Faber plans six launches worth RM340 million

KUALA LUMPUR: Faber Group Bhd is planning six launches for this year, with a gross development value of RM340 million.

This includes three phases in its Laman Rimbunan project in Kepong, semidees and bungalows in Taman Danau Desa on Jalan Klang Lama and a high-end development known as Taman Hill Top Perdana in Kota Kinabalu, Sabah, said its managing director Adnan Mohammad.

“We are confident our coming launches in Kepong and Taman Danau Desa will be well received, following strong take-up of our earlier projects there. The first two phases in Laman Rimbunan has achieved takeups of more than 95% while we have also successfully handed over our Danau Villa project in March last year,” he said. Danau Villa is a RM54.6 million development in Taman Danau Desa consisting of 64 units of 3-storey link semi-dees priced between RM712,000 and RM1.1 million.

Adnan was speaking after the group’s EGM recently to seek shareholders’ approval for the disposal of Sheraton Hanoi Hotel. Faber is discontinuing its hotel business as part of a restructuring exercise and focusing on its core businesses of property development as well as healthcare and non-healthcare facilities management.

In Laman Rimbunan, Faber will be launching terraced houses, semi-dees, and medium-cost apartments. The terraces, priced from RM560,000, have built-ups of 3,033 sq ft onwards, while the semi-dees, with built-ups ranging from 3,700 sq ft to 4,800 sq ft, are priced from RM1.1 million.

The apartments averaging 850 sq ft are priced at RM120,000 onwards. The 100.81- acre project is a joint venture with Metro Kajang Bhd.

The group also plans to offer high-end homes, including semi-dees and bungalows, on a 5.6-acre tract in Taman Danau Desa with prices from RM1.4 million for the semidees and from RM2.8 million for the bungalows. The built-ups range from 3,800 sq ft to 4,000 sq ft for the semi-dees, while the bungalows are sized between 4,454 sq ft and 8,203 sq ft. Adjacent to the area, on 2.8 acres of land, Faber will also be launching luxury condominiums priced from RM370,000, with
built-ups from 1,285 sq ft.

Faber property division senior general manager Khalid Abdul Majid said there is a ready market for hig-end developments as people living in the area are becoming more affluent and looking to upgrade. “Our target market for our new project in Taman Danau Desa includes those from the middle to upper income group,” he told theSun.

The targeted launch is in the second quarter of this year. “The new project in Taman Danau Desa is a proposed gated and guarded development and its location next to the Desa Lake is another draw for purchasers,” he added.

He noted that properties in the area have also experienced good capital appreciation.

“A unit in Danau Villa that was originally priced at RM700,000 was recently transacted at RM1 million,” he said.

Meanwhile, Taman Hill Top Perdana will comprise semi-dees and bungalows with built-ups ranging between 2,973 sq ft and 7,090 sq ft. The units have an average price of RM910,000 each.

Adnan said Faber would continue to search for land with potential in strategic locations The company currently has about 70 acres of undeveloped land in Kepong, Taman Danau Desa and Sabah.

“Our priority will be in the Klang Valley, though we will not be limiting ourselves as we will also consider pocket-sized land with potential for niche developments.

“Our preference is to go for joint ventures with other property developers or landowners due to the lower capital outlay, but we will not discount making outright purchases of the land if the price is reasonable,” he said.

By theSun (by Yap Yew Jin)