Ireka Corp Bhd hopes its maiden property development project in Kota Kinabalu, the Luyang Perdana residential project, will pave the way for its active participation in development projects in Sabah in the future.
Its chairman Abdullah Yusof said the company was also embarking on a joint-venture project to construct a waterfront and central market in Sandakan, on Sabahs east coast.
We are now looking forward to our first project in Kota Kinabalu taking off ... we hope this will be a stepping stone into more development projects in Sabah, he said at the launch yesterday of the Luyang Perdana project, which is developed by Regalmont (S) Sdn Bhd, a wholly-owned subsidiary.
Chief Minister Datuk Chong Kah Kiat launched the RM120mil project, due for completion by the end of next year. The project comprises 318 terrace houses, semi-detached and detached houses and town-villas.
Ireka group general manager Lai Voon Hon said 60% of the units, priced from RM268,000 to RM900,000, had been sold.
Asked on Sabahs property market potential, Lai said that it was good, especially projects that are built in niche areas, coupled with good products and concepts.
He said there had not been many such major property projects in Sabah in the last few years, and as such there was still scope for expansion.
As for the development of the Sandakan waterfront and central market, Lai said the state government had given its go-ahead. It will be launched tomorrow.
Ireka has 35 years experience in infrastructure-related projects and has been involved in major projects such as the KL Middle Ring Road and KLIA earthworks. Bernama