18 January 2006 - Bolton, UM Land and Capitaland Form Joint Venture to Acquire and Develop Prime Residential Site
18 January 2006
BOLTON, UM LAND AND CAPITALAND FORM JOINT VENTURE TO ACQUIRE AND DEVELOP PRIME RESIDENTIAL SITE
Kuala Lumpur, 18 January 2006 - Bolton Berhad (“Bolton”), United Malayan Land Bhd (“UM Land”) and Acegoal Pte Limited, an indirect wholly-owned subsidiary of CapitaLand Limited (“CapitaLand”), today entered into an agreement to form a joint venture to acquire, develop and market a 4.3 acre (17,383.207 square metres) prime residential site located on Jalan Mayang, Off Jalan Yap Kwan Seng, Kuala Lumpur (“Mayang Land”).
The joint-venture company, Alpine Return Sdn Bhd, will acquire the Mayang Land from Bolton for a total cash consideration of RM112.29 million, subject to the fulfillment of certain conditions. The shareholders of Alpine Return are Bolton (35%), UM Land (35%) and CapitaLand (30%).
Bounded by Jalan Yap Kwan Seng and Jalan Mayang, the strategically located site is one of the largest plots of land zoned for residential development within the popular KLCC vicinity close to the Petronas Twin Towers, the Suria KLCC Shopping Centre , the KL Convention Centre and also the Putra Light Rail Transit . The joint venture intends to develop a landmark condominium on the site, which is slated to be launched in early 2007. CapitaLand will coordinate the development of the project.
Dato’ Azman Yahya, Group Chief Executive of Bolton said that “We are very excited to partner CapitaLand, one of Singapore and Asia’s largest and most successful property companies, and UM Land, one of Malaysia’s premier developers, to jointly develop the Mayang Land. This project represents another major step for Bolton as we expand our presence in developing high-end residential properties, building on the success of our Tijani development in Bukit Tunku. The combination of the talent and expertise of the three partners will result in a unique, landmark development for the Kuala Lumpur city centre. In particular, we welcome CapitaLand and UM Land’s participation in this project, which is a vote of confidence for the residential property market in the city centre.”
Dato’ Ng Eng Tee, Joint Deputy Chairman and Executive Director of UM Land said “We are indeed proud to have CapitaLand and Bolton as strategic partners in this residential landmark development. This joint venture is yet another smart partnership embarked upon by UM Land following our remarkable success in the luxurious Suasana Sentral Loft condominium development project within KL Sentral – a joint venture with Malaysian Resources Corporation Berhad. We believe that this partnership is set to create another milestone for UM Land in the high-end condominium development segment by leveraging on the unique strengths of each partner. “
Mr Lui Chong Chee, CEO of CapitaLand Residential, said: “Our joint venture, with strong partners like Bolton and UM Land, will help grow CapitaLand’s presence in Malaysia. The country enjoys positive economic growth, a stable employment market and an improved business environment. Its capital, Kuala Lumpur, is one of the most resilient residential markets in the country. This joint venture is a further indication of our confidence in the long-term growth opportunities in Malaysia.”
Further information regarding the joint venture can be found in Bolton’s and UM Land’s announcements made to Bursa Malaysia today at www.bursamalaysia.com.
Jointly issued by Bolton Bhd, United Malayan Land Bhd and CapitaLand Limited
18 January 2006
About Bolton Berhad (www.bolton.com.my)
Listed on the Main Board of Bursa Malaysia in 1973, Bolton is a developer of quality residential and commercial properties. The company’s well-diversified portfolio includes condominiums, retail development and hotel, of all which are wholly-owned and managed by professionals. Its recent projects include Tijani in Bukit Tunku, which encompasses development of luxury bungalows, semi-detached bungalows and condominiums in Bukit Tunku, residential developments in Lavender Heights, Senawang; Taman Tasik Prima in Puchong, Selangor; and Taman Seri Telok Emas and Taman Muzaffar Shah in Malacca
About United Malayan Land Bhd (www.umland.com.my)
Listed on the Main Board of Bursa Malaysia, UM Land is a major property developer in Malaysia. Its major shareholders include CapitaLand (21.58%), Tradewinds Corporation Berhad (20.14%), Wawasan Perangsang Mewah Sdn Bhd (12.18%) and Chee Tat Holdings (S) Pte Ltd (7.67%). UM Land has established itself as a developer of integrated townships in Bandar Seri Alam, Seri Austin and Bandar Seri Putra located in states of Johor and Selangor. Its recent projects include Suasana Sentral Loft, a luxury condominium within the city’s transportation hub - KL Sentral; and Seri Bukit Ceylon, a freehold city serviced residences development managed by the renowned Ascott International Management Group
About CapitaLand Group (www.capitaland.com.sg)
CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company’s core businesses in property, hospitality and real estate financial services are focuses in gateway cities in Asia, Australia and Europe. The company’s property and hospitality portfolio spans more than 88 cities in 30 countries. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region. The listed subsidiaries and associates of CapitaLand include The Ascott Group, Raffles Holdings, CapitaMall Trust, CapitaCommercial Trust and Australand, which is listed both in Singapore and Australia.
For further enquiries, please contact Encik Ahmad Zulqarnain Onn (Bolton Berhad) at Tel No. +603 2697 3166, email email@example.com , Ms Leong Chooi Kuen(UM Land Bhd) at Tel No. +603 2142 1611, email firstname.lastname@example.org or Mok Lai Siong (CapitaLand Ltd) at Tel No.+65 68233543, email email@example.com