Gombak Grove achieves 45% take-up rate

KUALA LUMPUR: AQRS The Building Company Sdn Bhd's (AQRS) luxury Gombak Grove north of Taman Seri Gombak development has achieved a 45% take-up rate prior to its launch, said a company representative.

The project, which comprises 25 zero-lot bungalows on a 4.36-acre leasehold parcel, is in the midst of pre-sales, she told theedgeproperty.com on Tuesday, Feb 22.

The bungalows are divided into four types according to the four seasons and feature built-ups from 5,003 sq ft to 6,053 sq ft, while land areas range from 5,715 sq ft to 7,136 sq ft.

Prices start from RM2.2 million. The project is set to launch on April 2011.

AQRS' holding company Gabungan AQRS Bhd has recently proposed to list on the main market of Bursa Malaysia.

In the group's prospectus published on the Securities Commission's website on Monday, the group said it was seeking to list to enhance its profile, enlarge its customer base and tap into the capital market for cost-effective fund-raising to spur future growth, among other reasons.

The prospectus stated that the initial public offering (IPO) will entail the public issue of 62 million new shares of 25 sen each, at a price which has not been determined yet.

In addition, 30 million shares will be offered for sale to selected bumiputera investors.

According to the prospectus, the group aims to use 30% to 35% of the funds raised from the corporate exercise to build up its land bank within 36 months of listing.

Meanwhile, the group intends to use 14% to 19% of the proceeds to acquire a new corporate headquarters within the same period of time.

Gabungan AQRS will use 43% to 48% of the proceeds as working capital within 24 months, while the remaining 3% to 8% will be used to defray listing expenses.

The group said it is looking for land in strategic locations to be developed into commercial or residential properties.

"We are currently focusing on areas in the Klang Valley, Penang and Johor where there is potential for development and the higher acceptance of our niche products," it said in the prospectus.

Gabungan AQRS has construction and property development divisions, with the former comprising Gabungan Strategik, Megah Ikhlas and Motibina, while the latter is made of AQRS The Building Company, Bright Reach, indirect subsidiary Crystal Aspect, Nusvista and Grand Meridien.

Some of its upcoming property developments include a commercial area in Permas Jaya, Johor, comprising 83 units of 2-storey shop offies and 16 units of corner 3-storey shop offices.

The group is also working on The Altium, a commercial development in Damansara Perdana, Petaling Jaya, which will feature two office blocks of 10 and 33 floors each and one commercial block with basement carpark (GDV RM380 million), and a commercial development in Juru, Pulau Pinang.