KUALA LUMPUR: Hua Yang Bhd plans a mid to high-end township project with gross development value (GDV) of RM350 million, near its current project in Taman Pulai Indah, Johor.

The company said on Sept 2 the project comprised of commercial units, double storey terrace houses, cluster homes, semi detached and bungalows to be sold from RM220,000 and above.

Hua Yang said it recently purchased 140.87 acres of freehold land in Johor, worth RM35.15 million for the township.

The site is along the Skudai Pontian highway and 1km away from Hua Yang's present RM1.2 billion mixed development, Taman Pulai Indah, Johor.  Taman Pulai spans 477 acres and is Hua Yang's flagship development in Johor.

The acquisition is Hua Yang's second land deal for the year after the company sold a sizable plot of land in Perak for RM3.23 million to TESCO earlier this year.

Hua Yang chief operating officer Ho Wen Yan said the ongoing Iskandar Malaysia project in Johor would result in positive take-up rates in surrounding areas including the Skudai-Gelang Patah Corridor.

"Having operated in Johor for the past eight years, we are positive our newly acquired land is in a good location, considering there is a ready catchment of buyers and an existing development just 1km away," he said.

Ho said the company's philosophy of affordable, quality homes would ensure that the new project will meet the community needs.

"Hence, even as we embark to enter the mid-high end segment in Johor, the pricing is likely to remain competitive with what is being offered by other developers," added Ho.

Work on the township is slated to begin 15 months from the completion of the sales agreement, with Hua Yang investing RM20 million in facilities and amenities.