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116,438 Posts
Discussion Starter · #2 ·
WCT Land to launch RM1.2b Kelana Jaya project in June
By Kang Siew Li
May 2 2007

WCT Land is now looking for strategic partners to jointly develop the 'The Paradigm' project that may take between five and six years
PROPERTY developer WCT Land Bhd, which has gained a strong foothold in Klang, will in June this year embark on a RM1.2 billion commercial development project in Kelana Jaya, Petaling Jaya.

The development, which covers 5.02ha of prime leasehold land, will be WCT Land's second development outside its home base of Klang after Kota Kinabalu.

Dubbed "The Paradigm", the development will consist of a shopping centre with 500,000 sq ft of lettable retail space, four grade A office buildings of 31 to 33 storeys in height and two blocks of 27- and 30-storey small-office-home-office (soho).

WCT Land Group general manager Yong Kiang Keen said it is looking for strategic partners to jointly develop the project that may take between five and six years.

"We are talking to several parties (to form a joint venture to develop the project) and are looking for partners that can create value to the project," he told Business Times.

He declined to name them, but said that the partnership can be either with government agencies, financial institutions or private sector.

WCT Land will hold the majority stake in the venture.

"Nevertheless, a joint venture is only an option. Either way, we will definitely be going to the market by the middle of this year," he said.

The Paradigm project will be built on land owned by WCT Land, which is located directly opposite the existing Giant hypermarket in Kelana Jaya.

Yong said the group will first launch the office buildings and retail portions of the project.

Like all its previous commercial developments, WCT Land will keep some units of its office buildings for future rental purposes in line with the group's plans to increase its recurring income.

The development will also see an upmarket neighbourhood shopping centre, much like Bangsar Village and Bangsar Shopping Centre in Kuala Lumpur size-wise.

WCT Land executive director and chief operating officer Lai Yeng Fock said The Paradigm will offer high-quality office space and add value to the entire Kelana Jaya and surrounding areas.

"There is a shortage of good quality office space in Petaling Jaya. Most of the existing office buildings are old, and not top-tier grade A type," he said.

Lai is confident that the project will get good response due to the fact that more companies are moving towards the fringe of the city and Kelana Jaya will fit nicely in their plans.

The Paradigm is one of WCT Land's major projects for 2007. It recently opened sales for BBT-One, a RM145 million commercial complex in Klang's Bandar Bukit Tinggi 1.

Lai said the group will make its first foray outside Malaysia in Vietnam with its first mixed-use property development scheduled in Ho Chi Minh City at year-end.

It plans to build an integrated development of retail, commercial and residential properties on a piece of state-owned land ranging in size from 4.05ha up to 12.2ha in Ho Chi Minh City.

Lai said the group has already submitted its proposal to the relevant authorities and is now awaiting their approval.

It expects to be issued with a certificate of ownership and land use right and begin construction by year-end.

"Once the approval is granted, we will proceed to form a joint venture in which we will take a majority stake. We have already identified a local partner there," said Lai.

Meanwhile, Lai said the group expects its performance this year to be "positive", driven by the sale of its residential properties in Kota Kinabalu and commercial properties in Bandar Bukit Tinggi 1.

It posted a smaller net profit of RM46.9 million on revenue of RM231.7 million last year.

So far, it has some 162-182ha of undeveloped land in Klang, which will keep it busy for another six to seven years.

Still, the group is on the lookout to expand its landbank in the country.

"However, we want to go to areas that have immediate development potential rather than to buy some land and hang on to it until it is able to get a good price. We are looking for both commercial and residential developments," said Lai.

116,438 Posts
Discussion Starter · #3 ·
Note :
Petaling Jaya is a Malaysian city developed as a satellite city of Kuala Lumpur. It is located in the Petaling district of Selangor. Petaling Jaya has an area of approximately 97.2 km², arguably the state of Selangor's largest city. On 20 June 2006, Petaling Jaya was granted city status.

116,438 Posts
Discussion Starter · #7 · (Edited)
Bullish outlook on WCT Land

Affin Investment Bank Research has upgraded WCT Land Bhd to a "buy" from "hold" despite the stock currently trading at a high financial year 2008 (FY08) fully diluted price-earnings ratio of 21.6 times compared with the sector's 14.8 times.

"However, positive news on the group's upcoming project in Vietnam and other potential land acquisitions may stir further speculative interests in the stock," it said in a research note on Friday.

It said over the past year, WCT Land's share price had surged 264% and outperformed the KL Property Index by 167.6%. Over the past month, the share price rose 48.9%, outpacing the KL Property Index by 41.8%.

Affin Research said the three factors driving the share price were the bullish industry outlook, potential overseas projects and rising speculative activities.

In its analysis, it said the property market was rising on expectations of further asset reflation on a stronger ringgit outlook. Also, there is a huge disparity in property prices in Malaysia vis-à-vis Singapore.

Currently, the prices of high-end condominiums (Orchard Residences) in Singapore have reached S$3,000 (RM6,750) psf compared with RM800 to RM1,000 psf of newly launched condominiums in the premium KLCC area.

Malaysia's consumer spending is also expected to recover on the back of stronger gross domestic product growth, rising per capita income and stable interest rates.

Affin Research said WCT Land's management had indicated keen interest in development projects in Ho Chi Minh City in Vietnam, which is currently enjoying a property boom.

"We understand that the company is awaiting approval from the authorities for its plan to build an integrated development of retail, commercial and residential properties on a piece of state-owned land ranging in size from 4.05ha up to 12.2ha," it said.

A third factor was that WCT Land had placed out 16.2 million shares to bumiputera investors at RM1.38 last week at a steep 32% discount to the market price. Instead of a temporary weakness, the share price gained 22% over the past week, indicating higher buying activities.

Affin Research also said WCT Land planned to launch the d'Banyan [email protected] luxury home project in Kota Kinabalu next month. On a 21.5-acre piece of land, the project will be launching 2½ storey semi-detached and 2-storey superlink villas, which will have an increased gross development value (GDV) of RM250 million from RM227 million in earlier estimates.

It said there was already a 27-hole golf course, clubhouse, yacht club, marina and five-star hotel. This high-end project with an estimated 30% pre-tax margin could generate a net profit of RM56 million over the next two to three years.

On its project in Petaling Jaya, WCT Land said work had started on The [email protected] Jaya, a commercial complex comprising a 400,000-sq ft shopping mall, one tower of small office, home office (SOHO) and five towers of class-A corporate offices.

This RM1.26-billion GDV project will begin with the shopping mall, which is for investment income. The SOHO and office units are only expected to be launched towards the end of 2008, with bottom-line impact only in FY09.

Meanwhile, the Bandar Bukit Tinggi One (BBT One) commercial development, with a total GDV of RM147 million, has fully sold out 20 units of 4-storey shopoffices priced at an average of RM2.9 million each. This project comprises two towers of 12-storey corporate offices, which management may retain for investment income.

Meanwhile, work on the hotel is expected to start this month.

The research house said demand for WCT Land's residential properties in Bandar Parklands in BBT Three remained firm, with residential units valued at RM100 million. They are expected to be launched this year.

In April, the 125 2-storey shop units with a GDV of RM70 million were sold out within two weeks of the launch. New attractions for potential home buyers could be a Chinese primary school, which is pending approval from the Education Ministry. With the remaining GDV of RM810 million yet to be launched, this township is expected to last another nine years.

Affin Research also said WCT Land's unbilled sales as at March 31, 2007 were relatively low at RM130 million, representing only 40% of its forecast progress billings for FY07.

"Nevertheless, management remains confident that sales would accelerate with the launch of d'Banyan Residency, BBT One shopoffices and rising residential sales in BBT, which should translate into higher unbilled sales," it said.

The research house said its forecast for FY08 was net profit growth of 27% mainly due to the higher GDV of d'Banyan Residency and a two percentage-point increase in pre-tax margins arising from the increased content of high-value shop offices in BBT One and Two.

"However, we maintain our FY07 earnings forecast, with a cautious 10% net profit growth projection, consistent with management's guidance," it said.

Affin Research raised its revised net asset value (RNAV) of 43% to RM3 from RM2.10. The higher RNAV was based on rising commercial development in Bandar Bukit Tinggi and Klang. The group's land values had risen over the past one year.

It raised its valuation of land prices of RM5 psf for BBT One, RM3 psf for BBT One, RM2 psf for BBT Three-Bandar Parklands, RM50 psf for its Kelana Jaya land and RM20 psf for its Sabah land.

60 Posts
Cool project !

116,438 Posts
Discussion Starter · #14 ·
Posted by Cerulean
The Paradigm to be WCT Land’s first high-rise project
By S.C. CHEAH from The Star, 25 February 2008

An artist’s impression of The Paradigm

WCT Land Bhd ushered in the New Year with a bang: it recently gave an exclusive preview of its first high-rise development called The Paradigm, billed as “The rising icon of Petaling Jaya”.

The Paradigm, with a gross development value (GDV) of about RM1.26bil, comprises The Escalade Corporate Office Towers, The Ascent Corporate Office Suites and The Paradigm Mall.

The Escalade will have four blocks of office towers with a net lettable area of 1.4 million sq ft. It will feature column-free floor plates, full-height glass panels for natural light ventilation, energy-saving devices, quality finishes and ample parking bays.

The Ascent is a 30-storey office suite with 350,000 sq ft net lettable area while The Paradigm Mall, with 700,000 sq ft net lettable area, will showcase the latest in fashion and retail. There will be a unique shady walkway designed for alfresco dining and entertainment that are in vogue in trendy cities all over the world.

The Klang-based company has traditionally been a township developer with projects such as Bandar Bukit Tinggi 1, 2 and 3, the luxury golf-front residences of d'Banyan Residency in Kota Kinabalu and the new AEON Bukit Tinggi shopping centre, which is Malaysia's largest AEON shopping centre with about 200 tenants and over 5,000 car parking bays.

The new AEON Bukit Tinggi gives Klang Valley folk an opportunity to enjoy a one-of-its-kind, one-stop shopping and entertainment centre.

WCT Land Bhd chairman Datuk Chua Soon Poh said the company always tried to set new standards and benchmarks in all that its endeavours.

“The Paradigm is an iconic development that challenges the norm and embodies our values and spirits, giving rise to a dynamic expression of quality and spectacular architecture,” he said.

He added that the project would have multiple ingress and egress points. Several highways such as the Federal Highway, NKVE, Sprint and Penchala Link serve this development.

Chua said the current buoyant office market was witnessing a trend of businesses relocating from the city centre to Petaling Jaya. “Due to the availability of quality buildings, the occupancy rate in Petaling Jaya has increased to 89%. We believe this to be the start of a future trend.”

He said the company had a total land bank of about 1,369 acres with total GDV of RM5.2bil, of which projects worth about RM3bil in GDV had been launched. “We are looking for more land as well as joint ventures,” he added.

General manager Stewart Tew said the company was targeting public listed companies and multinational companies for its office towers. “We plan to do some road shows overseas, including in the Middle East,” he said.

The company has also successfully launched the d'Banyan @ Sutera, (within the Sutera Harbour Marina, Golf & Country Club) comprising 14 units of three-storey detached villas called Petrusa (five spacious bedrooms with attached bathrooms) that boast a designer swimming pool each, large double-volume living area, and formal and informal dining areas.

The bedrooms look out onto the golf course with either city or sea views. There are covered and open terraces for relaxation.

There are also 48 units of the Aurea (2½-storey semi-detached villas) and 60 units of the Citrifolia (two-storey superlink villas), both with four bedrooms with attached bathrooms, as well as designer swimming pool for selected units and large living areas.

All the houses come with the Sutera Preference Share Golf Individual Membership.

116,438 Posts
Discussion Starter · #16 ·
WCT in talks on en bloc sales of The Paradigm
Friday January 11, 2008, TheStar

Datuk Chua Soon Poh (middle) and company
officials looking at a model of The Paradigm

PETALING JAYA: WCT Land Bhd is in talks with foreign and local parties for possible en bloc sales of the properties it is developing under its first high-rise commercial project, The Paradigm.

Chairman Datuk Chua Soon Poh said the group was “constantly” in talks with various parties for possible en bloc sales of the project's corporate towers and office suites.

“We are targeting foreign and local institutional investors,” he said during a preview of The Paradigm on Wednesday.

The Paradigm consists of four corporate office towers, a block of office suites and a retail mall, with an estimated total gross development value of RM1.26bil with net lettable area (NLA) of about 2.4 million sq ft.

The project has three main components - The Escalade corporate office towers, The Ascent corporate office suites and The Paradigm Mall.

Chua said WCT Land would first launch the 30-storey Ascent office suites with NLA of 350,000 sq ft by year-end.

He noted that construction work for the project commenced last year and would take about six to seven years to complete.

The mall, which has an NLA of 700,000 sq ft, was anticipated to be ready by 2010, added Chua.

WCT Land had a total land bank of 1,369 acres of which half had been developed, he said.

Chua added that the company planned to expand its land bank, especially in the Klang Valley.

Presently, WCT Land has five on-going projects - three residential projects in Bandar Bukit Tinggi and property development projects in Klang and Sutera Harbour in Kota Kinabalu - that should keep the company busy until 2013.

“We are confident of (a high) take-up rate of The Paradigm as it is located at the Petaling Jaya business hub with high accessibility to multiple ingress and egress points, such as the Federal Highway, North Klang Valley Expressway, Sprint Highway and Penchala Link,” said Chua.

He noted that the commercial properties in Petaling Jaya had an occupancy rate of 89%.

116,438 Posts
Discussion Starter · #19 ·
EPF to invest in WCT project
By Shahriman Johari Published: 2008/09/30 BusinessTimes

The property group will sell 30 per cent of Jelas Puri, the developer of the RM1.06 billion 'The Paradigm', to the pension fund for RM87.36 million cash

THE Employees Provident Fund (EPF), a cash-rich retirement savings fund, plans to invest almost half a billion ringgit in a commercial project in Petaling Jaya, a deal that sees it tying up with WCT Bhd, a construction and property group.

The EPF is also a substantial shareholder in WCT, holding 17.22 per cent.

The tie-up also comes as the cost of borrowing money in the capital markets has risen. A weak stock market makes it difficult for companies to raise funds.

"(The deal) provides an opportunity for WCT to raise funds for the general working capital requirements of the WCT group and to finance viable property development projects that may arise in the future," WCT said.

Under the deal, WCT will sell 30 per cent of Jelas Puri Sdn Bhd (JPSB), the company that will develop the RM1.06 billion project, to the EPF for RM87.36 million cash. This is due to be completed in 2011.

JPSB will also issue five-year redeemable secured loan stocks worth some RM390 million to the EPF. The loan stocks carry interest of six per cent a year.

The bulk of the loan stocks, or RM320 million, will be issued in the first quarter of 2011, and the rest in the fourth quarter of the same year.

JPSB is developing "The Paradigm", WCT's first high-rise commercial project in Petaling Jaya.

Last year, the local authorities approved the revised plan for the project. It will feature four blocks of 25- to 33-storey office buildings, one block of 15-storey office suites, one block of 20-storey office suites and a six-storey shopping complex.

However, JPSB is preparing a new application to revise plans for the shopping centre and the four blocks of 27- to 33-storey office buildings, WCT said.

The project has a gross development cost of RM1.06 billion, and JPSB has spent some RM107 million to date.

Shares of WCT on Bursa Malaysia closed unchanged at RM2.53 yesterday.

GeNtLe UsEr
5,306 Posts
Yeah, interesting project... Have seen nothing like that.. Glass and plastic make the towers cool looked balance of colour and shape..
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