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Thursday, August 13, 2009

I&P taking cue from Klang Valley

JOHOR BARU: I&P Group Sdn Bhd plans to introduce the Klang Valley lifestyle to the Johor Baru property market via wholly-owned subsidiary Pelangi Sdn Bhd.

Datuk Jamaludin Osman (right) with a model of Tiara semidetached houses. With him are I&P southern region deputy general manager Abd Razak Mohd Yusof and group marketing and communications general manager Noor Lida Nazri

Group managing director Datuk Jamaludin Osman said it would be bringing in the new concept and new design for its future property launches in Johor Baru.

He said the company wanted to repeat the success story of its projects in Kuala Lumpur and Selangor, such as Seri Beringin Bukit Damansara and Temasya Glenmarie, for buyers in Johor Baru.

“We are looking at the niche category for residential properties priced above RM300,000 with larger built-up area and better design,” Jamaludin said at a briefing yesterday on its JB Mega Property Sales Carnival to be held at Pelangi Leisure on Aug 14-16.

He said the three-day event would showcase an existing stock of 300 residential and commercial properties valued at over RM100mil at prevailing market prices.

All the properties are located in its existing development schemes near hear in Taman Pelangi Indah, Taman Perling and Taman Rinting.

He said once the existing stocks were cleared, the company would roll out new launches under Pelangi as it still has 107.24ha left in the ongoing Taman Pelangi Indah and 364.21ha for the yet-to-be-launched Taman Pelangi Indah II.

To date, I&P Group has about 606.21ha land bank in Johor, including 134.76ha in Gelang Patah near the Port of Tanjung Pelepas.

“We are going for high-end properties in limited units for our future launches in Johor as we believe that this segment is growing,” Jamaludin said.

I&P Group, wholly-owned by the Permodalan Nasional Bhd, is the new entity following the successful merger of three properties companies – Island & Peninsular Sdn Bhd, Petaling Garden Sdn Bhd and Pelangi Sdn Bhd – in May.

By The Star (by Zazali Musa)

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