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Friday, November 16, 2007

Talam projects on schedule

Talam Corporation Bhd’s financial restructuring exercise over the last two years has
not affected the construction schedule of any of its projects. “In fact, we will be handing over three phases in our Taman Puncak Jalil development in the next one or two months,” said its
executive director Chua Kim Lan.

Chua told PropertyPlus after the group’s EGM yesterday that progress on its other developments is moving along well and the group will focus on completing all its projects before
looking at new launches for next year.

“Our high-rise projects are 20% to 30% completed while our landed properties are close to
60% to 90% ready,” she added.

Talam has appointed IJM Corp Bhd as the principal contractor for all the group’s projects,
including previously stalled ones. The group is also involved in two 50:50 joint ventures (JVs) projects with the latter – Serenia Gardens (formerly known as Sierra Green) and Sierra Selayang, which has a combined gross development value (GDV) of RM1.5 billion.

Artist's impression of the Serenia Gardens homes

Serenia Gardens, located on a 90-acre leasehold tract in Ulu Kelang, has sold about 70%
of its first phase, comprising 225 terraced houses priced at RM350,800 onwards, since its soft
launch in September. The official launch is targeted by end of this year.

On Sierra Selayang, Chua said the layout for the project was recently endorsed after changes
to make it more for the highend market. “We are targeting to launch the development by 2Q
next year, offering only semi-dees and bungalows, different from the previously planned rows of
terraced houses.” The 204-acre project is located at the Ulu Gombak Forest Reserve, behind
the Gombak Land Office.

She said although the group is changing its business model to more high-end projects, it would
mostly be from JVs with IJM. “The reason for JVs is because our advertising permit has been
suspended and we can’t sell any products on our own. We also need to raise funds to pay off
some of our debts,” she added.

The group is also looking to start work on its China joint venture project after winter
(April) next year. It comprises an incomplete structure of a proposed 35-storey commercial,
office and residential building, together with 2 levels of basement car park, located on
a 1.65-acre tract in the heart of Changchun, Jilin Province. The project has a GDV of more
than RMB900 million (RM408.2 million).

By theSun (By Yap Yew Jin)

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