Managing director Chew Chiaw Han said the land acquisition was a strategic move in line with the group's expansion and development plans.
“The said land is a strategic investment which will help to enhance the group's future earning potential,” he told StarBiz.
Ibraco, which has built more than 10,000 units of properties mostly in the Tabuan Jaya area here, expects the acquisition to be completed within 60 days.
The purchase will be funded by internally generated fund and bank borrowings.
Chew said the acquisition had boosted Ibraco group landbank to more than 404ha in Kuching.
Ibraco said the vacant land was strategically located in the greater Tabuan Jaya with good existing infrastructure and easy accessibility to public amenities.
It is sited near to Ibraco's most ambitious flagship development Tabuan Tranquility, a massive commercial, industrial and residential project on 66ha which had registered high take-up rates since it was launched last year.
The 49.5ha land has been approved by the Sarawak Land and Survey Department for mixed development.
“We are in the midst of drawing up a development masterplan for the vacant land.
“First phase development is expected to kick off in the first half of 2012,” he added.
The land is expected to be developed in phases, and would probably comprise commercial, office and residential properties.
As of Sept 30, Ibraco has sold all 76 units of four-storey shophouses under Tabuan Tranquility phase 1 and 81% of residential properties (204 units of terrace houses and 38 units of semi-detached houses) under phase 5.
Tabuan Tranquility will have 640 units of double-storey terraced houses, 108 units of semi-detached houses, 60 units of three-storey townhouses, 76 units of shophouses, 72 units of semi-detached industrial buildings, one office block and a petrol service station when fully developed in five phases by 2015.
The mixed development has a gross development value of RM517mil.
Two months ago, Ibraco launched a new residential scheme in Tabuan Stutong Jaya, which comprises 77 units of single-storey terraced houses and semi-detached houses.
It is also building a block of eight three-storey shophouse in Stutong.
“The group continues to post strong sales momentum for all projects,” Ibraco said in notes accompanying its third quarter (Q3) results.
Ibraco posted a group pre-tax profit of RM3.2mil on turnover of nearly RM27mil for the quarter ended Sept 30, 2011 against a group pre-tax loss of RM2.14mil on turnover of merely RM72,000 in the Q3 of 2010 when it was still categorised as a Practice Note 17 company.
For the first nine months this year, the group registered pre-tax profit of RM10.8mil on revenue of RM74.9mil.
By The Star
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