News blog
West Pioneer Properties Ltd
- BY: Andrew Hore |
- POSTED: 03/07/2011 |
Indian shopping centres developer West Pioneer Properties continues to make progress at its Kalyan Mall.
The Kalyan Mall is 74% leased and generating rental revenues of $400,000 a month. In some cases, West Pioneer takes a share of revenues with minimum guaranteed rental levels. The Mall itself is operationally profitable. More than 8m people visited Kalyan last year.
The residential and commercial developments continue. More than four-fifths of the available residential units are already sold with the latest sales are 48% higher than the launch price. One-fifth of the commercial space is pre-sold at a premium to the residential sales prices.
Total income increased from $8m to $8.68m in the year to March 2011, with the property revaluation contributing $4.12m, against $3.9m the previous year. Pre-tax profit edged up from $3.04m to $3.15m.
The second development, at Nashik, should get underway in the next six months and be completed by the end of 2013. West Pioneer believes that it can finance this development from pre-sales at Kalyan and a $5m funding facility.
Net debt was $7.81m at the end of March 2011.
At 20.5p a share, West Pioneer is valued at £16.4m.
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