LAND & General Bhd (L&G) is expected to launch two new developments with a combined gross development value (GDV) of RM677 million next year.

Its MD Low Gay Teck (picture) said one of the projects is located at the former Sri Damansara Club in Bandar Sri Damansara, Selangor.

“The Sri Damansara Club project is a transit-oriented development (TOD) project where the MRT2 (Mass Rapid Transit Line 2) station is less than 400m away.

“One of the selling points of this project is that it is located in Bandar Sri Damansara, a much-matured township, with many facilities, amenities and good connectivity,” he said at a press conference after the group’s AGM yesterday.

For next year, L&G plans to launch Phase 1 which comprises 732 units of serviced apartment and Phase 2 which consists of 602 affordable units with a combined GDV of RM570 million.

Another launch planned for 2021 is the RM1.2 billion Aria Rimba development in U10 Shah Alam, Selangor.

The launch includes Phase 1 which comprises 150 units of double-storey terrace house and Rumah Selangorku Type A which consists of 162 units of medium-rise apartments with a total GDV of RM107 million.

Low said with the new launches, L&G will have five developments on offer for the public.

Its Astoria Ampang’s Phase 1 in Kuala Lumpur has achieved a take-up rate of 391 units or 77% to date and the developer expects to hand over the keys to the buyers next month.

L&G’s RM79 million GDV Sena Parc Phase 1 in Seremban has been 92% (150 units) sold and was handed over earlier this month.

The group plans to soft launch a new Phase 1C in the development comprising 54 units of double-storey link houses with a GDV of RM27 million this month.

Damansara Seresta, which is an on going project in Bandar Sri Damansara with a GDV of RM450 million, has received a 47% take-up rate to date.

L&G’s unbilled sales from the three on going projects stand at RM160 million to date.

“Our focus for the rest of the year and next year will remain on sales. The Home Ownership Campaign 2020 together with the current low interest-rate environment should help stimulate demand,” Low added.

Low said L&G expects better sales and financial performance next year on the back of completed Astoria Ampang Phase 1 and Sena Parc Phase 1A, in addition to the new upcoming launches.

Source: The Malaysian Reserve