Genting Malaysia:Its New Yorkcasino is poised to see better earnings as more slot machines are replaced with electronic table games that take in more money. The stock could see more interest after the USpresident elections early Nov 2012.
The second round of constitutional amendments for the approval of live table games as well as the seven new casinos in NY will kick off again by a newly elected legislation as well as a voter referendum by Nov 2013.
The first round of amendments was passed in March 2011. If approved, NY could have casinos with live table games as early as Jan 2014. As it is, Genting Mal’s Resorts World NY only offers electronic table games and slot machines due to legislative constraints.
A revival of the push to legalize casinos in Miami, Florida– where Genting Mal has bought land to construct an integrated resort and is lobbying for a casino license – is expected to take longer, though. A bill for wider gaming in Florida was withdrawn in Feb 2012 following wavering support ahead of the US president election on Nov 6, 2012.
Hua Yang: Hua Yang Bhd is acquiring 29.20 acres of land in Puchong, Selangor from Mentaru Hari Sdn Bhd for RM158mil and plans to undertake mixed development with an expected gross development value of RM1.52bil.
It had entered into a conditional sale and purchase agreement with Mentari Hari to acquire five vacant plots of leasehold land in the Petaling district. The lease expires in December 2110.
The purchase consideration of RM158mil is expected to be funded via internally-generated funds and bank borrowings.
The group's strategy is to acquire and continue to expand its current land bank which is about 766 acres and are in the Klang Valley, Perak, Seremban and Johor with an estimated GDV of RM2.2bil, which would be sufficient for its property development ventures for the next six to eight years.
Its plan was to undertake affordable priced properties while maintaining modern and city lifestyle concepts to attract the younger generation of the surrounding matured residential areas of Puchong, Shah Alam and Subang due to population growth in these areas.
It proposed mixed development comprising serviced apartments and offices / lifestyle studio office suites together with parking facilities, clubhouse and amenities with an expected gross development value of approximately RM1.52bil and gross development cost of RM1.22bil, amounting to gross development profit of approximately RM300mil.
The proposed development is expected to be launched in the fourth quarter of 2014 with a development tenure of six to eight years.
It has allocated over RM300mil to buy more land as it plans to launch RM815mil worth of property projects in the financial year ending March 31, 2013 (FY2013).
Hua Yang Bhd plans to introduce its affordable housing to Sabah and Sarawak. The company is currently talking to landowners to acquire land near city centres there.
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