L&G to kick-start Seremban project by year-end

KUALA LUMPUR: Land & General Bhd (L&G) is looking to kick-start its 200-acre (80.9ha) gated residential project in Seremban, Negri Sembilan by end-2012.

“We are in talks with the Seremban authorities,” managing director Low Gay Teck said after an EGM held in Bandar Sri Damansara yesterday. “There were some comments on our layout which we have addressed. We are at the stage where the approval of the development order is in process.”

L&G will be developing 200 acres in Seremban that feature mixed residential units within a gated environment. Low said earlier this year the estimated gross development value (GDV) for the entire project was RM550 million. However, the GDV for the first phase of the project is still being finalised.

L&G’s Damansara Foresta condominium project at its flagship Bandar Sri Damansara township in Selangor, has seen 500 units already sold.

The project sits on the last 42-acre plot of land within the township. Low said they have not officially advertised or launched the project yet. Buyers are made up of those in L&G’s customer database and registrants.

The first phase of Damansara Foresta sits on an 8.5-acre freehold plot and has a GDV of RM700 million. It comprises four towers of 35- to 37-storeys with a total of 928 units with built-ups starting from 1,426 sq ft. Selling prices range from RM500 to RM600 psf. There will be another three phases to come on the 42-acre development site, of which 21 acres are for development while the remainder will be green space, said Low.

Of the four towers (A, B, C and D), Low said Tower A and B are close to 100% sold, while Tower D is 50% sold. Tower C will be the last one to be open for sale. Low targets an official launch in the next two months.

With Bank Negara Malaysia tightening borrowing regulations with loans assessed now on net income from the start of 2012, Low said: “Definitely it will have some impact on the sales but we would say the impact has not been significant.

“For example, Elements in Ampang recorded encouraging sales numbers of close to 100 units for February and March.”

Elements @ Ampang is a RM700 million residential project in Ampang, Kuala Lumpur that will have 1,040 units when completed.

For the future, Low said L&G is on the lookout for joint-venture projects and land acquisitions in the Klang Valley, Johor Baru and Penang.

This article appeared on the Property page, The Edge Financial Daily, April 6, 2012.

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