L&G to kick-start Seremban project by year-end Land & General Bhd (L&G) is looking to kick-start its 200-acre (80.9ha) gated residential project in Seremban, Negri Sembilan by year end. Managing director Low Gay Teck said approvals are in the process. Plans are for mixed-residential units within a gated environment with an estimated gross development value (GDV) of RM550 million. Meanwhile, L&G’s Damansara Foresta condominium project at its flagship Bandar Sri Damansara township in Selangor has already racked up sales of 500 units. The project sits on the remaining parcel of land, measuring 42 acres, within the township. The first phase of Damansara Foresta is on an 8.5-acre freehold plot and has a GDV of RM700 million. It comprises four towers of 35- to 37-storeys and offers a total of 928 units, with built-ups starting from 1,426 sq ft. The selling price ranges from RM500 to RM600 psf. There will be another three phases on the 42-acre tract, 21 acres of which are alloted for development while the remainder will be green space, said Low. UEM Land to re-acquire land from Khazanah UEM Land Holdings Bhd has proposed to purchase a 122.28-acre parcel of land from Khazanah Nasional Bhd for RM93.21 million or RM17.50 psf, as the property developer takes steps to consolidate its land bank in Nusajaya, Iskandar Malaysia. The parcel is part of a land bank, spanning some 4,500 acres, that was sold to Khazanah as part of UEM World Bhd’s de-gearing exercise in 2006. UEM World was the holding company of what was previously UEM Land Bhd.
In a filing with Bursa Malaysia on April 9, the group said with its better financial footing as well as the improved outlook for Nusajaya, it believed it was timely to re-acquire the land from Khazanah. The group said the proposed acquisition represents an opportunity to consolidate its strategic land parcels that are in close proximity to its existing development in Puteri Harbour, a luxurious waterfront development.
For FY2011 ended Dec 31, UEM Land posted a net profit of RM302.94 million, up 55% from RM195.69 million the previous year. Meanwhile, revenue more than tripled to RM1.7 billion. Its cash stood at RM630 million, while its debt was about RM742 million. UEM Land expects the demand for residential properties in Nusajaya to increase, given the scheduled completion of several catalyst projects by end-2012. These include the Coastal Highway, the Legoland theme park and the local campuses of the University of Southampton and Marlborough College.
S P Setia seeks opportunities in Indonesia
S P Setia Bhd plans to explore investment opportunities in Indonesia. “We see a very big market in Indonesia ... not only are we selling our properties in Malaysia, Singapore and Australia, we also want to tap into investment opportunities here,” said S P Setia president and CEO Tan Sri Liew Kee Sin in Jakarta on April 7 during the official opening of its representative office in Jakarta.
Liew sees the exploratory foray into Indonesia as a natural progression because of the promise and potential brought about by the country’s growing wealth. “Indonesia has become a very rich country, and the Indonesian middle class and above are investing in real estate. There is a globalised trend — Singaporeans are keen to invest in Malaysia and vice versa, and Indonesians are no different.” He added that the group is looking to develop townships and integrated developments in Indonesia.
I-Residence 65% sold
I-Bhd’s first residential units in its 72-acre (29.1ha) freehold i-City development in Shah Alam have garnered encouraging sales since the sales preview on March 24. The serviced residence known as i-Residence, with a gross development value of RM160 million, has chalked up 65% sales to date.
The 2.4-acre i-Residence comprises two blocks of 346 suites ranging from 715 to 1,357 sq ft and 20 low-rise duplexes measuring between 2,529 and 3,734 sq ft. The first block was almost fully sold by word of mouth before the preview. Prices start from RM382,000 onwards.
The RM3 billion i-City mixed-commercial development, master planned as an integrated information and communications technology-based community with lifestyle recreation, has expanded its residential component by 30% following an increase in plot ratio to 1:5 from 1:3. This increased its built-up space to 13 million sq ft from 7.5 million sq ft and brought its residential total gross floor area to more than eight million sq ft.
“i-Residence offers a good mix of options for purchasers, with mainly single professionals and young couples taking up the smaller units, while the 2+1 bedrooms were more to the liking of new families,” said Monica Ong, director of I-Bhd.
The developer plans to launch about one million to two million sq ft of properties each year until the expected completion of i-City in 10 years. Next on the list is the launch of SoHos, targeting the younger crowd. Indicative prices are between RM465 and RM500 psf, and it is scheduled to be launched in 2H2012.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 906, April 16-22, 2012