SHAH ALAM: I&P Group Sdn Bhd, which has purchased a tract of land in Semenyih, Selangor, intends to turn it into a mixed development project over the next two to three years.
Marketing head Datuk Muhamad Zaili Muhammad Yusof said the company has no plans to collaborate with any other parties to develop the 805 acres, which I&P purchased from sister company Sime Darby Bhd.
Group marketing and communications senior general manager Noor Lida Nazri said the type of products being launched would be determined by the situation of the market going forward.
“We will follow the market and offer products which can sustain the economic situation at that time. If it’s good times, then we’ll develop more medium to high-end products,” she told StarBiz.
“If times are challenging, then we’ll offer properties that are ideal to the market situation.”
Earlier this month, Sime Darby announced on the local bourse that it has sold land in Semenyih for RM428.8mil to I&P Group and bought two estates and a palm oil mill in Johor for RM106.69mil.
The plantation giant said it would use the proceeds from the disposal to develop its strategic property projects. Permodalan Nasional Bhd are shareholders in both Sime Darby and I&P Group.
Commenting on the prospects for the local property market, Muhamad Zaili said he expected the situation to improve from next year.
“This year has been slow. We expect 2017 to be better than this year and pick up further in 2018.”
Meanwhile, Noor Lida said that up to 70% of I&P Group’s Temasya Glenmarie project had been developed, adding that the company had some RM3.1bil in gross development value still to develop.
Among the projects on the horizon is its TGIX high-end serviced apartments, which will be developed on 22 acres.
“The service apartments will take up 17 acres. We’re leaving the remaining land for the potential development of a hotel or convention centre,” said Noor Lida.
She said TGIX would comprise three blocks of fewer than 300 units each.
The Temasya Glenmarie township is strategically located and is accessible via the Federal Highway, the New Klang Valley Expressway, the New Pantai Expressway and the Guthrie Corridor Expressway.