By Sharon Kam
Becoming trendsetters — that is how Boustead Properties Bhd director Datuk Ghazali Mohd Ali describes its successful Mutiara Damansara development in Petaling Jaya, Selangor. This is the fourth time that Boustead Properties has made it to the Top 10 of The Edge Top Property Developers Awards. This year, it took the 10th position. (On Aug 8 this year, the property arm of Boustead Holdings Bhd was taken private.)
This year’s The Edge’s Top Property Developers Awards have been announced and the top players in the industry are honoured last night. This year’s awards have been expanded to include non-listed property developers, besides companies listed in the property sector on both the Main and Second Boards of Bursa Malaysia, so this would be much more interesting as we would be able to see more developers in the ranking. Here’s the top 10, in alphabetical order: -
The full details of the ranking will be published in the Sept 1 issue of The Edge weekly. I can’t wait to read the special pullout. Am curious to see if SDB made it to the top 30.
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29-08-2008: The Edge honours top property developers
KUALA LUMPUR: The country’s top 10 property developers were honoured at The Edge Malaysia Top Property Developers Awards 2008 here last night.The top 10 developers, in alphabetical order, are Bandar Raya Developments Bhd, Bandar Utama City Corporation Sdn Bhd, Boustead Properties Bhd, E&O Property Development Bhd, IGB Corporation Bhd, IOI Properties Bhd, Island & Peninsular Sdn Bhd, S P Setia Bhd, Sunrise Bhd and Sunway City Bhd.
Few days back while driving in Mutiara Damansara, I saw some really nice signages advertising 28@Mutiara Hill. Intrigued, I decided to have a detour to check it out and followed the signages. I was led to a bespoke bungalow development in the Mutiara Damansara bungalow lots. I think there are 2 other bungalows already built at the moment (1 of which I did trespass ..ahem..) and this is the 3rd one. Once you drive up and pass all the overgrown grass and rubbish sites, I was met with this rather lovely bungalow.
At first glance, it did remind me of the 20Trees courtyard homes by SDB in Taman Melawati. White boxy facade with lots of horizontal windows and louvre windows, plus the charcoal-colored powder coated frames do tick my boxes! Do take note that you won’t get as much land as the artist impression, as the plot is rather tight. I managed to get in and have a look, and I do like some of the elements introduced. The only thing that I would like is to convert the rooftop to usable space since the roof seems to be flat anyway. This 5+1 bedroom bungalow comes with a swimming pool (land area 6743sf, build-up 6280sf), is on the market for a cool RM4.35million.
More photos after the jump.
by Yantoultra Ngui Yichen
Email us your feedback at fd@bizedge.comKUALA LUMPUR: Boustead Holdings Bhd (BHB) is offering RM5.50 per share via cash or share swap in its voluntary takeover (VTO) offer for its 65%-owned subsidiary Boustead Properties Bhd (BPB), representing an 18.53% premium over the latter’s last traded price of RM4.64.
It is offering to acquire the remaining 89.3 million shares in BPB for a total of RM491.15 million and all outstanding RM35 million redeemable convertible bonds (RCB) at RM1.33 per RCB for a total of RM46.55 million. The total consideration amounts to RM537.7 million.
In lieu of cash, BPB shareholders could opt to receive BHB shares at an issue price of RM6.25 per share on the basis of 0.88 BHB share for every Boustead Properties share or 0.21 BHB share for every RCB unit.
The offer price of RM5.50 per share is a 30.95% premium to BPB’s five-day weighted average market price up to May 13 of RM4.20 and a 4.56% premium to the audited net asset per share of RM5.26 as at March 31, 2008.
BHB said yesterday that Lembaga Tabung Angkatan Tentera (LTAT), which holds an 8.6% stake comprising 21.94 million shares in BPB, had given its irrevocable undertaking to accept the offer. LTAT is the largest shareholder in BHB, owning a 57.5% stake comprising 361.7 million shares in the group.
