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Monday, January 12, 2009

Metro Kajang plans RM1.6b projects

METRO Kajang Holdings Bhd (6114) plans to launch at least three new projects with a gross development value (GDV) of RM1.6 billion this year.

Group managing director Datuk Eddy Chen Lok Loi said the company will focus on the medium-to-high-end properties that are resilient even in recession.

The company is the biggest property developer in Kajang and Semenyih and is keen to strengthen its position.

It bought a 110ha of prime freehold land close to the Kajang town centre for a mixed development project. The land will be turned into a high-end integrated township with a GDV of RM1.4 billion.
"This new township project will have six phases and will keep us busy over the next eight years," Chen told reporters after receiving the QLASSIC award for quality construction from the Construction Industry Development Board Malaysia in Semenyih on Saturday.

Metro Kajang will launch a new housing project in June this year, spread over 47.2ha in Bandar Teknologi Kajang.

The gated and guarded community will comprise 500 units of landed properties with a GDV of over RM100 million.

It also hopes to launch semi-detached homes and bungalows at its Sentosa Villas project The total GDV for the Sentosa Vilas project will come to RM83 million when combined with the launched three-storey link houses.

Plans to build 523 units of serviced apartment at Desa Melawati worth RM140 million project are also put on hold.

"We will assess the economic situation first before deciding to launch the project," Chen said.

Nevertheless, Chen is optimistic on the property market and is scouting for more land.

At present, the company holds 200ha of undeveloped land in the Klang Valley.

On the award, Chen said Metro Kajang will not cut corners in its projects although the economic condition may be tough.

By Business Times (by Rupinder Singh)

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