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Tuesday, November 24, 2009

DNP to launch 'Le Nouvel' luxury condo by early 2011

DNP Holdings Bhd, a property development and investment group, will launch its most expensive residential project dubbed "Le Nouvel", worth an estimated RM1 billion, in Kuala Lumpur by end-2010 or early 2011.

Le Nouvel comprises two residential towers with 43 and 49 floors respectively, offering a total of 197 condominium units ranging from 1,800 sq ft to 4,700 sq ft. The towers will be built near Avenue K on Jalan Ampang.

"We have the approvals to do the project, but the current market conditions are unfavourable to a launch. A better timing would be a year from now," said DNP company secretary and general manager for treasury and accounts, Lee Kong Beng, after the company's shareholders meeting yesterday in Sepang.

Lee told Business Times that DNP may sell the buildings enbloc if it receives good offers.
"If somebody offers something we can't resists, then we will go for it. Otherwise, our plan is to sell the units individually," Lee said.

He declined to say how much each unit will be priced. Based on rough calculations if the market price maintains at RM2,200 per sq ft, each unit could sell for RM4 milion to RM11 million.

Lee also said DNP's immediate focus is to launch 25 units of luxury condominiums in a five-storey block along Jalan U-Thant, Kuala Lumpur, for some RM200 million, in three to six months from now.

DNP will also launch Block B and D of Verticas Residences in Bukit Ceylon, Kuala Lumpur, pending sales of Block A.

Verticas has four blocks, worth some RM800 million. Blocks A, B and C have 43 floors each, with 417 condominium units in total. Block D is a low-rise block offering only six units.

DNP has sold Block C to Kualiti Gold Sdn Bhd, a joint controlled entity, for RM139.7 million cash, while 100 units in Block A have been taken up since its soft launch in July.

"There are 67 units left in Block C. Once we have sold them, we will launch Block B and D immediately. This may happen early next year," Lee said.

Lee said he is confident that DNP will do better this year given the new launches and the market improving.

For the first quarter ended September 30 2009, DNP posted a net profit of RM9.81 million, up 23 per cent over the same quarter last year.

DNP, which has total assets worth RM936 million, is buying more land to expand its business and enhance shareholders' value, Lee said.

In a filing to Bursa Malaysia yesterday, DNP said it has bought 3.76ha of leasehold land in Bandar Sunway, Petaling Jaya, from an unrelated party for RM56 million cash.

Lee said DNP may build shop offices on the land, but plans are still preliminary.

By Business Times (by Sharen Kaur)

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