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Tuesday, July 7, 2009

KSL project in Klang Valley with gross development value of RM2.5bil

SEGAMAT: KSL Holdings Bhd will be launching its first mixed property development project in the Klang Valley in the first quarter next year.

Executive director Ku Hwa Seng said the Bandar Bestari project would be sited on 180.64ha of freehold land in Jalan Klang-Banting, about 15km from the Klang town centre.

“The project, with a gross development value of RM2.5bil, will keep us busy for eight years,” he told StarBiz after the company’s AGM last week.

Ku said the initial launch would comprise 300 to 500 cluster homes and, when fully completed, the development would have 8,000 cluster, semi-detached and bungalow houses.

As a new player in the Klang Valley property market, the company would offer attractive pricing during the initial launch of the cluster homes, he said, adding that the entry price for the homes would be much lower than those offered by other players in the market “to create awareness and interest” among buyers.

On how the Johor-based developer would attract home buyers in the Klang Valley, he said: “Regardless of where they are, purchasers are more or less the same. If you give them better quality products and good facilities, they will consider buying from you and we’ve proven that with our projects in Johor.”

He said the project’s freehold land would be the main selling point as not many residential property developments in the Klang Valley still had that status.

Ku said the company would be targeting potential customers currently residing in Klang, Shah Alam and Subang Jaya.

As at Dec 31, 2008, the company had a total land-bank of about 874ha in Klang, Johor Baru, Batu Pahat, Kluang, Segamat, Muar and Mersing, with 45% located within Iskandar Malaysia.

Currently, it has four ongoing projects in Johor Baru – Taman Nusa Bestari, Taman Bestari Indah, Taman Kempas Indah and KSL City – and Maharani Riviera in Muar.

For the financial year ended Dec 31, the company registered net profit of RM90.50mil on revenue of RM216.24mil against RM118.16mil and RM277.41mil respectively in the preceding year.

By The Star (by Zazali Musa)

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