Belleview
How their buildings read
2 fair
Outcomes still vary building by building. Check the building, not the brochure.
What we found
A Belleview-led revival of an abandoned site in Kedah, Aman Central, was reported as having been resuscitated by the group after the site had been left abandoned for about 30 years.
The evidence
Delivery
PositiveThe developer was appointed by the Penang government to revive an abandoned Taman Cemerlang project that had been abandoned in 1998 after its original developer defaulted on a loan, affecting over 1,200 purchasers.
Regulatory and legal
Belleview Bina Sdn Bhd is listed on the KPKT TEDUH portal as a private developer under licence 12049-1/07-2016/01930(L).
Corporate continuity
PositiveA DDCAP news item says Belleview Sdn Bhd, through SPV Great Realty, redeveloped an abandoned commercial property in Alor Setar and that DDCAP supported a 2014 bond issuance tied to it.
3 more findings
A news report said the owner of Aman Central was looking for a buyer with an asking price reported at RM550 million to RM650 million, indicating a possible change of ownership of the asset.
Ownership of Great Realty is reported as Belleview Sdn Bhd (30% held by Ho), with Jelma Sentiasa Sdn Bhd and Splendid Springs Sdn Bhd each holding 30% and Ho's wife 10%, a structure that is reported as of the article date and may have changed since.
RAM Ratings assigned preliminary AAA and AA2 ratings to MTNs issued by AC Millennium Berhad, a wholly owned subsidiary of Great Realty, backed by Aman Central, and described Belleview Sdn Bhd as the obligor's ultimate holding company, fully controlled by Dato' Ho Kiong Chan.
