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OCR to launch RM750m GDV Shah Alam project in 1Q22

KUALA LUMPUR (Aug 3): OCR Group Bhd targets to launch its largest property development in Selangor with a gross development value (GDV) of at least RM750 million in the first quarter of 2022 (1Q22).

In a statement yesterday, the boutique integrated property developer group said the 10.89-hectare project in Shah Alam includes 2,892 affordable housing units along with retail spaces and is expected to be completed by 2026.

Managing director Billy Ong Kah Hoe said the substantial project is a showcase of its expanded capabilities and increasing prowess in the property development scene.

"There is still much room for Shah Alam to grow with its already-large population continuing to expand.

"We are confident this project would enjoy a strong take-up," he said.

Ong said the Shah Alam project, under the group's Essential Living series, will be sold at attractive price points to realise Malaysians' dream of owning a home.

"It caters to two groups: existing population and new joiners to Shah Alam.

"Coupled with our upcoming RM105.9 million GDV project in Jalan Alor, Kuala Lumpur, OCR's future launches in the next two years are boosted to RM1.6 billion," he said.

OCR aims to launch its Urban Living project in Jalan Alor in 2022, as it is marketed towards the young and home upgraders who seek chic and modern city-living lifestyles in strategic locations.

The 0.13-hectare development comprises a 10-storey small office home office (SOHO) development comprising 120 units of SOHO and eight retail lots, and is slated for completion in 2025.

Meanwhile, the group has proposed to acquire 80% equity interest in Stack Builder Sdn Bhd and 100% in Wonderland Projects Sdn Bhd from Ong, along with various other owners of the company, for a total consideration of up to RM62.4 million.

The consideration will be fully paid via the issuance of 328.5 million OCR shares, with no direct cash payout by the group.

Stack Builder currently owns the land in Shah Alam, while Wonderland Projects has in possession the Jalan Alor property.

The group said that upon completion of the equity acquisitions, OCR will remain the controlling developer of both the developments.

The proposed acquisitions of Stack Builder and Wonderland Projects are subject to the approval of relevant authorities and shareholders at an upcoming extraordinary general meeting in 4Q21, it added.

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