Property developer CL Integrated Resources Sdn Bhd plans to launch by next year a high-end gated residential project worth RM500 million in Seksyen U10 in Shah Alam, Selangor.
Its founder and executive director Chu Bak Teck said the 50-acre development will comprise 400 units of hillside bungalows, semidetached houses and villas, priced from RM1 million.
Chu said CL Integrated has submitted the layout plans and is awaiting the authority's approval.
"If all goes well, we hope to start construction by mid-2011 and launch the project six months later," he told Business Times in an interview.
CL Integrated is owned by four individuals, who have more than 10 years of experience each in real estate development.
The other three directors are managing director Kenneth Lim, John Lam Joo Onn and chairman Datuk Pua Kim An.
The company's existing project is 1 Sentul Condominium in Kuala Lumpur, which is being developed in a 50:50 joint venture with Zalam Builder Sdn Bhd.
Some 95 per cent of the 284 units, each priced from RM317,800 to RM903,800, have been sold. The project is expected to be completed by early next year.
CL Integrated's latest development is PJ21 on 2 acres of freehold land in SS3, Petaling Jaya, comprising 21 blocks of four and six storey shop offices.
This is a joint development with low-profile Jalur Rimbun group of companies.
Chu said 80 per cent of the blocks were taken up less than two months after the soft launch.
Buyers were mainly local businessmen buying for their own use and for investment.
He expects the remaining blocks to be sold by July.
The four-storey blocks are priced from RM2.88 million each, which the six-storey is selling at more than RM5.95 million per unit.
"This is evidence that the property market is improving. We are optimistic on the outlook and are looking for more land to buy," Chu said.
Chu said construction on PJ21 is expected to start next month and the project will be completed by December next year.
By Business Times (by Sharen Kaur)
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