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KUALA LUMPUR: Land & General Bhd
aims to launch two new development projects in Shah Alam and Bandar Sri Damansara with a combined gross development value (GDV) of RM677 million.
Managing Director Low Gay Teck said the Sri Damansara project will start in the third quarter of next year for 732 serviced apartment units ranging from 650 square feet to 950 square feet and priced at approximately RM500,000.
“The development would be on Sri Damansara Club land, which has been purchased on more than 14 acres (5.7 hectares) of land.
“We believe that the development will work well due to its prime location, as well as being well connected to public transportation,” he said at a press conference after the company’s 57th annual general meeting today.
Low added that the development of the townhouse at U10, Shah Alam is also expected to begin in the third quarter of next year.
“We will launch Phase 1A of Aria Rimba in Shah Alam, comprising 150 two-story terrace units and 162 Rumah Selangorku mid-rise apartment units,” he said.
On taking over his properties, he said that the home ownership campaign has helped stimulate demand for his upcoming and completed projects due to the discounts offered.
“Interest remained strong despite the movement control order. However, the conversion of bank loans into sales remained slow due to the strict approval of loans by the banks,” he said.
He said that unbilled sales now amount to RM 160 million, with an ownership surplus of RM 30 million.
As for the land bank, it has 1,423 hectares of land in Peninsular Malaysia, including 1,011.7 hectares of owned land intended for future municipal development. – Bernama
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