PRESTIGIOUS PROJECT: Yap briefing the media on the Suasana Bangsar Project on Saturday
PROPERTY developer United Malayan Land Bhd (UMLand) plans to launch two new projects worth some RM1.5 billion in Kuala Lumpur in the next 10 months, says its chief.
Group chief executive officer Anthony Yap said the company is expected to launch the first project by the third quarter of 2008, which will comprise 310 units of serviced residences on 0.6ha nestled within the serene enclave of Bukit Ceylon.
The second project, which will be launched by early 2009, is a 50-50 joint venture with Bolton Bhd to build low-density luxury homes on a 1,74ha site in Jalan Mayang, close to the Petronas Twin Towers.
"We are still planning the two developments and getting the necessary approvals. We expect to reap in good margins from these projects," Yap told Business Times after a media preview on Suasana Bangsar in Kuala Lumpur on Saturday.
For the year ended December 31 2007, UMLand posted a net profit of RM46.6 million on revenue of RM396.8 million. Its net profit represented a 16 per cent growth from RM40 million a year ago.
Earlier, Yap said the RM185 million Suasana Bangsar is UMLand's latest prestigious project, which is expected to contribute substantially to earnings for the next three years.
It is a 25-storey tower block with 190 condominium units, which will be completed by early 2011.
Suasana Bangsar is being constructed on a 0.4ha site at Jalan Kaloi, near the New Straits Times (M) Bhd corporate building.
UMLand had acquired the piece of land last year for RM24 million through a receivership sale.
Yap said it bought the land due to its locality and the scarcity of land in Bangsar.
"Suasana Bangsar is our first luxury project for the year. We were scouting for strategic land and when this offer came about, we decided to seal the deal immediately," he said.
While prices of Suasana Bangsar start at RM550 per sq ft, those in other parts of Bangsar have reached RM1,000 per sq ft with One Menerung selling for between RM1,000 per sq ft and RM1,300 per sq ft.
Gaya Bangsar, a development by Uda Holdings Bhd, recently sold its units on leasehold land, adjacent to Menara Maybank, for RM550 per sq ft.
Yap said UMLand has no specific target and hopes to sell its Suasana Bangsar units before its official launch, targeted for June.
"We have sold over 15 per cent since our soft launch a week ago. The selling point is the address which is in a mature and prime location," he said.
Yap said he expects profits from the sale of the units to roll in from this year, but the bulk of it to come at the later part of 2009.
Suasana Bangsar offers a choice of two-, three- and four-bedroom suites with built-up area ranging from 1,112 sq ft to 2,200 sq ft each, priced from RM600,000 onwards.
Penthouses with five- and six-bedrooms range from 3,845 sq ft to 4,892 sq ft and priced between RM2 million and RM3.2 million.
By New Straits Times (by Sharen Kaur)
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