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Saturday, September 19, 2009

More BLand projects in store

A link bungalow at Vasana 25 in Seputeh Heights.

BERJAYA Land Bhd (BLand) is seeing a return of buying interest for its high-end residences and is lining up a number of projects in the Klang Valley for launch in the coming months.

The company’s upcoming launches include the luxury high-end Vasana 25 bungalows and link bungalows at Seputeh Heights in Kuala Lumpur. The project is targeted for launch by December.

It also has some freehold bungalow land at The Peak @ Taman TAR as well as Savanna 2 and Covillea condominiums, both in Bukit Jalil.

Savanna 2 @ Bukit Jalil comprises a block of 4-storey walk-up of 32 condo villas on 1.2 acres with gross development value (GDV) of RM22mil, while Covillea will comprise of two 20-storey blocks of 308 residences with a total GDV of RM150mil.

The projects are targeted for launch by early next year.

Mah Siew Wan... ‘The developments are set to meet the needs of a niche high-end market.’

Senior general manager for properties and marketing, Mah Siew Wan, says the developments are set to meet the needs of a niche high-end market and based on the enquiries received, the company is confident of receiving good take-up for them.

Mah says BLand’s latest high-end bungalow project in Seputeh Heights – Vasana 25 @ Seputeh Heights are targeted at the home up-graders.

Sited on a freehold 4.93-acre land, the project comprises 22 villas and three bungalows. With land area of between 5,000 and 7,000 sq ft and built-up of 5,743 to 7,665 sq ft, the houses are priced from RM5.5mil to RM8mil. They will have a private glass lift and pool each.

Vasana 25 with gross development value of RM150mil will be ready by October next year.

Even before the official launch, 36% of the project have been sold for a total sales value of RM56.5mil.

Every residence in the gated and guarded project has excellent view of Kuala Lumpur city while its glass features allow a lot of natural lighting.

According to Mah, BLand started Seputeh Heights in 1997, offering 103 bungalow lots of between 7,992 and 23,100 sq ft.

Over the past 12 years, 92 bungalow lots have been sold at an average price of RM200 per sq ft. The balance 11 bungalow parcels are now available at RM400 psf.

Seputeh Heights also has four purpose-built bungalows, which were constructed by Berjaya Land and sold for more than RM5mil to RM8.5mil each.

Other BLand projects in the pipeline include a mixed development called 1Petaling Residences, Commerz @ Sg. Besi and the final phase of landed homes in the Berjaya Park township in Shah Alam.

As for commercial projects, they include 114 units of 3 storey shop office with a GDV of RM85.5mil in Berjaya Park, and a 4 storey retail lot development of about 300,000 sq ft in Bukit Jalil.

Locally, BLand still has about 1,000 acres land bank, with potential GDV of RM8bil.

Most of the projects are in Ampang, Bukit Jalil, Shah Alam and Seputeh Heights.

It has ongoing projects worth a GDV of RM802mil comprising Savanna 2 in Bukit Jalil, Berjaya Park in Shah Alam, Taman TAR in Ampang and Kuantan Perdana in Pahang.

Mah says BLand is also looking at tapping into the foreign market with the impending launch of its maiden offshore project in Vietnam.

“We will kick off our first launch of residential components in Bien Hoa mixed development, located in the bustling metropolis of Bien Hoa, Dong Nai Province in Ho Chi Minh City, sometime in October.

“This will be followed by another sales launch in Thach Ban Garden City in Hanoi in the last quarter of the year.”

BLand is also looking at launching its resort type residential and commercial project on 183 acres in Jeju, South Korea, in June next year.

Mah says although most of the company’s earnings are still from its local projects, offshore projects also have the potential to become a bigger contributor in the coming years.

“With all the new developments coming up, we hope to double our sales from RM105.6mil recorded in the last financial year ended April 30,” Mah says.

For the fourth quarter ended April 30 of BLand’s 2008 financial year results, the company posted a net loss of RM53.98mil against a net profit of RM631.7mil in the same quarter of the preceding year due mainly to lower revenue contribution from its gaming, hotel, resorts and property development divisions.

By The Star (By Angie Ng)