eCurve redevelopment plan to be announced next year, says Boustead Properties CEO

• In March last year, eCurve was closed to the public for redevelopment with the objective of becoming a new landmark or destination in Mutiara Damansara.

KUALA LUMPUR (Sept 15): Township builder Boustead Properties Bhd said the plan for the redevelopment of eCurve shopping mall in Mutiara Damansara will be announced next year.

“[The plan to redevelop] eCurve is progressing well and we hope to announce it by next year. We are currently preparing the technical submissions, and will announce [the plan] next year,” Boustead Properties chief executive officer (CEO) Khairul Azizi Ismail told reporters after the launch of its new ‘Mutiara Spaces’ brand on Thursday.

“In October we will have a business plan meeting and it is subject to the board’s approval. It will be [announced] next year, but the timing is subject to the board,” he added.

In March last year, eCurve was closed to the public for redevelopment with the objective of becoming a new landmark or destination in Mutiara Damansara. Boustead Properties, which operates the mall through subsidiary Damansara Entertainment Centre Sdn Bhd, said the redevelopment is aligned with the group-wide’s aspiration of ‘Reinventing Boustead’.

Taking precautionary measures on rising interest rates

On another note, Khairul Azizi said Boustead Properties is taking precautionary measures in tackling the recent hike in overnight policy rate (OPR) by Bank Negara Malaysia (BNM).

“We are taking precautionary measures. One of the measures that we have undertaken is basically to talk to our principal bankers when it comes to financing and retail financing to house buyers.

“We have a special package with a number of banks whereby the first five years will be interest servicing and instalment will start on the sixth year. This package alone will give additional sweetener to our house buyers apart from giving traditional rebates,” said Khairul Azizi.

He, however, declined to comment, if there is any impact due to rising interest rates on the group.

Last week, BNM raised its OPR by 25 basis points to 2.5% — the third consecutive 25bps OPR hike this year — in line with expectations for further normalisation of monetary policy as the country’s economic growth and inflation gain momentum.

On the other hand, Boustead Properties, which is a unit of Boustead Holdings Bhd, said property overhang would not affect the group’s performance. “Property overhang would not affect us at all. We have very much control of our township in terms of pricing, costing and product representation.”