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Friday, September 11, 2009

MK Land expects to launch India project in March

Property developer MK Land Holdings Bhd expects the first phase of the affordable homes development project in India to be launched in March next year.

Executive chairman Tan Sri Mustapha Kamal Abu Bakar said the project will be a replication of the successful model of Damansara Damai, a low medium cost township developed by its subsidiary, Medan Prestasi Sdn Bhd.

"We are in the stage of planning and hope to launch the first phase in March next year because there is a pent-up demand for properties," he told reporters after launching construction works for a bus terminal in Damansara Damai, in Petaling Jaya, Selangor yesterday.

MK Land via its subsidiary Ritma Mantap Sdn Bhd, is in partnership with Embassy Group of India to develop and construct a 120ha township in northern Bangalore, India.

With a total gross development value of RM3 billion, the project is being undertaken by Milan Gateway Sdn Bhd, where MK Land and Embassy Group each holds 47.5 per cent while MKN Embassy Development Sdn Bhd has 5 per cent.
Construction is expected to take off next year while completion will take about five years. It will potentially deliver 16,000 units of affordable homes and about 560 units of retail outlets.

Meanwhile, MK Land has spent RM1.9 million to set up the bus terminal in Damansara Damai known as Wan's Central. The terminal is to provide transportation facilities in the township with a population of more than 90,000.

Along with the bus terminal, there will be also 32 affordable shop units specially built for local retailers and traders.

A systematic approach will be taken to build the shop units to allow proper traffic flow along the roads.

The Damansara Damai housing estate developed by Medan Prestasi is a housing scheme under the Selangor government privatisation project.

The project encompasses 75 per cent low-cost and middle-cost homes as well as other properties including condominiums and commercial lots.

Among the bus companies which will operate at the 0.5ha bus terminal due for completion in November are Selangor Omnibus, Rapid KL and Metrobus.

Todate, more than 14,000 properties worth RM1.2 billion have been sold.

Prestasi also has on its planning board projects with gross development value of RM782 million.

The projects include the Seasons Square Block A condominium worth RM115 million and the Armanee Block D condominium worth RM88 million.

By Bernama

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