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Saturday, June 12, 2010

I&P to focus on new projects

PROPERTY developer I&P Group Sdn Bhd expects to fully develop its massive land bank of about 5,400 acres with a potential gross development value of up to RM10bil over a span of 10-20 years, says group managing director Datuk Jamaludin Osman.

“Each of our township will take about 12 years to be fully developed. Our focus will be on the launch of new projects or phases to cater to market demand,” he tells StarBizWeek.

The group’s prominent townships include Bandar Kinrara, Alam Impian in Shah Alam, Alam Sari in Bangi and Taman Pelangi in Johor Baru.

Datuk Jamaludin Osman ... ‘Each of our township will take about 12 years to be fully developed.’

Jamaludin expects the outlook of the property market to be bright for the year and as such, is confident its launches will be well received by the market.

“The target revenue of RM1bil (for the current financial year) may be higher if market demand stays robust this year, hence more new launches are expected at our existing townships,” he says.

The new launches include terrace houses, semi-ds and also bungalows. The company is also planning to build service apartments on its existing townships in Klang Valley in future but this will be timed according to market demand.

During the group’s launch of Temasya Glenmarie, buyers flocked the launch venue to buy up the property while in Bandar Kinrara, I&P had to resort to a balloting system as the response was overwhelming.

“We believe our track record of delivering quality products to buyers and our strategic township locations are the pull factors,” Jamaludin says.

The price range of I&P properties are generally not cheap but are still sought after given their strategic locations and expectation of better returns on investment.

For example, the recent launch of Sapphire terraced homes in Bandar Kinrara, which had four designs with built-ups of 2,354 to 2,900 sq ft are priced from RM520,888 onwards.

Yet, the 104 units had to be sold via a balloting exercise because 448 registrations were received.

“Our products do give better returns on investment to buyers. For example, a terrace house in Bandar Kinrara is now worth about RM700,000 while in Alam Impian, a terrace house can fetch about RM500,000,” Jamaludin says.

He says the group has three target markets – first time buyers, up-graders and investors.

Asked whether the group has any plans to venture abroad like many of its peers, Jamaludin says not for the time being.

“We need to do a very comprehensive risk management analysis before making any plans to go overseas. We need to know the risk and also the market situation of the target countries if we go abroad,” he says.

I&P Group is a subsidiary of Permodalan Nasional Bhd. It was formed in May 2009 after the successful merger exercise between three companies: Island & Peninsular Sdn Bhd, Petaling Garden Sdn Bhd and Pelangi Sdn Bhd.

The exercise also saw several subsidiaries becoming part of the I&P Group, namely Perumahan Kinrara Bhd, Syarikat Perumahan Pegawai Kerajaan Sdn Bhd and I&P Alam Impian Sdn Bhd.

By The Star

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