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Saturday, February 2, 2008

AP Land plans RM680mil projects in Malaysia, China

PETALING JAYA: Asia Pacific Land Bhd (AP Land), which finalised the RM680mil sale of City Square Centre to Macquarie Global Property Advisors last year, will be launching RM680mil worth of properties this year in Malaysia and China.

The launches include a mixed development in Changshu, China with a gross development value (GDV) of RM420mil, MyHabitat Tower 2, a 38-storey tower with 215 units with a GDV of RM220mil in Kuala Lumpur and 80 high-end villas with a GDV of RM40mil in Bandar Tasik Puteri near Rawang.

Joint managing director Low Su Ming said the Changshu project would take off in the middle of the year, if everything went according to plan.

She said the venture into China was part of the company's diversification policy for its property development division.

Low told StarBiz that further announcements would be made in March on AP Land's two acquisitions of oil palm plantation land totalling 36,000ha in late November last year and January this year.

By The Star (by Fintan Ng)

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