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 kickstart in the third quarter of next year for 732 units of serviced apartments ranging from 650 sq ft to 950 sq ft and priced from about RM500,000.
“The development will be on the Sri Damansara Club land which has been bought over spanning over 5.7ha of land. We believe that the development will perform 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 said the terrace house development in U10, Shah Alam, is also expected to kickstart in the third quarter of next year. “We will launch phase 1A of Aria Rimba in Shah Alam comprising of 150 units of double-storey terrace and 162 units of medium-rise Rumah Selangorku apartments.”
On the uptake of its properties, he said that the home ownership campaign has helped spur demand for its upcoming and completed projects due to the discounts offered.
“Interest remained strong despite the movement control order. However, conversion of bank loans to sales remained slow due to stringent loan approval by banks,“ Low said.
He said unbilled sales now stand at RM160 million, with its property overhang at RM30 million. As for landbank, it has 1,423ha of land in Peninsular Malaysia including 1011.7ha of estate land earmarked for future township developments. – Bernama
Land & General says the home ownership campaign has helped spur demand for its upcoming and completed projects due to the discounts offered. – Land & General website pix
