KUALA LUMPUR, Oct 18 ― UDA Holdings Bhd expects the gross development value (GDV) of its projects in the country to reach up to RM10 billion in the next five years.
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Group Managing Director Datuk Ahmad Abu Bakar said its local development projects comprising mixed developments are located at Bukit Bintang City Centre as well as several projects in Johor and Penang.
He said currently the company is about to hit RM1 billion in GDV.
“The market is a bit soft now. We will try to do more affordable developments at the moment.
“Hopefully, once the market picks up, we will see how it goes,” Ahmad told reporters on the sidelines of a groundbreaking ceremony for Kampong Baru Legasi project here, today.
The groundbreaking ceremony was officiated by the Prime Minister Datuk Seri Najib Razak.
The Legasi development project on a 1.157-hectare of land in Kampong Baru has a GDV of around RM529 million.
The project also has a plot ratio of eight times, which he said can go up to 12 times, depending on the local authority.
“When we first bought the land, the Kuala Lumpur City Hall was kind enough to offer us at RM350 per sq ft.
“With a GDV of RM529 million, the land on where our project is sited is valued at around RM500 per sq ft,” he said.
The Legasi project, Ahmad said, is a mixed development project comprising 639 residential units averaging at RM650 per sq ft.
He also said UDA will develop a 30-storey tower and some 48 units of commercial lots for the small and medium enterprises.
“Construction is expected to be completed by 2019 and it will be carried out by Ahmad Zaki Resources Bhd,” he said.
The 639 residential units will be housed in a 43-storey building, of which 30 per cent will consist of affordable homes for Kampong Baru residents. ― Bernama