KUALA LUMPUR (Oct 21): Boutique property developer OCR Group Bhd is targeting to launch its second Kuantan project in the first half of 2020 (1H20) after its first affordable housing project in Kuantan saw an encouraging take-up rate.
The second project, named Vertex Kuantan, is a mixed development with a gross development value (GDV) of RM268 million.
Upon completion, it will be the tallest development in Kuantan by the first half of 2023, said OCR managing director Billy Ong Kah Hoe in a statement today.
Meanwhile, the group saw 85% of its affordable homes under the first phase of its PRIYA Scheme Kuantan project taken up, reflecting the strong demand for affordable housing.
The 100-acre project, to be developed by the 50:50 partnership with Yayasan Pahang, is currently the largest affordable housing scheme in Kuantan.
It is located at Penor, 15km away from Kuantan town centre.
Phase 1, which has a GDV of RM166 million, comprises 978 units of 20 ft by 70 ft single-storey terrace houses and 146 units of 40 ft by 80 ft of single-storey semi-detached homes starting from RM137,000.
The project is slated to be completed in the second quarter of 2021.
The development offers residents recreational and lifestyle amenities including a football field, various parks and jogging tracks.
Applications for PRIYA Scheme Kuantan homes are open to all Malaysians working in the government or private sector.
Speaking at PRIYA Scheme Kuantan's show house reveal event recently, Ong said: "Kuantan is evidently one of the most vibrant locations in the East Coast of Peninsular Malaysia, with major investments and industrial developments such as Malaysia-China Kuantan Industrial Park as well as the upcoming East Coast Rail Link.
"With the rapid urbanisation in Kuantan, we believe that this project not only provides us access into the up-and-coming property hotspot in Kuantan but also supports the state's home ownership drive among the masses," he said.
He added that the group was appointed by Yayasan Pahang as the project management consultant for not only PRIYA Scheme Kuantan but also the state's entire affordable housing scheme, which will provide a strong stream of recurring income for the group over the next 15 years.
At the noon break, shares OCR were half a sen or 1.72% lower at 28.5 sen, valuing it at RM93.76 million. The counter saw some 3.04 million shares changing hands.