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Wednesday, April 28, 2010

I&P busy with RM8.8b of projects

Existing mixed development projects in the Klang Valley and Johor, worth some RM8.8 billion, will will keep the property developer busy for eight to nine years

I&P GROUP Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), has some RM8.8 billion of gross development value (GDV) at its existing mixed development projects in the Klang Valley and Johor.

This will keep the property developer busy for eight to nine years, managing director Datuk Jamaludin Osman said.

The I&P group - a combination of once listed firms of Island & Peninsular Sdn Bhd, Pelangi Sdn Bhd dan Petaling Garden Sdn Bhd - currently has a landbank of about 2,200ha in the Klang Valley and Johor.

Jamaludin said the group will focus on developing the remaining phases of its existing township projects in the two areas, instead of buying new land and developing brand new projects.
They include Bandar Kinrara, Alam Impian, Temasya Glenmarie and Alam Sari.

"These projects are still well received after all these years," Jamaludin said in an interview in conjunction with this year's Minggu Saham Amanah Malaysia (MSAM 2010) exhibition in Kuching, organised by PNB from April 20 to Monday.

I&P is one of 13 PNB companies taking part in the week-long show, aimed at increasing the people's awareness on investments in unit trust and exposing them to PNB group of companies.

Other participating firms include Malayan Banking Bhd, UMW Holdings Bhd and NCB Holdings Bhd.

In the case of the 480ha Alam Impian project in Shah Alam, Selangor, Jamaludin said the group has another eight years of development there, which has a GDV of some RM5 billion.

Launched in 2006, the township will provide 10,000 residential units with an expected household of 50,000 people once it is fully completed.

I&P - through Petaling Garden - will soon develop 31ha in Temasya Glenmarie in Shah Alam, comprising 119 units of "superlink" houses and 60 units of terrace houses that will cost at least RM800,000 each.

It will also start developing another 12ha at its existing Bandar Baru Seri Petaling township in Selangor, with commercial units costing about RM2 million each.

The Alam Sari project in Bangi, Selangor, launched in 2007, still has many more years before being fully developed with a total GDV of over RM1 billion, he said.

In Johor, I&P is developing new phases of projects in Taman Pelangi, Taman Perling, Taman Rinting and Taman Pelangi Indah.

I&P, together with its subsidiaries that also include Perumahan Kinrara Bhd, SPPK Sdn Bhd and I&P Alam Impian Sdn Bhd, boasts some 100 years of experience in the local property sector.

The group posted a pre-tax profit of RM263.4 million on revenue of RM1.07 billion last year.

By Business Times

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