UDA plans to launch RM2bil projects in Penang

BUTTERWORTH: UDA Holdings Bhd (UDA) plans to launch  three projects in Penang this year with a Gross Development Value (GDV) close to RM2 billion.

Group Chief Operating Officer for Property Development Datuk Mohamed Marzuk Basir said the projects were an integrated commercial and residential development with a GDV of RM1.2 billion, lifestyle project in Bertam worth RM600 million and two blocks of apartments, on wakaf land, with a GDV of RM23 million.

"Shop offices under the Arcaria series would be launched next month with selling prices of between RM800,000 and RM1.6 million involving 114 units," he told reporters after breaking fast with 70 orphans from Pusat Inapan Kasih Sayang, last night.

Mohamed Marzuk said UDA would also launch a 300 unit apartment project,  priced between RM390,000 and RM450,000 per unit.

He said there was demand for the Arcaria project, however, potential buyers faced difficulty in securing loans as a result of tight lending policies by Bank Negara Malaysia.

He said UDA was working with several banks by presenting them the merit of the project, as well as, offered packages with furniture or electrical items to attract buyers.

Mohamed Marzuk said a gated and guarded lifestyle project would be launched in Bertam, worth RM600 million, consisting of double and three-storey bungalows.

He said the 68-unit apartment project on wakaf land would be a collaboration with the Penang State Religious Council and would be launched next month.

Besides Penang, Mohamed Marzuk said UDA also planned to launch shop offices and serviced apartment, a project in collaboration with Perak State Religious Council in Ipoh, Perak, early next year with a GDV of RM32 million.

He said UDA would also partner the Perlis State Economic Development Corporation this year to develop an integrated project in Kangar consisting of a 12-storey office building, shopping mall and shop offices with a GDV of RM106 million.

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