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WCT to focus on current launches, land value enhancement

KUALA LUMPUR (May 11): WCT Holdings Bhd will embark on a strategy to focus on demand oriented property sales and land value enhancement, said WCT deputy managing director Goh Chin Liong (pictured) as reported in The Edge Financial Daily today.

The company will embark on a two-pronged strategy to enhance shareholder value, given the current challenging environment in the local property market.

“Selling on strength, our current new launches are all linked to doorstep ‘conveniences’ as the main selling point,” Goh said.

He noted that current priority launches for the company are mainly in the RM500,000 to RM1 million range in the Klang Valley, which include Azure Residences – Paradigm Mall, Petaling Jaya; The Lead Residences – Aeon Mall, Bandar Bukit Tinggi, Klang; Medini Signature – 1Medini Hub, Iskandar Malaysia in Johor and Brio Residences – Paradigm Mall, Johor Baru.

The company had brought forward the launch of its affordable properties totalling 932 medium-cost apartments in Bandar Parklands, Klang, under the "Rumah Selangorku" programme, to capture local buyers who were purchasing for their own use.

In terms of land value enhancement, Goh said WCT would focus on future land banking exercises, mainly in locations that add value to the company’s existing land. He cited the example of the 220.7 acres of freehold land in Bandar Serendah, Selangor, which was acquired for RM115.4 million. The tract is adjacent its existing 461.7 acres of land bought in 2011.

“The combined land size of 682.4 acres will enable us to embark on township development. In addition, the group is also working on a development plan, which will translate into higher gross development value.”

Goh said the land enhancement measures will contribute to long-term financial benefits.

“Based on the management’s estimation, the land purchase/enhancement has led to a valuation gain of approximately RM1.2 billion,” he added.

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