Property developer Island & Peninsular Sdn Bhd (I&P) expects revenue this fiscal year to decline as much as 36 per cent to RM500 million as it plans fewer launches.
I&P, a wholly-owned unit of Permodalan Nasional Bhd, posted revenue of RM780 million in its fiscal year ended December 31 2008.
Group managing director Datuk Jamaludin Osman said that I&P will continue to offer homes that are "packaged tastefully" and within the price range sought by buyers in choice locations.
"We will be more cautious during the current economic downturn, releasing a smaller number of units at all our projects at any given time,"he told Business Times after signing a pact with Universiti Teknologi Mara (UiTM) to incorporate artistic features at its Alam Impian development in Shah Alam, Selangor, yesterday.
I&P has a landbank of 5,263ha, with eight ongoing township projects in Selangor and Kuala Lumpur that are worth a few billion ringgit.
The developments are Alam Impian, Bandar Kinrara in Puchong, Alam Sari in Bangi, Alam Damai in Cheras, Bayuemas in Klang, Alam Sutera in Bukit Jalil, Seri Beringin in Bukit Damansara, and Taman Setiawangsa in Kuala Lumpur.
Jamaludin added, however, that all was not doom and gloom as I&P houses continued to sell even with the weak market sentiments.
He cited its Bandar Kinrara development: 60 per cent of the 160 two-storey link-houses costing more than RM400,000 each and 100 per cent of the 22 semi-detached homes of over RM1.2 million each have been sold since their launch in December last year.
Jamaludin also said that I&P had no plans to acquire more land as its landbank was sufficient to keep it busy for the next few years.
However, he did not rule out acquiring land in the Klang Valley that could be developed immediately.
By Business Times (by Sharen Kaur)
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