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Thursday, April 15, 2010

RM700m of OSK property projects in pipeline

OSK Property Holdings Bhd plans to launch RM700 million worth of property projects this year, with the centrepiece being a condominium development in Cyberjaya.

The group recently bought two parcels of land in Cyberjaya, Selangor, for RM32.68 million and plans to develop the 5ha by the year-end. The gross development value (GDV) is expected to be RM300 million.

"This is our biggest development project this year. With the Maju Expressway, the distance from Cyberjaya to KLCC (Kuala Lumpur City Centre) only takes 25 minutes. This gives a lot of potential on the property demand in Cyberjaya," executive director and chief operating officer Tan Boon Chuan said.

The property group will develop low-rise condominium units targeted at mid-range to high-end buyers. It is currently in talks with a few architects to finalise the concept and design.
OSK Property has a total landbank of 729ha with RM3.4 billion GDV. However, 83 per cent of that is in Sg Petani, Kedah.

This year, it will develop seven parcels of its land in Bandar Puteri Jaya in Sg Petani, Sutera Damansara, Seremban 3, Mont Jade Seremban, Bangi Lakehills Villa and in Jalan Yap Kwan Seng.

By Business Times

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