Company has a market capitalisation of more than RM2.63 bil, and a strong parent in Khazanah.

Despite the price surge, Kepong is still a very affordable neighbourhood. In the 12 months to 1Q2015, some 47.8% of secondary transactions were for properties priced between RM201–RM400 psf. 

A group of European rail companies — including Siemens AG (Germany), Alstom SA (France) and Spain’s Talgo SA and Construcciones y Auxiliar de Ferrocarriles SA (CAF) — is understood to have made overtures and preparing to put in a bid, industry sources tell The Edge.

The sales target of RM1.4 billion is 40% higher than its expected sales of RM1 billion for FY15.

With an average unit price of RM460,000, Fortune Avenue has fewer facilities than First Residence, but is more strategically located, close to AEON Big Kepong and Kepong Metropolitan Lake Garden. The Fortune Perdana Lakeside Kepong development will be located in the adjacent plot. 

The Edge Malaysia business and investment weekly reports in its latest Jan 4 to 10 issue that the transaction translated into RM12.35 billion or about RM583.37 psf for the 194ha (486 acre) Bandar Malaysia land at Sungai Besi here.

The Penang-based company, which was originally involved only in the manufacture of precision sheet metal fabricated parts, is jointly developing the RM800 million City of Dreams condominium project in Bandar Tanjong Pinang, Penang with Consortium Zenith BUCG Sdn Bhd, and bagged its second project on the island last week.

The acquisition comes with a rental income guarantee of RM15 million or RM5 million per annum for the first three years. 

However, this is after we cut our earnings forecast by 68% in the second quarter of 2016 due to slower-than-expected billing progress from its property development and construction division, and weak sales.

The Sungai Buloh-Kajang line should significantly shorten travelling times between Kepong, Kuala Lumpur city centre and Petaling Jaya.