KUALA LUMPUR (Sept 23): Land & General Bhd aims to launch two new development projects in Shah Alam and Bandar Sri Damansara with a combined gross development value (GDV) of RM677 million.

Managing director Low Gay Teck said the Sri Damansara project will kickstart in the third quarter of next year for 732 units of serviced apartments ranging from 650 sqf to 950 sqf and priced from about RM500,000.

“The development would be on the Sri Damansara Club land which has been bought over spanning over 14 acres (5.7 hectares) of land.

“We believe that the development will perform well due to its prime location as well as being well connected to public transportation,” he said at a press conference after the company’s 57th annual general meeting today.

Low added that the terrace house development in U10, Shah Alam is also expected to kickstart in the third quarter of next year.

“We will launch phase 1A of Aria Rimba in Shah Alam comprising of 150 units of double-storey terrace and 162 units of medium-rise Rumah Selangorku apartments,” he said.

On the uptake of its properties, he said that the home ownership campaign has helped spur demand for its upcoming and completed projects due to the discounts offered.

“Interest remained strong despite the movement control order. However, conversion of bank loans to sales remained slow due to stringent loan approval by banks,” he said.

He said unbilled sales now stand at RM160 million, with its property overhang at RM30 million.

As for land bank, it has 1,423 hectares of land in Peninsular Malaysia including 1011.7 hectares of estate land earmarked for future township developments.