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aws试用账号( Darby Property’s land purchase a bargain



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KUALA LUMPUR: Brokerage firms are generally optimistic about Sime Darby Property Bhd’s acquisition of agriculture land from Sime Darby Bhd in Malaysia Vision Valley (MVV) in Labu, Negri Sembilan.

The property group announced on Wednesday that it had exercised a call option agreement by acquiring 760.12 acres of freehold land in the area for RM280mil in a related-party transaction.

It said the proposed acquisition is imperative for the group to secure strategic land banks for its development pipeline in MVV.

Taking into consideration the current industrial project surrounding the area and the anticipated completion of the Nilai-Labu-Enstek road, the said land will be strategically positioned to be turned into a holistic industrial development scheme, it added.

Kenanga Research said the acquisition of land in Labu was a “bargain” as the price of RM8.46 per sq ft was lower from historical transactions done by other listed companies within the vicinity.

One transaction was done at RM42 per sq ft in 2018 and another land deal was conducted at RM10 per sq ft in 2014.

“Also, should the land be developed into an industrial park, assuming a gross development value (GDV) per acre of RM5mil, the entire plot could fetch a GDV of around RM3.8bil – suggesting a low land cost/GDV ratio of 7.3%.

“Post-acquisition, net gearing will remain healthy at 0.33 times from 0.30 times as of the second quarter ended June 30. Overall, we are mildly positive on the acquisition,” Kenanga Research said.

The research house is keeping its financial year ending Dec 31 (FY21) to FY22 earnings forecast unchanged.

It is also keeping a “market perform” call, with a higher target price of RM0.735 from RM0.605 based on higher price-to-book value of 0.53 times as it sees better earnings visibility for the group.



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