Bolton looks overseas for expansion

PUCHONG: Bolton Bhd is looking at overseas venture for further business expansion, its managing director Chan Wing Kwong said.

Speaking to the press after unveiling The Wharf here on Friday, Aug 20, he added that it is looking at countries "within five to six hours away" from Malaysia, such as China and Vietnam.

"The country won't be too far from the home country and we are looking at the population, disposable income, political stability and legal infrastructure for the countries we are going into," he said.

He noted that Bolton started looking at overseas venture before the recent credit crisis, but the effort has somehow delayed when the economy slowed down.

Chan, nevertheless, hopes to make announcement on the developer's overseas venture within two years.

On the local front, Bolton plans to acquire landbank, mainly in Klang Valley and Penang, that can generate gross development value (GDV) of RM500 million to RM600 million this year.

This landbank, Chan said, would cost the developer RM100 million to RM150 million.

It currently has landbank of 650 acres in areas like Kuala Lumpur, Puchong, Penang, Melaka and Negeri Sembilan.

The Wharf, a commercial project with a GDV of RM450 million, is part of the 345-acre Taman Tasik Permai in Puchong, surrounding a 200-acre natural lake.

It will comprise boutique showroom stratified offices dubbed BizWalk, three blocks of apartment as well as a retail mall. The three components will be connected to each other with bridges.

Bizwalk, offering offices sized 1,875 sq ft and 2,925 sq ft, will be launched this weekend. Tagged from RM2.2 million, this RM50 million component has more than 600 car park bays. It is scheduled for completion by 2013.

The apartment block, meanwhile, will be launched February next year. The RM300 million component will have 1,002 units in three 29-storey blocks as well as 64 terraced suites atop of the offices. It is scheduled for completion by 2014.

Bolton plans to keep the retail mall with net lettable area of 302,739 sq ft. Chan said it might sell the whole mall to a single buyer in a later date. The mall, which will be completed in 2013, will be using the lake water for its Wing Cooling System for cooling effects.

After this project, the developer still have another 20 acres of undeveloped land in the township. Currently, some 1,500 units of property in the township have been sold.

A new apartment project, spans over 4.5 acres of land in the township, will also be launched next year-end, Chan said, without revealing the details.