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Tuesday, April 12, 2011

Sagajuta to unveil RM2b projects

KLANG: Sagajuta (Sabah) Sdn Bhd, a pioneer developer in Sabah is launching four commercial projects worth almost RM2 billion this year, as demand for the properties increases, its chief said.

They include the abandoned commercial project in Selangor, called 1Gateway Klang, which its unit, Lagenda Erajuta Sdn Bhd, has taken over and is reviving this month.

The three new projects are located in Kota Kinabalu, Bukit Mertajam in Penang and Johor Baru, launching in phases from the end of this year.

The projects will comprise modern shoplots, office towers, street mall and leisure facilities.

Sagajuta managing director and executive chairman Datuk Raymond Chan Boon Siew said the projects will be carried out without bridging loans.

"We expect the projects to be self-funded and sustainable," Chan told Business Times recently.

Chan said he is bullish that the projects will be successful during the launches because of the concept.

He said the current trend shows that buyers and investors are looking for commercial properties with lifestyle and leisure facilities and a conducive work environment.

"While it takes a bit of work to plan the developments, we try to build iconic projects that change the landscape so it pays off well for us and the buyers," Chan said.

Sagajuta is known for its landmark project, the RM1.2 billion 1-Borneo mall, the largest in Sabah, which has four international and regional chain hotels, condominiums, lifestyle and leisure properties.

On 1Gateway (previously, Intania), Chan said he is confident that the project, which will be re-launched soon, will be sold within the next six to 12 months.

The revival plan includes injecting the 4-star Novotel hotel, a hypermarket, duplex shops, Soho and a food hub into the project to enhance its appeal. This is on top of the original plan to have a 31-storey office tower and shoplots.

Chan said he may plan to take over other abandoned buildings in the Klang Valley, if viable.

Intania, a joint venture between Port Klang Authority and Dermaga Suasa Sdn Bhd, controlled by Tan Sri Megat Najmuddin Megat Khas, stopped in 2006 following a dispute between both parties on privatisation matters.

Dubbed the white knight, Lagenda Erajuta took over the project from Dermaga. This is the first abandoned project taken over by Chan.

By Business Times

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