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Monday, August 25, 2008

Faber may replicate Taman Desa success story

FABER Group Bhd may replicate its multi-billion-ringgit Taman Desa development if it finds a good location.

"We are not discounting it. It will be a challenge, but we are ready," managing director Adnan Mohammad told Business Times.

ADNAN: Will look at possibilities

"We will look at vicinity and locality since people like the Kuala Lumpur address.

"There's still a lot of land available in Segambut and the surrounding areas. I'm not saying that's where we will go, but we will look at all possibilities," he said.

Faber started developing the 100ha Taman Desa at Jalan Klang Lama in the mid-1970s.

About 90 per cent of Taman Desa, which will take another four years to complete, comprises residential properties. The rest are commercial units.

Faber still has 1.32ha in Taman Danau Desa, part of Taman Desa, ready to be developed. It aims to launch 38 three-storey link-villas, priced from RM1.6 million each, late next year.

Faber, in a venture with Kuala Lumpur City Hall, will also develop 2.28ha in Taman Danau Desa. It will build 40 semi-detached homes, priced from RM1.9 million each, and six bungalows, priced from RM2.5 million a unit, this year.

On another development, Adnan said that Faber will not proceed with a plan in the Sabah Growth Corridor as it wants to focus on two new housing projects in Kota Kinabalu.

This month, Faber plans to launch 32 three-storey semi-detached houses and two bungalows in Taman Hilltop Perdana.

Also in the pipeline is Lucky Heights, a RM110 million condominium project comprising more than 300 units.

Property development makes up about 35 per cent of Faber's revenue, with the rest contributed by its hospital support services business.

By New Straits Times (by Sharen Kaur)

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