MK Land to launch more than RM7b worth of properties

KUALA LUMPUR: MK Land Holdings Bhd expects to deliver projects with a gross development value (GDV) of more than RM7 billion.

“Since MK Land’s inception in 1999, we have delivered projects worth RM7 billion in GDV and moving forward, we expect to deliver RM7 billion worth of projects, probably more,” MK Land group CEO Lau Shu Chuan said during the launch of phase six of Rafflesia@Park in Damansara Perdana.

He said these projects will be located in three prime areas, namely Damansara Damai and Damansara Perdana in Petaling Jaya, Selangor, and Meru in Ipoh, Perak.

One of the projects expected to contribute to the RM7 billion GDV is the 27.3-acre (10.9ha) Rafflesia development. On one of the three parcels of land in Rafflesia@Park are 208 units spread across six phases with a GDV of RM450 million. Phase six is expected to be completed by year-end.

In phase six, there is a cluster of 50 units of 3- and 3½-storey semi-detached homes with sizes ranging from 3,752 sq ft to 5,131 sq ft. Prices of the units start from RM2.6 million. Only 11 units remain and Lau expects them to be taken up soon. Rafflesia opened the sale of phase six in June last year.

MK Land is expected to launch the second parcel of Rafflesia@Park called Rafflesia@Hill towards the end of the year. Rafflesia@Hill consists of 106 units of 3- and 3½-storey semi-detached homes with a GDV of RM350 million. It is located on an elevated 18-acre tract and Lau expects the launch prices to be from RM4 million to RM6 million.

Lau has yet to finalise plans on Rafflesia’s last parcel called Rafflesia@Peak.

MK Land made its debut on the Main Board of Bursa Malaysia in 1999 with three major projects injected from Emkay Group — Damansara Damai in Petaling Jaya, Taman Bunga Raya in Rawang and Bukit Merah Laketown Resort in Perak. Its existing developments include Armanee Terrace 2 in Petaling Jaya and Metropolitan Square in Damansara Perdana.


This article first appeared in The Edge Financial Daily, on November 8, 2013.