gross development value of RM1.5 billion, Millennia City, in Puchong.

Millennium Land Sdn Bhd's Executive Director, Bejamin Tan, said the project, expected to be completed in 2013, will be open for sale by the end of this month with a retail price of RM1,700 per square feet.

"Millennia City will open up business opportunities and provide business owners a premium new market location in one of Klang Valley's fastest growing suburbs," Tan told reporters after signing a management agreement with Hilton Worldwide today.

The agreement would see the building of Hilton Garden Inn, the first international hotel brand, in Millennia City.

It is expected to offer upscale yet affordable accommodation to mid-market business and leisure travellers.

Tourism Minister Datuk Seri Dr Ng Yen Yen launched the project and witnessed the signing of the management agreement between Millennium and Hilton Worldwide.

By Bernama

At RM77mil for 200 acres leasehold land in Puchong, analysts say it’s a steal

PETALING JAYA: Glomac Bhd's proposed acquisition of leasehold land in Puchong from Score Option Sdn Bhd (SOSB) will be advantageous to the property developer for its attractive price and strategic location, analysts said.

At RM77mil for 200 acres, the effective cost of the land worked out to be RM8.84 per sq ft, which was significantly lower than the range of transacted or asking prices of RM32 to RM48 psf in Puchong.

“The purchase price is deemed cheap,” TA Research said in its report.

Located near the established commercial hub of the town with the IOI Mall and Tesco Store in the vicinity, it is basically an extension to Glomac's present development, called the Lakeside Residences in Puchong.

“Glomac can now strategise any land enhancement activities to improve the value of its enlarged landbank,” TA Research said.

The Lakeside Residences is a joint-venture development between Glomac and SOSB on a 90-acre land to be acquired.

The project, comprising 537 units of double-storey terraced houses and 100 units of semi-detached houses, was launched in 2005 with a total gross development value (GDV) of RM250mil.

“What's positive is that property prices have increased significantly since the launch of the first phase of Lakeside Residence,” ECM Libra said in its report, comparing the initial launch price of about RM300,000 per unit in 2005 for terraced houses versus the current asking price of about RM440,000.

Puchong is one of the property hot spots in the Klang Valley, as the area is easily accessible via Lebuhraya Damansara-Puchong, the Shah Alam Expressway as well as the Bukit Jalil highway.

With the land acquisition, Glomac's future earnings capability would be enhanced, as the property developer could now extend its presence in Puchong and gain from the fast-growing property market there, analysts said.

“The acquisition would be accretive to the company's net asset value (NAV) and earnings,” AmResearch said in a recent report.

On average, some analysts were looking at a potential increase of 25% for the company's NAV and more than 20% in the company's earnings in the financial year ending April 30, 2013.

However, Glomac had yet to reveal details such as the GDV and timeline for its “enlarged” Puchong project. Following the proposed land acquisition, Glomac's existing masterplan for the area would likely undergo significant amendment, according to some analysts.

Analysts in general viewed Glomac favourably for its strong earnings visibility with unbilled sales of almost RM600mil.

They also expect further news flow on land acquisition by the company as part of its aggressive expansion plan.

Glomac reported a net profit increase of 71% year-on-year (yoy) to RM15.88mil for the second quarter ended Oct 31, 2010 on revenue of RM140.89mil, which represented an increase of 86% yoy.

Over the next 12 months, the company would be launching projects valued in excess of RM1bil. These include a RM250mil apartment project in Mutiara Damansara, a RM145mil retail mall in Glomac Damansara and the RM400mil Glomac Utama mixed development in Petaling Jaya.

By The Star

Bolton's Puchong project to be fully developed by mid-2011

BOLTON Bhd's Taman Tasik Prima township in Puchong, Selangor, will be fully developed once the final phase is launched by mid-2011, comprising commercial and residential units worth RM650 million.

It will offer 3,000 units of terraced houses, serviced apartments, shops and a 250,000-sq-ft retail mall on a 8.1ha site, Bolton executive chairman Datuk Mohamed Azman Yahya said.

"It is in planning stage. The final phase will be exciting," Azman said yesterday after briefing the media on The Wharf, a prime commercial project worth RM450 million located within the township.

Bolton expects gross development profit of RM150 million from the final phase over seven years.
The Wharf has 32 blocks of three-storey boutique showroom stratified offices known as BizWalk, 1,002 units of serviced apartments in three blocks, 64 terraced residences and a 302,739-sq-ft retail mall.

Bolton will launch BizWalk this weekend. The showroom offices come in lot sizes of 25ft by 75ft and 39ft by 75ft, each priced from RM2.2 million.

Azman is bullish on sales. "We expect it to be very well received. The market is currently robust. I think it will probably hold for a while," he said.

The mall, worth RM100 million, is expected to be completed by early 2013.

Azman said it is considering to sell it to a retail operator.

He also said that he is confident that the company's sales in current fiscal year will touch RM500 million, helped by new projects.

"We see that for investment opportunities, people still prefer to invest in properties. We see a lot of buying interest from Japan, Singapore and China.

"This year we are getting five to six projects up. A bulk of the earnings will come in a year later, so going forward, earnings would be better," he said.

In the year ended March 31 2009, Bolton posted a net profit of RM18.3 million on revenue of RM292 million.

Its new projects, due to be launched in Kuala Lumpur this year, include SixCeylon at Bukit Ceylon, Arata at Kenny Hills and 51 Gurney at Persiaran Gurney.

Bolton has 240ha of land in Kuala Lumpur, Penang, Kedah and Negri Sembilan, with expected gross development value exceeding RM2 billion.

By Business Times

Bolton to launch Puchong property this month

SHAH ALAM: Bolton Bhd will unveil a new commercial development in Puchong, known as The Wharf, later this month, said executive director Chan Wing Kwong.

The development, with a gross development value (GDV) of RM650mil, is a mixed offering of boutique shop offices, service apartments and a retail shopping mall.

The Wharf would highlight green features that would capture the imagination of an ever-demanding market, Chan said after the company AGM yesterday.

Projects in the pipeline include a 33-storey condominium development, known as “Sixceylon” at Bukit Ceylon, Kuala Lumpur, with a GDV of about RM180mil.

Meanwhile, its “51 Gurney” comprises 71 super luxury condominium with a GDV of about RM150mil.

On expansion plans, Chan said Bolton would continue building on its strength in the Malaysian property market and consider venturing overseas in the next one to two years. “We will look within the region,” he added.

For the financial year ended March 31, Bolton posted a pre-tax profit of RM50.7mil on revenue of RM257.5mil against RM38.11mil and RM292.04mil respectively in the previous year.

By Bernama

Bolton to unveil RM650m 'The Wharf'

Property developer Bolton Bhd will unveil a new commercial development in Puchong, known as "The Wharf", later this month, said its executive director Chan Wing Kwong.

The development, with a gross development value of RM650 million, is a mixed offering of boutique shop offices, service apartments and a retail shopping mall.

The Wharf would highlight green features that would capture the imagination of an ever-demanding market, he told reporters after the company's annual general meeting today.

Other projects in the pipeline include a 33-storey development, known as "Sixceylon" at Bukit Ceylon, Kuala Lumpur, comprising 215 units of luxury condominiums with a gross development value of about RM180.0 million.

Meanwhile, "51 Gurney" is a unique offering comprises 71 units of super luxury condominium with a gross development value of about RM150.0 million.

Asked on expansion plans, he said the company would continue building its strength in the Malaysian property market while consider venturing overseas in the next one to two years.
"We will look within the region," he added.

For the financial year ended March 31, 2010, the company registered a pre-tax profit of RM50.7 million, up 33 per cent, compared with 38.113 million chalked up in the same period last year.

However, revenue declined to RM257.473 million from RM292.044 million previously.

By Bernama

Puchong Gate seeks land and JV partners

KUALA LUMPUR: Puchong Gate Development Sdn Bhd, a relatively new player in the property scene, is actively looking for land or potential joint ventures with other developers for future projects.

Khoo Boo Tee…’ We’re new and we want to be another reputable company in this business.’

Executive director Khoo Boo Tee said the company was eyeing potential developments mainly within the Klang Valley.

“We’re looking for land and have identified some locations with good prospects. If the timing is right, we will acquire the land,” he told StarBiz in an interview. “We’re also considering tying up with other players. We’re new and we want to be another reputable company in this business.”

Khoo said Puchong Gate would focus on developing niche projects. “We’re not focusing on mass developments unless we have a large land-bank,” he said.

Puchong Gate is a unit of Newfields Group, an established financial advisory firm set up in 2002. In 2004, Newfields ventured into property development and launched its maiden project, Puchong Gateway, a 52-acre integrated commercial hub next to the Damansara-Puchong Highway in southern Puchong.

Khoo said the first phase, comprising 104 units of 2½ and three-storey shoplots, was completed and delivered six months ahead of schedule in April 2009.

Late last year saw the launch of the second phase, Gateway Square, which comprised 66 units of two, three, four and five-storey shoplots.

Khoo said about 70% of the units, priced from RM808,000 to RM2mil, had been taken up.

“The economy is picking up and people are still buying. It is a lot better than placing your money in the bank,” he said. “Interest rates are still low compared with a few years ago. Give another two months and it (phase two) should be fully taken up.”

Business operators that had taken up space in the first phase include a range of food and beverage outlets, furniture and car showrooms, petrol kiosk and offices.

Earthworks for the second phase have been completed and construction is expected to begin in mid-February.

Khoo said the third phase would primarily take the form of a residential scheme of 500 serviced apartments with some elements of retail to complement the commercial development.

“It depends on market demand but we hope to launch the third phase by early next year,” he said.

The group also has plans for residential and commercial projects in Bukit Serdang and Jalan Tun Razak respectively.

By The Star (by Eugene Mahalingam)

LBS Bina upbeat on demand

PUCHONG: LBS Bina Group Bhd is confident of strong demand for phase II of its Town Villa at Taman Tasik Puchong based on the response to previous launches of property units under its Affordable Home Series.

Managing director Datuk Lim Hock San said in a statement he believed there would be significant demand for affordable residences in this locality.

Phase II, comprising 96 town-houses, was launched yesterday in conjunction with the unveiling of the Town Villa show unit.

LBS said 97% of the 104 units offered under phase I were sold within three weeks of its soft launch.

Town Villa, which occupies 2.2ha of Taman Tasik Puchong’s development land of 64.8ha, comprises 330 townhouses with a total gross development value of RM62.3mil.

The units are priced from RM179,000 to RM267,000.

For its Affordable Home Series, LBS has extended its LBS Hassle Free Hone Ownership programme that allows purchasers to make a low down-payment of RM1,000 while LBS will absorb the legal and disbursement fees.

By The Star

LBS Bina in JV for mixed property project

PETALING JAYA: LBS Bina Group Bhd has formed a joint venture with Astana Modal (M) Sdn Bhd for a 70-ha mixed property development project in Puchong.

In a filing with Bursa Malaysia yesterday, LBS said its subsidiary LBS Bina Holdings Sdn Bhd had been appointed the project manager of the development by Astana.

The project, with a gross development value of RM1bil, comprises 1,100 property units including bungalows, semi-detached homes, superlink houses, luxury condominium and commercial units.

Astana is providing the land while LBS would have to bear the cost of development, to be funded via internally and bank borrowings. The construction is expected to be completed in five years with the profit ratio at 70:30 for LBS and Astana.

LBS said the project, which was expected to contribute positively, would add 70ha to the group’s existing landbank, giving a total of 1,080ha for future growth and profitability.

LBS director and substantial shareholder Badrul Ahmad is also a director of Astana in which he owns a significant stake.

By The Star

YTL Land goes ahead with projects

YTL Land & Development Bhd, the property arm of YTL Corp Bhd, has no intention of deferring any of its projects despite the current economic downturn.

Executive director Datuk Yeoh Seok Kian says the company’s plans are on track despite the weaker market sentiment.

“We are not isolated from the effects of the current credit crunch but neither are we scaling back or deferring any of our projects.

“In fact, we have gone ahead with both our Malaysian and Singapore property launches with the confidence that residential properties in prime locations or in well-populated catchment areas will continue to enjoy good appreciation and attract investors,” he says.


An exterior shot of the Waterville Homes, part of the Lake Edge residential project in Puchong.

YTL Land is currently focusing on its Lake Edge development located in Puchong, where it has just launched its latest phase of landed homes. Called Waterville, the development comprises 50 units of 2½-storey semi-detached houses.

Apart from its Waterville homes, which have already secured a 30% take-up rate, YTL Land will also launch its Parkville homes (also in Lake Edge), which comprises a collection of eight bungalows and eight semi-detached homes.

“We are optimistic of achieving the RM120mil GDV (gross development value) target set for both our Waterville and Parkville launches by our financial year end in June 2009,” Yeoh says.

Despite the weaker economic climate, Yeoh says YTL Land would not be revising the prices of its ongoing projects downwards.“We will not devalue any one of our projects, primarily because most of the acquisition of our land-bank has been the result of smart partnerships, resulting in lower upfront investment costs. This gives us room to pace ourselves against market conditions,” he says.

YTL Land is cautiously optimistic about the economic climate ahead.

“Although consumer sentiment has been dampened by the current economic situation, there are many buyers who are still on the lookout for good buys that can provide returns over the long term,’’ Yeoh says, adding that the company is working with banks and other relevant parties to ensure buyers’ needs are taken care of.

Yeoh believes that Malaysia remains an attractive market for foreigners as properties are still very affordable compared to neighbouring countries. The Government’s continued push of the Malaysia Property Inc (MPI) and “Malaysia My 2nd Home” programme has opened up opportunities for the country.

“The abolishment of the Real Property Gains Tax and the limit on the number of residential property loans obtained by foreigners has also added to Malaysia’s appeal as a property haven,” he adds.

By The Star (by Eugene Mahalingam)

YTL sets example for developers

The Waterville Home at Lake Edge

YTL Land and Development Bhd (YTL Land)’s sweep of both the low and high-rise Residential Development Awards in this year’s International Real Estate Federation (FIABCI) Malaysia Property Award is significant in several ways.

Its winning entries are the low-rise Lake Edge in Puchong, Petaling Jaya and the high-rise, The Maple at Sentul West in Kuala Lumpur.

This is the first time that the same developer has won both the coveted awards since the Residential Development Award was divided into low and high-rise categories in 2006.

Second, this is the third time in three years that YTL Land has won the Residential Development Award. Its Andalucia at Pantai Hillpark, a Spanish-style gated development in Kuala Lumpur won under the high-rise category in 2006.

No other developer has achieved this before. Thus YTL Land has solidly stamped its mark as an innovative developer of high-end, lifestyle residential developments.

Third, YTL Land’s wins will encourage developers to be more daring, creative and innovative in their approach particularly in housing design and concept. This is pertinent as house buyers are very discerning and constantly demanding better products.

The latest achievements bring the total awards that the YTL Group had won in the FIABCI Malaysia Property Award to six. The other four being the Special Award for National Contribution (for Kuala Lumpur Performing Arts Centre or KLPac won in 2007), Master Plan cateogry (Sentul West and Sentul East Master Plan in 2007), Residential Development for high-rise category (Andalucia at Pantai Hillpark in 2006) and Property Man of the Year 2003 won by YTL Group executive chairman Tan Sri Yeoh Tiong Lay.

(Incidentally the Hap Seng Group also won two awards this year. They are for its Hap Seng Star Mercedes-Benz Autohaus, Kuala Lumpur under the Specialised Project Award and its Hap Seng Mercedes-Benz Autohaus Service Centre in Kinrara, Selangor under the Industrial Development Category).

YTL Corp Bhd deputy managing director Datuk Yeoh Seok Kian, who received the two trophies from the Yang di-Pertuan Agong on Wednesday at the FIABCI awards ceremony, said he was “overwhelmed and honoured” to receive the awards.

Both winning developments share a common goal envisioned by YTL Group managing director Tan Sri Francis Yeoh, which is “to focus on developing luxury homes, hotels, marinas, and other real estate, architecturally designed and crafted to a world-class standard of excellence and that blends ecologically with their natural surroundings to preserve the environmental value of the areas.”

YTL Land has engineered urban renewal and enhanced the value of an established neighbourhood that improves people’s quality of life. Like other industry leaders, it shares a common trait: ability to innovate, creating demand, and taking challenges as an opportunity to do better.

So what is so innovative and special about Lake Edge and The Maple?

YTL Land created a niche in a competitive market in Puchong. Instead of building a traditional township, it developed Lake Edge as Puchong’s first gated community featuring lakeside living and fenceless homes where 45% of the land has lovely landscaped features. It boosted Puchong’s image.

Many of its 420 upmarket homes overlook a 12-acre disused mining lake. Density is only 5.5 units per acre or 28 people living on each acre as compared to industry standard of 8 units per acre.

The homes are larger than the usual modern tropical courtyard houses and have unique features. For example the 37 units of 100-ft long Pavilion Terraces each has a reflective pond separating the pavilion from the main section of the house.

The Garden Terraces with extra 20ft length has an outdoor jacuzzi overlooking a 20ft private garden where one can enjoy a private space in one’s own garden. The latest design, 50 Waterville terraced homes has a private pool each.

As for The Maple at Sentul West, (the only residential development in Kuala Lumpur with a 35-acre private park), YTL Land again stressed on having lots of green spaces with 60% of The Maple’s site dedicated to landscaping.

It is a delight strolling in the park that was converted from the former 9-hole Sentul Golf Course.

By The Star

YTL Land plans another project near Lake Edge

WINNING QUALITY: Lake Edge has won top honours at the 16th FIABCI Malaysia Property Awards in the residential award category for Best Low-Rise.

YTL Land & Development Bhd, the property arm of YTL Corp Bhd, plans to develop another 8ha of land next to its Lake Edge gated community in Puchong, Selangor.

The plan is to build 45 units of high-end terrace homes with a gross development value of RM50 million, senior manager for sales and marketing Judy C.L. Loo said.

Loo told Business Times during a site visit yesterday that the design and layout plan is on the drawing board and it will be ready to launch in a year or two.

"YTL is confident of the take-up rate, looking at sales achieved from our earlier units and positive response from our ongoing registration exercise," Loo said.

The existing Lake Edge features courtyard, terrace, semi-detached homes and bungalows totalling 375 units, worth some RM450 million.
Launched in phases since 2004, YTL has sold and handed over 309 units of the courtyard homes and terraces to buyers, majority of whom were from Puchong.

Loo said construction and sales of products in Lake Edge were not affected by recent developments in the market.

"Our products have been selling well with positive feedback from buyers. We are also getting new registrations from potential buyers," she said.

Still under development are 50 units of two-and-a-half storey semi-detached homes with private lap pools known as Waterville, each worth over RM1.6 million.

This month, YTL will launch Waterville, which is due for completion by December next year, and also Parkville.

Parkville comprises eight units of double-storey semi-detached homes, worth over RM1.8 million each, and eight units of bungalows valued at more than RM2.1 million per unit, which have been built under a build-and-sell concept.

"YTL is optimistic the Waterville and Parkville units will be snapped up by June next year despite a downturn in the global financial markets. It has secured pre-sales from the two," Loo said.

Lake Edge won top honours at the 16th FIABCI-Malaysia Property Awards ceremony recently in the residential award category for Best Low-Rise.

By Business Times (by Sharen Kaur)

Developers’ good track record can help boost sales

PUCHONG: A developer’s track record is what buyers look at during challenging economic times, says YTL Land & Development Bhd sales and marketing senior manager Judy Loo.

Speaking during a media tour of its leasehold Waterville Homes, Loo said buyers were not put off by the fact that a particular project was not freehold.

“I don’t think it is a hindrance. Buyers today are more influenced by the track record of a developer, especially in the current challenging times,” she said.

She added that the homes, which are part of YTL Land’s high-end, 80-acre Lake Edge project in Puchong, had received strong interest mainly from Puchong residents.

“Most of the potential purchasers are from the Puchong area who are looking to upgrade. We have also received interest from existing Lake Edge residents,” Loo said.

She added that the Waterville Homes, now about 65% completed, comprised 50 units of 2½-storey semi-detached houses with a private lap pool each. The standard lot size is 40ft x 85ft.

Built on 4.4 acres of leasehold land, the homes are expected to be completed by end-2009. Priced at RM1.6mil per unit, this phase would have a gross development value of RM80mil, Loo said.

Lake Edge comprises multi-themed fenceless homes set in a modern tropical neighbourhood. A 12-acre lake is also part of the development.

The project received the award for best low-rise residential development at the FIABCI Malaysia Property Award 2008 held in Petaling Jaya on Tuesday.

By The Star