BREM Holdings Bhd, a property and construction company, wants to buy more land in Mont' Kiara and Segambut Dalam to expand its ongoing Prima Pelangi project.
The project, sprawled over 28 hectares and located in Segambut Dalam, is being developed by its unit Harmony Property Sdn Bhd in three phases until 2014. It started in early 2003.
According to Harmony project manager Chia Thye Kong, the current plan calls for the development of properties worth some RM600 million.
But Brem plans to add new components within the development to make it more exciting and to raise the value of the project.
"The original development plan comprising mostly apartments and condominiums was firmed up in 2002. We now plan to build bungalows, semi-detached and double-story houses and luxury condominiums under phase two and three and also on the new landbank that we plan to buy," Chia said in an interview.
He said Harmony may also include a business centre in the plan.
The company is looking at a few parcels of agricultural land priced between RM60 per sq feet and RM100 per sq feet.
"We are already in talks with landowners to acquire between three and five acres in different areas but we will be quite selective to ensure it fits into our business model," added Chia.
Harmony has launched the first phase comprising 188 units of double-storey houses, 16 units of 21/2-storey super link homes and 388 units of medium-cost apartments, which have been sold and now occupied.
Phase one also consists of the Rosvilla condominium with 174 units, priced between RM238,000 and RM288,000, which is still under construction.
Some 60 per cent of Rosvilla units have been sold since its launch a month ago. It will be completed by the end of 2009.
Phase two will include 412 condominium units, which will be launched by end-2008, priced more than RM250,000 each. Around 1,050 units of medium range apartments would be launched in 2009 and 2010.
Under phase three, a total of 1,051 condominium units will be launched in 2011 and 2012.
"Looking at the take-up rate of Rosvilla, we will revise the properties in the remaining phases to include high-end developments taking into account market trends," he said.
By New Straits Times (by Sharen Kaur)
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