Vincent's The Edge declares his ownership of the Selangor Turf Club land-share price spikes-will the SC act?

On 8 October 2007, Vincent Tan's THE EDGE (see VT's CV at http://www.ascotsports.com/help/d.asp?show=about) reported:


On the home front, BLand owns some strategic pieces of land, chiefly the Selangor Turf Club(STC) in Sungai Be si and huge plots in Taman TAR and Bukit Jalil. It also has a 48.76% stake in Berjaya Sports Toto that is valued at over RM3 billion.
(Cover Story: Berjaya on the mend,By M Shanmugam
8 October 2007,The Edge Malaysia (Weekly)
(for background see story at http://sahathevan.blogspot.com/2007/10/is-selangor-dato-vincent-tan.html)



On or about the same time, Berjaya Land share price spiked.


(See graph at http://biz.thestar.com.my/marketwatch/images/9042191.gif)


Subsequent to THE EDGE story stock broking houses have begun to incorporate the Turf Club land in their valuations of Berjaya Land (see story below)

Meanwhile, nowhere in Berjaya Land's most recent audited accounts is there any mention of the Turf Club land.



The Star Online

Wednesday October 31, 2007



BLand sees growth in property sector

PETALING JAYA: Berjaya Land Bhd (BLand) sees potential growth in its property development earnings, both overseas and locally, says Kenanga Investment Bank Bhd.

It was anticipating RM30.2bil worth of mixed development projects in Vietnam to contribute to its growth, in addition to the revaluation of its landbank in Taman Tar and Selangor Turf Club (STC) in Malaysia, it said, noting that the projects in Vietnam would spread from 2009 to 2019.

An analyst from Kenanga believed that BLand had a high probability of securing these projects, noting that less cost and time would be needed on resettlement issues, seeing that most of BLand's Vietnam lands were unoccupied.

On the local front, BLand was expected to launch projects with a gross development value (GDV) of RM1.2bil on top of its on-going property development projects in the financial year ending April 30, 2008 (FY08) and FY09, the analyst said.

Its on-going projects, with GDV of RM802mil, are located in Bukit Jalil, Berjaya Park in Shah Alam, Taman Tar and Kuantan Perdana in Pahang.

According to Kenanga, BLand has planned a RM4.2bil mixed development project on the 248-acre STC, noting that its 10-year development plan had included a range of low to high-end residential development with commercial elements like a shopping mall, offices, service apartments and hotels.

STC's possible conversion title to freehold from its current leasehold was expected to increase the land value by 30% to 50%, and a potential to increase its GDV to RM6.2bil from its original GDV of RM5.4bil, it said.

On top of that, BLand has also withheld launches of its Taman Tar bungalow plots to capitalise on higher pricing upon completion of Taman Tar's main infrastructure works, as well as the pending approval for land title conversion, which is expected to increase prices by 30% to 50%.

The analyst believed that the remaining GDV of approximately RM324mil would increase by more than 15% once BLand resumed selling the land plots at Taman Tar towards the end of the year, adding that BLand had so far traded its bungalow plots in the Peak at Taman Tar at 81% to 127% higher than other residential sites in the area.


The research house rated the company as "trading buy" with a target price of RM7.61.

The counter closed two sen lower at RM4.30 yesterday on volume of 903,200 shares.


BJLAND : [Stock Watch] [ News]

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Comments

  1. jedirajNovember 29, 2007 at 1:33 AM

    Hey MORON ,, still fucking vinnie huh ,, get a life man .

    ReplyDelete
  2. teetwohNovember 29, 2007 at 9:55 AM

    Ganesh - talk about a dog with a bone! As long as you'e happy, I admire your tenacity. hang in there, my friend.
    Teh

    ReplyDelete

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