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Saturday, December 15, 2007

Petaling Tin's plans for HQ site

Developer Petaling Tin Bhd has grand plans for its headquarters located in Petaling Jaya’s Section 19. The existing four-storey office building along Jalan Semangat with an annexed single-storey warehouse, may make way for a Grade-A commercial office tower with at least 25 levels and nett lettable area (NLA) of 308,000 sq ft. It may even include retail units, said its chief executive officer Leong Choong Wah (pix).

He told PropertyPlus that such plans however, will only take shape pending the local authorities’ decision to rezone Section 19.

“The current zoning for commercial properties in Section 19 allows for a gross plot ratio of 2.5 times psf and a six-storey height constraint. However, the local authorities are considering transforming this area into the likes of Section 13 which has commercial projects such as Jaya 33 and Jaya 1. If the rezoning is successful, Section 19 will have a nett plot ratio of 3.5 times psf without any height constraint,” explained Leong.

“Jalan Semangat will be one of PJ’s corporate hubs and we want our project to contribute towards this. We are still considering the options whether to sell or lease the building," said Leong.

The developer announced last week that it has entered into a sale and purchase agreement with Karambunai Corp Bhd via its wholly-owned subsidiary PTB Horticulture Farm Sdn Bhd to acquire the leasehold 88,000 sq ft site together with the office building, warehouse and ancillary building for a cash consideration of RM12 million.

The group estimates the project’s gross development cost to amount to RM90 million and a gross development value of RM138.6 million.

Leong added that even if the rezoning does not take place, the purchase would made a good investment.

“The purchase saves us RM25,000 monthly and offers annual rental yields of some 8%,” he offered.

The existing building has a NLA of 6,949.8 sq m (about 65,000 sq ft), the developer only leased about 7,000 sq ft while the remaining space was let out to third parties. Monthly rentals amount to RM100,000.

Leong also revealed that the developer plans to launch some RM174 million worth of residential properties next year from its freehold Taman Kelab Ukay in Bukit Antarabangsa, Ampang, as well as its leasehold Desa Bukit Indah in Sungai Buloh.

“The Group has over 1,400 acres of undeveloped landbank which are located in Karambunai in Sabah, Ampang, Sungai Buloh and Ulu Yam. We are considering options to unlock the value of the Karambunai site, which amounts to about 1,300 acres,” he said. It is planning a six-star resort as well as hillside villas for Karambunai with a potential GDV of over RM1 billion.

“We will be targeting the foreign market. An average villa can be sold for between US$2 million (RM6.6 million) and US$5 million. It will be very up-market, private and with large built-ups,” he added.

At the 200-acre gated Taman Kelab Ukay, it plans to unveil 17 zerolot semidees and 15 bungalows by Q1 2008. With a GDV of RM55.4 million, the units are tagged between RM1.5 million and RM2.5 million. The semidees will have land areas of between 3,800 and 4,000 sq ft while the bungalows will have land areas of 4,500 to 5,000 sq ft.

It will also be launching 15 units of 24ft by 95ft 3-storey superlinks priced between RM650,000 and RM700,000 for a GDV of some RM9.3 million.

At Desa Bukit Indah, the developer will be launching 22ft by 80ft 2-storey linked houses with prices from RM230,000. This phase was soft launched in May with only 83 units on offer.

Some 113 units of 20ft by 65ft 2-storey links will be offered during the second quarter of the year. Prices of standard units are expected to be at RM185,000.

By theSun (by Loo Pik Kwan)

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