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Thursday, April 2, 2009

IJM Land joins promotion bandwagon to woo clients

IJM Land Bhd has become the latest developer to launch a promotion to woo house buyers, an indication of how the slowdown has hurt consumer spending on big-ticket items.

Rivals like SP Setia Bhd, Mah Sing Group Bhd and Sime Darby Properties have unveiled schemes that range from low down payments to a guarantee to buy back the property.

While the schemes may attract buyers, developers are also sacrificing part of their profit with such campaigns, analysts said.

IJM Land managing director Datuk Ir Soam Heng Choon said people should take advantage of low interest rates to buy property.

"We are not sure what could happen in the future. Anybody could speculate and say prices may go down further towards end of the year but no one knows for sure," he told reporters in a briefing in Kuala Lumpur yesterday.

IJM Land hopes to make RM250 million in sales from the three-month home ownership promotion called "My Space Plan" that started yesterday.

The incentives include down payment from as low as RM500, low interest rate for the 5:95 payment scheme, no interest during construction period and up to six months instalment holiday.

The programme covers all existing and new development under IJM ranging from middle- to high-end projects.

"Rather than offer a one-scheme for all, we have improvised a flexible homeownership plan according to their financial abilities," Soam said.

Depending on the economic situation, the group hopes to launch about 10 new projects this year with a total gross development value (GDV) of between RM700 million and RM750 million.

"It depends on the market. If market softens further, we might relook at the timing and hold back some of the launches," said Soam.

IJM now has 3,237ha of land with a total GDV of RM17 billion.

By Business Times (by Zurinna Raja Adam)

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