Wednesday, January 19, 2011

IJMLand ... Jan11

With the merger called off, IJM Land’s investors have had their expectations curtailed. It is still possible for IJM Land to revisit a merger with EPF-controlled MRCB, perhaps at a later stage, but until that happens, it will not be sitting still waiting for big projects to drop into its lap.

In fact, IJM Land’s prospects are looking as strong as ever as it kickstarts new development projects for 2011 and next. Meanwhile, it still has its crown jewel, the 2,000-acre Canal City township project in Kuala Langat, Selangor, which it co-owns equally with Kumpulan Europlus Bhd, an associate company of IJM Corp.
IJM Land is not ruling out the possibility of merger opportunities with other players.

Canal City, which is adjacent to Kota Kemuning, has a total gross development value (GDV) of more than RM10 billion. It is IJM Land’s largest ever township project and one that is no less significant than the proposed development for RRIM’s land. Other than the vast size of the township, the low holding cost of the Canal City land, at RM5 per foot, means that the project could potentially be lucrative in terms of development margins.

The first phase of the Canal City will be pushed out to the market in 2012, earlier than the RRIM project, which is still believed to be on the drawing board. IJM Land confirms that the Canal City project will be pushed to the market in 2012. The company is in the final leg of sorting out the development plans and getting the necessary approvals for the project.

It will be IJM Land’s anchor project, along with The Light in Penang (with a GDV of RM4.9 billion). The project will have a long development cycle of 10 to 15 years.

Canal City is expected to give IJM Land a strong boost from next year (2012) onwards. That aside, the company has also lined up property launches with a GDV of RM2 billion in 2011 alone, which is its highest ever. The RM2 billion to be launched in 2011 does not include the Canal City township project.

With its current unbilled sales at RM900 million, which is also a record, further major launches would create ever greater momentum for IJM Land in terms of revenue and earnings growth going forward.

The IJM group and Kumpulan Europlus secured the land parcels in Canal City from the Selangor government as payment in kind for their involvement in the flood mitigation works and construction of the Shah Alam-Shah Alam 2 Expressway. The cost of the projects, undertaken by the IJM group and Kumpulan Europlus, translates into about RM5 psf for the 2,000 acres of land in Canal City, now jointly owned by both IJM Land and Kumpulan Europlus.

In east Malaysia, IJM Land also has a township project in Sandakan, Sabah, with properties selling for RM600 psf. In total, the company is looking at launching RM500 million worth of properties in Sandakan and Kota Kinabalu in 2011.

As for its development in The Light II, Penang, Soam says RM420 million worth of properties are expected to be launched this year, with selling prices of between RM600 and RM900 psf. In Sebana Cove, Johor, IJM Land has earmarked an enclave for the development of vacation or retirement homes.

Apart from the Canal City land and other parcels that have low holding costs, and where development could be stretched over many years to maximise value, the company prefers to adopt a fast-turnover development strategy for most of its landbank. The purpose of this is to recycle the company’s capital quickly enough to undertake new projects in order to sustain its high growth rate.

At this stage, IJM Land is not keen on developing or expanding its portfolio of investment properties. Its strategy now is to develop and sell the properties it has built. Only after it has attained a critical mass for, say a township development, will it develops and keep a portfolio of investment properties for recurring income.

Despite the IJM Land-MRCB deal having been called off for now, the relationship between the two property developers has not soured.

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