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Tuesday, August 4, 2009

GuocoLand plans RM1.7b new project launches

RAWANG: GuocoLand (M) Bhd is lining up property launches worth RM1.7bil in gross development value (GDV) at its RM2.1bil Kota Emerald township development project in Rawang over the next seven to eight years, a senior company official said.

“The remaining projects (in Kota Emerald) will last until either 2016 or 2017 and about 70% of the whole project is high-end property development,” executive director Chan Chee Meng told a media briefing here yesterday.

Guocoland has sold RM400mil worth of properties since it launched the Kota Emerald project in 2001, with sales expected to reach RM500mil sales by year-end, he said.

Four more phases of the project are set to be launched there this year, comprising semi-detached houses, double-storey houses and bungalows, according to Chan. The Kota Emerald development is a joint-venture project between GuocoLand and Hong Bee Land Sdn Bhd, with GuocoLand as project manager.

The project, on 1,000 acres freehold land, comprises Emerald East and Emerald West, with a bridge linking the two areas. Among the facilities and amenities are a 9-hole golf course, to be operational by the fourth quarter, and a Chinese school that can accommodate 2,000 students.

On the property market outlook, Chan said the market had been slow in the first six months, but has started to improve due to competitive interest rates and a supportive lending environment.

“The property market is getting competitive as more and more launches are expected to hit the market due to the better environment,” he said.

GuocoLand posted a net loss of RM3.37mil in the third quarter ended March 31 with revenue of RM17.7mil due to lower contributions from property development and its hotel segment.

Its fourth quarter results will be out this month.

The company was expected to break even in the financial year ended June 30, 2010, supported by more property launches and a better market sentiment, Chan said.

GuocoLand Malaysia is a member of the Hong Leong group.

By The Star (by Lee Kian Seong)

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