By THE STAR
Bandar Raya Developments Bhd has residential property developments worth about RM6bil in recognisable gross development value (GDV) over the next three to five years, according to the group’s chief executive officer Datuk Jagan Sabapathy.
The group is aiming to deliver property developments worth RM1bil in GDV every year, starting from its financial year ending Dec 31, 2012.
In the Klang Valley, the group’s first phase of the Verdana residential development, consisting of two condominium towers in north Kiara, was launched in July with a take-up rate of more than 70% within a month.
The second phase will be launched in 2012 and the two phases are on 4.6 ha with a combined GDV of RM1bil.
Meanwhile, BluWater, a gated and guarded landed community development in Seri Kembangan, Kuala Lumpur, will be launched in four phases through 2011 and 2013.
Spread over 19 ha of waterside land, BluWater has a GDV of RM700mil.
Also set to launch at the end of this year is a residential development in Medang Serai, Bangsar.
Located on 2.4 ha of prime land in Bukit Bandaraya, this development is limited to 121 units and will net RM900mil in GDV for BRDB.
Plans are also in the pipeline to launch luxury residences in Taman Duta, Kuala Lumpur late next year with a projected GDV of over RM900mil.
“Having been established as a leading developer of luxury developments, primarily in the Bangsar neighbourhood, we are now diversifying into newer locations and different target markets. Our vision is to bring forward this unique cosmopolitan Bangsar lifestyle that we have been closely associated with and further strengthen our brand via intelligent design and inspiring aesthetics,” says Jagan.
Earlier this year, BRDB also entered into a joint venture agreement with Multi-Purpose Holdings Bhd (MPHB) to develop land in Penang as well as Mimaland and Rawang in Selangor.
The joint venture in Penang consists of 32 ha of freehold land to be developed near the Penang International Airport with a projected GDV of RM600mil.
The 130 ha Mimaland project is envisioned as a community set amongst natural water features and has a projected GDV of RM2.2bil while the106 ha Rawang development, with a GDV of RM1.4bil, will consist of landed residential homes and a commercial village. These three joint ventures will be launched at the end of 2012.
Another project to look out for is the 10 ha mixed development in Subang with commercial, retail and residential components, which is due to be launched in 2012 with a projected GDV of RM2bil.
In Johor, the third to sixth phases of The Straits View Residences in the Permas Jaya township will be launched over the next two years, with a GDV of RM188mil.
The area will also see the launch of three-storey shop offices with a GDV of RM61mil later this year.
Elita, the final phase of The Straits View Condominium, was recently launched with a GDV of RM89mil.
BRDB also has an agreement with UEM Land Holdings Bhd to jointly develop Puteri Harbour in Nusajaya, Johor as a prime waterfront destination for the region.
To be developed in six phases over seven years, the 44ha development in Nusajaya is expected to have a GDV of RM2.3bil with the first phase scheduled to commence next year.
– Malaysia Property News