YTL Land in talks on Penang Island project

YTL Land & Development Bhd, the property arm of YTL Corp Bhd, said it will continue to launch new projects next year but will pace them out to match market demand to maintain its profitability.

Executive director Datuk Yeoh Seok Kian said it is also planning a new project in Penang.

"We are looking at a building on the island. We are in talks with the state government to see what we can do with the property. Penang Island is an exciting place. We believe there is potential to grow in terms of hotel operation," Yeoh said in an interview with Business Times recently in Kuala Lumpur.

YTL Land has a landbank of more than 800ha, with estimated sales value of RM12 billion.

Among its largest projects at present is Sentul, Kuala Lumpur, the innovative 120ha residential and commercial development and Malaysia's first private gated park.

The Sentul development, comprising Sentul East and Sentul West, is expected to generate an estimated RM8 billion in sales over the next seven years.

The 36ha Pantai Hillpark development, which was first launched in 1991, is set to be completed within the next four years.

The last phase of the development is Pantai Peak, the RM500-million project, featuring a 16ha gated community. It will offer 233 units of luxury three-storey hillside semi-detached homes and bungalows with a variety of layouts and design options.

YTL also has more than 400ha of land in northern Perak.

"We had planned to build housing and a university on the land but things did not materialise. We have no plans yet to develop the land. It would take a few more years before we embark on anything," Yeoh said.

On the company's performance, Yeoh said there will be an improvement in the current financial year ending June 30 2010, thanks to the sales of higher margin products at Lake Edge, Puchong, and Sentul.

Last year, YTL Land made a net profit of RM3.3 million on revenue of RM279 million. - By Sharen Kaur (Business Times)

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