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Saturday, May 28, 2011

Glenmarie plans RM1b projects over next 5 years

SHAH ALAM: DRB-HICOM Bhd's property subsidiary, Glenmarie Properties Sdn Bhd (GPSB), aims to launch projects with a total gross development value (GDV) of about RM1 billion over the next five years.

"We're going to launch about 3,500 units of commercial/residential developments over 3,300 acres of land. That's the projection for the next five years," said Siti Mariam Mohd Desa, group director for property, asset and construction.

GPSB, formerly known as HICOM Properties Sdn Bhd, is known for its riverside and gated resort-style development here in Glenmarie, near the Subang airport.

It still has a balance of 200 acres in Glenmarie that can be developed, she said.

Siti Mariam spoke to reporters here yesterday after GPSB and Bank Muamalat Malaysia Bhd, another DRB-HICOM subsidiary, formalised an agreement to develop a home-financing package.

The package, available at selected Bank Muamalat branches in the Klang Valley, is designed for potential buyers of two of GPSB's developments, namely Glenmarie Gardens and Laman Glenmarie.

Glenmarie Gardens consists of 70 units of bungalows that will be launched in three phases. The first phase is fully sold, while the second phase is expected to be launched next week and the final phase, in 2012.

Laman Glenmarie comprises 385 units of two-storey link houses covering 70 acres of land at Section U1A here.

"Competitive financing rates, convenience of online repayment and a longer financing tenure of up to 70 years of age, or maximum financing duration of 40 years, are some of the package's attractive selling points," Bank Muamalat's chief executive officer Datuk Mohd Redza Abdul Wahid said.

He said buyers could be eligible for funding of up to 95 per cent of the home value.

Bank Muamalat has a financing portfolio of over RM8 billion, of which half is in consumer loans.

Mortgages make up "at least 50 per cent to 60 per cent" of its consumer loans, he said.

Mohd Redza said the bank's consumer loans are expected to grow by up to a fifth this year.

By Business Times

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