Thursday, August 6, 2009

GuocoLand Malaysia To Launch RM1.7b Projects

Source : The Business Times, August 4, 2009

Projects in Selangor may be completed in 2016 or 2017

(RAWANG, Selangor) Property developer GuocoLand (Malaysia) Bhd plans to roll out several high-end projects in stages at Emerald Rawang in Selangor with a total gross development value (GDV) of RM1.7 billion (S$695 million).

'Going forward, the RM1.7 billion GDV will have a bigger impact in terms of contribution. The projects are expected to be completed in 2016 or 2017,' executive director Chan Chee Meng told reporters during a media tour here yesterday.

Emerald Rawang is a joint-venture project between GuocoLand Malaysia and Hong Bee Land Sdn Bhd, with the former as the project manager. GuocoLand Malaysia is a member of the Hong Leong group.

The Emerald Rawang township comprises Emerald East and Emerald West.

Emerald Rawang sits on about 400ha of freehold land, comprising a mixed-use development ranging from link, cluster and semi-D homes to high-end bungalows.

To date, a total of 1,300 homes have been built with sales of RM375 million, Mr Chan said, adding the company has targeted another RM100 million sales by year-end on expectation of good demand for the semi-D homes.

'We plan to launch four more phases this year because it is timely due to the recovery of the market and buyers are upgrading to more established projects,' he said.

Mr Chan said several phases are planned for Emerald East with a GDV of RM268 million, with the launches expected in 2010 and 2011.

On Emerald West, he said the projects will be much bigger, with GDV of RM1.51 billion comprising semi-D, double-storey link and commercial properties.

Emerald West, on a 276ha site, will have facilities such as a jogging track, nine-hole golf course, Chinese primary school and commercial square, Mr Chan said.

Another township, called Emerald Hills, will be located on a 160ha site with more high-end projects to meet the growing demand, he said.

He also said that joint-venture partner Hong Bee Land is expected to finalise a venture with Jusco by year-end in order to set up a shopping complex near the township.

At the media tour, GuocoLand Malaysia unveiled its new sales gallery, which was set up to centralise sales activities, enhance communication with customers and showcase progress of the development.

'The show gallery is a platform for customers to receive all the latest updates on the township and promotions as well as to hold discussions with our personnel on home-ownership matters,' Mr Chan said. -- Bernama

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