Hua Yang to launch new flagship project in October

SELAYANG (Aug 23): Hua Yang Bhd plans to launch a development in Puchong west, Selangor with an estimated gross development value (GDV) of RM2 billion, sometime in October or November this year.

Hua Yang CEO Ho Wen Yan told reporters that the mixed development on a 29-acre site will be one of its flagship developments.

“We are targeting to launch the residential component first in October or November. However, we don’t have a marketing name for this project yet. We will share the details closer to the date,” said Ho after Hua Yang’s 38th annual general meeting today.

He added that this launch will likely be the final project launch for the company this year.

Ho said Hua Yang is confident of achieving its sales target of RM400 million for its financial year ended March 31, 2018.

“We are still confident but the first half [of FY18] has been quite challenging, hopefully in the second half with the new launches, we can catch up,” Ho said. 

When asked if Hua Yang has begun any project collaboration with Magna Prima Bhd yet, Ho said both parties are still exploring.

“Hua Yang and Magna Prima are operating individually but going forward, we will tie up for development collaboration,” said Ho.

Hua Yang forked out RM123.7 million to boost its stake in Magna Prima in April, which resulted in Hua Yang becoming the largest shareholder of the company.

Magna Prima has prime parcels of land, including the 1.06 ha Lai Meng School parcel that is located on Jalan Ampang, Kuala Lumpur, across the road from the Petronas Twin Towers. This tract of land was put up for sale by Magna Prima in 2015.

“The [buying] interest is still there because not many prime KLCC lands are available for development. But they [Magna Prima] are not actively marketing them now. They have recently appointed a new architect to resubmmit the land for higher plot ratio review. There is a possibility for future development by Magna Prima themselves,” said Ho.

Commenting on the company outlook, Ho said given the challenging environment, Hua Yang will focus on driving new sales and maintain profitability.

“Like other developers we have to work hard on the ground and offer more innovative packages. We will enhance the overall strategy to increase our unbilled sales,” he said, adding that the company has RM204 million in unbilled sales that can last for one year.