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Sunday, May 25, 2008

Loh & Loh sees RM180m GDV from latest project

Selayang scheme to feature semi-detached and bungalow homes

KUALA LUMPUR: Loh & Loh Corp Bhd expects its upcoming property development in Selayang to generate RM170mil to RM180mil in gross development value (GDV).

That project, which will feature semi-detached and bungalow homes on 34 acres, will take after the construction group’s maiden residential property project in Melawati in Ampang.

The Melawati gated-community project, called RiverView Kemensah, comprises 78 semi-detached houses and nine bungalows on 13.44 acres.

“We have sold over 90% through word of mouth,” managing director Jason Loh told StarBiz ahead of the launch of RiverView’s showhouses today.

Started in October last year and scheduled for completion in October 2009, the development also has a 600m walkway alongside a river flowing through the land.

Loh said the company intended to preserve and beautify the river while incorporating it into the overall concept of the development.

The showhouses and some of the units were being held back from sale but the launch today would also serve as a branding exercise for Loh & Loh’s future property forays, he added.

So far, the RiverView home buyers comprise professionals and businessmen.

“There are also a number of upgraders who have lived in the Melawati area for years and are reluctant to move away,” Loh said, adding that the homes were being constructed with families in mind.

“One of the things learnt (from the RiverView project) is that we have to be focused on a concept and make it liveable,” said Loh.

Feeling that quality had to be emphasised, Loh said there would be demand for good quality homes if the concept was right.

On future residential jobs, Loh said the group was now on the lookout for more land.

It is working on a formula whereby it would buy a small piece of land but one that would enable the group to achieve a quick turnaround and hedge against the cyclical nature of the construction industry.

Apart from being a hedge, property development is a lucrative new business for Loh & Loh. The group recorded revenue of RM290.3mil for its financial year ended Dec 31 and, with RiverView booking in sales of RM110mil and the Selayang project a little more.

By The Star

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