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Thursday, March 12, 2009

Hua Yang confident of property mart: Chief

HUA Yang Bhd, which plans to launch a project in Sungai Besi with gross development value (GDV) of RM700 million, is still confident about the property market despite slowing economic growth.

Its chief operating officer, Ho Wen Yan, told Bernama in Kuala Lumpur today the company was not badly affected as other developers as it mainly targeted first-time home buyers rather than property investors.

He said the company would continue to look for potential land in Selangor, Johor, Perak and Penang.

"Hua Yang is interested to acquire landbank of between 60 and 120 hectares on the outskirts of Klang Valley, especially in Selayang and Rawang," he said.
Ho said the company currently has a landbank of 400ha nationwide with a potential GDV of RM1.8 billion.

Meanwhile, in a statement in Kuala Lumpur today, Hua Yang said its wholly-owned unit, Agro-Mod Industries Sdn Bhd, has signed a deal with Tesco to open an outlet in the Bandar Universiti Seri Iskandar township in Perak.

It said the outlet would benefit the residents, especially university students in the township, as it would be a one-stop destination for their everyday needs.

Hua Yang said the township was first developed in 1999 with a GDV of RM616 million to cater to the growing university student population of Perak.

"It is strategically located within the education park which consists of higher educational institutions such as Universiti Teknologi Mara and Universiti Teknologi Petronas," it said.

By Bernama

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