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Tuesday, January 15, 2008

Talam Corp brings projects back online

KUALA LUMPUR: Talam Corp Bhd expects to complete more than 10,000 properties in all of their ongoing and stalled projects within the next 18 months after awarding two packages to IJM Construction Sdn Bhd (IJMC) as principal contractor, Talam’s executive director Chua Kim Lan said.

“In the first package worth RM700 million, a total of 547 units of 2-storey houses in Taman Puncak Jalil were handed over from Nov 21, 2007, to Jan 4, 2008, while construction work on the remaining 7,892 units in six projects is currently underway,” she told reporters during a press conference yesterday.

Chua: Talam also has a project in Jilin Province, China

The six developments under the first package are Puncak Jalil, Ukay Perdana, Putra Perdana, Kinrara Section 3, Bukit Beruntung and Lagoon Perdana. It also involves the RM15 million construction of a main access road from Taman Puncak Jalil to the Sungai Besi bypass (Lebuhraya Bukit Jalil).

The second package worth RM125 million involves the completion of another 2,733 units of landed and hi-rise properties in Taman Lestari Puchong, Saujana Puchong, Saujana Putra, Lestari Permai and Jalil Heights with construction work expected to commence after Chinese New Year.

Chua said the locked-in sales from these 11 projects amount to about RM825 million, which would be realised in the next 18 months. The group has another 8,000 acres of undeveloped land in the Klang Valley, of which 2,000 acres is located in prime areas and includes joint ventures with other companies.

“We are looking at several new launches for this year with our focus turning to more premium [high-end] housing developments, as they are currently in demand,” she said. She did not elaborate further as the group is finalising a financial restructuring exercise.

On rising material costs, Chua said, although ongoing developments would not be affected, it might have an impact on the group’s future launches. “There is currently no replacement for these materials and we would therefore be forced to pass the [rising] cost down to buyers just like other developers,” she said.

On the group's first project overseas, Chua said construction is expected to start in the second quarter of this year. It is a mixed development on 1.65 acres in Changchun, Jilin province, China. The launch is slated for the end of the year or early next year, nearer to the completion
date. The project has a gross sales value (GSV) of more than RMB800 million (RM359.3 million).

“The project has good potential as it is located in a second-tier city and we are expecting returns of more than 30% of the GSV,” she said, adding that the group is already in talks with several interested parties who are looking to buy into the development.

By theSun (by Yap Yew Jin)

1 comment:

Anonymous said...

Dear Talam,

Please define bringing projects back online clearly. You are allowing your subsidiaries to wind up and in doing so washing your hands clean like for the Bukit Pandan Kondo case. Mudi Angkasa is closing down and this project is 3 years delayed. Please Ms Chua, if you have any integrity left, do something fase. Many innocents lives are affected because of the Company that you are in now. Stop making big announcements and start building.