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Tuesday, August 26, 2008

IJM Land plans to launch 28 projects

SUBANG JAYA: IJM Land Bhd plans to launch 28 mixed development projects with a combined gross development value (GDV) of RM600mil, says managing director Datuk Soam Heng Choon.

Datuk Soam Hong Choon

“The projects will be located in Penang, Klang Valley, Malacca, Johor, Negri Sembilan and Sandakan,” he said after the company AGM and EGM yesterday.

He said the company was currently developing “The Light” waterfront project in Penang and a township called Bandar Utama in Sandakan.

According to Soam, the company had taken over Sebana Cove, an on-going resort-cum-mixed development project on the southern east tip of Johor.

This would be redeveloped to attract Singaporeans, he said.

The company paid RM120mil for Sebana Cove with infrastructure completed. Current prices in the area range from RM600,000 for a semi-detached house to RM400,000 for a town house.

“We are targeting the middle to upper-middle segment,”Soam said.

On another note, IJM Land would be a geographically diversified Malaysian developer once it completed its rationalisation exercise by Sept 5, Soam said.

IJM Land, previously known as RB Land Holding Bhd, used to have projects only in the Klang Valley and Seremban.

“We would continue to showcase our property in the Klang Valley, Seremban, Penang, Johor, Malacca and Sandakan.”

On IJM Land’s overseas venture, Soam said the company was investing in Changchun, the automotive city of China, for a commercial service suites-cum-residential development with a retail component.

It holds a 50% stake in the project, which will have a GDV of RM500mil when completed in four years.

On measures taken to counter the rising building material cost, Soam said its in-house construction arm was one way of keeping cost down.

By The Star

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