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Monday, April 13, 2009

OSK Property plans launches this year

OSK Property Holdings Bhd, a property developer, will launch a few projects this year, mostly comprising new phases of existing developments.

It targets to launch phase two of Sutera Damansara, a 40ha gated development in Damansara Damai, Selangor, next month or in June.

There will be 200 terraced houses on offer, worth a combined RM120 million, or about RM500,000 each, executive director and chief operating officer Gerard Tan Boon Chuan said.

OSK Property is confident of sales and is targeting first-time buyers.
The first phase has 149 terraced houses, worth more than RM460,000 each, for sale. Launched five months ago, 110 units have been sold.

Tan told Business Times in an interview that Sutera Damansara has been projected to rake in RM1 billion in gross development value (GDV). Its initial target was RM600 million to RM800 million.

"While raw materials are cheaper, we are adding more features and products," he said.

In total, Sutera Damansara will have 2,000 units of two- and three-storey terraced and two- and three-storey semi-detached houses, medium- and high-rise apartments, and a small tract of commercial centre. The project is being developed over seven years.

In Seremban, OSK Property is launching phase two of Mont Jade, a 22ha gated community built around an Australian concept, next month or in June. It will offer 54 semi-detached homes worth RM26 million.

The final phase, slated for launch by year-end or early next year, will feature more than 100 bungalows and bungalow lots worth RM120 million.

OSK Property is also launching Bangi lakehill villas, an exclusive 4.8ha niche gated development in Bandar Baru Bangi, in the third quarter.

The project will feature 74 units of two- and three-storey semi-detached houses, priced from RM1 million each, or worth around RM80 million in total.

Tan said the company was on the lookout for land in the Klang Valley, instead of Kedah or Negri Sembilan, as profits were higher.

By Business Times (by Sharen Kaur)

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