Journey to Wealth
Sunway Bhd - Eyeing KGNS land for redevelopment? HOLD
- It has been reported in the press that Tan Sri SyedMokhtar ' via his private entity ' and Sunway Bhd have submitted a proposal toredevelop Kelab Golf Negara Subang (KGNS) with a commercial value ofRM5bil.
- The golf club, which was opened in 1968, boasts a landsize of 330 acres, which sit squarely in the middle of established anddeveloped areas of Subang Jaya, Kelana Jaya, Ara Damansara and BandarSunway.
- The prime land is owned by the government and is currentlyhalfway through its 99-year lease.
- This is not something new as there have been rumours inthe market that the government is looking at reclaiming control of this land,with a view to liquidate this prime land to developers. This of course has beenopposed strongly by members, as many view the club ' which was initiated byTunku Abdul Rahman ' as an iconic institution and its members are mostly madeup of ex-top civil servants.
- Given the circumstances, we are of the view that it wouldbe a massive challenge for the interested parties to get hold of this primeland.
- Similarly, it is believed Sime Darby's proposal toredevelop Kelab Golf Perkhidmatan Awam (KGPA) ' which also sits on a prime landwithin Damansara/Petaling Jaya ' forhigh-end residential units has been met with strong opposition.
- This just shows the lack of prime land for development inthe market and this will continue to drive strong land prices goingforward.
- We maintain our HOLD rating on Sunway with our fair valueunchanged at RM2.85/share
Source: AmeSecurities
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
