Malton Bhd, which completed a reverse takeover of Gadek Capital Bhd in April last year, is building up its land bank to go into property development in a bigger way.
The group's land bank of about 1,400 acres is located in Kuala Lumpur, Shah Alam, Klang, Sungkai, Seberang Prai, Johor and Malacca.
“We are looking to expand our land bank in the Klang Valley, Johor and Penang, either through acquisitions or joint ventures with land owners, to enhance the group's earnings prospect,” its group sales and marketing director Steven Lim told StarBiz in an interview.
He said the group would be utilising its cash reserves to acquire more land “to capture the rising demand for property as the market has bottomed out and is on its way up again.”
Malton is developing the Bukit Rimau mixed development township on 358 acres in Shah Alam, with a total of 1,634 residential units.
Other developments include the Batu Berendam residential and commercial project in Malacca, the Sri Kembangan commercial centre in Serdang and the Bandar Seri Alam mixed development project in Johor Baru.
Lim said the development of Bukit Rimau was about 70% complete, with another 110 acres to go. The commercial precinct is being planned for launch next year.
“Sales in Bukit Rimau reached more than RM50mil in the first six months of this year, a big jump compared with RM36mil in the whole of 2001 and RM38mil in 2002,” he said.
To date, a total of 1,300 homes and bungalow lots have been sold for a gross development value of RM350mil.
Malton's latest condominium project, Di Villas, on 7.7 acres in Section 16, Petaling Jaya, will feature 376 units for a gross development value of RM120mil. The condominiums, priced at about RM320 per sq ft, are scheduled for completion in 2005.
He said since the project's launch in June, the first phase of 234 units in two 20-storey blocks had been 60% sold for RM60mil. Next month, 19 units of the 1,800 to 2,000 sq ft type on a five-storey block, priced from RM600,000, will be open for sale.
Lim said the 980-sq ft type, with a sizeable bedroom of 180 sq ft and a study room, was targeted at yuppies and single professionals while those of bigger built-ups of 1,270 sq ft, 1,290 sq ft and 1,745 sq ft were for families. There will also be four penthouses priced at RM1.6mil each, of which two have been sold.
“Our buyers are those who cherish the upmarket location and good neighbourhood of Section 16. They can also enjoy the full condominium facilities provided,” he said.
Another project, Mutiara Puchong, located on 70 acres behind Tesco in Puchong, will offer more than 500 double-storey and 2½ storey terraced houses priced from RM280,000 and RM340,000 respectively. Upon completion in three years, the project will rake in a gross development value of RM180mil to RM200mil.
The next project scheduled for launch in November is Bukit Mutiara Puchong on 82 acres in Puchong, comprising 1,200 units of mixed development. The double-storey terraces are priced from RM230,000, linked semi-detached at RM400,000 and medium-cost apartments at RM100,000.
He said the RM1 Easy Home Owner- ship Campaign, introduced for purchasers of Bukit Rimau homes, would also be offered to buyers of the Mutiara Puchong project.