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Discussion Starter · #1 · (Edited)
Tropicana sells KL land for RM448m, to gain RM145m; share price up

First Published: 4:48pm, May 08, 2014


Business
by theedgemalaysia.com/Chong Jin Hun
PETALING JAYA (May 8): Tropicana Corp Bhd announced this morning it is selling a 1.3ha (3.138 acre) land along Kuala Lumpur's Jalan Bukit Bintang to a company jointly owned by Tropicana and Hong Kong-listed developer Agile Property Holdings Ltd for RM448.4 million cash.

After the sale, Tropicana stands to net a gain of RM145 million from the land sale, translating into an incremental earnings per share of 11 sen.

The share price of Tropicana jumped by about 3% when trading of the property company’s share resumed at 2.30 pm today. Trading in its securities was suspended in the morning pending this announcement.

In the morning, Tropicana group chief executive officer Datuk Yau Kok Seng said the price for the proposed land sale to joint venture (JV) firm Offshore Triangle Sdn Bhd translated into RM3,280 per square foot (psf).

"The proposed land acquisition is earmarked for mixed commercial development. This may include retail components," Yau told reporters after the land deal signing ceremony here today.

Tropicana and Agile own 30% and 70% of Offshore Triangle respectively.

Yau declined to specify the gross development value for the commercial development.

He however said Tropicana stood to register an estimated net gain of RM145 million from the land sale, translating into an incremental earnings per share of 11 sen.

The land sale is due for completion in the first half of 2015.

Trading of Tropicana shares was suspended in the morning today. The stock closed at RM1.59 yesterday.

When trading resumed at 2.30pm today, Tropicana shares rose as much as five sen or 3% to RM1.64 before easing to RM1.60 at 3.42pm. A total of 859,800 shares changed hands.

In a statement, Tropicana group executive vice chairman Tan Sri Danny Tan Chee Sing said the transaction crystallised the market worth of the land at a significant value.

He also said the transaction had opened the door for a business collaboration with a reputable property developer like Agile.

Agile, which has property business across over 40 cities in China, undertakes real esate development, investment and management. It is also in the hotel business.

Tan said Tropicana is optimistic on the collaboration, which will also be helped by Tropicana and Agile's common business philosophy and approach.

“Tropicana will continue to enjoy the future upside from this strategic landbank within the heart of Kuala Lumpur. Together, we look forward to introducing cutting-edge designs and new and innovative concepts to the market place.

"The strategic partnership with Agile Property will elevate Tropicana’s brand presence and visibility across regional markets including Hong Kong, Macau and China, and enable us to leverage on Agile Property’s marketing network in those markets.” Tan said.

According to him, the deal with Agile underscored Tropicana's transformation strategy.

The transformation involves unlocking the value of Tropicana's tracts via development and disposal opportunities, besides strategic alliances.

"Land-sale transactions undertaken by the group over recent months, including this transaction, will raise gross proceeds of about RM1.1 billion.

"This is in line with our focus to de-gear and strengthen our group balance sheet," Tan said.

In March this year, Tropicana said it was selling 123ha (308.72 acres) of leasehold land within Selangor's Kota Kemuning area to Eco World Development Group Bhd.

Tropicana is selling the land for RM470.7 million or RM35 psf. – theedgemalaysia.com
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Read more: http://www.fz.com/content/tropicana-sells-kl-land-rm448m-gain-rm145m-share-price#ixzz318kFYj4K
 

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Discussion Starter · #3 ·
Agile Property to launch two projects worth RM3.5 bil
By Lam Jian Wyn / theedgeproperty.com | August 1, 2015 6:23 AM MYT


Agile Mont'Kiara property

KUALA LUMPUR (Aug 1): Agile Property Holdings Ltd, the third-largest property developer in China, will debut two projects in Mont’Kiara and Bukit Bintang worth RM3.5 billion.

Its first project is Agile Mont’Kiara, which will comprise 813 units of condos across 11 high-rise and low-rise blocks, with built-ups from 1,200 sq ft to 5,000 sq ft and prices are tentatively at RM950 psf.

The freehold 10-acre project will be launched in late 3Q, says Agile Real Estate (M) Sdn Bhd CEO Wilson Ren. Agile Real Estate is the Malaysian unit of Agile Property.

The project is jointly developed with PJ Development Holdings Bhd on a 70:30 basis.

Agile Real Estate’s next project will comprise serviced apartments in Bukit Bintang, which it is jointly developing with Tropicana Corporation Bhd, he added.

Agile Property is also planning to list its Malaysian company on Bursa Malaysia in the next five years should its projects garner good sales, said Agile Real Estate chief operating officer Eric Yeo.
http://www.theedgeproperty.com/my/content/agile-property-launch-two-projects-worth-rm35-bil
 

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Discussion Starter · #4 ·
Friday, 8 July 2016
Imbi land for tender
BY THEAN LEE CHENG

The plot, located at the Jalan Imbi/Jalan Pudu corner and right next to Berjaya Times Square, has come up for sale via a tender closing on Aug 1 at 4 pm. Known as Lot 2000, the plot measures 41,990 sq ft. According to Jordan Lee & Jaafar Sdn Bhd executive director Yap Kian Ann, the land has been approved for serviced suites or serviced apartments.


PETALING JAYA: The softer property market, by way of sales and rentals since last year, has not deterred land deals, as a plot of freehold commercial land less than an acre has come up for sale in the central business district.

The plot, located at the Jalan Imbi/Jalan Pudu corner and right next to Berjaya Times Square, has come up for sale via a tender closing on Aug 1 at 4 pm. Known as Lot 2000, the plot measures 41,990 sq ft.

..

Across from Jalan Pudu is the RM8.7bil BBCC leasehold mixed development on the former Pudu prison site by Eco World Development Group Bhd.

Less than one km away is the Merdeka PNB118 development by Permodalan Nasional Bhd. To be completed in 2020, the 118-storey building will be among the top-10 in the world. About one km away is the Tun Razak Exchange project by master developer TRX City Sdn Bhd.

In the Imbi area, another Chinese developer – Agile Property Holdings Ltd – is planning to co-develop several amalgamated lots with Tropicana Corp Bhd. Work is on hold for the time being because the MRT2 line will run under some parts of the parcel.
http://www.thestar.com.my/business/business-news/2016/07/08/imbi-land-for-tender/
 

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Discussion Starter · #15 ·
Kejuruteraan Asastera gets RM28.6m electrical job from China Construction Development

SURIN MURUGIAH / THEEDGEMARKETS.COM
March 11, 2020 | Updated 1 hour ago
KUALA LUMPUR (March 11): Kejuruteraan Asastera Bhd (KAB) has secured a contract worth RM28.6 million from China Construction Development (Malaysia) Sdn Bhd.

In a bourse filing today, KAB said it will act as subcontractor for design, supply, delivery, installation, testing and commissioning, and maintenance of electrical and extra low voltage services works for Agile Tropicana Development Sdn Bhd on three blocks of serviced apartments in Kuala Lumpur.

https://www.edgeprop.my/content/165...electrical-job-china-construction-development
 
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