By BUSINESS TIMES
ISLAND & Peninsular Bhd (I&P) which is Malaysia’s largest property developer in terms of land, plans to launch 13 new housing projects from now until the end of the year.
I&P, 66 per cent owned by state-owned fund manager Permodalan Nasional Bhd, has a total landbank of 5,668ha nationwide.
This is enough to keep it busy for the next 20-30 years. The company has developed less than half of that land or some 2,024ha.
I&P group managing director Datuk Jamaludin Osman said out of the 13 projects, eight will be in Bandar Kinrara Puchong, three in Alam Damai (Cheras), and one each in Alam Sari (Bangi) and Alam Impian (Shah Alam).
Bandar Kinrara, Alam Damai, Alam Sari and Alam Impian are all undergoing different levels of development over the next 20-30 years and have a combined gross development value (GDV) of more than RM9.1 billion.
“I&P will also be building a hotel, called the Impian Morib Hotel, in Morib, Selangor, which we have identified as a future growth area,” Jamaludin told Business Times at the company’s headquarters in Kuala Lumpur recently.
Jamaludin said the company will finance all the projects with internal funds and loans.
On its eight new projects in Bandar Kinrara, Jamaludin said the company plans to launch a total of 546 units comprising bungalows, semi-detached houses, shop offices and terrace houses with prices ranging between RM300,000 and RM1.4 million per unit.
Jamaludin said the company has just launched “The Nine” project in Bandar Kinrara which are all sold out. It consists of 84 terrace houses and an 18-hole golf course.
He said the company will launch the “Symphony” and the “Harmony” project either in June or July with prices ranging between RM298,000 to RM480,000 each.
Jamaludin is confident on the take-up rate of all the projects partly due to the abolishment of the Real Property Gains Tax as well as the favourable property market.
“After we get the necessary approvals we plan to launch all the 13 projects gradually depending on market situation and each project will take two years to complete,” said Jamaludin.
Jamaludin said Giant will also set up a hypermarket in Bandar Kinrara and construction will start in July. A private hospital will also open there.
Launched in 1991, Bandar Kinrara is one of I&P’s flagship projects and out of the 7,692ha landbank, 5,263ha has already been developed. The rest will be developed over the next 10 years.
The firm aims to build a total of 17,500 units of mixed development in Bandar Kinrara from 9,000 units currently.
On its property development project in Morib, Jamaludin said the coastal town will be a growth catalyst for its surrounding areas due to the upcoming East Coast highway and is 45 minutes away from the Kuala Lumpur International Airport.
He said I&P will build the Impian Morib hotel, chalets and a nine- hole golf course as well as 18 corporate villas overlooking the sea.
The property project spans over 627ha and is a joint venture with Permodalan Negeri Selangor.
In another project, I&P’s subsidiary Syarikat Perumahan Pegawai Kerajaan Sdn Bhd, will hand over 54 semi-detached houses at its Seri Beringin project in Bukit Damansara to its buyers this September. Prices range between RM1.7 million and RM3.3 million.
I&P is also the developer of the 485ha Alam Impian project in Shah Alam with a GDV of RM3.4 billion and the Alam Sari project in Bangi with a GDV of RM900 million.
It is developing the RM1.5 billion Kota Seriemas in Nilai, Negri Sembilan, the almost completed Setiawangsa project in Kuala Lumpur, Alam Damai in Cheras and Alam Sutera in Bangi.