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Friday, March 20, 2009

Setia Haruman confident of achieving RM500mil target this year

CYBERJAYA: The master developer of Cyberjaya, Setia Haruman Sdn Bhd, is confident of selling RM500mil worth of land there this year amid the economic slowdown, said chief operating officer Lao Chok Keang.

Lao Chok Keang

“We think we can easily sell another RM500mil worth of land,” Lao told StarBiz. “In the last two months, we sold about RM200mil worth of land, so achieving the target of RM500mil this year should not be a problem.”

The company had also sold about RM500mil worth of land in Cyberjaya in the last three years, making land sale its largest source of income.

Setia Haruman had paid more than RM1bil for over 2,800ha in Cyberjaya.

The company is selling various categories of land in Cyberjaya, with commercial land for the building of offices and shops going for RM60 to RM65 per sq ft.

Commercial land for the building of hypermarkets, warehouses and shoplots is selling for RM90 to RM100 per sq ft.

Residential land with ready infrastructure is going for between RM80 and RM125 per sq ft, while raw residential land is priced at RM30 per sq ft.

Besides selling land, Setia Haruman is also working on its latest commercial development, CBD Perdana 2, set to be unveiled in the second quarter.

Lao expects sales for CBD Perdana 2 to be good as many buyers of CBD Perdana 1 had managed to lease out their properties with an average 8% rental yield.

“They have comfortable (profit) margins and a lot of them have enquired on when we are going to launch (CBD Perdana 2),” he said.

CBD Perdana 2 is a RM210mil project comprising 32 retail outlets and 92 corporate office suites, and will be launched in two phases.

The second phase will be launched next year.

Office units at CBD Perdana 2 are selling for RM300 per sq ft and retail units for RM600 per sq ft.

Lao targets to achieve 100% sales for both phases.

Setia Haruman is 75% owned by EMKAY Group while UEM Land Bhd holds the remaining 25%.

By The Star (by K.C.Law)

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