Oriental Interest plans more than RM60 mil worth of housing projects

GEORGE TOWN: Oriental Interest Bhd (OIB) plans to embark on eight to nine housing projects in Selangor, Negri Sembilan and Kedah in 2010, which would have a total gross development value exceeding RM60 million.

OIB group executive director Khaw Eng Peng said on Nov 17 the projects would be in Kuala Muda and Kulim in Kedah, Sepang and Seremban, to be built on over 545 acres of its landbank.

The company would team up with other parties to build houses, including several projects involving wakaf land where the houses would be restricted to Muslim house-buyers, he said after the annual general meeting.
Khaw said OIB was keen to build higher-end housing units, unlike previously, where the focus was on low- and medium-cost housing.

"To maintain our market and profitability due to our limited land resource, higher materials and development costs, we hope to embark on high-end housing projects," he said, pointing out it had built higher-end bungalows in Sepang.

"The supply of low- or medium-cost housing in Kedah is also saturated as such homes are aplenty now. In the 1980s and 1990s, many workers from neighbouring states went to places like Kulim and then they needed such housing.

"However, now there is a demand for higher-end homes and half of our projects in 2010 will be focused on high-end homes," he added.

OIB was also eyeing landbank in the East Coast and in the southern part of the peninsula, he said, adding it had been approached by landowners keen to sell their land in Pahang, Kelantan and Johor.

"If the prices are reasonable enough, we will consider expanding our landbank to these places too, where we will embark on housing projects," he said.