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Monday, June 21, 2010

Perdana ParkCity eyes regional marts

Perdana ParkCity Sdn Bhd, a subsidiary of the timber-based Samling group, hopes to replicate its successful Desa ParkCity township model abroad, targeting Southeast Asia.

The company is looking for landbank of more than 120ha in Jakarta, its group chief executive officer Lee Liam Chye said.

"We will form joint ventures with landowners and developers. We think Asia is on an upstream and we are at the beginning of a recovery after a recession.

"For me, the sooner we get into actualising our vision to be a regional player the better it would be for the company," Lee said in an interview with Business Times in Kuala Lumpur recently.
Perdana ParkCity is now busy with its multi-billion ringgit Desa ParkCity project, which is expected to be completed by 2015.

It has a similar project in Hanoi worth more than RM6 billion, which will take eight years to develop.

Lee said township development will be the driving force for the company to grow into a regional player.

"There are reasonable margins to be made in township development. This year, we are expecting sales of RM650 million from our Desa ParkCity project and the money will be rolled over," he said.

Lee ruled out listing to raise funds for expansion.

"As a listed company, you are compelled to fix things short term and that does not go well with township developments. In township, we always fix things on long-term consideration," he said.

Lee said the company's recent win at the Fiabci World Congress in Bali, where it bagged the Fiabci Prix d'Excellence Awards 2010 for the Residential (Low Rise) Category, will put the company on good footing.

Fiabci is the acronym for the Paris-based International Real Estate Federation.

"We have a brand and taking that overseas will be easy for us. The Fiabci award comes at a time when we are looking to expand overseas," Lee said.

The award was for Perdana ParkCity's Adiva Parkhomes, one of 13 neighbourhoods at Desa ParkCity.

The 4.5-acre gated-and-guarded freehold strata-titled Adiva comprises 78 units of Parkhomes, 66 courtyard terraces and 16 courtyard apartments.

They were launched in July 2003 and completed and handed over in April 2006.

By Business Times

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