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Friday, March 6, 2009

I&P to set more moderate pace for launches amid slowdown

ISLAND & Peninsular Sdn Bhd (I&P) will launch new houses this year, albeit at a more moderate pace, as recession looms.

Group managing director Datuk Jamaludin Osman said that I&P was well aware that the property market had softened and would introduce more affordable homes pegged at below RM400,000 each.

I&P will launch the houses at its Alam Sari project in Bangi, flagship Bandar Kinrara development in Puchong, and Alam Impian township in Shah Alam, Selangor, he said.

"If the market feels that products in this price range will move faster, we will call to it. If people are willing to invest their money in houses, we will launch more units then," he added.
According to Jamaludin, I&P has a few launches on the drawing board but is studying the economic situation before moving ahead with its plans.

"Some say we are in recession, but people are buying our properties in Alam Impian and Bandar Kinrara. The market is no doubt slow, but it is still a good time to buy. Prices will escalate when the economy recovers," he said.

Jamaludin was speaking to reporters in Kuala Lumpur after signing a pact yesterday with Universiti Teknologi Mara (UiTM) to bring the concept of "Township of the Arts" to life at Alam Impian.

I&P, a wholly-owned unit of Permodalan Nasional Bhd, has eight projects in hand in Selangor and Kuala Lumpur that are worth a few billion ringgit.

Its more exciting project is Alam Impian, launched in December 2006.

The 494ha RM4.5 billion township will offer 10,000 homes for a population of 50,000 upon completion in 2024.

To boost sales, I&P is considering developing a hypermarket and commercial lots after building 600 homes, Jamaludin said.

It has launched 308 houses, of which 257 have been built and sold.

By May, it will launch Canting 2 featuring 103 super link-homes that cost below RM400,000 each.

It may launch more, and bigger, super link-homes by the year-end, priced at RM400,000 to RM500,000 each.

Next year, I&P intends to launch semi-detached houses and shoplots, subject to approval and demand.

Central to Alam Impian's concept of "Township of the Arts" is the assimilation and application of arts and cultural characteristics in all aspects of the development.

Jamaludin said that I&P was considering building an art gallery, theatre and pavilion in the near future.

By Business Times

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