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Gamuda Land says Singapore JV project OLA oversubscribed

KUALA LUMPUR (March 20): Gamuda Bhd’s property arm Gamuda Land said today that its 548 unit executive condominium joint venture (JV) project known as OLA (pictured) in Singapore has been oversubscribed, after receiving 1,163 electronic applications from interested buyers.

In a statement, Gamuda Land said OLA, which is located along Anchorvale Crescent in Sengkang, is a JV with Evia Real Estate (7) Pte Ltd.

"Since the e-application, which started on 15 February 2020, the number of e-applications have climbed to 1,163, compared to the available units of 548. OLA is a Spanish-themed executive condominium that offers 548 units of two to five bedrooms ranging from 775 sq. ft. to 1,722 sq ft. OLA is slated for completion in 2023,” Gamuda Land said.

Gamuda Land chairman Datuk Chow Chee Wah said in the statement that the company decided to launch OLA, as the group understands Singaporeans anticipate executive condominiums due to its notion of affordability.

"Coupled with OLA’s good location and design, plus ample condo facilities, it makes OLA the perfect place to call home,” Chow said.

At Bursa Malaysia today, Gamuda Bhd shares were traded 10 sen or 4.02% higher at RM2.59 at 12:30pm, for a market capitalisation of RM6.51 billion.

 The stock saw some four million shares transacted.

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