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L&G to launch RM615m GDV developments next year

KUALA LUMPUR (Sept 18): Land & General Bhd (L&G) is planning to launch development projects with a combined gross development value (GDV) of RM615 million next year.

These include the launch of two new phases of the existing Sena Parc project in Senawang, phase two of Astoria Ampang and a new development, the Aria Rimba in Shah Alam, said managing director Low Gay Teck.

He said landed properties would be developed for the new phases of Sena Parc and Aria Rimba.

"Aria Rimba, a landed project with 300 units of houses, will be launched after our financial year 2020 (FY20) ends in March next year, " he told reporters after the company's 58th annual general meeting here, today.

This year, the company introduced the Sena Parc township project, with the first phase comprising double- storey terrace link houses with a GDV of RM79 million and high rise developments, Damansara Seresta as well as Astoria Ampang, with a total GDV of RM480 million and RM840 million respectively.

In addition, Low said L&G also will be redeveloping its Sri Damansara Club into a housing development.

He said this redevelopment will be embarked on in two phases, comprising affordable homes under the Rumah Selangorku and serviced apartments.

In the FY19, L&G recorded sales of RM198.5 million for six projects.

As for the property industry, he said sales are expected to be better next year.

"The take up rate is still not as good as we want it to be, but we do see that there is still interest for properties in preferred locations and those reasonably priced," he said.

Low also expressed the hope that banks would be less stringent in allowing house buyers to obtain the margin of finance they need.

He said the difficulty in securing financing was a reason for the slow take-up rate in the property sector.

Low also hoped the government would allow house buyers to withdraw a higher amount of their Employees Provident Fund (EPF) savings to fund the their purchases, from 30% of Account II at present.

"I also wish for the government to look into allowing house buyers to withdraw their EPF savings to pay for the monthly mortgage,” he said.

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