Bolton plans build-then-sell residential property in Setapak

KUALA LUMPUR (March 27): BOLTON BHD [] will launch its first build-then-sell residential property in Setapak under a joint venture with CRSC Property Sdn Bhd.

Bolton said on Tuesday the project, with gross development value of RM80 million, would be on a 5.77 acre site.

It had recently teamed up with CRSC to build 70 three-storey superlink terrace houses on the leasehold site, which is part on the on-going 66.65 acre mixed residential and commercial development in Taman Sri Rampai.

“Under the agreement, Bolton will construct and complete the superlink terraced units by February 2015 as stipulated in the agreement on a build then sell basis. The gross development value of this development is estimated at RM80 million,” it said.

According to Bolton executive chairman, Datuk Mohamed Azman Yahya, he expected this project to be a quick turnaround for Bolton as the land is currently vacant and ready for immediate development.



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Bolton reaps higher profit in 3rd quarter

Bolton Bhd chalked up a higher pre-tax profit of RM14.587 million for the third quarter ended Sept 30, 2011 from RM4.722 million recorded in the same period last year.

Revenue rose to RM100.815 million, from RM63.679 million, previously.

In a filing to Bursa Malaysia, the company said the better performance was due to the excellent take-up of 6 Ceylon, a 33-storey urban rejuvenation development, Arata (100-unit luxurious condominium in Bukit Tunku), Cascadia townhouses, Bizwalk, mixed development in Taman Tasik Prima Puchong and Surin development in Penang.

Bolton said, as at Sept 30, the near 100 per cent take-up rate for the new launches have resulted in a record unbilled sales of approximately RM518 million. -- Bernama



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First block of The Wharf Residence 80% sold

PUCHONG: More than 80% of the first block of The Wharf Residence serviced apartments at The Wharf commercial development in Taman Tasik Prima, Puchong, has been taken up.

Officially launched last Saturday, The Wharf Residence comprises three high-rise towers with 1,002 units of serviced apartments. Developer Bolton Bhd launched the first block of 334 units with a gross development value (GDV) of RM105 million.

The units have built-ups of 795 sq ft to 1,173 sq ft with 2- or 3+1-bedroom units at prices from RM275,130.

The Wharf Residence offers purchasers full condo facilities, including a swimming pool, children’s pool, gymnasium, playground, yoga zone, jogging track and a lush landscaped garden. Another unique feature is the external storage room for each unit located on the same floor as the unit.

According to Datuk Azman Yahya, executive chairman of Bolton, Taman Tasik Prima has emerged as one of the preferred townships in Puchong on the strength of its meticulous planning and innovative products.

“At Bolton, we continue to push the envelope in terms of creativity and innovation,” Azman said. “What we are launching is based on thorough market research of what consumers want to see in apartment living. As a result, I am very pleased to announce that we sold 70% of the units in the first tower prior to the launch.”

An artist's impression of The Wharf Residence.

Bolton began developing Taman Tasik Prima, an integrated township of mixed residential and commercial projects built around a 200-acre lake, some 10 years ago.

“When we first began developing Taman Tasik Prima, we had planned to achieve RM500 million in terms of GDV. Today, Taman Tasik Prima’s GDV is in excess of RM1 billion, with The Wharf development itself being valued at more than RM500 million,” said Azman.

The Wharf is the township’s commercial centre that sits on 15 acres of leasehold land within the 345-acre township. The integrated development comprises boutique showroom offices, flexi-office suites, the serviced apartments and a mall.

The first component of The Wharf, the BizWalk, made up of 32 boutique three-storey showroom office units priced at RM2.2 million each, was launched in August last year. These units are sold out.

Azman added that Bolton plans to follow up on this success with the upcoming launch of the flexi-suites, described as a “versatile two-in-one commercial offering.”

The mall is expected to be completed by 2013. “The mall will further strengthen the appeal of The Wharf Residence. It has a gross floor area of 506,510 sq ft and 1,296 parking bays. There will be a link bridge from the apartments to the mall, providing integrated convenience to the residents,” said Azman.

He said Bolton is confident the remaining units of the first block will be snapped up before the year ends.

Bolton has been developing properties since 1964. Its completed developments include Taman Midah in Cheras and The Tijiani in Bukit Tunku. Bolton has built a reputation for its residential, retail, industrial and commercial properties cementing itself as one of the oldest and most established developers in Malaysia.


This article appeared on the Property page, The Edge Financial Daily, November 18, 2011.



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