Please refer FY 2016 Annual Report and do some calculation of the psf of some of these land bought prior to Year 2000. No estimated GDVs are included for some of these land.
FY 2016 Annual Report - Elysia Medini - GDV RM 1.2 billion over 5 years.
Elysia Park Residence, Medini, Iskandar Malaysia This 7.81 acres high-end high-rise development is a joint venture between BCB Berhad (holding a 60% equity stake) and a developer from Hong Kong, China called United Harvest Group Company Limited.
This is a 129 years leasehold project consisting of 6 tower blocks sitting on a 9 storey car park podium. It has a GDV of about RM1.2 billion and will be developed over 5 years. Phase 1 has 981 units sited in 3 tower blocks. There are eight types of unit layouts to choose from and they come in various designs and sizes ranging from 516 s.f. to 1,252 s.f.
This project is expected to generate considerable interest from locals as well as foreigners simply because Medini is a special economic zone; whereby foreigners are exempted from the buying and selling restrictions imposed elsewhere in the country. Phase 1 was officially launched on August 7, 2015. Despite the “over-supply” fear syndrome for all development projects within Iskandar Malaysia and difficulties encountered by buyers in securing bank loans, the Group was fortunate as it managed to secure quite a number of foreign buyers. To-date about RM180 million in sales has been recorded.
FY 2016 Annual Report - Concerto Mont Kiara - completed , Balance unsold RM 120 million
Concerto North Kiara, Kuala Lumpur A 440 unit high-end condominium project sited on 5 acres of freehold land and comprising 3 tower blocks and a club house. This project is located in the vicinity of Mont’ Kiara, Kuala Lumpur and has a GDV of about RM560.0 million. To date, about RM440 million worth of sales has been recorded.
Home Tree at Kota Kemuning, Shah Alam, Selangor - GDV RM 1.8 billion over 5 years
A high-end gated and guarded community sited on 151 acres of land located along the Klang river and comprising about 200 units of highend bungalows plus various other categories of houses and commercial properties. This project is located in Kota Kemuning and has a 3.5 km long river frontage. It was officially launched on June 22, 2013.
This development is a joint venture between BCB Berhad (holding a 70% stake) and Land Shine Limited, an affiliate of a reputable property developer in Xiamen, China. It will have a nature theme as it is fronting 3.5km of the Klang River. It will be designed to harmonize with nature and have club houses, jogging tracks, an esplanade and observation decks along the water front. The whole development project will have a GDV of about RM1.8 billion and is targeted for completion in about 5 years time. Phase 1 has a GDV of about RM300million. To-date, about RM280million worth of properties in phase 1 has been recorded.
Subsequent launches of other phases will take place in the first half of year 2017.
LAND IN BATU PAHAT, JOHOR ACRES / RM '000 /ACQUIRED/REVALUATION
Lot 4091 Being developed as Freehold N/A 11.64 14,622 12/7/1994 Mukim of Simpang Kanan, Taman Bukit Perdana II District of Batu Pahat, Johor
Lot 559, 2954-2959, 2656 & 2660 Being developed as Freehold N/A 18.54 7,698 12/7/1994 Taman Bukit Perdana III Lot 2664-2666 Being developed as Freehold N/A 21.04 5,213 6/27/1994 Mukim of Simpang Kanan, Taman Bukit District of Batu Pahat, Johor Perdana II
Lot 3131 Proposed residential Freehold N/A 4.05 259 9/6/1994 Mukim of Simpang Kanan, development District of Batu Pahat, Johor
Lot 8096 Proposed residential Freehold N/A 2 569 12/13/2006 Mukim of Sri Gading development District of Batu Pahat, Johor
Lot 8097 Proposed residential Freehold N/A 2 575 12/13/2006 Mukim of Sri Gading development District of Batu Pahat, Johor
Lot 708 Proposed residential Freehold N/A 3 870 12/13/2006 Mukim of Sri Gading development District of Batu Pahat, Johor
Lot 4852 - 4861 (Master Title) Proposed residential Freehold N/A 2.18 4,392 12/2/1993 PTD 41078 - PTD 41089 (New Title) development Mukim of Simpang Kanan, District of Batu Pahat, Johor
H.S.(D) 23056-23076, Proposed residential Freehold N/A 72.11 9,487 5/27/2009* 23081-23087 & 23181 development Mukim of Simpang Kanan, District of Batu Pahat, Johor
Lot 5267 & 7918 Proposed residential & Freehold N/A 7.07 2,085 3/20/2001 Mukim of Simpang Kanan, commercial District of Batu Pahat, Johor development
H.S.(D) 23287, 23308-23337, Being developed as Freehold N/A 113.5 72,275 2/6/2002* 23526-23540, 23551-23565, Evergreen Heights 23581-23596, 23371-23388, 23464-23474, 23485-23525, 23566-23580, 36168, 36169, 36165, 36166 Mukim of Simpang Kanan, District of Batu Pahat, Johor
Lot 4207 Proposed residential & Freehold N/A 35 5,915 9/23/2003 Mukim of Simpang Kanan, commercial District of Batu Pahat, Johor development
H.S.(D) 43069-43075 Being developed as Freehold N/A 370 110,948 9/28/2009* P.T.D. No.18607-18613, Bandar Putera Indah Mukim of Linau, District of Batu Pahat, Johor
Lot 375 Proposed commercial Freehold N/A 9.9 32,710 4/28/2015 Jalan Bakau Condong development Mukim Bandar Penggaram District of Batu Pahat, Johor PONTIAN, JOHOR
Lot 4681, Mukim of Pontian Being developed as Freehold N/A 12.30 18,824 11/17/1994 District of Pontian, Johor Taman Megah
JOHOR BAHRU, JOHOR
Lot 2896 Being developed as Freehold N/A 18.59 27,296 10/30/2008 Taman Pulai Utama Taman Pulai Utama Mukim of Pulai Distric of Johor Bahru, Johor
PTD 102771, 102772, 102775, 141053 4 units of Freehold 8 year 0.16 2,298 02/01/2009 Mukim of Pulai Shop Offices & 16/03/2009 Distric of Johor Bahru, Johor
Plot No. A45-1, A45-2, A45-3 Proposed residential Leasehold N/A 7.81 180,600 12/6/2013 A46-1, A46-2, A46-3, A46-4 development (expiring Mukim Pulai, Daerah Johor Bahru, 14.02.2137) Medini Zone A Plot C1, HS(D) 537374 Proposed residential Leasehold N/A 22.01 58,527 10/1/2015 PTD 199638 & commercial (expiring Mukim Pulai, Daerah Johor Bahru, development 14.02.2107) Medini Zone C
SEREMBAN, NEGERI SEMBILAN
Lot 5527 Being developed as Freehold N/A 1.0 1,191 7/15/1994 Mukim of Rantau, Taman Seremban Jaya District of Seremban, Negeri Sembilan
KUALA LUMPUR Lot 9933 (Geran 6497) Proposed residential Freehold N/A 0.4 5,797 2/4/2010 Lorong Awan Jawa development Taman Yarl Mukim Petaling Distric of Kuala Lumpur
Lot 1844 & Lot 1845 Proposed residential Freehold N/A 5.03 101,553 3/10/2010 (HS (M) 12718 PT 25954) development Mukim Batu Daerah Kuala Lumpur
Lot 73478 & Lot 73479 Proposed residential Leasehold N/A 151.27 187,732 3/11/2011 H.S.(D) 69603 & 69604) development (expiring Mukim Klang, Selangor Darul Ehsan 18.04.2101)
From FY 2016 Annual Report Bandar Putera Indah, Batu Pahat
This 390 acre mixed development township is located in the vicinity of Tongkang Pecah, about 11km north-east of Batu Pahat town centre. This entire project will have a GDV of about RM1.1 billion. The concept here emphasizes quality living set amidst natural surroundings with architecturally attractive designs and beautifully landscaped terrain.
Since its maiden launching in 2011, the take-up rate has been very encouraging with phase 1 encompassing 20 acres of land fully sold and completed. In July 2012, phase 2 was launched and again the take-up rate was encouraging. To date over 1,000 units have been sold with a total sales value of about RM260 million. We will be rolling out more new phases soon. We are confident of this township’s future contribution to the Group’s earnings.
Versis Batu Pahat RM 600 million BCB Land, Batu Pahat RM 360 million Medini Iskandar 3/5 shop lots RM 400 million Elysia Park Residence, Medin Iskandar RM 1.2 billion Concerto RM 560 million Home Tree, Kota Kemuning RM 1.8 billion Bandar Putera Indah, Batu Pahat RM 1.1 billion Total : RM 6.02 billion
Total of RM 6.02 billion should exclude sales for Concerto RM 440 million, Elysia RM 180 million and Home Tree RM 280 million ( all from FY 2016 AR ) but does not include GDVs for on going projects in Batu Pahat , example Evergreen Heights and other locations in Kluang, Seremban, Pontian and JB totalling about 250 acres where no GDV figures can be obtained.
Net RM 6.02 B less RM 440 m less RM 180 m less RM 280 m equals RM 5.12 B
Thanks for the effort, VS :) I wonder whether small caps like BCB with market cap of about RM 200 million will be covered by SC research scheme. It should be made mandatory for all listed companies to be covered at least once a year.
Valueseeker : Extracted from iproperty.com magazine issue 133 March 2016
"What are BCB Berhad's future plans in Iskandar Malaysia?
In Danga Bay, BCB is planning to develop a 90-acre mixed development. Slated to be launched in 2018, the waterfront project will comprise of 5-storey shop lots, residential condominiums as well as a 5-star hotel carrying an international brand." 23/03/2016 11:32
BCB seems to be in a hurry to grow, with so many projects in hand. With market capitalisation of only RM 200 million, BCB should either merge with other listed companies or be acquired or JV with other listed companies.
Other than the Tan Sri, I do not see any competent top management. Compare this with other listed property stocks.
Stockker :BCB was quite busy with corporate activities in 2015 ie General Offer in June 2015 and share split in November 2015 but rather quiet in 2016 and 2017.
Any exciting developments expected ? Anybody have any input ? 26/03/2017 17:14
If want to buy, read all the postings here, especially Focus magazine article " riding out the storm ". This is not a contra stock, illiquid. Look at its FY2016 AR : top 30 shareholders control more than 90 % of its shares ( excluding Treasury shares of 12 million plus ), most of the top 30 shareholders have been holding the shares for a very long time.
BOD : LISTEN LISTEN LISTEN : SELL YOUR KOTA KEMUNING LAND !!! ( refer Focus Malaysia article )
Per your FY 2016 Annual Report : Details of your KK Land :
Land size : 151.27 acres Net Book Value @30/6/16 : RM 181.732 million ie RM 28.49 psf Leasehold expiring 18/4/2101 ( balance 84 years )
Focus Malaysia said current market price is RM 150 psf, if so : Your profit will be RM 800,668.394.00 ( RM 800 million !!! )
Even if say, you give a 30 % discount from market price , your selling price will be RM 105 psf, if so : Your profit will be RM 504,148,949.00 ( RM 504 million !!! )
Say you cut to 50 % of market price, your selling price will be RM 75 psf, if so : Your profit will be RM 306,469,319.00 ( RM 306 million !!! )
Compare these figures with this :
You say the GDV for this land is RM 1.8 billion over 5 years project. You have already completed RM 280 million. Balance GDV is RM 1.52 billion.
Your average ROE over the past 5 audited FY is about 12.56 % . Without the benefit of segmental profit of your various locations, say we take this against the potential GDV of RM 1.52 billion. Your projected profit before tax on this is only RM 190,912,000.00 ( RM 191 million !!! )
Isn't it a no brainer to sell your land ??? In addition, your leasehold land is depleting year by year.
Stockker, your analysis is quite correct. If BCB is just planning to develope landed properties and some shops in this area, it will be more profitable to just sell away the land and BCB will make more money. Furthermore, the profits is realised immediately.
This area is already quite matured and the land is suitable for developing more value-added high rise condo, office and retail development.
BCB top management needs a complete overhaul . No corporate / finance director / investor relations head to talk to investors . So below the radar . Staying underground . Where are the new launches ?
Stockker Another strong property stock in Johor. Probably should merge with BCB Berhad who is also strong in Johor. 23/04/2017 17:50 X Stockker Sorry, KSL is 6 times the size of BCB Berhad. Probably should acquire BCB Berhad due to its land bank in Batu Pahat, Medini and Kota Kemuning. 23/04/2017 17:52
Stockker BCB seems to be in a hurry to grow, with so many projects in hand. With market capitalisation of only RM 200 million, BCB should either merge with other listed companies or be acquired or JV with other listed companies.
Other than the Tan Sri, I do not see any competent top management. Compare this with other listed property stocks.
Stockker :BCB was quite busy with corporate activities in 2015 ie General Offer in June 2015 and share split in November 2015 but rather quiet in 2016 and 2017.
Any exciting developments expected ? Anybody have any input ? 26/03/2017 17:14 06/04/2017 20:24
Sometimes you wonder why companies like BCB Berhad wants to stay below the radar, shy to talk to fund managers/analysts although their financial performances have been good. You scratched your head and think deeper. They do not pay dividends, or hardly any dividends and yet the Board is packed with related parties, whether with solid experience or not. The controlling shareholders still regard the company as a private company, a training ground for the next generation. And who knows whether there is proper accountability with independent directors who have been with the companies for such a long long time . If you choose to invest in such companies, you must be prepared to question the management, write to MSWG ( minority shareholders watchdog group ). write to Bursa/SC etc, otherwise be prepared to bear the consequences.
The authorities are tightening the screws : see here : sooner or later, controlling shareholders will not be able to regard the PLCs as still their own private company.
2nd project awarded to Kerjaya Prospek, construction outfit of 8 times its size. Why not BCB consider a tie-up with Kerjaya, win-win situation. BCB with its large land bank and potential GDV of more than 5 billion and Kerjaya with its expertise on construction.
Kerjaya buys BCB, via issue of shares . That will be an interesting idea.
Revenue and earnings dropped due to completion of Concerto and Phase 1 of Home Tree. I think results for FY2017 is about this only as launching of Phase 2 Home Tree is coming soon.
Per report :
Phase 2 comprising 99 units of bungalows and 166 units of semi-Ds and Phase 5 comprising 23 units of 3 / 4 storey semi-D and bungalow shoplots are expected to be launched soon. The Group is currently in the final stages of securing the necessary approvals from the relevant authorities before doing an official launch for both these two phases. The Group is optimistic that these projects as well as existing ones will contribute positively to its earnings
Valueseeker BCB awards RM 207 million contract to Kerjaya Prospek - for 166 units of semi-Ds & 99 3 storey bungalows.
Total units at Concerto is 440. That means sales of 72%, not good but not too bad.
kcgoh1234, if you are an owner, get some like minded owners elected to the JMC. Review the maintenance fees and expenses and question whether the increase is justify. Check whether service companies such as security, landscape, pool maintenance etc are hired based on tender basis. Question all.
Even Brem has gone up a lot, but BCB is still stagnant at RM0.47. BCB has some similarities with Brem. BCB has Concerto and Brem has Bukit Prima Pelangi in Mont Kiara North. BCB has Broad Tree in Kota Kemuning and Brem has Pelangi Heights in nearby Klang. Both of them are small capitalisation companies with BCB has RM188mil and Brem has RM344mil. Both are controlled by low profile Chinese corporate figures. In fact, BCB has very strong presence in Batu Pahat, Kluang and Johor Baru apart from Klang Valley . It has very stable and sizeble income stream in Johor market.
From the information gathered., last quarter ending this month will still be quiet with the completion of 1st phase Home Tree and Concerto . But exciting FY 18 with numerous launches at Home Tree 2nd phase , semi-Ds and bungalows , Home Tree 4th phase shop lots , Versis Medini Johore shop lots , Versis Batu Pahat shop lots , numerous linked houses in Batu Pahat and Elysia Park Residence small units condominiums Block 1,2 and 3.
Came across another cheap buy : At RM 2.56 psf : 370 acres at RM 41.1 million in 2009
BCB is developing this as Bandar Putera Indah now : From FY 2016 AR
a) Bandar Putera Indah ( added another 20 acres later years ? )
This 390 acres township is an upcoming satellite suburb of Batu Pahat. The proposed high speed rail linking Kuala Lumpur to Singapore is expected to have a station nearby thereby increasing the township’s appeal. Double storey terrace houses are reasonably priced below RM500,000 per unit. Total GDV is about RM1.1 billion. To-date about RM260 million worth of properties have been sold.
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....
Valueseeker
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Posted by Valueseeker > 2017-04-01 22:01 | Report Abuse
Please refer FY 2016 Annual Report and do some calculation of the psf of some of these land bought prior to Year 2000. No estimated GDVs are included for some of these land.