Landmarks Bhd's wholly-owned subsidiary Landmarks Land Sdn Bhd expects its remaining 249 acres in Wangsa Maju, worth RM2.1bil in gross development value and comprising mixed property projects, to be completed in the next three to eight years.
Managing director Mohd Abdul Halim said the company's master plan was to make Wangsa Maju a bustling commercial centre for Kuala Lumpur's north-eastern quadrant in the near future.
“Wangsa Maju is already a popular township because of its excellent infrastructure, accessibility and quality environment.
“It also has a strong population base in the middle to upper income bracket. We are confident our commercial and residential projects will be warmly received,” he told a media briefing in Kuala Lumpur yesterday.
Landmarks Land's commercial and retail projects, known as the Wangsa Link, consists of serviced shop offices (300 units), Wangsa Office Towers, a 400m long pedestrian street mall with outdoor restaurants, a three-acre wet market and 4.2-acre landscape plaza.
The residential projects it is currently developing are Desa Putra (3 20-storey blocks of condominium), Desa Andaman (132 two-and-half storey terrace homes) and Desa Villas (94 low density condominium units), which is under a joint-venture (JV) development with Singapore-based MCL Land Ltd.
Other JV projects with reputable developers in the pipeline include an upmarket condominium project with IJM Properties Sdn Bhd, and a hillside gated residential development with Tan & Tan Development Bhd.
Halim said Landmarks Land had been developing affordable homes for many years and its JVs with high-end developers were a move to reposition itself in the upper premium market for commercial and residential property development.
“It's an opportunity for us to leverage on their strong brand names and expertise to fast track our developments in prime areas in Wangsa Maju to improve our bottom line,” he said. ”With MCL as a big stakeholder in the company, more will be in store for the residents of Wangsa Maju.”