Land & General Bhd (L&G) will bite the bullet and launch two new property projects within the next four months although financing remained a challenge for many buyers.
The company will also continue to source for strategic landbank to build its asset base.
L&G’s existing landbank stands at 1,214.06ha.
“We are confident other opportunities for well-priced landbank will arise and remain on the lookout for such opportunities,” said its managing director Low Gay Teck.
For its financial year ended March 31 2017, L&G bought 112.3 acres in Shah Alam, Selangor for a township development.
Its two new property projects, namely Sena Parc (GDV of RM230 million) in Senawang, Negri Sembilan and Damansara Seresta (GDV of RM480 million) at Bandar Sri Damansara, will be launched next month and in February next year, respectively.
L&G will launch first Phase 1 of Sena Parc consisting 453 units of double-storey linked houses and 83 semi-detached homes.
“We are bullish on the launch because of the attractive price. We are looking at selling each unit for under RM500,000,” he said at a shareholders’ meeting, here, recently.
Low said there was more interest from buyers compared to a year ago.
“Of course there is no doubt that it (property market) is not as buoyant as three years ago, but it had improved from last year in terms of interest from potential buyers and lock-in sales that we are achieving from our Astoria project.
“Moving forward, the take-up rate for property prices in the range of RM500,000 to RM900,000 will still be good,” said Low.
Damansara Seresta is the second phase of L&G’s completed Damansara Foresta project. It will feature two towers with a total of 452 units.