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Old December 11th, 2013, 05:14 AM   #701
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Johor Sultan buying stake for RM250m cash in Berjaya Times Square

Posted on December 11, 2013 | 36 Views | Topic : Property News.


BY B.K. SIDHU

PETALING JAYA: Fresh from selling six plots of land in Johor Baru for a whopping RM4.5bil, the Johor Sultan has entered into an agreement to buy a 20% stake inBerjaya Times Square Sdn Bhd (BTS), which among others, owns the Berjaya Times Square Mall in Jalan Imbi, for RM250mil cash.

This is not the first investment the ruler of Johor has made in recent months, as he is seen to be picking up assets and emerging as shareholder in companies.

Yesterday, Berjaya Assets Bhd told Bursa Malaysia that it had inked an agreement to dispose of 150 million shares of RM1 each, or a 20% equity stake, in BTS to Sultan Ibrahim Sultan Iskandar.

A unit of Berjaya Assets, BTS owns and manages Berjaya Times Square Mall which has a gross built-up area of 7.5 million sq ft on 4.05ha in Jalan Imbi, Kuala Lumpur.

The building comprises a 12-level shopping mall, two 46-storey towers of serviced suites and hotel, five levels of basement and 10 floors of annexed carparks.

Besides that, BTS is also involved in the operations of carparks and theme park, and its other subsidiary owns and manages Berjaya Waterfront, Johor Baru (formerly known as The Zon in Johor) with properties spreading over 7.28ha of prime land in Johor.


Berjaya Assets said the sale allowed it to raise immediate cash and that the Sultan’s entry into BTS would enable him to participate more actively in the future direction and developments of the BTS Group.

Berjaya Assets intends to use the proceeds for working capital and future investments.

Just over a week ago, China-based developer Guangzhou R&F Properties Co Ltdbought six plots of land totalling 47ha in Johor Baru from the Sultan for a whopping RM4.5bil or RM891 per sq ft. It is a record deal as just months earlier another developer from China, Country Garden Holdings Co Ltd, had bought 22.26ha in Danga Bay for RM376 per sq ft from another developer.

It is said the estimated sellable floor area of about 3.5 million sq m for the R&F deal worked out to a plot ratio of 7.5 times and that is seen as high, given that the land is worth about RM891 per sq ft.

In comparison the Danga Bay plot ratio is 5.22 times.

That aside, Berjaya Assets is part of Berjaya Group which is ultimately majority owned by Tan Sri Vincent Tan. He is a long time investor in REDtone International Bhd and in July bought more shares to raise his stake to 13.86%, making him the second largest shareholder in the telco and WiFi infrastructure builder.

Earlier in May, the Johor Sultan ended with a 51% equity stake in REDtone Network Sdn Bhd (RN) via a transaction with REDtone International, whose stake in RN has been reduced to 49% from 70%.

RN is one of the three companies that was shortlisted by the Malaysian Communications and Multimedia Commission in November last year for the digital terrestrial television broadcast (DTTB) infrastructure contract.


http://www.starproperty.my/index.php...-times-square/
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Old December 28th, 2013, 05:46 AM   #702
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another 1

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Old December 28th, 2013, 06:39 AM   #703
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Another suicide victim at the end of the year
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Old December 28th, 2013, 10:23 PM   #704
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Quote:
Originally Posted by davidwsk View Post
Johor Sultan buying stake for RM250m cash in Berjaya Times Square

Posted on December 11, 2013 | 36 Views | Topic : Property News.

BY B.K. SIDHU

PETALING JAYA: Fresh from selling six plots of land in Johor Baru for a whopping RM4.5bil, the Johor Sultan has entered into an agreement to buy a 20% stake inBerjaya Times Square Sdn Bhd (BTS), which among others, owns the Berjaya Times Square Mall in Jalan Imbi, for RM250mil cash.

This is not the first investment the ruler of Johor has made in recent months, as he is seen to be picking up assets and emerging as shareholder in companies.

Yesterday, Berjaya Assets Bhd told Bursa Malaysia that it had inked an agreement to dispose of 150 million shares of RM1 each, or a 20% equity stake, in BTS to Sultan Ibrahim Sultan Iskandar.

A unit of Berjaya Assets, BTS owns and manages Berjaya Times Square Mall which has a gross built-up area of 7.5 million sq ft on 4.05ha in Jalan Imbi, Kuala Lumpur.

The building comprises a 12-level shopping mall, two 46-storey towers of serviced suites and hotel, five levels of basement and 10 floors of annexed carparks.

Besides that, BTS is also involved in the operations of carparks and theme park, and its other subsidiary owns and manages Berjaya Waterfront, Johor Baru (formerly known as The Zon in Johor) with properties spreading over 7.28ha of prime land in Johor.

Berjaya Assets said the sale allowed it to raise immediate cash and that the Sultan’s entry into BTS would enable him to participate more actively in the future direction and developments of the BTS Group.

Berjaya Assets intends to use the proceeds for working capital and future investments.

Just over a week ago, China-based developer Guangzhou R&F Properties Co Ltdbought six plots of land totalling 47ha in Johor Baru from the Sultan for a whopping RM4.5bil or RM891 per sq ft. It is a record deal as just months earlier another developer from China, Country Garden Holdings Co Ltd, had bought 22.26ha in Danga Bay for RM376 per sq ft from another developer.

It is said the estimated sellable floor area of about 3.5 million sq m for the R&F deal worked out to a plot ratio of 7.5 times and that is seen as high, given that the land is worth about RM891 per sq ft.

In comparison the Danga Bay plot ratio is 5.22 times.

That aside, Berjaya Assets is part of Berjaya Group which is ultimately majority owned by Tan Sri Vincent Tan. He is a long time investor in REDtone International Bhd and in July bought more shares to raise his stake to 13.86%, making him the second largest shareholder in the telco and WiFi infrastructure builder.

Earlier in May, the Johor Sultan ended with a 51% equity stake in REDtone Network Sdn Bhd (RN) via a transaction with REDtone International, whose stake in RN has been reduced to 49% from 70%.

RN is one of the three companies that was shortlisted by the Malaysian Communications and Multimedia Commission in November last year for the digital terrestrial television broadcast (DTTB) infrastructure contract.

http://www.starproperty.my/index.php...-times-square/
No wonder they cancel the sukuk issuance...
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Old September 7th, 2014, 02:03 PM   #705
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Old December 12th, 2014, 03:25 PM   #706
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Old May 3rd, 2015, 11:22 AM   #707
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Kuala Lumpur by Night 2 by Angus Aardvark, on Flickr
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Old June 3rd, 2015, 07:36 PM   #708
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i like it
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Old July 11th, 2015, 10:48 AM   #709
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IMG_2708 by OZinOH, on Flickr
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Old October 12th, 2016, 02:55 AM   #710
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Old December 14th, 2016, 10:17 AM   #711
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Old March 13th, 2017, 09:55 AM   #712
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Berjaya time square looks old doesn't well maintain.
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Old March 25th, 2017, 07:22 PM   #713
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Old April 24th, 2017, 07:59 AM   #714
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this place should have a revamp and they should turn the retail podium of level 6-10 to a car park and the theme park should remain there ,its so empty on those floors
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Old April 28th, 2017, 04:51 PM   #715
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A mega project that was once so looking forward to. Hope to see a major rejuvenation to match the upcoming BBCC
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Old May 20th, 2017, 05:47 PM   #716
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Old September 27th, 2017, 03:52 PM   #717
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i went there last weekend the 1st avenue area is empty except starbucks and samsung im wondering what are they actually are they going back to its normal condition when i was first open ? i've seen some parts of the lower floors they have alot of empty lots and turning this place to a food mall?
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Old September 29th, 2017, 08:44 AM   #718
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Quote:
Originally Posted by ixusmys View Post
Berjaya time square looks old doesn't well maintain.
On the contrary, i think this is one of the best maintained malls in Malaysia. Sure, the business may not be as good or stores as gltzy as other malls', but the maintenance is certainly top notch. I was there recently and noticed how well the mall was kept.
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Old September 29th, 2017, 09:18 AM   #719
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On the contrary, i think this is one of the best maintained malls in Malaysia. Sure, the business may not be as good or stores as gltzy as other malls', but the maintenance is certainly top notch. I was there recently and noticed how well the mall was kept.
bts is like a nice mall with cheap stuff , sungei wang vol.2
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