♦ A large Canal City township coming in end 2011. Canal City land is
staged to become a major township development for IJMLD in the coming
years. The company has recently signed a termination agreement with the
state government for the construction of canal. However, the JV company
(with Keuro) will have to incur some cost for the land, relocation of
squatters, acquisition of replacement oil palm land for squatters etc. We
estimate that the effective land cost would be around RM4-6 psf, which is
rather attractive, as it is getting very difficult to secure a large parcel of
land in Klang Valley. At a preliminary estimate, the leasehold development
will worth a GDV of RM4bn, but we believe there is upside potential given
IJMLD’s track record on stepping-up pricing in its property launches.
IJM Land Berhad : Canal City Land To Kick Off End 2011 - 07/10/2010
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