National Property Information Centre primary property market preliminary data also showed that overall units launched and sold in 1H16 plunged to 10,655 units (1H15: 49,280 units) and 2,732 units (1H15: 23,909 units) respectively.
For the financial period, AmProp recognised a gain of RM57 million from the disposal of the 4B Merchant Square in London. This was accompanied by foreign exchange (forex) gains of RM23 million, due to the strengthening of the sterling pound versus the ringgit.
Given the soft property market environment, UOA Development Bhd is planning only four launches in 2016, with an estimated gross development value (GDV) of RM3.5 billion.
The light rail transit line 3, Kwasa Utama and Cyberjaya City Centre (CCC) projects will generate a project management fee income of RM586 million over the next 12 years. It is exploring to set up private property funds with institutional investors to finance some of its property developments.
Preliminary assessment values the Extension at 32 sen per share, based on a dividend discount model methodology. We revise up our 2017 estimate (E) net profit by 4.5% to account for the Extension’s nine-month contribution.
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