Bandar Raya eyes RM4b new projects

by **hlk** Wed 31 Aug 2011, 12:30

KUALA LUMPUR: Bandar Raya Developments Bhd (BRDB), which is upbeat on the property market, plans to introduce five new projects worth more than RM4 billion in the Klang Valley and Johor.

BRDB is looking to increase its work in hand and will venture for the first time into areas such as Seri Kembangan and Taman Duta, its chief marketing officer KC Chong said in an interview with Business Times.

The company has been developing land in Bangsar for 45 years. It currently has a project in Johor called Permas Jaya, and one in Kuala Lumpur known as CapSquare.

Chong said in Seri Kembangan, BRDB plans to launch by the end of this year, the first phase of its RM400 million project at the Bluwater Estate development.

The project comprises 300 units of bungalows, semi-detached and courtyard homes worth more than RM1.5 million each.

BRDB has a 75 per cent stake in the project with Country Heights Land Sdn Bhd holding the rest.

By early next year, BRDB intends to develop the last tract of land it owns in Bukit Bandaraya, Bangsar, in the Medan Serai area to build two 20-storey blocks of 121 units of low-density apartments.

Chong said the units, with sizes of about 4,000 sq ft, will be sold at more than RM4 million each.

"We are bullish on sales since it is the last piece of prime land in Bangsar and everybody wants to be there. We also find that there is demand for homes with this kind of sizes," he added.

Chong said by mid-2012, BRDB will launch phase one of its RM2.3 billion waterfront development in Puteri Harbour, Johor, featuring 80 units of semi-detached homes, townhouses and bungalows.

BRDB has 60 per cent interest in the waterfront development, which it acquired from Limitless Holdings Pte Ltd last year. UEM Land Holdings Bhd owns the remaining 40 per cent stake.

In Taman Duta, the company will launch eight blocks of five-storey luxury resort-style condominiums worth more than RM1 billion. Each unit will be worth more than RM5 million.

"We know we will be able to sell them as we have several offers from local and foreign investors."

BRDB will also launch new phases at Permas Jaya and CapSquare.