IJM Land's maiden London project chalks up RM787mil sales

by **Cals** Wed 02 Oct 2013, 18:39

Published: Wednesday October 2, 2013 MYT 12:00:00 AM
Updated: Wednesday October 2, 2013 MYT 8:12:39 AM
IJM Land's maiden London project chalks up RM787mil sales
BY ANGIE NG
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IJM Land CEO and MD Datuk Soam Heng Choon(pic file) said the buyers were mainly from Malaysia and Britain who liked the project’s strategic Zone 1 location and the branding of IJM Land. “We believe this momentum will continue with the project’s upcoming launch in Singapore and Hong Kong,” he added.

PETALING JAYA: IJM Land Bhd has chalked up £150mil (RM787mil) in sales for its maiden project in London, the Royal Mint Gardens.
Located on Royal Mint Street, Royal Mint Gardens comprises the first phase of a 2.7-acre mixed development project.
Since its simultaneous launch in Kuala Lumpur and London last Friday, some 75% of the 254 apartments of 387 sq ft to 1,431 sq ft have been sold. The residences have indicative selling prices of £465,000 to £1.85mil a unit.
IJM Land chief executive officer and managing director Datuk Soam Heng Choonsaid the buyers were mainly from Malaysia and Britain who liked the project’s strategic Zone 1 location and the branding of IJM Land.
“We believe this momentum will continue with the project’s upcoming launch in Singapore and Hong Kong,” he added.
The Singapore launch will be from 4 to 6 October at Four Seasons Hotel, while the launch in Hong Kong from 18 to 20 October will be held at Mandarin Oriental Hotel.
Meanwhile, the current planning permission for phase two of the London project is for a 236-room five-star hotel, 33 hotel serviced apartments, and 79 residential apartments. The second phase has an estimated GDV of £200mil.
IJM Land was targeting sales of more than RM2bil for financial year ending March 31, 2014. Its first half year sales ended September 30, 2013, amounted to some RM1.2bil.
Soam told StarBiz the property group has lined up another six major projects with gross development value (GDV) of more than RM2bil to be launched in various parts of the country by the year-end. The maiden launch of Pantai Sentral Park in Kuala Lumpur in the later part of the year will comprise of 211 condominiums.
The 1,034 sq ft to 1,830 sq ft residences will be priced from RM700,000 for a GDV of RM180mil. Bordering Kota Kemuning, new units to be launched at Bandar Rimbayu next month will comprise 467 linked semi-detached houses with GDV of RM373mil.

Coming up in Wangsa Maju will be 284 units of Seri Riana Condominium for RM234mil, The 1,270 sq ft to 1,861 sq ft units will be priced between RM700,000 and RM1.1mil.

Meanwhile, The Light in Penang will see the launch next month of 19 bungalows and 79 condominiums under The Light Collection IV series for a sales value of RM520mil.
In Johor, the 528 Epic serviced apartments for launch this month will have GDV of RM305mil, while the December launch of Sebana Cove bungalows will be worth some RM250mil.