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Wednesday, February 27, 2008

Metro Kajang plans two new projects for 2008

An artist's impression of the Sentosa Villas link houses

KAJANG: Metro Kajang Holdings Bhd (Metro Kajang) will launch two new projects by the end of 2008, one in Desa Melawati in Kuala Lumpur and the other in Kajang’s town centre.

Chong Yong Han, group senior general manager of the Metro Kajang Group, told theSun that the Desa Melawati project would comprise 500 units of serviced apartments with a gross development value (GDV) of RM120 million. According to him, the medium high-end project would take up 2.6 freehold acres located opposite Tunku Abdul Rahman College.

“The larger units would be approximately 1,000 sq ft while the smaller units would be 800 sq ft. There will also be studio units sized at 700 sq ft,” said Chong after the company’s AGM yesterday.

Complete with full apartment facilities, the units are priced at RM250 psf and above. Due to its location, Chong expects the buyers to comprise investors as well as the people who work at the institutions nearby, which include an Islamic university located in the vicinity.

“We will also be launching commercial shoplots in Kajang’s town centre. There will be 20 units of 3-storey and 6-storey shoplots located next to the existing wet market, close to Metro Point,” said Chong. He added that the approvals for the RM40-million project are already being processed.

To be launched in two weeks’ time is Phase 1B of Sentosa Villas in Kajang, comprising terraced homes sized between 20ft by 65ft and 20ft by 80ft with an average price of RM340,000. “The show house has just been completed and we’re doing the interior designing now,” said Chong.

The entire development, which includes Phase 1A of semidees and bungalows as well as shoplots named Serba Sentosa, is approximately 30% taken up.

Meanwhile, its 700-acre ongoing township development, the freehold Bandar Teknologi Kajang, will see the launch of a new phase comprising bungalows and semidees in nine months’ time.
“The bungalows would be 6,000 sq ft and above, while the semidees would be 3,200 sq ft and above,” Chong said. Prices have yet to be confirmed.

He added that Metro Kajang’s latest commercial development, Wang Commerz@Pelangi Semenyih, has been more than 70% sold and the hypermarket Tesco is scheduled to move in at the end of 2008. The freehold project was launched last month and has a GDV of RM33 million.

The group, which has a presence in Kuala Lumpur, Petaling Jaya, Kajang and Semenyih, currently has 400 acres of undeveloped land to occupy them for another five years. Property development, which constitutes its core business, contributes 70% to the group’s profit. For the financial year ended Sept 30, 2007, the Group recorded a 21% increase in profit after tax to RM60.82 million from RM50.40 million in the preceding year.

By theSun (by Yeong Ee-Wah)

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