PETALING JAYA: Boutique integrated property developer OCR Group Bhd is targeting to launch its largest-ever property development in Shah Alam with a gross development value (GDV) of at least RM750 million in the first quarter of 2022.
The group’s 26.9-acre Shah Alam project will consist of 2,892 affordable units along with retail spaces and will be established in phases. The entire project is expected to be completed by 2026.
OCR managing director Billy Ong Kah Hoe said the project showcases its expanded capabilities in the property development scene.
“This single-largest undertaking denotes the huge potential we see in Shah Alam as it has a unique blend of old-school charm and thriving modernity in commercial, financial and recreational aspects. There is still much room for Shah Alam to grow with its already-large population continuing to expand hence we are confident this project would enjoy a strong take-up.”
Ong said the Shah Alam project, under its Essential Living series, will be sold at attractive price points to realise Malaysians’ dream of owning a home and caters to two groups – existing population and new joiners to Shah Alam.
“Coupled with our upcoming RM105.9 million GDV project at Jalan Alor in Kuala Lumpur City Centre, OCR’s future launches in the next two years are boosted to RM1.6 billion.”
OCR is also aiming to launch its Urban Living project at Jalan Alor in 2022. The 0.33-acre development comprises a 10-storey small office home office (Soho) development comprising 120 units of Soho and eight retail lots. It is slated for completion in 2025.
Furthermore, the site of the Jalan Alor development is within a gazetted Transit Planning Zone. With this, the project would be accorded similar benefits as a transit oriented development and hence able to command a higher plot ratio and reduced carpark requirements in line with the greater public transport accessibility.
The group proposed to acquire an 80% stake in Stack Builder and 100% in Wonderland Projects from Ong, along with other owners of the companies for RM62.4 million. The consideration will be fully paid via issuance of 328.5 million OCR shares, with no direct cash payout by the group.
Stack Builder currently owns the land at Shah Alam, while Wonderland Projects possesses the Jalan Alor property. Upon completion of the equity acquisitions, OCR will remain as the controlling developer of the developments.
The proposed acquisition of Stack Builder and Wonderland Projects is subject to the approval of relevant authorities and shareholders at an upcoming EGM in the fourth quarter of 2021.
OCR, helmed by Ong and substantially owned by the Ong family, has over 20 years of experience in property development and construction industries. The group prides itself in being a niche and agile integrated real estate player.
OCR intends to serve all income classes of Malaysians through its three core segments – the Essential Living, Urban Living and Luxury Living. The group’s Essential Living brand consists of affordably priced homes targeted towards homeowners in the mass population, while Urban Living is marketed towards the young and upgraders who seek chic and modern city-living lifestyles in strategic locations. Its Luxury Living label is largely targeted at the niche high-end crowd that prioritises premium living at prime locations.
