Business News

Published: Saturday May 11, 2013 MYT 12:00:00 AM
Updated: Saturday May 11, 2013 MYT 1:28:30 PM

I & P to launch properties with GDV of RM2.9bil this year

I & P group managing director Datuk Jamaludin Osman

I & P group managing director Datuk Jamaludin Osman

PROPERTY developer I & P Group Sdn Bhd is planning to launch properties with a combined gross development value (GDV) of RM2.89bil this year, of which RM2.07bil will be slated for the second half in anticipation of robust demand.

I & P group managing director Datuk Jamaludin Osman tells StarBizWeek the group hopes to increase revenue by 36% to RM1.5bil from RM1.1bil recorded in 2012.

“We will be offering a variety of properties to the market, both residential and commercial, in different sizes to cater to different market segments,” he says.

I & P Group is a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB) and was formed with the merging of three property development companies in May 2009.

Jamaluddin says the company has a land bank of almost 2023.43 ha concentrated in the Klang Valley and Johor Baru with a potential GDV of RM25bil. This land bank is expected to keep the company busy over a span of 15 to 20 years. It has a portfolio of 13 townships spread across the Klang Valley and Johor Baru.

Jamaludin elaborates that I & P owns 161.87ha in Meru, Klang, 38.04 ha in Semenyih, 134.76ha in Ulu Tiram in Johor Baru and 58.68ha in Salak Tinggi, Sepang.

“We will reveal development projects on this land in phases, depending on the market condition,” says Jamaludin.

On the company’s plan to expand its current landbank, he says the group is looking for suitable land to acquire.

“Buying land is not like buying a house, we do not have any specific target, but it is most likely to be in or near the Klang Valley,” he says.

On its projects in Johor, Jamaluddin says all of them are located in Iskandar Malaysia. It launched only one project in Taman Rinting with a GDV of RM33.36mil during the first half of the year comprising two-storey shop-offices with built-up areas ranging from 5,157 sq ft to 8,615 sq ft. These will be priced from RM1mil to RM2.1mil. The rest of its launches in Johor are expected to be in the second half.

“Going forward we are looking at different ways of planning for our townships. We need to plan with the future (in mind) because land is becoming scarce,” Jamaludin says.

The group is proposing to have urban commercial centres in townships like Bandar Kinrara, Bandar Baru Seri Petaling, Alam Damai, Temasya Glemarie and Alam Sutera in the Klang Valley and Taman Pelangi in Johor Baru.

The group has no plans to venture abroad as it has, after all, a total of 13 townships to keep them busy. The 13 townships are Aman Damai in Cheras, Bukit Damansara, Bandar Kinrara in Puchong, Alam Sutera, Alam Impian and Temasya Glenmarie in Shah Alam, Bandar Baru Seri Petaling, Alam Sari in Kajang, Bayuemas in Klang. Their townships in Johor include Taman Pelangi Indah, Taman Perling, Taman Rinting and Taman Industry Jaya.

Between January and April, the group had five launches in Bayuemas, Alam Impian, Bandar Baru Seri Petaling, Temasya Glemarie and Bandar Kinrara with Temasya Glenmarie recording the most impressive take-up rates of 85% for double-storey linked houses in March.

The built-up area for the 20 units range from 4,269 sq ft to 5,553 sq ft, which are larger than normal linked houses, and are priced from RM2.37mil to RM3.19mil.

The group is planning to launch apartments in Temasya Glenmarie this month with a total GDV of RM99.17mil. The built-up area for the units will range from 936 sq ft to 2,939 sq ft with prices ranging from RM646,888 to RM1.73mil.

Jamaludin says that within the Klang Valley, the demand for residential and commercial properties is “still good”.

“Our good track record in the industry and our strategic location are the factors buyers consider when buying a property (from us),” he adds.

For the first half of this year, the group plans to launch several projects worth RM827mil in GDV. Of this, about a third will be from four commercial and seven residential launches.

Thus far, Jamaludin describes the take-up rates from its current launch as “pretty good”. He adds that “people always believe that property as a good investment.”

In April this year, the group launched 33 units of three-storey shop offices with GDV of RM78.54mil in Bandar Kinrara. That launch recorded a takeup rate of 75% with prices ranging between RM2.1mil and RM4.1mil. The built-up areas for the shop offices are from 5,230 sq ft to 11,420 sq ft.

It will also launch 236 units of serviced apartments with build-up areas ranging from 623 sq ft to 2,483 sq ft priced between RM380,000 and RM1.7mil in June in Bandar Kinrara.

The serviced apartments are expected to have the highest GDV of RM170.70mil among the group’s first half launches.

With the interest in social housing today, I & P is planning to expand its residential segment to include affordable housing as part of its support of the government initiative.

“For the time being we are not involved with the PR1MA housing programme, but we are planning to add affordable homes in our layout somewhere in Meru, Klang,” Jamaludin says.

“We have submitted the layout plan to the authorities and currently we are waiting for the necessary approvals,” he says.

He says this is still very much in the initial stage. According to I & P’s township catalogue, the company is also planning to build 208 units of low-rise apartment in its 28.73 ha Alam Sutera township in Bukit Jalil. These will be targeted at PR1MA buyers.

Tags / Keywords: Business, Business News, I & P, property developer, second half target GDV

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