Mahajaya to launch RM440 million in products

KUALA LUMPUR: Mahajaya Bhd will be launching products with a combined gross development value of RM440 million for its 2008 financial year, said its managing director William Tan Ming Wai.

“Our focus for the next three years will be Bandar Damai Perdana in Cheras, Taman Damai Utama in Kinrara, Puchong and Taman Alam Indah in Shah Alam. We would be developing landed products in the medium-, medium-high, and high-end range,” he said after the group’s 11th annual general meeting yesterday.

For the financial year ended June 30, 2007, the group recorded a lower revenue of RM117 million compared with RM157 million in the previous year. On the group’s lower turnover, Tan said this was because there were less launches for the period.

“There were new rulings pertaining to hillside developments, thus we had to obtain approvals from the various government departments as two of our projects are hill projects,” he said, adding that the group has since obtained the necessary approvals.

The 430-acre freehold Bandar Damai Perdana comprises commercial and residential units. Its latest launch is the RM100 million Damai Gayana, which consists of 220 units of semidees and bungalows. There are two phases of 2½-storey semidees with the earlier 24 units launched last December already sold out while the second batch of 18 units, which was launched less than three months ago has achieved a takeup rate of 30%. Meanwhile, the 53 units of 2½- storey bungalows, which were also launched last December, have a take-up rate 40%.

U Centre Point, the first launch in Mahajaya’s 220-acre leasehold Taman Damai Utama in Kinrara, Puchong was unveiled three months ago. The project with 142 units of 2- and 3- storey shop offices has a take-up rate of 90%.

Upon completion in six years, Taman Damai Utama will have over 3,800 units of commercial
and residential properties.

Another project, the 115-acre leasehold Taman Alam Indah in Section 33, Shah Alam, has a take-up rate of 97% for its first phase of 50 units of 2-storey link houses sold under the build-then-sell concept.

Mahajaya has a landbank of over 1,000-acres in Tanjung Malim in Perak, Johor, Malacca and Sepang to sustain the group for the next six to seven years.

By theSun (by Allison Lee)