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Tuesday, April 27, 2010

Mayland lines up projects worth RM2.2b

Malaysia Land Properties Sdn Bhd (Mayland) is launching new residential projects worth up to RM2.2 billion this year in the Klang Valley and Johor.

"Our focus for 2010 is to gear up on some launches which were held back due to market sentiments. We are studying the market . We are seeing that more people are willing to invest in properties now," said Mayland head of leasing Eddy Tan.

Tan said there is pent up demand for serviced apartments and condominiums in Sri Hartamas, Ampang, Kepong and Jalan Kuching, Kuala Lumpur.

He told Business Times that Mayland will launch high-end serviced residences worth RM650 million in Ampang. The project will be developed in a 50:50 joint venture with Land & General Bhd.

"We have yet to identify a name for the project or the launch date. But it will be soon," Tan said.
Tan said in Country Heights Damansara, Kepong, Mayland will launch over 1,000 units of apartments and serviced residences for RM500 million.

At Jalan Kuching, it will launch Sri Putramas 3, comprising 3 blocks of apartments with 650 units, worth RM350 million.

Mayland, helmed by Tan Sri David Chiu, a Hong Kong-based hotelier and property developer, is looking to launch a 27-storey hotel-cum-serviced apartment tower at its Plaza Damas 3 project in Sri Hartamas in the third quarter of 2010.

Tan said the tower will have more than 600 furnished units worth a combine RM550 million.

"It will be operated as a hotel by one of our sister properties, either Grand Dorsett or Cosmopolitan. We haven't decided," Tan said.

The high-end tower will be the final launch for Plaza Damas 3. Mayland has launched 72 shop office units and 1,452 serviced apartments in three blocks. Over 70 per cent have been sold, Tan said.

By Business Times

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