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Tuesday, August 25, 2009

IJM Land to unveil RM1b worth of properties

SUBANG JAYA: IJM Land Bhd plans to launch some RM1 billion worth of properties across Malaysia in its current financial year ending March 31, 2010 (FY10) capitalising on improving sentiments in the local real estate market.

The value of the developer’s FY10 launches is two thirds more than the estimated RM600 million unveiled a year earlier.

The RM1 billion worth of launches would comprise about 20 projects, of which more than RM300 million had been introduced to buyers so far, IJM Land managing director Datuk Soam Heng Chun.

These include about RM200 million worth of properties at its “LIGHT Waterfront Penang” mixed development, RM78 million at its niche medium-high to high-end residential project “Nusa Duta” in Johor, and RM32 million worth of shops in Seremban.

“We need to deliver these units to the buyers in two to three years,” Soam told reporters after the company’s shareholders’ meeting here yesterday.

Its parent company IJM Corp Bhd’s chief executive officer and managing director Datuk Krishnan Tan Boon Seng said: “We are looking forward to better times with the improving sentiments in the property market.”

IJM Corp now owns 62% of IJM Land, down from some 75% in September 2008, following share placement exercises in the latter.

The share placements in IJM Land were intended to boost the liquidity of the stock, and increase the number of institutional shareholders in the firm which was conceived following the union between RB Land Holdings Bhd and IJM Properties Sdn Bhd.

Abroad, the firm is undertaking its maiden overseas project — a RM500 million upmarket residential and retail initiative in Changchun, the capital city of Jilin province in northeast China. Shares of IJM Land added five sen or 2.6% to RM2 yesterday.

By The EDGE Malaysia (by Chong Jin Hun)

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