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Monday, February 1, 2010

Puchong Gate seeks land and JV partners

KUALA LUMPUR: Puchong Gate Development Sdn Bhd, a relatively new player in the property scene, is actively looking for land or potential joint ventures with other developers for future projects.

Khoo Boo Tee…’ We’re new and we want to be another reputable company in this business.’

Executive director Khoo Boo Tee said the company was eyeing potential developments mainly within the Klang Valley.

“We’re looking for land and have identified some locations with good prospects. If the timing is right, we will acquire the land,” he told StarBiz in an interview. “We’re also considering tying up with other players. We’re new and we want to be another reputable company in this business.”

Khoo said Puchong Gate would focus on developing niche projects. “We’re not focusing on mass developments unless we have a large land-bank,” he said.

Puchong Gate is a unit of Newfields Group, an established financial advisory firm set up in 2002. In 2004, Newfields ventured into property development and launched its maiden project, Puchong Gateway, a 52-acre integrated commercial hub next to the Damansara-Puchong Highway in southern Puchong.

Khoo said the first phase, comprising 104 units of 2½ and three-storey shoplots, was completed and delivered six months ahead of schedule in April 2009.

Late last year saw the launch of the second phase, Gateway Square, which comprised 66 units of two, three, four and five-storey shoplots.

Khoo said about 70% of the units, priced from RM808,000 to RM2mil, had been taken up.

“The economy is picking up and people are still buying. It is a lot better than placing your money in the bank,” he said. “Interest rates are still low compared with a few years ago. Give another two months and it (phase two) should be fully taken up.”

Business operators that had taken up space in the first phase include a range of food and beverage outlets, furniture and car showrooms, petrol kiosk and offices.

Earthworks for the second phase have been completed and construction is expected to begin in mid-February.

Khoo said the third phase would primarily take the form of a residential scheme of 500 serviced apartments with some elements of retail to complement the commercial development.

“It depends on market demand but we hope to launch the third phase by early next year,” he said.

The group also has plans for residential and commercial projects in Bukit Serdang and Jalan Tun Razak respectively.

By The Star (by Eugene Mahalingam)

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