KUALA LUMPUR: Hua Yang Bhd has acquired two prime parcels of land in Johor Bahru (JB) through its wholly-owned subsidiary company Grandeur Park Sdn Bhd for RM10.7 million.
According to a statement released by the developer recently, the move is part of Hua Yang's strategy to expand its JB business in line with making the Southern region a key revenue contributor for the Group as well to establish itself as a nationwide community developer that provides affordable homes throughout Malaysia.
The land parcels are adjoined to each other, and are located along Jalan Abdul Samad in JB, just 3.5km from the new CIQ Complex.
The double acquisition will be used for a residential development comprising serviced apartments with facilities and security, catering for young professionals and families working in JB and Singapore.
The estimated project gross development value for the 2.1 acre land is about RM120 million, with prices starting from RM150,000 for a studio apartment up to RM400,000 for a 3-bedroom apartment.
Hua Yang Bhd JB branch manager Soo Kim Hiang said: "With the commitment from Federal and State Government on major infrastructure projects in the Iskandar Malaysia and also the continued warm relationship between Malaysia and Singapore, we foresee that the Johor market will experience an uptrend from population growth and migration as well as inflow of investments in the near future."
"In view of the proximity of the land to Johor Bahru city and also Singapore, easy access, modern design concepts and top security, we expect the development to be a top choice among buyers. But as always, we will ensure that the project is affordable to the mass market segment consisting of first time home buyers, newlyweds and young, working adults," he added.
The two tracts are also located close to the Thistle Hotel, Tun Aminah General Hospital, and enjoys direct access to the Johor Bahru Inner Ring Road, which also connects to the Coastal Highway that leads to Nusajaya.
Hua Yang is a Bursa Malaysia Main Market-listed national property developer with over 30 years of experience in providing the nation with affordable and quality homes.
Having developed close to RM1.2 billion worth of completed projects,
Hua Yang's portfolio includes Taman Serdang Jaya, Medan Selayang, Taman Setapak Jaya and Bukit Desa Seremban. The company's current developments include One South, Senawang Link, Symphony Heights, Bandar University Seri Iskandar and Taman Pulai Indah.
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