RAWANG: Low Yat Group will invest RM100 million in building an interchange linked to the Latar Expressway to improve connectivity to its township, Bandar Tasik Puteri.
The expressway connects Kuala Selangor to Shah Alam, Petaling Jaya and Kuala Lumpur.
A new interchange, which will be constructed 12.9km (west) of the Latar Expressway, is expected to be a catalyst for growth for the 2,670-acre (1,068ha) township.
“It is expected that with this interchange, property prices will appreciate by at least 30% upon completion based on the impact of previous new highways on existing townships. Additional benefits will include higher capital appreciation for properties at Bandar Tasik Puteri and spur further development in the area,” said Low Yat Group executive director Low Gee Soon.
The project involves the construction of a semi-clover leaf junction, a four-way dual carriageway, two lanes for loops and a two-lane road into the expressway from Bandar Tasik Puteri. Upon the expressway’s completion, the estimated travel time between Kuala Lumpur and Bandar Tasik Puteri will be about 25 minutes.
“Now the concessionaire is just doing the preliminary works like soil investigation. We hope to commence construction before the end of this year to meet the deadline,” Low said.
The interchange is expected to be completed in the third quarter of 2015 (3Q15).
Low said the company will launch new projects in Bandar Tasik Puteri as there will be more interest in the area due to the better connectivity.
“We will be looking to expand the product mix as well as look into greater forms of commercial development that will take advantage of this interchange,” he said.
Low Yat Group project and construction management director Lee Kok Wah said the group will be launching 1,400 residential units comprising apartments, terraced and cluster homes within the next three years. It is also looking at developing more commercial products within Bandar Tasik Puteri.
To date, Low Yat has developed 1,200 acres in the township. The remaining 1,500 acres are expected to keep the group busy for 15 years. So far, RM2.5 billion worth of properties have been launched in Bandar Tasik Puteri and there are plans for RM5 billion of residential units and RM3 billion of commercial units in the pipeline.
“This will take us the next 15 years to deliver, but hopefully by that time, the gross development value [GDV] will increase with the appreciation of prices,” Lee said.
Low Yat plans to launch the third phase of Garden Heights in Bandar Tasik Puteri next month. The first and second phase were 100% and 90% sold respectively.
Phase 3 will comprise 114 2-storey terraced houses on 7.64 acres of leasehold land with a GDV of RM50 million. Built-ups are between 2,146 and 2,863 sq ft and the units are priced from RM414,363 to RM778,201 each. It is expected to be completed in 4Q15.
Phase 2 has 123 2-storey terraced units while phase 1 offers 100 2-storey terraced houses. The group is planning to launch phase 4 with 163 units of the same type.
Garden Heights will have eight phases consisting of six phases of 2-storey terraced houses and two phases of semi-detached and cluster homes.
“We hope to progressively launch till the end of 2013 but this depends on the demand and take-up rate,” said Low.
Low Yat Group started in the 1940s as a construction company and has become the largest privately owned group in Malaysia with diversified interests in property investment, hotels, construction, plantations, development, management and trading.
The group’s developments include Rivercity Condominium in Jalan Ipoh, Kuala Lumpur; myHabitat Serviced Residences in Jalan Aman, Kuala Lumpur; and Penang Island Bay Resort.
This article first appeared in The Edge Financial Daily, on May 31, 2013.
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