Guocoland to roll out RM1.7b of properties

Guocoland (Malaysia) Bhd, the property arm of the Hong Leong group, will roll out the remaining properties, worth RM1.7 billion, at its Emerald Rawang township in Selangor over the next six to seven years.

The 400ha Emerald Rawang, divided into Emerald East and Emerald West, is a 50:50 joint venture (JV) between Guocoland and Hong Bee Land Sdn Bhd (HBL).

HBL is part of the diversified Hong Bee group, controlled by the low-profile Gan family.

Since the project started in 2001, some RM400 million of properties, comprising 1,300 double-storey link, semi-detached and detached houses, have been built and sold.

Guocoland executive director Chan Chee Meng said the joint-venture company has been busy developing the infrastructure, a nine-hole golf course, and clearing hills in the past 12 months.

“We are investing RM100 million to do that and works are nearing completion. We will speed up development of the properties after this, in line with demand,” Chan said at the launch of the Emerald sales gallery in Rawang, Selangor, yesterday.

The project offers double-storey link, semi-detached, detached and cluster homes, totalling 3,700 units.

From now until December, the joint-venture company will launch two phases each in Emerald East and Emerald West, with houses worth more than RM100 million, Chan said.
There will also be a Chinese school and shoplots, which will be ready by 2011 or 2012.

HBL is also forming a joint venture with the Jusco group to set up a departmental store and hypermarket at Emerald Rawang, which will open at around the same time.

“We are optimistic of positive sales. The economy is recovering, interest rates are low and there is high demand for gated and guarded housing. Our project has key attributes such as freehold status, modern designs and the golf course.

“Our houses are also affordable. A semi-detached house at the township is worth around RM500,000, while the same product in Klang, Subang or Puchong could cost around RM1 million,” Chan said.

He added that depending on demand, the joint-venture company may buy pockets of land nearby to develop the township further.

By Business Times (by Sharen Kaur)