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Wednesday, April 27, 2011

I&P to launch projects with RM2b GDV

KUALA LUMPUR: Property developer I&P Group Sdn Bhd will launch several projects in its existing townships in Klang Valley and Johor Baru this year with an estimated gross development value (GDV) of over RM2 billion.

The projects, which will be launched between May and December, are located in Kuala Lumpur, Shah Alam, Bangi, Cheras, Puchong, Klang and Johor.

Group managing director Datuk Jamaludin Osman expects this year's property market outlook to be as good as last year.

"For this year, we will try to maintain or achieve better than last year's RM1 billion revenue," group managing director Datuk Jamaludin Osman said in an interview with Business Times recently.

I&P, a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), was formed about two years ago after the rationalisation exercise of three companies, namely Island & Peninsular Sdn Bhd, Petaling Garden Sdn Bhd and Pelangi Sdn Bhd.

Jamaludin said the group is currently working on various phases of development in 12 townships, of which three are in Johor and nine in the Klang Valley.

They include Bandar Baru Sri Petaling, TemasyaGlenmarie, Bandar Kinrara, Bayuemas, Alam Sari, Alam Impian, Alam Damai in Klang Valley; while Taman Industri Jaya, Taman Rinting and Taman Perling in Johor.

He said the townships will take between 10 to 15 years to be developed, depending on its location and marketability.

Jamaludin said people who buy the group's residential units are first-time buyers, upgraders and investors.

Depending on locations, he said in some areas, there are more Bumiputera buyers, while in other areas the houses are equally sought by both Bumiputeras and non-Bumiputeras.

The group has a total landbank of about 2,200ha in Klang Valley and Johor.

"We are looking for good land for development," he said when asked if the group is expanding its landbank.

By Business Times

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