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Friday, May 2, 2008

IOI Prop sees RM1b GDV from project

KULAI: IOI Properties Bhd sees its second mixed property development project in Johor generating RM1bil in gross development value (GDV).

Senior general manager (property division) Simon Heng said its Taman Kempas Utama would be launched this month.

“The location of Taman Kempas Utama in the Kempas-Tebrau growth corridor, within Iskandar Malaysia, augurs well for the company,” Heng told StarBiz recently.

He said the project, on a 101.17ha site on the North-South Expressway, would have about 2,000 residential and commercial units upon completion in 10 years.

The project would consist of high-end double-storey link and semi-detached houses, gated and guarded with smart-home concept, and shop offices, he said.

About 20.2ha of the area will be allocated for light industrial buildings and a Tesco hypermarket is planned for next year.

Heng said the Kempas-Tebrau corridor was currently the hottest spot for property development in south Johor with more than 10 ongoing projects.

“After 12 years in Kulai, it is timely to have a project in the Johor Baru district as we have been receiving requests from many Johor Baru residents,” he said, adding that the company was targeting existing house owners in the Kempas-Tebrau area, as they would prefer to buy houses within the area.

Heng said IOI Properties was also looking at Malaysian professionals working in Singapore, Singaporeans, and pensioners and expatriates based in the republic.

The spiralling prices of private properties in Singapore would force many buyers there to look elsewhere and Johor Baru was the best choice for them, he said.

By The Star (by Zazali Musa)

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