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Travel to Melaka

IMPRESSION CITY BY END 2017

Yong Tai Berhad : bullish on Impression City
     
02/24/2016 | 03:12 am
KUALA LUMPUR: YONG Tai Bhd expects its RM5.4 billion project in Malacca to generate net profit margin of 20 per cent, which would help to sustain the company’s earnings in the long term.

The garment maker-turned-property developer, which has been loss- making for several years, expects to return to the black this year with contribution coming from the real estate sector.

The company, which has pockets of developments in the Klang Valley and Johor, is planning to develop Impression City on a 47.03ha site in Malacca.

The project would be developed in 11 phases and over 10 years, said its executive director Boo Kuang Loon.

Construction for Phase 1 would start in the third quarter of this year and feature retail and commercial units, said Boo at a luncheon hosted by MIDF Amanah Investment Bank Bhd, here, yesterday.

It is expected to have a gross development value of RM1.1 billion,

The catalyst for the commercial-led Impression City is the Impression Melaka performing arts theatre, to be built on the 47.03ha site.

Construction of Impression Melaka, the jewel of the company, will start next month at a cost of RM300 million and includes land acquisition. The opening is slated for end-2017.

Boo said although Impression Melaka required a huge capital investment, the returns would be long term and attractive.

It would take two years to construct and the projected returns would start from 2018 onwards, he added.

With 15 million tourists visiting Malacca annually, Yong Tai hopes to attract at least 1.1 million visitors to Impression Melaka, with 40 per cent coming from China.

The company is also targeting visitors from Southeast Asia (30 per cent), Asia (20 per cent) and the rest from the Middle East, Europe and the United States.

“With two shows a day and tickets priced at RM120 per person, we are poised to achieve a revenue of RM140 million a year, including the sale of souvenirs and merchandise. For this business, we are targeting a profit margin of 50 per cent. This would net us a profit of around RM60 million a year.

“There are many more upsides, such as increasing the ticket prices and having up to four shows a day. This is the potential of Yong Tai in the future,” said Boo.

“For the next two years we are at the investing stage and would generate profits. But the profits would not be much to give dividends,” he said.

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Travel to Melaka

MELAKA IMPRESSIONS AND IMPRESSIONS CITY IMPACT ON YONG TAI

KUALA LUMPUR: RHB Research projects a multi-fold rise in net profit for Yong Tai as the former garment company focuses on property development.

“This would be underpinned by the Impression City project, which would see a potential total gross development value (GDV) rise to RM6.1bil from RM164mil currently,” it said.

The research house said this  ought to keep the group busy for the next eight to 10 years. Impression Melaka, it added, offers a further upside to both earnings and valuations.

“We estimate a valuation range of RM1.03 to RM1.18,” it said as it initiated coverage.

RHB Research said in line with the group’s overall expansion plan into the property sector, Yong Tai has announced several proposals.

They are the RM37mil acquisition of a 17 acre plot in Melaka (Impression Land) for the development of a theatre to produce the Impression Melaka as well as the acquisition of PTS Impression (to hold a 30-year license to stage the show) for RM3mil. It also has a joint venture to develop 100 acres of land adjacent to the Impression Land.

The company is also undertaking a fund-raising exercise to raise more than RM300mil.

“The proposals are expected to be completed/take effect by 1HFY17 (June),” it said.

RHB Research said Impression Melaka, which is the first of its kind outside China, is a live cinematography show that utilises the latest light and sound technologies, modern art concepts and cultural performers.

This is to be the first live largescale Impression Series outside of China and is one of the “entry point project” within the National Key Economic Area (NKEA) initiative for the tourism sector. The performing arts centre is estimated to cost RM300mil, with completion targeted for end-2017.

“Management expects Impression Melaka to contribute RM50mil to RM60milper annum in bottomline thereafter,” it said.

The research house said Impression City is expected to contribute RM5.4bil to total GDV. Concurrent with the construction of the theatre for Impression Melaka, Yong Tai is to develop the land adjacent to it (the development collectively known as Impression City).

The mixed development project includes residential, commercial and retail units. The total GDV over an eight to 10 years period is estimated to be RM5.4bil.

“Management believes the Impression Melaka project would spur the growth of tourism and related industries such as real estate, hotels and eateries, that is catalysts for Impression City.

“We project for Yong Tai to turn around and post a net profit of RM14mil in FY17, accelerating to RM64mil in FY18. This is underpinned by the progress of its property projects. Our forecasts do not factor in the contribution from Impression Melaka, which we have pushed to FY19.

“We derive an indicative valuation estimate range of RM1.03 to  RM1.18 (fully diluted) based on SOP. The low end of our valuation range excludes Impression Melaka while, for its property development business, we have ascribed a 40% discount to its RNAV.

“The top end of our valuation range incorporates the show, where we estimate the business to be worth RM107mil based on DCF. We see upside to our valuation for Impression Melaka as execution risks ease. Our indicative valuation estimate range implies an FY18F P/E of seven to eight times (10.6 to 12 times, fully diluted),” it said.

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Tourism Malaysia

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Cuisine in Melaka

MELAKA NEW FERRIS WHEEL AT PULAU MELAKA

RM20 million Ferris wheel for Pulau Melaka

Eddie Beck | August 26, 2013

Touted as the 13th tallest in the world, the Malaysian Eye is set to be the main attraction in a new RM50 million tourist complex shaping up on the once abandoned man-made island.

MALACCA: The Malaysian Eye, a 103-metre Ferris wheel touted as the 13th tallest in the world, is to be the centrepiece attraction in a new tourist complex shaping up in Pulau Melaka.

The state government has invested about RM1 billion to redevelop the once abandoned man-made island and is hoping the RM40-RM50 million tourist complex will help boost the property market.

Costing RM20 million, the Malaysian Eye is expected to be operational in the first quarter of next year. It will have 48 capsules taking 288 passengers on a 20-minute round trip.

Each passenger is expected to pay RM20 per round trip and in the first year of operation, the company expects to ferry approximately 1.2 million passengers.

Sited on a five-acre prime site in Pulau Melaka, the entire complex which will house retail and entertainment complex, food outlets and a 28-storey hotel with 300 rooms.

“A definite tourist attraction will be a chocolate factory,” said Bernard Siow, the CEO of The Eye Sdn Bhd.
“Piling work is now completed. The company will be calling for tenders to build other areas of the complex. The components of the ferris wheel have arrived and they will be assembled in stages.”

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Tourism Malaysia

Dong Hong Traditional Chinese snacks (kueh) stall

Dong Hong Traditional Chinese kueh stall (N1.48701 E103.76803) is located in a Taman Sri Tebrau Hawker Center. They supposing full varieties of a Chinese normal kueh enclosed Teo Chew and Hainan kuehs. Nowadays is formidable to find these form of case that offered so many varieties of kuih in Johor Bahru.

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The case routinely start business on 4pm, and many of their business will revisit a case during a 4.30pm-7pm. The owners – Mr Low pronounced a kuehs will finish around 8-9pm.

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The varieties of kuihs offer by Dong Hong (??) case :-

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The kuehs from this case are juicy and all of them are not too sweet, beside that we also can have a normal ambience of a Chinese kueh that someday competence move we behind to year 70s…:)

According to Mr Low, roughly half of their unchanging business are from Singapore. They revisit a case and buy a kueh in pack-by-pack and move behind to their home. Beside a sell business, Mr Low also doing a whole sale to others emporium within Johor Bahru area. If we are shopping in large quantity, we will get a good discount from a stall.

The cost of any kueh is reasonable and everybody can bid it. So dump by a case if we are a kueh lover, we trust we will like a kuehs and a taste.

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