IJM Land lines up projects with GDV of RM600m

By BUSINESS TIMES

IJM Land Bhd, the property arm of builder IJM Corp Bhd, plans to launch 28 projects with a total gross development value (GDV) of RM600 million at its existing and new developments in the country in the year ending March 2009.

Key launches will include a new phase of The Light project in Penang and an upmarket development at Sebana Cove in Johor Baru.

IJM Land also expects to start building an upmarket residential and retail project in China’s automotive city, Changchun.

The Changchun project will boast a GDV of RM500 million, IJM Land managing director Datuk Soam Heng Choon said.

It will be undertaken on a 50:50 partnership with Talam Corp and is set to be completed in four years.

Soam said 15 out of the 28 projects are under IJM Properties Sdn Bhd, which is being consolidated into IJM Land.

“We are completing the rationalisation of IJM Properties into IJM Land by September 5,” he told reporters after IJM Land’s annual general meeting in Subang Jaya yesterday.

IJM Properties’ financial results will be consolidated into IJM Land’s account after the date, Soam added.

With the rationalisation, IJM Land will geographically be

a nationwide developer with prime areas in Penang, the Klang Valley, Johor, Sabah, Negri Sembilan and Malacca, he said.

Soam said properties under IJM Properties are expected to account for one third of its total GDV from the next financial year, although Klang Valley will remain IJM Land’s top contributor in the next few years.

IJM Properties has 20ha land in Penang, with The Light component as its jewel in the crown in the state.

Sabah will be a key area for the company too, with its 146ha land in Sandakan that is being developed into a mixed township development, he said.

IJM Land bought the Sebana Cove land in Johor for RM120 million and plans to redevelop into an upmarket residential area catering for Singaporean buyers, Soam said.

The project will boast semi-detached houses and townhouses prices from RM600,000 and RM400,000 respectively.

It will also have bungalow lots, a golf course and a marina.

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