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Saturday, January 10, 2009

RM200mil projects lined up

Artist’s impression of OSK Property’s condominium project in Jalan Yap Kwan Seng, Kuala Lumpur.

OSK Property Holdings Bhd has lined up a few residential property and commercial projects worth RM200mil for launch in the Klang Valley, Seremban and Sungei Petani this year.

For the current financial year ending Dec 31, the company hopes to clinch sales of between RM120mil and RM130mil. Last year, it launched RM180mil worth of properties and recorded sales of RM153mil.

OSK Property executive director and chief operating officer Gerard Tan says that amid the current market slowdown, house buyers comprise mainly owner occupiers who are looking to upgrade into more prestigious addresses. “Developers have lowered their profit margin from 25% to 30% previously to about 20% now and it is certainly a good time to buy property for their good value. The onus is on developers to ensure their projects are properly planned and meet the needs of the buyers,” he tells StarBizweek.

Gerard Tan in front of a Sutera Damansara show house

OSK Property’s latest project in the Klang Valley is the 100-acre Sutera Damansara in Bandar Sri Damansara, Petaling Jaya. Scheduled for launch around March for completion in seven years, the project comprises 617 landed residences, 936 apartments and 24 shop houses with a total gross development value (GDV) of RM800mil. Tan says only 80 acres of the 100-acre project will be developed initially and the remaining 20 acres, for high-rise dwellings, will be undertaken after five years.

The initial phase will comprise terrace houses of around 2,305 sq ft priced from RM478,000. Since the project’s soft launch last month, RM52mil sales have been recorded.

In Kuala Lumpur, OSK Property is looking to launch a high-end condominium project in Jalan Yap Kwan Seng in October. The 108 condominiums, ranging from 703 sq ft to 4,152 sq ft, would be priced from RM1,000 per sq ft. The project with GDV of RM150mil is targeted for completion in three years.

The company also owns a 0.65-acre plot in Jalan Raja Abdullah and hopes to tie up with the adjoining land owner to develop the land into a condominium project later this year.

Tan says the company’s 12-acre plot in Bangi will be developed into 74 units of 2- and 2½-storey Bangi Lake Hill Villa. The building plans for the project have been approved and it will be launched in May. The units will be priced from RM880,000 to RM1mil.

In Seremban, the Mont Jade residential enclave comprising 243 semi-detached houses and bungalows will be launched in March.

The semi-detached houses will be priced from RM450,000 and bungalows from RM500,000.

OSK Property’s joint venture with Menang Development Sdn Bhd to develop 80 acres in Seremban 3 is at its tail end with a total of 547 units built to-date and another 147 units remaining units.

In Sungei Petani, the company has completed half of the 2,500 acres of land it owns in Bandar Puteri Jaya. A total 25.000 housing units worth a GDV of RM1bil have been completed. The balance RM1bil in property units will be undertaken over the next five years.

Meanwhile, on the company’s plans for Atria Damansara in Damansara Jaya, Tan said: “Our plan is to redevelop the property into a more upmarket retail and commercial destination for Petaling Jaya folks. The modern shopping mall will have gross lettable area of 1.3 milion sq ft and also some low-rise shop offices.

“The development order has been obtained last year and the redevelopment is expected to kick off late next year. The potential GDV of some RM1bil will be realised by 2012,” he adds.

Last February, OSK Property sealed the deal to purchase Atria Damansara shopping complex located on 5.48 acres for RM75mil.

Currently some 68% of the space in the complex have been leased out for a monthly rental income of more than RM8mil.

“We will retain some of the property for lease to generate recurring income while the rest will be for sale. The oroject is expected to revive the vibrancy of the Damansara Jaya commercial area into a more happening destination,” Tan says.

By The Star (StarBizweek - by Angie Ng)

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