According to licensed investment adviser Asia Analytica Sdn Bhd, the development dubbed the Batai project,will consist of 107 units with an estimated gross development value of around RM300 million.
The developer has received the project development order and preliminary ground works has started. However, Selprop made some changes during the lull provided by the recession and is now awaiting approval, Asia Analytica said in a report in The Edge Financial Daily on Friday April 9.
Selprop has very sizeable and valuable property assets with 33 acres of undeveloped land plus several well-located commercial and residential buildings in the sought-after Damansara Heights.
The developer is also said to be drawing up plans for its 10-acre site on Jalan Semantan in Damansara Heights. This will include the redevelopment of Wisma Damansara, which is wholly owned by Selprop, after an earlier 50-50 joint venture with E&O Property Development fell through during the crisis.
However, the Semantan project will only kick off after the launch of the Batai condos. Details of the former are still preliminary but Asia Analytica said it is likely to be an integrated residential and commercial development with around two million sq ft of net saleable area.
Sentiment for properties has improved significantly since mid-2009, due to the rally in global equities, the end of the recession, low interest rates and attractive developer financing schemes.
Much of the strength is in the landed property segment, added Asia Analytica.