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Friday, July 10, 2009

Land & General back on property scene

PETALING JAYA: Land & General Bhd (L&G), one of the oldest property developers in the country is back on the property scene after almost a two-year hiatus. Its managing director Low Gay Teck tells The Edge that the developer has "successfully cleaned up its balance sheet and is now debt-free".

L&G made its name for itself from the development of the 1,200-acre freehold Bandar Sri Damansara township in Selangor that was first introduced some two decades ago. Bandar Sri Damansara is situated on both sides of Jalan Sungei Buloh, near the junction with Damansara-Puchong highway.

However, like many other developers in town, the developer was badly hit by the 1997/98 regional financial crisis. The developer's Bandar Sungai Buaya and Lembah Beringin projects at the fringes of Selangor failed to flourish and its two subsidiaries undertaking these two developments went under liquidation.

In 2007, Malaysia Land Properties Sdn Bhd (Mayland) helmed by Hong Kong property magnate Tan Sri David Chiu became a new key stakeholder in L&G. Mayland is well known for its serviced apartment developments in Sri Hartamas in Kuala Lumpur.

However, despite the emergence of a new stakeholder, L&G has kept a low profile and there were no new major property launches until now.

Low, the former managing director of the Mayland Group, says L&G is now ready to put Bandar Sri Damansara “back on the map as a sought after address again".

The catalyst for their ambitions will be 8trium, its maiden retail-cum-commercial development on a 2.65-acre site in Bandar Sri Damansara. Also coming up will be a massive 43-acre condominium development within the township next year.

With only these two parcels left for development, there is a need to grow L&G's landbank.

“It is time to move forward. We are keen to find more prime and sellable areas and the focus will be on niche developments. We are also open to joint venture partnerships with landowners as well,” Low adds.

By The EDGE Malaysia

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