JAGAN: BRDB will continue evaluating and purchasing land in prime areas to ensure enhancement of the company's earnings
Bandar Raya Developments Bhd (BRDB) has bought a 10.2ha piece of land in Subang Jaya for RM125.86 million with plans to turn it into a mixed-use development featuring retail, street retail, office suites and apartments.
BRDB chief executive officer, Datuk Jagan Sabapathy said the project is expected to generate gross development value of about RM1.5 billion and gross development profit of about RM500 million.
With an estimated gross built-up area of five million sq ft, the development is expected to be carried out in four to five phases over seven to eight years with the first phase expected to begin in 2009.
"We are hoping to start work on the land as soon as possible as we believe there is strong demand for a decentralised commercial centre in the Subang Jaya/ Petaling Jaya area. Our target is to start within the next 12 months," he said.
He said BRDB will continue evaluating and purchasing land in prime areas to ensure enhancement of the company's earnings.
BRDB's wholly-owned unit, Impiana Impresif Sdn Bhd, yesterday entered into a conditional agreement to buy the land from Kee Hup Properties Sdn Bhd (KHPSB), a wholly-owned unt of Kee Hup Holdings Bhd.
The company will use the group's own funds and borrow from banks to pay for the purchase.
By New Straits Times
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