IJM Land to focus on mid to high-end projects

Having the right product mix and brand attributes will ensure IJM Land Bhd joins the league of other well-regarded and strong growing property companies.

According to managing director Datuk Soam Heng Choon, the company would be placing more focus on medium-high to high-end property products as demand for mass market products had slowed down.

“We have some RM1.5bil to RM2bil worth of products lined up for launch each year, of which 30% will comprise high-end properties, 40% medium to medium high-end products and the balance lower-priced products,” he said.

High-end residential properties priced from RM1mil to RM7.2mil currently make up 20% of IJM Land’s total product offerings.

Its products have also shown good capital appreciation. An example is the Ampersand condominium in the KLCC vicinity, which were priced at RM600 per sq ft when the project was launched about a year ago but have now appreciated to RM1,200 per sq ft.

In line with IJM Land’s brand attributes of quality and well-designed products, value creation and on time delivery, Soam said IJM Land would be focusing on more modern and contemporary designs to meet the changing lifestyles of its buyers.

The company has more than 30 ongoing projects, of which 20 are in the Klang Valley, five in Penang, four in Johor, three in Seremban, two in Kuching, and one each in Malacca and Sandakan.

Meanwhile, the massive Canal City development on 5,000 acres in Kuala Langat is scheduled for launch next year. The project has an estimated gross development value (GDV) of RM10bil.

In Penang, IJM Land has its hands full with the ongoing development on the company’s coastal landbank along the Jelutong Expressway.

The IJM group was granted approval by the former Penang state government to develop 338 acres of land in exchange for the construction of the 4.7km Jelutong Expressway, which kicked off in the 1990’s.

The first 3.1km stretch of the expressway was opened to the public in 2003 while stage two was opened in February.

The whole development will be undertaken over four precincts – Bandar Sri Pinang on 82 acres, Metro East (30 acres) and The Light (152 acres) while the balance 100 acres comprising education, medical, art/cultural, commercial and residential components will be for future development.

The expected GDV for each of the precincts are RM680mil, RM1.1bil, RM5bil and RM2.5bil respectively.

Bandar Sri Pinang, comprising mainly medium to low-medium residences, is about 70% completed. The balance is expected to take another three to four years.

Among the ongoing projects in Metro East include Platino luxury condominium with GDV of RM190mil and Pearl Regency worth RM535mil.

The crown jewel of IJM Land is The Light, which is set for launch in the last quarter of this year.

The 152-acre integrated residential and commercial project will have 1,186 residences, including upmarket waterfront villas and condominiums, as well as office buildings, four hotels, retail malls, dining and entertainment facilities, seafront park, floating restaurant, and facilities for meetings, incentives, conventions and exhibitions.

The project, undertaken by IJM Land subsidiary Jelutong Development Sdn Bhd, will take 12 years to complete.

Work on the development will begin before year-end and the residential component under phase one is scheduled for completion by 2012 while phases two and three will take 12 to 15 years.

Under phase one, covering 42 acres, six parcels of high-end and low-density waterfront residences, will be developed.

With more than two million sq ft in total built up, the exclusive residences, with a view of the Penang Bridge, will generate a GDV of RM1.05bil.

Under phase two on 103 acres, a commercial and retail city, comprising the Gateway Towers, hotels, signature offices, showrooms, banquet and conference facilities, cultural hall, visitor centre and waterfront amphitheatre, will be built.

The seven-acre phase three will feature a seafront park.

The Light will be Penang’s first big scale wireless development and integrated waterfront project that is based on environment friendly designs and will use eco-friendly materials.

In line with IJM Land’s efforts to promote green building concepts, Soam said The Light would lead the way as Malaysia’s premier eco-friendly development.

“The focus will be on energy-efficient, healthier and environmentally-sustainable buildings.

“Being Penang’s first ‘green’ and sustainable development, the project will feature passive and energy efficient designs, including the use of solar panel for heating; wind turbines and photovoltaic panel as part of green energy; rainwater harvesting; eco self-sustainable canals; solid waste recycle management; green roof and the use of recycled timber and plastic,” he said.

Meanwhile, the calm water at the South Channel between the Penang island and the main land, will be ideal for The Light’s water recreational activities including water taxi, boating and floating restaurant.

by The Star

No comments