News Highlights - SP Setia, Bandar Raya Developments, Maxis, AIrAsia, Property Sector

S P Setia Bhd (RM3.56/share)

Battersea project set to take off April next year

Redevelopment of the iconic Battersea Power Station (BPS) in London by a Malaysian consortium is expected to begin in April, after a soft launch in January. The consortium comprising Sime Darby Bhd, SP Setia Bhd and Employees Provident Fund (EPF), on Tuesday took ownership of the 15.78ha site after paying STG400mil (RM1.98bil) to BPS liquidators.

Battersea Power Station, with its four iconic 350-foot (105-metre) chimneys, has been dormant since 1983, and the consortium expects the project to have a gross development value (GDV) of STG8bil (RM39.5bil) over its planned 15-year redevelopment.

Sime Darby chief operating officer Datuk Abdul Wahab Maskan suggested that the consortium had paid reasonably cheap for the site given that the STG400mil (RM1.98bil) price tag is equivalent to just five per cent of the project’s expected GDV. – Business Times

Bandar Raya Developments Bhd (RM2.83/share)

In JV residential project, GDV of RM600m

Bandar Raya Developments Bhd (BRDB) is teaming up with landowner Garuda Mega Sdn Bhd to undertake a residential development project in Sungai Long, Selangor. 

BRDB said on Wednesday its unit Raintree Forest Sdn Bhd had inked a JV agreement with Garuda Mega for the project with a gross development value of RM600mil. 

The agreement is to build bungalows, semi detached houses and apartments on Garuda Mega’s land, measuring 25.97ha. Phase one is targeted to be launched in the second quarter of 2014. The landowner’s entitlement would be 23% of the net development value and it could opt for either cash or units or both. – StarBiz

Maxis Bhd (RM6.95/share)

Maxis, Astro in IPTV partnership

Maxis Bhd and Astro Malaysia Holdings Bhd will team up to develop and co-market consumer packages for their existing and potential customers, with the first phase of products to be launched by year-end. 

Under the partnership, Maxis will be the fibre broadband service provider to expand Astro’s B.yond IPTV service footprint.  Astro will be the IPTV service provider for all Maxis fixed and wireless platform. 

The deal was signed just three months after Maxis announced its partnership with 14 content providers for its IPTV services. Maxis joint chief operating officer Mark Dioguardi said the plans to launch its own IPTV services have been called-off and Maxis will now offer Astro’s IPTV contents to its customers. – Business Times 

Source: AmeSecurities