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Monday, May 5, 2008

RM2b launch of Bandar Kinrara’s last phase

DREAM HOMES: Island & Peninsular’s new developments in the township will cover 203ha.

Island & Peninsular Bhd (I&P) will launch the last phase of its 770ha Bandar Kinrara township project in Puchong, building a commercial hub and a residential enclave worth more than RM2 billion.

The two developments will cover 203ha, being the last plot of land at the township, group managing director Datuk Jamaludin Osman said in an interview with Business Times.

“We will use 470 acres (about 190ha) to build semi-detached homes, bungalows and terrace houses, which we will release into the market in phases over six to seven years,” he added.

“The commercial hub will be an icon in the township, enhancing its value completely.”

I&P has 5,670ha in the Klang Valley, Selangor and Negri Sembilan, some of which has existing developments worth RM9.5 billion.

Jamaludin said the company is projecting earnings to grow this year, helped by new product offerings.

It is targeting net profit of RM225 million on the back of revenue of RM900 million for the year ending January 31 2009.

Last year, it posted net profit of RM222 million on revenue of RM774 million.

“The earnings will depend on market forces. We are on track, but will have to look at market sentiments in the second half of the year.

“We are hopeful, looking at our existing projects and new launches coming up.” Jamaludin said the new developments in Bandar Kinrara, as well as Alam Impian in Shah Alam and Alam Sari in Bangi, will boost I&P’s outlook with their product variety.

Alam Impian is a 4,860ha township, launched in December 2006, offering 11,000 semidetached homes, bungalows and terrace houses. It will be developed over the next 15 years and is worth RM4 billion.

Aman Sari, which was launched in November last year, will offer 3,500 semi-detached homes, bungalows and terrace houses on 176ha. I&P is expecting sales of RM1 billion from the development, which will go on for the next seven years.

Jamaludin said that two other projects, which will supplement the ongoing developments, are the 203ha Bayuemas in the Klang Valley and the 770ha Kota Seriemas in Nilai, Negri Sembilan.

Bayuemas will offer 2,700 semi-detached homes, bungalows and terrace houses worth RM1.4 bil-lion. It will be completed over 12 years.

Kota Seriemas will offer 18,000 houses worth RM2.7 billion. The project began in 2000 and will last for the next 15 years.

"In Kota Seriemas, we are building a nine-hole golf course, chalets and a clubhouse. We reckon it will enhance the value of the township.

"We will continue to offer a good lifestyle for residents at all of our townships," Jamaludin said.

"We are quite positive of sales from all our projects and will continue to launch new phases," he added.

By New Straits Times (by Sharen Kaur)

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