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Friday, December 20, 2013

Crest Builder wins bid to develop Kelana Jaya land

Source: http://www.thestar.com.my/Business/Business-News/2013/12/20/Crest-Builder-said-to-have-won-bid-to-develop-Kelana-Jaya-land.aspx

PETALING JAYA: Crest Builder Holdings Bhd is believed to have won a bid to develop the vacant land around the Kelana Jaya LRT station in a tie-up withSyarikat Prasarana Negara Bhd, property sources said.
StarBiz has learnt that the project is worth RM1bil in gross development value (GDV) and would see the small-cap construction firm clearing out some of the existing structures around the station, which is currently the final stop in the Kelana Jaya LRT line.
There were about six bidders, including Ahmad Zaki Resources Bhd, the MCT group and TH Properties Sdn Bhd.
This would be Crest Builder’s second joint venture with Prasarana to monetise the public transport owner and operator’s landbank along rail lines.
Crest Builder had bagged in April 2012 the development of an RM1.04bil, 40-storey tower atop the Dang Wangi LRT station along Jalan Ampang in downtown Kuala Lumpur, marking Prasarana’s foray into property development.
Called The Bank – a reference to its Klang River frontage – the luxury high-rise had recently received the green light for construction and will start work after Chinese New Year.
The difference with the Kelana Jaya project is that while the Dang Wangi station was beneath ground level, the Kelana Jaya station is above ground. Crest Builder will use the space around the Kelana Jaya station that currently serves as a carpark, it is understood.
The company has also proposed to build 2,400 car parks for Prasarana as part of a park-and-ride facility at the station.
The LRT is undergoing an RM7bil extension that will add 17km of elevated track and 13 new stations to each of its two lines by June 2015.
The two routes, which will converge at the Putra Heights station, are expected to increase the LRT’s passenger capacity to 177,800 people during peak hours.
Sources said Crest Builder’s yet-unnamed Kelana Jaya development would span some 2ha with a gross built-up of over 1 million sq ft. It is eyeing a plot ratio of between four and six times the land area, subject to approvals from the local council.
The largely residential project is to comprise two 30-storey blocks of condominiums and one 10-storey block of office suites, all of them linked by a podium. The retail lots at the site, however, are understood to be minimal.
Crest Builder is said to pay 25% of the GDV in compensation for the land to Prasarana, in line with what TRC Synergy Bhd and Bina Puri Holdings Bhd had agreed for similar joint ventures involving Prasarana’s landbank in Ara Damansara and Brickfields, respectively.
Unlike the Dang Wangi project, which was a 51:49 partnership between itself andDetik Utuh Sdn Bhd, Crest Builder had bid on its own for the Kelana Jaya land.
A spokesman for Crest Builder declined comment.
Its shares have crept up steadily from the 80-sen level since the company announced the details of its Dangi Wangi LRT development.
The stock was last transacted at RM1.52, near its one-year high of RM1.55.

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