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Monday, January 11, 2010

Gadang upbeat, plans new projects

DEVELOPER and construction firm Gadang Holdings Bhd is upbeat on the property outlook for this year and planning several new developments in the Klang Valley.

Managing director Tan Sri Kok Onn said the company has 46ha of prime land in the Klang Valley, Penang and Johor for development.

Kok told Business Times that he was expecting the landbank to generate a gross development value exceeding RM700 million over the next five years.

He said the company, through development arm Gadang Land Sdn Bhd, will build medium- to high-end houses, condominiums, offices and shoplots.
Kok declined to give specifics as the projects were still in the planning stage.

"We are optimistic of the industry but will remain cautious, especially with our high-end developments, as people are still careful with their money," he said.

Gadang's ongoing developments are mostly priced in the medium range.

They include retail, office suites and three-storey superlink homes in Segambut, Kuala Lumpur; medium- and low-medium-cost apartments in Sungai Buloh, Selangor; and single-storey terraced houses and single-storey semi-detached houses in Rawang, Selangor.

However, Gadang will be moving to the Mines area in Seri Kembangan, Serdang, within the next 12 to 15 months to develop seven super-luxury bungalows, worth a combined RM40 million, or more than RM5 million each.

The bungalows will be built on 74.8 sq ft of leasehold vacant land offered by a boutique developer in Mines.

"We are working on the designs and layouts. We hope to launch the units by the end of this year or early next year," Kok said.

Gadang's wholly-owned unit, Gadang Engineering (M) Sdn Bhd (GESB), will secure the land from Bluwater Development Bhd (formerly Mines Resort Bhd) as contra for debts owed by the latter.

Bluwater owes GESB some RM34 million for completing main building works two years ago for a commercial block and a tower featuring offices, serviced apartments, shoplots and facilities in Mines.

Bluwater is a unit of Clearwater Group, controlled by Dian Lee Cheng Ling, eldest daughter of property tycoon Tan Sri Lee Kim Yew.

By Business Times (by Sharen Kaur)

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