IJM Land aims for RM250m in home sales

IJM Land Bhd, the property development arm of the IJM Group, is targeting between RM200 million and RM250 million in sales with the introduction of its home ownership plan, My Space Plan, managing director Datuk Soam Heng Choon said today.

The plan would attract buyers to choose and acquire their preferred living space from condominiums to landed properties according to their budget, starting from today until June 30, he said.

"If we have the right product in the right location, people will still buy despite the current economic slowdown," he told reporters at the launch of the plan in Kuala Lumpur.

Soam said the tailor-made, home-ownership plan, is applicable to all its properties that are in various stages of development in Penang, the Klang Valley, Seremban, Johor, Sabah and Sarawak.

"The current economic situation should not deter first time buyers or investors from buying properties as they can enjoy our incentives like a low down payment from RM500 and cash rebates of up to a maximum of 10 per cent, he explained.

The plan also offers a low interest rate for the 5:95 payment scheme, cash back guarantee, zero interest during the construction period, six months installment holiday and an easy payment scheme.

He said the company had a land bank size of 3,600 hectares located at strategic locations, including its Canal City development project in Kuala Langat, Selangor.

This will keep IJM Land busy over the next 20 years with a potential gross development value of RM17 billion.

Meanwhile, the company plans to launch several property project worth RM750 million during its current financial year ending March 31, 2010, Soam said.

"Although Malaysia's economy is likely to shrink in the first quarter, we still see people buying property. We have a very young population who need homes," he said.

Soam also disclosed that the company had no plan to halt its RM500 million mixed development project in Changchun, China.

"The project is in progress. We have submitted our proposal for approval," he added.

By Bernama