Bolton expects 30% margin from lakefront retail centre

By THE EDGE

PUCHONG: Bolton Bhd expects to achieve a gross profit margin of at least 30% for its RM200 million lakefront retail centre, The Wharf, which was launched yesterday in Taman Tasik Prima here.

Sited on an 18-acre parcel of land, the project is a shop office and shopping complex hybrid comprising three business zones – Biz Hub, Avenue and Piazza. The Wharf is expected to be completed by 2011.

Biz Hub, with a sales value of RM34 million, comprises 22 en-bloc shop offices and 54 strata office units, which are priced at between RM819,000 and RM2.7 million per block and between RM100,470 and RM182,770 per unit, respectively.

“Biz Hub have achieved a take-up rate of 75% to-date following its soft launch three weeks ago,” said Bolton chief operating officer Chan Wing Kwong.

Avenue, the showroom and service hub, will offer large commercial plots ranging from 3,200 sq ft to two acres with spacious stand-alone buildings or warehouses ideal for businesses like showrooms, drive-through restaurants, learning centres, medical centres, supermarkets, sport centres and corporate offices.

Chan said Avenue, with a sales value of RM50 million, was expected to be launched next year. It will offer the added feature of choice of own shop front design as well as shop-front parking convenience.

Valued at RM120 million, inclusive of leased properties, Piazza, the lakeside retail village, is a pedestrian-only retail centre comprising two to four-storey lots, with an entertainment cum exhibition square.

“Piazza is planned for partial lease and sale; this development offers a choice of SOHO offices with apartments for one to live where one works,” he said. Chan projected a 10% rental yield based on rates of between RM2 and RM4 per sq ft.

Located within the MSC and launched in 2002, Taman Tasik Prima is an inland coastal township with 240 acres surrounded by a 200-acre natural lake. The township is being developed by Prima Nova Harta Development Sdn Bhd, a 50:50 joint venture between Bolton and Prima Nova Group.

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