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Thursday, May 20, 2010

Kurnia Setia plans RM2b township

PAHANG-BASED oil palm plantation group Kurnia Setia Bhd (KSB) plans to invest up to RM2 billion over the next 15 years to develop an integrated township called Kota Sri Ahmad Shah (KotaSAS) in Kuantan, Pahang.

The group's maiden venture into property development will be via its property arm, KotaSAS Sdn Bhd.

KSB director Tengku Datuk Zubir Tengku Datuk Ubaidillah said the group was following in the footsteps of other plantation companies like IOI and Sime Darby, which have expanded into property development by developing their former plantation land into townships and housing estates.

"We are always looking for opportunities, although our plantation land are mainly located in remote areas. But if the areas surrounding the land have potential for property development like that of KotaSAS, we will do so," Zubir said.
Nevertheless, plantation of oil palm will remain its core business. KSB has some 14,000ha of oil palm plantations in Pahang.

"We will continue to look for other opportunities, but for now we will concentrate on developing KotaSAS since it is a big project covering a huge tract of land.

"We plan to build 10,000 units of residential and commercial units and the development will be carried out in several phases spanning 15 years," said Zubir, who also serves as KotaSAS executive director.

The proposed township is strategically located near Istana Abdul Aziz and is accessible via the East Coast Highway and the Kuantan-Kemaman bypass. It features residential, commercial, institutional and recreational components.

In line with its aim of creating a signature township with a premier location, Zubir said it will be divided into four precints with wide roads, pavements, and plenty of landscape, green open space and buffer zones.

The project will also be a low density development, with six units per acre compared with the average housing density of between 12 and 16 units per acre.

Amenities include a recreational lake, park, five schools, a public field and facitilies for polo and horse riding and go-cart activities, which will be opened to the public. The township will also have patrols by security guards.

Prices of units will be between RM200,000 and RM400,000. The first phase covering 98ha for 320 units of bungalows, semi-detached and linked houses is expected to be completed by early 2012.

A sales carnival will be held on May 28 and 29 2010 at the site.

By Business Times

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