Executive vice-chairman Johar Salim Yahaya said it was a normal progression or transition for any developer to shift its focus to development projects that provided better yields.
He said the company believed that it had made the right move after seven years of involvement and experience in the low and medium cost to medium cost residential projects.
“The move is also in tandem with the positive demand for high-end properties within Iskandar Malaysia in recent years,” Johar told StarBiz after the company AGM recently.
He said the long-term growth of Iskandar Malaysia would be the key contributing factor to help boost the Johor Baru property market.
Johar said the company would benefit immensely from Iskandar Malaysia as its land bank was strategically located in the main growth nodes of the growth corridor.
It has 413.53ha of undeveloped land and 12km water frontage within the Tebrau-Plentong river basin development with a net book value of RM591.93mil.
“We want to maximise our land value and return with the right product and in this respect, water frontage properties always fetch good selling prices,” said Johar.
The completion of the Eastern Dispersal Link Expressway and the Second Permas bridge within the next two years would improve connectivity and accessibility to the eastern part of Johor Baru.
Johar said the company would be launching Botanica @ Bayu Puteri in October with the gross development value of RM165mil and the project on a 4.90ha site would keep the company busy for the next six years.
The selling price of the apartment unit for the first of the four apartment towers with the built up area between 1,300 and 2,600 sq ft would be at RM300 per sq ft.
For the financial year ended Dec 31, 2010, Tebrau Teguh recorded RM3.63mil net profit on RM108.97mil revenue against RM13.62mil and RM35.45mil respectively for the FY2009.
By The Star
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