Property developer IOI Properties Bhd expects sales to grow by 30 per cent for its current fiscal year ending June 30 2010, driven by the launch of two phases of its "16 Sierra" residential development.
"We expect to achieve sales of about RM850 million this year. However, that is only a conservative target," said its general manager of marketing and business development, Lee Yoke Har.
She said sales for the first seven months of the current fiscal year have already exceeded the company's previous year's sales of around RM650 million.
IOI Properties general manager Teh Chin Guan is optimistic of the general property outlook this year in line with the worldwide economic recovery.
The company has a slew of ongoing developments, namely in Bandar Puchong Jaya and Bandar Puteri Puchong, Selangor.
Both these township developments sprawl over 404ha, with Bandar Puchong Jaya already 80 per cent developed and Bandar Puteri Puchong on its last leg to completion.
Teh said IOI Properties has no plans to halt new launches.
On the drawing board are property developments next to IOI Resort, Putrajaya and plot of land within the Jalan Ampang embassy enclave in Kuala Lumpur.
The Putrajaya project is a mixed commercial development that includes office towers, shop houses and a shopping mall.
"We are doing some groundwork at the site now. We are relocating the existing golf course to make way for the development plan," Teh said.
The development which may be launched in 2 to 3 years spreads across 162ha and is expected to keep the company busy for about 15 years.
At the Jalan Ampang site, IOI Properties plan to build a "super condo" on a small plot of land.
"We are actually submitting the plans for the high-rise residential development. The launch time depends on the market conditions. There is no hurry to launch. I think we want to construct it first," added Lee.
Meanwhile, the 216ha 16 Sierra project with a gross development value (GDV) of RM2 billion is planned as a green township, offering 16 garden themes.
IOI Properties will launch Precinct 8, the first phase of 16 Sierra, today , which features 147 residential units starting from RM448,900 each.
It will also open bookings for the 104 units in the second phase of Precinct 8.
The total GDV of Precinct 8 is RM130 million.
By Business Times
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4 comments:
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Developers must be watchful and need commercial bankers to provide good financing for buyers. Subprime can happen in the near future so developers need guaranteed support from bankers as some bankers do not give out private information as they are the ones that move the economy. 30 years ago there was a total stop in development due to political trap that drown almost anyone so developers must play save and be smart. One wrong step can put them in big trouble.Prevention is better than cure.
Researcher
Interest rate is going up and consumer will fill the pinch . Developers must find ways to develop condos for the average locals to purchase .Prices for easy loan approval is always within RM150K to RM 200k.Bankers has a lot to let developers know the problems in approval for house buyers.When you are people conscious then your blessings are there and when you are greed conscious the economics trap will come and affect future developments.So have to be practical and wise in knowing the market forces. About 40% of the property launch by Island and Peninsular in Ampang , jalan ritchie has not been sold because of over pricing. Food of thought ?.
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