Capitaland: Malaysian newswire The Star reported that CapitaLand is reviewing details of its RM8b JV in Danga Bay, Johor with its partners, amid a soft property market.
The development, which CapitaLand owns 51% was slated to be one of its largest. The 71.4 acre site is planned to be turned into a waterfront residential community comprising high rise and landed homes, a marina, shopping mall, serviced residences, offices and recreational facilities.
Despite CapitaLand’s hesitation in Iskandar, the developer remains hopeful to widen its footprint in KL, the Klang Valley and Penang. The developer is optimistic about Malaysia favourable long term demographics, despite having to bite the bullet in the short term.
On outlook, the newswire cited Lim Wie Shan, who leads CapitaLand’s Malaysian projects, is hopeful of an economic turnaround next year which will in turn spark a property recovery.
CapitaLand is currently trading at 0.7x P/B.
The street has 20 Buy calls and 3 Hold calls on CapitaLand with a TP of $4.05.
No comments:
Post a Comment