Bigger presence in high-end sector

By THE STAR

A & M Realty Bhd wants to build a bigger presence in the niche boutique residential market with the launch of its high-end bungalow development in Shah Alam and luxury condominiums in Mont’Kiara.

It also plans to venture into lifestyle residences and resort development in Pulau Carey, near Klang, and other residential projects in Petaling Jaya.

Managing director Datuk Ambrose Ng said A & M was on the lookout to expand its land bank in the Klang Valley, including Petaling Jaya and Sungei Buloh, and other new growth corridors, such as the Iskandar Development Region (IDR) in south Johor.

“We have interesting projects lined up that will take the company to a higher level of achievement. We realise the need to position ourselves as a major player in the higher-end property market, which offers faster project turnaround and higher margins,” Ng told StarBiz.

In Shah Alam, the company will launch an Australian-lifestyle bungalow development on 30 acres located beside the company’s Bukit Kemuning Golf and Country Resort and within the township of Kota Kemuning.

Amverton Park @ Kemuning Country Resort will offer 200 bungalows within a gated and guarded enclave with condominium facilities and round-the-clock guard patrol.

It will feature the widely popular Australian lifestyle living designs – practical and spacious homes complete with lushly landscaped boulevard and central park.

The spacious innovative layout offers room for individuality and a generous courtyard garden promotes a sense of space.

With lot sizes from 6,000 to 15,000 sq ft and built-up areas from 3,800 to 8,000 sq ft, the bungalows are priced from RM1.3mil to RM3mil.

The project, with a gross development value (GDV) of RM240mil, will be launched in September and completed in five years.

Targeted at upgraders and young professional couples, it will be the company’s “jewel in the crown” and marks A & M’s foray into boutique development.

In Mont’Kiara, the company plans to build a condominium project on one of the highest points there, located 140 metres above sea level.

The 3.03-acre plot was purchased last month for RM16.8mil, or RM120 per sq ft.

There will be two blocks of 18 and 30 storeys housing 190 condominium units.

With built-up of 2,200 to 4,000 sq ft, the residences will be priced from RM400 per sq ft for a GDV of RM300mil.

With only two units on each side of the two wings, the units have been designed to promote privacy and exclusivity.

“The condominiums can be connected to become a bigger unit where parents can live close to their children as an extended family and yet have their own private place,” Ng said.

The main feature of this development is that most of the facilities are at the rooftop, commanding a good view of the Kuala Lumpur skyline and privacy. Facilities provided include a swimming pool, gymnasium and sky lounge.

The residences will be priced from RM400 per sq ft for a GDV of RM300mil.

Planned for launch later this year, the project will be completed in the next three years.

Analysts are bullish that with its line-up of more upmarket projects, A & M’s earnings would surpass RM20mil this year.

For the year ended Dec 31, 2006, A & M posted a pre-tax profit of RM24.4mil on revenue of RM91.99mil.

In a recent report, Standard and Poor’s said A & M’s main attraction was in its undervalued assets, especially the land bank in Pulau Carey, Klang.

If the land is revalued to RM1.20 per sq ft from the low book value of just 2.4 sen per sq ft now, it will boost the company’s net tangible asset by RM1.87 per share.

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