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Friday, January 18, 2008

Malton eyes RM1 billion in sales for Year of the Rat

DEVELOPER Malton Bhd is confident in achieving some RM1 billion worth of property sales this year from its residential and commercial developments including Pearl Villas at Petaling Jaya’s Section 16, Amaya Saujana within Saujana Resort and V Square in Petaling Jaya’s City Centre.

An artist's impression of the Pearl Villas semidees

The RM110 million gated Pearl Villas features 42 units of 3-storey semidees with a land area of 42ft by 80ft and built-ups of 4,725 sq ft priced from RM2.6 million and two 3-storey bungalows with land areas of 6,700 and 8,400 sq ft and built-ups of 5,500 sq ft priced between RM3 million and RM4 million. They are built on a freehold 4.8- acre tract and according to the developer, all the units have been "pre-sold".

The RM250 million 6.02-acre freehold Amaya Saujana, features three blocks of residential suites comprising 128 units each. Priced between RM400 and RM500 psf, the developer held a sales preview last November and has recorded a take-up of 60% for the first block.

For the RM207 million V Square project on a 2.58-acre site along Jalan Utara, the developer is in discussions with several parties, both local and foreign, for enbloc sales of its corporate towers.

The project also comprises corporate business suites and a retail podium. Of the 87 business suites that were unveiled last December, prices are tagged between RM500 and RM600 psf and the units have built-ups of between 900 and over 1,000 sq ft. With sales of over 30%, the developer also plans to retain the retail podium for rental income.

With its core businesses in property development, and construction and project management, Malton’s chief operating officer Yeoh Teng Tatt (pix) expressed his confidence that the former will contribute strongly to its 2008 financial year, which ends on June 30.

The developer is targeting a robust year having lined up more than 10 projects for launch with a total gross development value of about RM2.1 billion, which will keep it busy over the next two to three years.

At a media briefing yesterday, Yeoh said it will also be expanding its landbank and is eyeing well-located areas in Selangor, Johor and Penang.

“We have an existing landbank of over 1,000 acres and most of these are located in Kuala Lumpur and Selangor. Due to the scarcity of land in choice locations like Petaling Jaya, we are also open to jointventure projects,” he added.

While admitting that it is also currently in negotiations with several landowners in Johor, Yeoh said it is too soon to reveal more details.

He added that the developer is also exploring opportunities in regional markets including China, Vietnam and Thailand.

"We may develop projects on our own or work with local partners. At the moment, we are in a lot of discussions with landowners in Vietnam but it will be a while before anything concrete can be announced yet.”

On its new projects, which are said to be in final-approval stages, the developer is planning the RM410 million high-end, gated and eco-friendly Ukay Spring bungalows and semidees in Ampang’s Ukay Perdana, the RM195 million Taman Maluri mixed development in Cheras and the RM95 million gated, high-end and strata-titled Taman Sea project featuring bungalows, zero-lot bungalows and semidees. It plans to have sales previews for these projects by April.

It is also the project manager of The Pearl condominiums located along Jalan Stonor within Kuala Lumpur’s city centre.

The RM650 million project features 177 units within a 41-storey tower and prices of the units are expected to be above RM2 million.

With average built-ups of 3,400 sq ft, the units are priced about RM1,200 psf and previews are by invitation only. It has since started the earthworks and foundation stages and is said to have attracted a lot of registrants, most of whom are locals.

By theSun (by Loo Pik Kwan)

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