Gadang planning high-end homes in Penang

Gadang Holdings Bhd (Gadang) plans to launch its first project in Penang — a 10-acre high-end residential development in Tanjung Bungah — by 2009. The RM120 million project is awaiting approval from the authorities, said its executive director, Ling Hock Hing, after the group's AGM yesterday.


Ling: RM120 million project awaiting approval

Ling said there will be less than 60 units of bungalows and semidees with prices between RM2.5 million and RM3 million for the bungalows and RM1.6 million onwards for the semidees.

Another project that is pending approval is a mixed development in Shah Alam comprising shop offices and serviced apartments. It has an estimated gross development value (GDV) of between RM90 million and RM100 million.

Meanwhile, Gadang expects to be busy next year with its ongoing Taman Seri Bukit Segambut project in Segambut, Kuala Lumpur, and the launch of a mixed development project in Tampoi, Johor, by the first half of next year.

On Taman Seri Bukit Segambut, Ling said interest in the project has been growing since its soft launch in July. The RM41 million development offers 54 units of 3-storey terraced homes priced from RM688,800. Construction has reached 25% and the developer hopes to complete its show unit by the first quarter of next year. To date, 5% of the units have been taken up; Gadang expects sales to touch 50% once the project is officially launched early next year.

“There has been a lot of interest in the project but buyers, mainly from the surrounding areas, want to view a show unit before making any purchases,” he said.

Gadang is looking at increasing the pricing possibly by 10% to 15% after the show unit is ready next year.

On Tampoi, Ling said construction should begin next month. The first phase of the project will comprise 40 units of shop offices and 512 units of serviced apartments with a GDV of RM90 million, taking 3.8 acres of the total 20 acres.

Other projects planned include a 50-acre mixed development in Kuang, Selangor.
The first phase is targeted for launch by 2009.

The developer is also looking at venturing overseas. Currently, Gadang is bidding for several plots of land in Vietnam. The group is looking into turning one of the plots of land, measuring 49.42 acres, into a mixed development. Most of the projects would be joint ventures with the Vietnam government, said Ling.

Gadang has an existing landbank of 120 acres in Malaysia with a GDV of RM600 million. Property development contributes 45% to 55% to the group’s revenue.

By theSun (by Yeong Ee-Wah)