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Thursday, October 22, 2009

L&G expects 8trium to break even by year-end

An Artist's Impression of 8rium.

KUALA LUMPUR: Land & General Bhd (L&G) expects its latest project, 8trium, a mixed commercial development in Bandar Sri Damansara, to break even by year-end.

Managing director Low Gay Teck said currently, about 90% of the company’s unbilled sales were from 8trium and he believed the development could be about 90% sold by the middle of next year.

8trium comprises a two-storey 100,000 sq ft retail podium and 260 office suites in two business suite towers. L&G will maintain the retail podium once it completed.

“Thirty per cent of the units in Tower 1 that was launched recently have been snapped up and about 90% of the units in Tower 2 have been sold.

“The response to 8trium illustrates that we have successfully introduced the right product that suits our buyers’ needs,” he said yesterday at the 8trium groundbreaking ceremony and customer appreciation event.

Low said currently, L&G had about 45 acres of undeveloped land in Bandar Sri Damansara where it planned to develop residential and condominium projects once the proposal had been approved by the relevant authorities.

“We plan to acquire more land in the Klang Valley to develop mixed projects (commercial and residential) and these will be financed by the company’s internal funds and bank loans,” he said.

By The Star

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