RHB Research said with the latest green light from the government to go ahead with the MRT2 project, IOIPG emerges as the key beneficiary.

Based on information provided by Gamuda Bhd, MRT2 will run from the Sungai Buloh depot to Putrajaya, and the proposed stops include Kepong, Sentul, KLCC, Cheras Sentral, Serdang, Uniten and Precinct 14 Putrajaya.

train

“IOIPG’s IOI City Mall will likely be a valuable asset. With this MRT line, the GDV for its landbank in Putrajaya will likely rise further,” RHB Research said in a note yesterday.

The research house is maintaining its “buy” rating on IOIPG, with a target price at RM3.38, at a 30 per cent discount to its revalued net asset valuation (RNAV).

The IOI City Mall, with a Net Lettable Area (NLA) of 1.4 million sq ft, will have its soft opening this month. About 90 per cent of the retail space has been leased and key anchor tenants include Parkson, Tesco Premium, HomePro and Index Living by Aeon.

“Our checks reveal that Phase 2 of the mall, which will be constructed at a later stage, will have a NLA of 900,000 sq ft. Phase 2 will be at a close proximity to Universiti Tenaga Nasional (Uniten) and the proposed Uniten MRT station could potentially be located there.

“If this materialises, the IOI City Mall will likely see long-term value appreciation, which would spur IOIPG’s RNAV re-rating.

“We expect the future GDV (currently at RM3.1 billion) of the remaining Putrajaya land to expand, given the boost from this latest infrastructure development,” RHB said.

Source : NST Online
1 NOVEMBER 2014 @ 12:41 AM

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As one of the premier cyber cities in the region, more than 700 companies, including over 30 multinational corporations, have chosen Cyberjaya as the preferred location to operate their businesses. With the current 16 established property developers vying to invest more than RM20bil in Cyberjaya by 2016, there will be more than 28,000 residential units with an expected population of 100,000 by then. The opening of Cyberjaya's first neighbourhood mall, D'Pulze Shopping Centre and IOI City Mall Putrajaya will serve as a catalyst to boost Cyberjaya to the next growth tier. Coupled with completion of various residential developments, Cyberjaya will see population expansion soon. Other catalysts would involve the upcoming Cyberjaya City Centre, Xiamen University Malaysia Campus, the Maju Expressway extension through Cyberjaya and the Sungai Buloh-Kajang-Putrajaya MRT 2 extension. If you are seeking investment opportunities, Cyberjaya should be in your checklist. Call 016-7737036 for more information.