Crescendo plans RM2.5b township

by **hlk** Mon 22 Aug 2011, 17:38

JOHOR BARU: Crescendo Corp Bhd (CCB) is set to launch its new mixed development property project, Bandar Cemerlang township with a gross development value (GDV) of RM2.5bil by the year-end.

Chairman and managing director Gooi Seong Lim said the project would keep the company busy for the next 12 to 15 years.

Once completed, he said the township would have about 15,000 units of mixed residential and commercial properties, of which 90% residential and 10% commercial properties.

The township spans on a 562.51ha site, whereby 349.64ha is located in Mukim Tebrau of the Johor Baru district and 212.86ha in the Kota Tinggi district.

“The completion of the Johor Baru-Kota Tinggi highway in June this year will definitely improve accessibility and connectivity to our project,” Gooi told StarBiz recently. He expects the unique location of the township within Johor Baru and Kota Tinggi districts to be a strong selling point to attract prospective buyers.

“We also see demand for properties in Kota Tinggi is on the upward trend in the recent years due to the district's close proximity to Johor Baru,” he added.

Similarly, he said the company's on-going Nusa Cemerlang Industrial Park (NCIP) in Nusajaya would continue to perform well due to its strategic location to the Second Link crossing.

He said: “We are expecting the relocation of medium-sized enterprises from Singapore to NCIP due to lower land cost, cheaper labour and utility costs as well as better control given the park's close proximity to their base in Singapore.”

So far, 63.97ha of the park's 213.26ha site had been developed, Gooi said adding the company would take about five years to develop the entire industrial park with a GDV of RM1.5bil.

He said Singapore investors currently represented about 44% of industrialists operating at NCIP followed by Malaysians (34%), Germany (6%), the United States (15%) and South Korea (1%).

“We expects NCIP and Bandar Cemerlang to be the main contributors to the company's future earnings in the next few years,'' said Gooi.

For the financial year ended Jan 31, 2011, Crescendo recorded RM39.43mil net profit on RM215.22mil revenue against RM19.35mil and RM160.32mil respectively in the previous financial year.