Posted by unclelim > 2013-06-29 22:10 | Report Abuse

New Kota Kemuning Bungalow project (called Hometree) officially launched last week.1st phase comprised of 101 bungalows ranging from RM2.5mil to RM3.6mil. Unconfirmed take up rate of over 80% ,locking in sales of about RM200 mil. Total GDV for entire 150 acre project revised upwards from RM1.6 Billion to RM2.1 Billion over 6 to 7 years. Also, their maiden Klang Valley project called Concerto Mont Kiara doing just as well.3 towers of condos with GDV of about RM450 million. Tower 1 completely sold out and Tower 2 has bookings for 80%, according to press release. BCB is a mid-sized player based mainly in Kluang and Batu Pahat where they have over 1,000 acres of landbank. Not as sexy or glamorous as (JB)Iskandar area but solid , bread and butter affordable landed properties between RM300-400,000 price range. Latest NTA of RM1.70 with most land bought many years ago and not revalued. The real irony is that the original developer of Kota Kemuning is Gamuda ,who just bought 700 acres of leasehold land in Rawang for RM20 psf. BCB bought the 150 acres of L/H land in Kota Kemuning for RM16.40psf in 2011.If Rawang land worth RM20psf to Gamuda, pretty sure land in Kota Kemuning worth over RM30 psf, IMHO. Expect coming quarterly results to show BIG jump in sales and Profits. Disclaimer: I own shares in BCB.