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Friday, December 21, 2007

RB Land set to ride on group synergies

SUBANG JAYA: RB Land Holdings Bhd is set to capitalise on group synergies after it is merged with IJM Properties Sdn Bhd under a new property division to be known as IJM Land Bhd.

“RB Land has a lot of township building expertise while IJM has experience in building condominiums,'' said RB Land managing director Datuk Soam Heng Choon.

When the merger is completed in March, the now separate divisions of RB Land and IJM Properties will be able to tap into each other's expertise as well as share staff for various projects.

The two divisions had projects in different parts of Malaysia, which complemented each other, Soam said.

For example, he said, RB Land currently did not have any projects in Penang but IJM Properties did.

“Currently, each one (division) is managing its own projects but in terms of processes and systems, it's all set by both companies' holding company, IJM Corp Bhd.

“So, now you cannot see the distinct difference, you can see all of us wearing the IJM (shirt) already,” Soam told StarBiz.

However, the group's overseas property projects will not come under IJM Land.

“IJM is already in India but the Indian property projects will not be parked under IJM Land.

“If we have overseas ventures in the future, we still have to decide where to park it,” Soam said, adding that at present RB Land was scouting for overseas projects.

”We don't have anything specific, but we have people exploring in China,” he said.

For the time being, RB Land will retain its name and logo until the entire corporate exercise is completed.

“So this name cannot change until this whole exercise is approved by the Securities Commission. We will go to our shareholders and get approval, then we will change the name to IJM Land,” he said.

One of RB Land's latest projects, the Saffron, is the final phase of freehold development in the Garden City Homes, in the heart of the Seremban 2 township.

The first launch of 244 units of 24ft x 80ft super-link homes at Garden City Homes was a sell-out. Other launches include 345 units of 50ft x 80ft semi-detached single and double-storey homes in 2005, which also achieved 100% sales.

Saffron is designed within a gated community with only 72 semi-detached units comprising 10 single-storey and 62 double-storey units.

Saffron was soft launched in November with selling prices ranging from RM310,800 for a single-storey unit and RM402,800 for double-storey units.

Another ongoing development is Bayu Sri Bintang Mastercraft Series, limited to 30 freehold luxury residences next to Kuala Lumpur's Desa Parkcity.

The four bungalows with built-up areas of 5,900 sq ft are priced from RM2.24mil to RM2.6mil while 26 semi-detached units, with built-up areas of 4,700 sq ft, are priced from RM1.47mil to RM2.12mil.

By The Star (by Loong Tse Min)

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