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Tuesday, December 9, 2008

YTL Land to push ahead with Pantai Peak launch

YTL Land & Development Bhd, the property arm of YTL Corp Bhd, will push ahead with the launch of the last phase of its Pantai Hillpark development in Kuala Lumpur next year despite the global financial crisis.

Dubbed Pantai Peak, the RM500-million project features a 16-ha gated community, which will be located on YTL Land's final parcel of land in Pantai Hillpark.

It is set to be the latest icon in the area, with 233 units of luxury three-storey hillside semi-detached homes and bungalows with a variety of layouts and design options.

Deputy managing director Datuk Yeoh Seok Kian said each home will be priced from RM2 million.

"It will come with a lap pool and a stunning panoramic view of the Gasing green belt and the entire Petaling Jaya landscape" Yeoh told Business Times in an interview in Kuala Lumpur recently.

The main board-listed developer is optimistic that the property market will improve as banks revise their base lending rate from 6.75 per cent per year to 6.50 per cent per year this month.

This is following Bank Negara Malaysia's recent downward revision of the Overnight Policy Rate by 25 basis points to 3.25 per cent to uplift the country's economic activity.

"It will boost the sector as bank loans will be cheaper for home buyers. While we are more liberal than Singapore, we have to internationalise our properties."

YTL Land, which has locked-in sales of RM100 million from its Sentul East project in Kuala Lumpur, expects its financial performance to remain flat this year due to fewer launches than the previous year.

For the 12 months to June 30 2008, it posted a net profit of RM10.3 million and revenue of RM336.1 million.

"We had lesser launches due to the US-led subprime crises. We hope America will clean up the mess so that there will be a quick chance of recovery. If the prices of petrol and interest rates can remain low, we will be able to recover fast," Yeoh said.

Meanwhile, YTL Land will pace itself with the market for new launches at its on-going 120ha Sentul East and Sentul West project, and 48ha Lake Edge project in Puchong, to ride out the current crisis.

"We will continue to introduce high-end products. Malaysia has not gone through a bubble like that in the US, the UK and Singapore. Prime locations with good product packaging will suffer the least and pick up the fastest," he said.

Yeoh said Malaysian properties are still more competitive than those in Singapore and Hong Kong.

"People with money should buy properties but selectively, to hedge against inflation," he said.

Hot property areas in the Klang Valley remain in Sri Hartamas, Mont' Kiara, Damansara Heights, Bangsar, Sentul, Taman Seputeh and the Kuala Lumpur City Centre area.

By Business Times (by Sharen Kaur)

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