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Monday, March 24, 2008

Faber’s new projects in KL and Sabah

Adnan (right) with Rimbunan Melati senior general manager Khalid Abdul Majid in front of a 3-storey terraced house show unit in Laman Rimbunan

KUALA LUMPUR: Faber Development Holdings Sdn Bhd (FDH), a member of Faber Group Bhd, is set to launch two new projects in Taman Desa here and an exclusive development in Kota Kinabalu, Sabah this year. Within its flagship development in Taman Desa, FDH will launch a joint-venture (JV) project with Dewan Bandaraya Kuala Lumpur (DBKL) comprising 40 units of semi-dees and six bungalows with an average built-up of 4,000 sq ft and 7,000 sq ft respectively.

The proposed average selling price for the semidees is RM1.4 million, and RM2.85 million for the bungalows. The target launch for the JV is the 2Q2008, Faber group managing director Adnan Mohammad told theSun in an interview recently.

“There is also a lakeside condominium in Taman Desa that we plan to launch by the 3Q2008,” he added. The lakeside development would consist of 176 units of luxury condominiums, with an average builtup of 1,279 sq ft. The proposed average selling price is RM400,000.

According to the developer, the two developments to be launched in Taman Desa are adjacent to each other.

Adnan disclosed in Kota Kinabalu, FHD will be launching a RM31 million high-end development within the exclusive Taman Hilltop. To be called Hilltop Perdana, it comprises 32 semi-dees and two linked bungalows with average built-up area of 4,000 sq ft. With a selling price of between RM869,060 to over RM1 milllion, the launch is scheduled for the 2Q2008.

“Taman Hilltop is an established and exclusive area in Kota Kinabalu. We anticipate very good response there,” said Adnan, adding that within the same vicinity, all high-end developments have been fully taken up.

FDH, through its subsidiary Rimbunan Melati Sdn Bhd, is currently developing Laman Rimbunan in Kepong, Kuala Lumpur. The mixed development consists of shop offices, 3-storey terraced houses, and medium and low-cost apartments. It is a JV between FDH and Cekap Corporation Bhd, where FDH holds a 55% stake.

Spanning over a 100-acre leasehold tract fronting Jalan Kepong, Laman Rimbunan has a gross development value of approximately RM618 million, consisting of six phases. To date, 60% has been developed, comprising 50-units of 3-storey shop offices and 243 units of 3-storey terraced houses. On-going developments include 360 units of lowcost apartments, eight units of 2-storey shop offices, and 148 units of 3-storey Mawar houses.

“Response has been very encouraging. Our 3-storey shop offices, 3-storey houses and low-cost apartments have been fully sold. The second phase of our 3-storey Mawar terraced houses have seen a takeup of 95%,” said Adnan.

The Mawar houses have built-up of 3,033 sq ft and a lot size of 22 ft by 75 ft. Launched in November 2006, with pricing at RM471,800 onwards, it is expected to be ready by November this year.

Launched earlier this month was its third phase, Matahari, comprising 193 units of 3-storey terraced houses with a lot size of 22ft by 75ft and built-ups from 3,025 sq ft for intermediate units and 3,689 sq ft for corner units. Intermediate units are going from RM547,800 while end lots are priced from RM843,800.

Adnan said 50% was sold within a week of the launch. The GDV of Matahari is over RM119 million.

According to the developer, a Matahari unit features a 700 sq ft junior master bedroom on the third floor. Laman Rimbunan also boasts the use of high quality materials. The Construction Industry Development Board (CIDB) Malaysia, graded the construction quality of the project's first phase (terraced houses) as above average, or 70%.

“The property market in Kepong is vibrant," said Adnan, citing an example of some shop offices that were bought for RM1 million in August 2005 and were recently sold (subsale) for RM1.5 million.

"For our houses, the buyers are mainly owner-occupiers from Petaling Jaya, Kepong and Taman Desa,” he added. FHD is in the midst of securing more lands within Klang Valley, including one in Puchong. The developer will also be looking at collaborations with its sister company, UEM Land, and will continue to either acquire land or possible JVs with landowners.

By theSun (by Rosalynn Poh)

1 comment:

Anonymous said...

Regarding the mentioned lakeside development, is it the one just across the road from Danau Impian? And will it be a depreciation factor to Danau Impian's units?