Afternoon Highlight (07/12/12/207/682) Bolton in talks to dispose of Langkawi shopping mall

Bolton in talks to dispose of Langkawi shopping mall


PETALING JAYA: Bolton Bhd, one of the oldest property developers in the country, is currently talking to a few local parties on the planned disposal of its retail asset, Langkawi Fair Shopping Mall.

"We are discussing with two, three local parties on the planned disposal. Nothing final yet, but once it is done we will make the necessary announcement," said Bolton's executive director Chan Wing Kwong.

He added that there is no exact timeline to finalise the discussion since there is no great urgency for Bolton to dispose of the asset as it is still profitable for the company at the moment.

Langkawi Fair Shopping Mall, sprawled on a 3.45ha site at the south-eastern tip of Langkawi Island, is the largest shopping centre in Langkawi and is estimated to be worth about RM45 million.

Chan said the reason for disposing of the shopping mall is to streamline Bolton's operations and redeploy its funds to focus on property development.

"We can use the money to buy land, acquire more assets and develop properties," Chan told reporters here after the launch of Tijani Ukay, a luxury development in Ukay Perdana, Selangor, yesterday.

Tijani Ukay, which is located on a 9ha leasehold land, consists of eight bungalow units and 110 units of zero lot bungalows within a gated and guarded community. It is scheduled to be completed in 2015.

Chan said the take-up rate for the high-end development currently stands at 50 per cent and is expected to be fully taken up within 12 months.

"These are local buyers and surprisingly a lot of them are from East Malaysia," he said.

He added that the project is expected to contribute 15 to 20 per cent to Bolton's revenue in the next financial year.

The build-up area of Tijani Ukay bungalows and zero lot bungalows range between 3,700 sq ft and 4,900 sq ft and are priced from RM2.4 million upwards, depending on the land size, design and location.

Source : New Straits Times
Date : 7 December 2012
Afternoon Highlight (07/12/12/210/685)