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Tuesday, February 10, 2009

Mulpha waiting for property market to pick up

PETALING JAYA: Mulpha International Bhd will forge ahead with plans to develop its property projects in anticipation of better demand once the economy and, in turn, the property market picks up again.

Executive chairman Lee Seng Huang said the group would focus on its Leisure Farm Resort in Iskandar Malaysia, Johor as well as its high-end boutique development in Bangsar and an office tower in Jalan Sultan Ismail, both in Kuala Lumpur, to enhance its property portfolio.

“We are very confident of the quality of our unique developments and have a strong balance sheet to ride out this storm.

“However, we remain conscious of our capital expenditure and are tailoring our project timing according to the rapidly changing market environment,” he told StarBiz.

Lee said there were a further 600 acres to be developed at the RM2.1bil Leisure Farm Resort – a gated resort development that covers about 1,765 acres surrounded by rivers, orchards, parks and a mangrove swamp.

An upcoming development there include spa villas and chalet hotels along the canal. Two villas will be ready soon at the new show village which will ultimately feature six villas.

“The pricing of about RM3mil per unit at the Polo Precinct will set new benchmarks,” Lee said.

In addition, the Bayou Water Village, comprising 213 stratified canal front village homes, will be completed by the fourth quarter.

“When the market shows signs of improvement, we may launch our new Precinct 7 consisting of lifestyle landed semi-detached units and bungalows fronting the canal and mangrove reserve.

“The development will have 332 units with a gross development value (GDV) of RM500mil. Precinct 7 will be our key focus in the fourth quarter as we gear up towards earthworks in the next quarter,” he said.

Mulpha will also expand Bale’ Equestrian & Country Club’s support facilities to include a full suite of conference facilities, indoor multi-purpose sports complex, tennis courts and lap pool.

Lee said the group’s proposed seven strata bungalows with a green architectural concept called the “Enclave” with a GDV of RM70mil in Bangsar were scheduled to commence work in the second half of the year.

“The project is very niche so there should be sufficient demand to ensure its success,” he added.

On the 28-storey commercial office block in Jalan Sultan Ismail, Lee said Mulpha had obtained the development order for the 360,000 sq ft office tower, which has a GDV of RM450mil.

“In view of the shortage of prime A+ buildings in the city centre, we are proceeding with the building plan submission for construction,” he said.

By The Star (by Elaine Ang)

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