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Tuesday, July 29, 2008

GCorp plans niche residential project in KL

KUALA LUMPUR: General Corp Bhd (GCorp) plans to acquire a small piece of land in the Klang Valley this year for a proposed niche residential property project, says executive director Datuk Marco Low.

The company wanted to focus on small and luxury residential projects because they were in demand, he said, but declined to provide more details on the proposed land acquisition.

“However, for the broader property market, investors are more cautious due to the current economic conditions,” Low said after the company AGM yesterday. Executive director Michael Cheong said the strategy to focus on higher-end properties was necessary to contain capital expenditure, especially due to soaring building material prices.

He said the Malaysia My Second Home programme had boosted demand for high-end properties, especially from foreign buyers. GCorp is developing Panorama, a 223-unit freehold luxury condominium project at Persiaran Hampshire, close to the Kuala Lumpur City Centre.

Low said Panorama was scheduled for completion by end-2010 and the total gross development value (GDV) was about RM300mil. About 90% of the units had been sold since it was launched in April, he added.

He said GCorp was building 25 bungalows at Taman Esplanad, Bukit Jalil, with a GDV of RM40mil and, so far, 50% of the units had been sold. The company had also been busy in Singapore with two projects, Low added. Its subsidiary, Low Keng Huat (S) Ltd, is involved in the S$346mil Hard Rock Hotel at the integrated resort at Sentosa and a S$146mil job to renovate the Meritus Mandarin Hotel along Orchard Road.

“Our development projects in Singapore are contributing the bulk of our profit this and next year,” he said.

By The Star

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