PULAU INDAH, on 14,000 acres in the southwest off Port Klang, is finally realising its potential as a major industrial, maritime and residential hub, attracting new developers to its shores.
A part of the Selangor government's plans to transform the island and its surrounding areas into a new commercial hub - with Westport as a major maritime capital- the fast track development of the residential component of the island will augur well for the island's growth.
Since development was kicked off in 1995 by the main developer, Central Spectrum Sdn Bhd, a 76.7%:23.3% joint venture between Kumpulan Hartanah Selangor Bhd and AMDB Bhd, some 2,000 acres have been developed.
Another public-listed company which has taken an interest in the island is LBS Bina Group Bhd, whose unit, Puncak Gama Sdn Bhd, early this month signed a joint venture agreement with Central Spectrum to develop 570.3 acres in Section 2 and 844.6 acres in Section 11.
LBS will build more than 14,700 units of low-cost apartments, double-storey terraced houses, semi-detached units and bungalows, with affordable houses priced at less than RM180,000 representing 85% of the total development.
According to Central Spectrum general manager Roslan Ahmad, the island's development into a new growth centre and Harbour City of Selangor is on track for completion in 2015.
A range of industrial land, ready-built factories, commercial centres and residential units are either completed or in various stages of planning and construction. Another 300 acres are available in the industrial precinct.
A total of 1,700 acres of industrial land has so far been developed in the Harbour City of Selangor, ready with basic infrastructure which includes water and electricity supply and telecommunications.
Some 50 acres of the industrial land area has been zoned for a special state government project called Selangor Halal Hub, to house manufacturers of halal food and beverage products.
“The development of Pulau Indah as an integral part of a harbour city plays a vital role in amplifying the importance of the industrial park as a unique portside development. Upon completion, there will be 3,493.5 acres of industrial development and 20,000 homes on 1,839.5 acres,” Roslan told StarBiz in an interview.
He said, so far, RM835mil worth of properties had been sold, comprising mainly terraced and semi-detached factory lots and shop offices. Total gross development value (GDV) for the whole project is around RM5bil.
Of the area developed so far, 1,500 acres comprise industrial land and factory sites. In the maiden residential precinct - Laguna Park - 134 double-storey terrace houses, priced from RM130,000 to RM220,000, have been completed.
“Pulau Indah, with its unique development plans, holds strong potential to emerge as a new growth centre for industrial, commercial, tourism and recreational activities. The free trade industrial zone will offer vast opportunities to multinational corporations, small- and medium-scale industries and logistics service providers to become our growth partners,” he said.
Phase one of the industrial estate development is expected to attract investments worth RM3.8bil, including RM2.2bil from overseas.
The industrial precinct comprises light, general , warehousing and special industries. It is strategically located back to back to Westport, Port Klang, and has excellent access to major industrial parks and towns.
The island is connected to the mainland via a Westport access road linked to the Shah Alam Expressway and Kesas.
Roslan said Pulau Indah would have several major activities – industrial, commercial, residential and tourism cum recreational – to complement the rapid growth on the mainland.
The masterplan for the development of Pulau Indah envisages 1,230.56 acres designated for residential development, 1,130.4 acres for heavy industries, 1,734 acres for light industries, 645 acres for general industries, 360 acres for warehousing storage and 223.66 acres for commercial use.
“However, with the recovery in demand for residential units, we have decided to reduce the industrial precinct by about 600 acres to build more houses,” he said.
LBS Bina managing director Datuk Lim Hock San said the company would build more than 14,700 units of apartments, terrace houses, semi-detached units, bungalows and shops, with total GDV estimated at RM2.85bil.
The initial phase of LBS Bina's Pulau Indah township, to be launched in the second quarter next year, will comprise mainly low- to medium-range properties. Higher-end properties are planned for later launches.
About 85% of the development would be affordable housing, with average built-up of about 1,100 sq ft and priced from RM150,000 to RM180,000, Lim said. “The project should start to contribute to group earnings from the financial year ending Dec 31, 2005,” he added.