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Gabungan AQRS launches RM600m GDV property project in Iskandar

KUALA LUMPUR: Gabungan AQRS Bhd, a niche lifestyle property developer, has launched a new property development, The Peak @ Jalan Temenggong in Iskandar Malaysia with a total gross development value of RM600 million.

Its executive director Ow Chee Cheoon said The Peak comprises six 41-storey blocks, with a total of 668 units of Sky Villa serviced apartments.

In a statement yesterday, Ow said The Peak is a luxurious freehold development in an easily accessible prime location. Jalan Tebrau is located strategically just beside The Peak.

Ow said The Peak’s show unit, which opened for public viewing in Iskandar on April 6, has received a lot of interest from Malaysian, Singaporean and Indonesian buyers.

The property, expected to be completed in 2015, is targeting local and foreign buyers, he said.

Gabungan AQRS, which is also a construction and engineering service provider, said The Peak will add to its current construction projects and property development portfolio of RM1.23 billion in GDV.

“The project is expected to contribute significantly to the company’s top and bottom line in the coming years, providing higher value for our stakeholders,” Ow added.

Gabungan AQRS’ current development portfolio includes Package V1 of the SBK MRT Line in Kuala Lumpur with a GDV of RM303.5 million; Contours, Gombak with a GDV of RM157.3 million; Permas Centro, in Iskandar with a GDV of RM127.3 million; and The Avenue at Kinrara Uptown, Selangor with a GDV of RM207.6 million.

Ow said the company is optimistic on the positive outlook for the Johor property market this year, particularly in Iskandar, which has brought great changes to the landscape of the property market in the south Johor region.

He said there is still so much room and potential for the Johor property market to grow compared to Kuala Lumpur and Penang, where prices have reached a higher range.

Gabungan has also proposed to dispose of two parcels of land in Penang to Ocean Mix Sdn Bhd for RM50 million cash.

In a filing with Bursa Malaysia on Tuesday, the company said the disposal will allow the group to realise an immediate capital gain and the cash will be used for its property development activities. The estimated gain from disposal is about RM15.44 milion, it said.

Gabungan said the audited net book value of the development land as at Dec 31, 2011 of RM31.58 million and the market value of the land of RM35.8 million as at March 12, 2013. — Bernama

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