Fajarbaru Builder plans RM728m property projects

KUALA LUMPUR: Construction player Fajarbaru Builder Group Bhd plans to undertake three property projects in the country with a gross development value (GDV) of RM728mil.

The three are a condominium project in Puchong with a GDV of RM400mil, and serviced apartments in Sentul (RM250mil) and Malacca  (RM78mil).

Property division manager Yau Tuck Wai said the company would launch the Puchong project by year-end, the Sentul project in the first quarter of 2016 and the Malacca project in the third quarter of 2016. 

Fajarbaru is also undertaking its first overseas project in Melbourne, Australia, via its 51% owned Fajarbaru-Beulah (Melbourne) Pty Ltd.

Speaking at the signing ceremony of the facility agreement with Malayan Banking Bhd, Yau said the JV was working on the A$77mil (RM215.6mil) luxury condominium project.

The JV expects the condominium project to contribute positively to its earnings by end-2016 or early 2017. To-date, 80% or 136 units have been taken up.

Fajarbaru-Beulah executive director Chan Jiaheng said the buyers comprised a mix of foreign and local investors as well as those who wanted to stay at the units.

He expects construction work to start in another six weeks and the whole process would take about 15 months.