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Old February 26th, 2014, 04:47 PM   #1
davidwsk
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PARADIGM SOUTH | Iskandar Johor (Jalan Skudai) | U/C

Saturday December 1, 2012
http://www.wct.com.my/business/category.aspx?c=11&s=2


Big plans for WCT Land

By THOMAS HUONG
[email protected]




WCT’s planned shopping mall and hotel – mixed commercial development along Jalan Skudai, Johor Baru. WCT’s planned shopping mall and hotel – mixed commercial development along Jalan Skudai, Johor Baru.

WCT Bhd (WCTB) executive director Choe Kai Keong is excited about the growth prospects for the group's property development, investment and management businesses in the next decade.

“There are so many things happening. In terms of future projects and plans, we are at very exciting times for the property business,” says Choe. He says that the group has set a target to grow its property businesses to be as signficant as its mainstay construction arm within five years.

“Now, WCT Land is being overshadowed by our construction arm. But in the last few years, we have grown the property business to a substantial size. It is bigger today, compared with when WCT Land was listed (on Bursa Malaysia) from 2004 to 2008,” Choe told StarBizWeek.

WCT Land Sdn Bhd is the property development arm of the group, which is better known for its construction and engineering projects in Malaysia and the Middle East.

In its 2011 annual report, the group pointed out that it has completed more than 300 construction projects valued at RM19.8bil over 30 years and has operations in Qatar, United Arab Emirates, Oman, Bahrain, India, Vietnam, China and Malaysia.

For the financial year ended December 31, 2011, the group's construction arm contributed 64% of its RM257.45mil operating profit.

The balance came from its property development (21%) and property investment and management (15%) divisions.

Choe says the group is aiming to grow its property development division to a level where it will contribute 30% of operating profit by end-2016, while the property investment and management division will contribute 25%.

“That means, by end-2016, the property arm will be the major earnings contributor to the group.”

This ambition is also the reason behind the group's recent proposed internal reorganisation to clearly separate the construction and property divisions.

In October, WCTB had proposed an internal restructuring where a new investment holding company WCT Holdings Bhd (WCTH), will assume the listing status of WCTB.

The exercise includes the transfer of WCTB's entire shareholding in WCT Land, its wholly-owned subsidiary, to WCTH. The effective percentage shareholding of WCTB shareholders would be unchanged before and after the proposals.

The proposed internal restructuring is expected to be completed by the second quarter of 2013.

Choe says once the the group's property businesses grow to a certain size, the re-listing of WCT Land might become an option.

“We have not really looked into it. We also do not rule out the possibility of a REIT (real estate investment trust). We are still building the foundation,” he says.

In the past 15 months, WCTB has gone on a real estate acquisition spree and announced deals worth more than RM700mil in the Klang Valley and Johor.

This has resulted in the group's undeveloped land bank more than doubling to about 1,076 acres in Malaysia, with the bulk in Rawang (468 acres) and Bandar Bukit Tinggi, Klang (345 acres).

This undeveloped land bank is projected to have a gross development value (GDV) of more than RM13bil over the next five to 10 years.

“This is based on conservative numbers, so we think that there will be a lot of upside,” says Choe.

The most valuable jewel in the crown here is 57 acres of freehold land in the Overseas Union Garden or OUG area, Kuala Lumpur which is planned for a mixed development with a RM4bil GDV.

WCT also recently acquired 22 acres in Inanam, Sabah which is planned for a landed residential development.

The group is also expanding its presence in Iskandar Malaysia, the economic growth corridor of Johor.

It recently signed a 99-year lease purchase deal with Medini Land Sdn Bhd, a subsidiary of Iskandar Investment Bhd, for an 18.12-acre land for RM99.47mil.

The land, situated in Medini North in Johor, will be used for a proposed mixed commercial development with an estimated GDV of RM1.5bil.

The development which comprises offices, retail spaces and apartments will be carried out over the next five years.

A recent ECM Libra Investment Research report points out that despite WCTB's recent land acquisition spree which would require future cash outlay, its management is still comfortable with the group's future net gearing (currently 0.46 times).

“WCTB has a medium term note facility of RM1.6bil and management has guided an incremental debt of about RM680mil, raising net gearing to 0.5 time, which is way below management's comfortable net gearing level of 1.0 time,” says the research unit.

WCTB also plans to build up its recurring income segments by developing and managing shopping malls as well as hotels in selected locations.

It presently owns and operates the four-star 250-room Premire Hotel in Klang South, as well as the Paradigm Mall in Petaling Jaya.

It has also leased the Aeon Bukit Tinggi Shopping Centre to retailer Aeon Co Bhd.

Choe says WCTB wants to replicate its Paradigm Mall integrated commercial and residential development in Petaling Jaya at its OUG site in Kuala Lumpur as well as at an abandoned shopping mall site in Johor Baru.

In Johor Baru, WCTB will redevelop a 12.4 acres of freehold commercial land with an abandoned shopping mall, which it had bought in August for RM180mil from Malaysia Building Society Bhd.

Choe says the shopping mall in Johor Baru will have a NLA of 770,000 sq ft with 3,400 car park bays, and its redevelopment is targeted for completion in the fourth quarter of 2014.

Another Premire Hotel with 430 rooms is scheduled to be completed in 2016 at the shopping mall site in Johor Baru.

“We will have serviced apartments at the Johor Baru site with a GDV of RM900mil. The trend is towards integrated developments that provide the convenience of having a home next to a shopping mall and offices.”



http://www.thestar.com.my/story.aspx...3&sec=business
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Old February 26th, 2014, 04:49 PM   #2
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WCT Land To Replicate Paradigm Mall's Success In New Malls
Apr 09, 2013

KUALA LUMPUR: WCT Land Sdn Bhd plans to replicate the success of its iconic Paradigm Mall development at two sites in Kuala Lumpur and Johor Bahru.

Its General Manager, Ben Chong, who oversees the development of shopping malls under the group, said the company planned to put in place a similar concept at the Overseas Union Garden site in Kuala Lumpur and at an abandoned shopping mall which was acquired last year in Jalan Skudai, Johor Bahru.

Chong said these were part of the company's strategies to grow further the contribution from shopping malls which were currently under the group's property investment and management.

In an interview with Bernama, he said the Paradigm Mall had, so far, contributed a pre-tax profit of between RM10 million and RM15 million to WCT Bhd.

For the financial year ended Dec 31, 2012, WCT's construction and engineering arm contributed 44 per cent towards the group's operating profits while the property development (45 per cent) and property investment and management (11 per cent) divisions accounted for the remainder.

"We are aiming to grow our property investment and management division (contribution) to 25 per cent by 2015," Chong said.

The other upcoming shopping malls under the group included the KLIA2 Integrated Complex which will be launched on June 28.

"Currently, it is 90 per cent complete and comprises a landside mall with a net lettable area of 350,000 sq ft. Close to 40 per cent is (allocated) for food and beverages and other categories such as fashion, information and technology and gadgets are about 60 per cent," he said.

On Paradigm Mall, Chong said about 30,000 visitors patronised the mall during weekdays and 60,000 visitors on weekends and a maximum of 80,000 visitors during festive seasons.

Among the unique selling points of the iconic mall included the strategic location and dedicated interchange tunnel from the highway with direct access to the mall, making it a convenient stop for shoppers.

Besides, the outdoor lush landscaped boulevard with water features was ideal for alfresco dining.

Chong said the completion of the office towers at Paradigm Mall, at end-2014, and the Premiere business hotel and serviced apartments, to be completed early 2016, would further contribute to the mall's growing visitors.

He said the company had invested RM33 million for the dedicated interchange tunnels along the Damansara-Puchong Expressway for consumers to have direct access into the mall and numerous entry points to help ease and relieve traffic flow in the area.

This would also ensure a smoother drive for those exiting the mall southbound towards Subang, Sunway and Puchong, he said.

- BERNAMA

http://www.iproperty.com.my/news/667...s-in-new-malls
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Old May 3rd, 2014, 08:05 AM   #3
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Quote:
Originally Posted by World 2 World View Post
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Old May 21st, 2014, 05:59 AM   #4
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Old June 19th, 2014, 04:42 PM   #5
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Quote:
Originally Posted by Caius the Shadow View Post

Paradigm Mall JB aka Kemayan City



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Old June 20th, 2014, 07:43 AM   #6
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Slow... very very slow....
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Old July 18th, 2014, 04:50 PM   #7
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18 July

Quote:
Originally Posted by Caius the Shadow View Post
Paradigm Mall JB

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Old July 19th, 2014, 01:42 PM   #8
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Paradigm Mall

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Old August 8th, 2014, 08:54 PM   #9
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when the demolishing of Kemayan City will be end?
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Old September 12th, 2014, 07:42 AM   #10
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Paradigm Mall and Platino @ Jalan Skud

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Old September 14th, 2014, 05:28 AM   #11
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Paradigm mall is really slow... Like snail paced slow....

I think Tasek Central opened already Paradigm mall still constructing...

What happen to the abandoned Pacific mall any updates on its construction?

Is mahabuilder bankrupt or something? It's projects are all so silent - Pinnnacle, Pacific mall, Tri Towers etc...
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Old September 14th, 2014, 09:18 AM   #12
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Quote:
Originally Posted by xtremesportx View Post
Paradigm mall is really slow... Like snail paced slow....

I think Tasek Central opened already Paradigm mall still constructing...

What happen to the abandoned Pacific mall any updates on its construction?

Is mahabuilder bankrupt or something? It's projects are all so silent - Pinnnacle, Pacific mall, Tri Towers etc...
Pinnacle open for registration now, cranes up quite sometimes ago
Tri- tower site is very busy as well
MB group has a few pages of full-paged ads on sin Chew daily yesterday
both getting more visible
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Old September 14th, 2014, 11:42 AM   #13
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Quote:
Originally Posted by xtremesportx View Post
Paradigm mall is really slow... Like snail paced slow....

I think Tasek Central opened already Paradigm mall still constructing...

What happen to the abandoned Pacific mall any updates on its construction?

Is mahabuilder bankrupt or something? It's projects are all so silent - Pinnnacle, Pacific mall, Tri Towers etc...
read in news before they faced problem with the site..
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Old October 2nd, 2014, 01:32 PM   #14
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Quote:
Originally Posted by JB Citizens (+_+) View Post
PARADIGM MALL JB & BRIO RESIDENCES

Source: http://metrohomesiskandar.wordpress.com/






I'm hoping for a better stylish design mall... But GSC Cineplex + Ice skating rink sounds interesting...
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Old October 2nd, 2014, 01:40 PM   #15
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BRIO Residences Paradigm Johor Bahru
http://metrohomesiskandar.wordpress.com/tag/wct/



















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Old November 19th, 2014, 06:19 PM   #16
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Old December 1st, 2014, 12:08 PM   #17
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Paradigm Mall JB @ Skudai Highway as of 1/12/2014

It's sad to see the historical Kemayan City being teared down bit by bit...



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Old December 2nd, 2014, 03:05 PM   #18
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Quote:
Originally Posted by Caius the Shadow View Post
Paradigm Mall JB @ Skudai Highway as of 1/12/2014

It's sad to see the historical Kemayan City being teared down bit by bit...



are they going to fully tear the old structure and rebuild a whole new mall, or are they building on top of the old structure?
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But hey I like tall, glassy towers, and I have a camera, and I can post construction updates, we cool?
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Old December 2nd, 2014, 03:38 PM   #19
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I think they will still keep the old struture with the exception of the area where they plan to build the Brio Residences where a much stronger foundation is needed

This is the rendering of. the project. I f u look closely, the part that had been teared down seems to be the place where they want to build the Brio Residences



http://www.wct.com.my
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Old December 4th, 2014, 06:13 AM   #20
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Quote:
Originally Posted by Caius the Shadow View Post


I think they will still keep the old struture with the exception of the area where they plan to build the Brio Residences where a much stronger foundation is needed

This is the rendering of. the project. I f u look closely, the part that had been teared down seems to be the place where they want to build the Brio Residences



http://www.wct.com.my
there's going to be 2 towers on top of the mall podium right? 1 is the hotel and the 2nd one is the residences?
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