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Wednesday, July 23, 2008

Faber going big on high-end projects

PETALING JAYA: Faber Group Bhd is planning to launch several high-end projects from September with landed properties featuring prominently amongst them.

Upcoming launches include semi-detached houses, priced from RM1.1mil to RM1.3mil, and bungalows, from RM2mil to RM2.5mil each, in Laman Rimbunan, Kepong. The project is a joint venture with Metro Kajang Holdings Bhd in which Faber is the senior partner.

In Taman Danau Desa, next to the company's completed Taman Desa township, there are plans to launch 40 semi-detached houses and six bungalows, priced from RM1.9mil to RM2.5mil.

On a neighbouring parcel, there are plans to launch 38 three-storey link villas, with prices from RM1.6mil, targeted for a launch late next year. These projects are on a joint-venture basis with landowner Kuala Lumpur City Hall.

In Kota Kinabalu, Faber will be launching early next month 32 three-storey semi-detached houses and two bungalows in Taman Hilltop Perdana, while in the pipeline is a RM110mil project, comprising over 300 condominium units, in Lucky Heights.

Managing director Adnan Mohammad told a press briefing yesterday that developers would “need to reassess their projects” based on the challenging property market outlook.

Adnan Mohammad (right) and senior general manager for property development Khalid Abdul Majid

He said despite the challenging conditions with higher construction costs, the company's property development division was planning to launch a number of landed high-end projects in Kuala Lumpur and Kota Kinabalu.

“For us, location still sells and we're targeting mainly upgraders in mature locations near the city centre,” Adnan said, adding that Faber was still open to joint ventures or even acquiring land outright to replenish its dwindling land bank, which stood at a total of 45 acres in Kepong and Kota Kinabalu.

“Land acquisition will depend on a combination of factors, including location, price and type of projects that we can develop,” he said.

On earlier reports of Faber's interest in developing properties in Iskandar Malaysia, Adnan said any projects would be undertaken at the UEM group level. According to Faber's 2007 annual report, UEM Group Bhd held a 34.29% direct stake in the company.

“While I cannot speak on behalf of UEM, there's a possibility that projects secured under UEM Land Sdn Bhd (an indirect subsidiary of UEM Group) can be parcelled out to us,” Adnan said.

By The Star

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