OSK Property to launch first overseas venture this year

PETALING JAYA (Feb 20): OSK Property Holdings Bhd (OSK Property), which merged with PJ Development Holdings Bhd last year, will launch its first project abroad in Melbourne, Australia this year.

Its maiden venture in the land down under will be an integrated development on the Southbank by the Yarra River with an estimated gross development value (GDV) of RM8.28 billion, OSK Property’s newly-appointed CEO Ong Ghee Bin told City & Country.

However, the developer is also launching projects across Malaysia this year with a total GDV of RM1.06 billion.

They are the second phase of Timurbay Seafront Residence in Kuantan, Pahang; Luminari in Harbour Place (pictured), Butterworth; a bungalow development in Sungai Petani, Kedah; and Phase 2 of Windmill Upon Hills in Genting Highlands, Pahang.

The newly-merged entity currently has 2,500 acres of undeveloped land, expected to generate an estimated GDV of RM8 billion.

The group will also focus on integrated developments to harness its in-house capabilities that include retail and hospitality, and expand its portfolio of assets that generate recurring income.

“This development type which usually includes a hotel and shopping mall is the direction that the company is taking because it will allow the company to tap the expertise of parent company OSK Property’s other business pillar,” said Ong.

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Read the full story in the Feb 22 issue of City&Country, the property pullout of The Edge Malaysia business weekly. Subscribe here for your personal copy.