Guocoland to launch projects worth RM2.5bil over 3 years

KUALA LUMPUR: Guocoland Malaysia Bhd is planning to build and sell properties worth RM2.5bil over the next three years in the Klang Valley area.

The projects include a township development in Rawang, a mixed project in Sepang and a corporate office venture in Petaling Jaya.

The planned new launches will add to the group’s ongoing RM2.5bil flagship Damansara City development, which is expected to be fully completed by mid 2016.

The construction of Damansara City was awarded to two South Korean contractors – SsangYong Engineering & Construction Co Ltd and Daewoo Engineering and Construction Co Ltd.

SsangYong is undertaking the construction of two upscale residential blocks (DC Residency), elevated parking as well as five to six levels of basement car park, for RM431.1mil.

Daewo, meanwhile, will build a 300,000-sq ft four-storey retail mall, a five-star hotel and two office towers – for RM538mil. The hotel will be run by Clermont Kuala Lumpur.

“I expect DC Residency to be fully sold by next year. We are actually not in a hurry as prices will go up after the mass rapid transit lines are ready in the area,’’ managing director Tan Lee Koon told reporters after the topping out ceremony of the DC Residency project yesterday.

Guocoland has a total 4,046ha of land-bank in Petaling Jaya, Rawang, Cheras and Sepang. It also owns some 1,618ha in Jasin, Malacca.

Tan said phase one of the terrace housing project in Sepang had been fully taken up and that construction of phase two would begin mid next month.

“These projects will bring about a substantial stream of recurring income to our books,” he added.

For the third quarter ended March 31, 2014, Guocoland’s net profit soared 79% to RM15.71mil from RM8.79mil last year due to more recognised profit from PJ City and Damansara City.

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