KUALA LUMPUR: Land & General Bhd (L&G) expects to garner encouraging property sales for financial year ending March 31, 2022 (FY22), said managing director Low Gay Teck.

Low said the property developer would resume launching two projects with a total of RM450 million in gross development value (GDV) for the remaining quarters of FY22.

“We will launch the Astoria Ampang phase two and Sena Parc for the phase one C and B in Senawang, Negri Sembilan.” he said in a virtual press conference today.

Low said L&G had embarked on the redevelopment of the Bandar Sri Damansara Club House project and would include a new service apartment development.

“Initially, we expect to launch by the first quarter of 2022, but it got delayed due to the lockdown this year. Therefore, we hope to launch by the second quarter of 2022.

“The project consists of 732 units of service apartments, strategically located with a matured township and infrastructure and facilities. The product ranges from 700 suare mteres (sq) to 1,000sq with two-bedroom entry products, priced from over RM400,000 to RM700,000,” he added.

Low believes the take-up rate will be encouraging as the company focuses on building affordable housing to improve sales.

“We have a new affordable service apartment in Bandar Sri Damansara that consists of 602 units with RM151 million in GDV,” he said.

L&G will also launch 80 units of terrace houses, as part of its affordable housing development at Sena Parc with a GDV of RM6.4 million.

L&G had launched a few property projects namely Astoria Ampang Phase 1 and Sena Parc Phase 1A in Senawang, Hidden Valley in Melbourne and Damansara Seresta in Bandar Sri Damansara.

Low said its unsold units were currently valued at RM131 million, comprising a total of 253 units from different projects such as 8trium Office Tower, Astoria Ampang, Sena Parc and Damansara Foresta.

As of August 31, Low said L&G sales had been encouraging despite a series of lockdowns that affected buyers’ footfall to its sales gallery.

“During the lockdown period, there were many potential buyers who were keen to buy but unable to do so. Nonetheless, we saw a recovery in the number of footfall visiting our sales gallery in the past weeks, and that was a promising sign,” he said.

Low said the easing of political uncertainty and favourable environment would provide optimism to buyers.

“We believe the property sector to recover, but it will not be a V-shape recovery. But we expect the situation will improve in the coming quarters,” he said, adding that the government’s Home Ownership Campaign, which had been extended until December 31, 2021 would spur the buying sentiment.

L&G currently has a total landbank of about 3,330 acres inclusive of 2,500 acres in Ladang Sg. Jernih, near Tanjung Malim, Perak.

“Excluding the Ladang Sg. Jernih, the group has about 800 acres for development in the Klang Valley with a cumulative GDV of about RM9 billion. This will take us a period of at least 15 years for the overall development to be completed,” he said.

The company does not rule out acquiring new land outside the Klang Valley as long as it has the visibility to build a property project that suits the market demand.

Meanwhile, L&G has unbilled sales of more than RM100 million from Damansara Seresta and Sena Parc, which are likely be recognised by June 2022.

Low believes online advertisement and virtual sales galleries across different platforms would become the trend amid the pandemic.

“Many buyers and developers had got used to advertising via the online platform. This allows flexibility and easy for developers to present products to buyers, and they can able to visualise them. Technology allows potential buyers to see the actual product and the surrounding for the property via video, then only they would visit the product in person before placing bookings,” he added.


Source: NST