KUALA LUMPUR, July 4 — IJM Land Bhd is expected to launch new property projects with a gross development value (GDV) of about RM1.5 billion in the financial year ending March 31, 2019.
Managing Director Edward Chong said a majority of the new launches comprise residential properties in Malaysia.
He said IJM Land currently has RM1 billion worth of unsold residential properties.
“In terms of landbank, we have about 4,000 over acres (over 1,618 hectares) with a GDV of about RM30 billion in Malaysia,” he said at a media briefing today.
On IJM’s development in the Bandar Rimbayu project in Kota Kemuning, Shah Alam, Chong said the take-up rate is still strong as properties at strategic locations and at the right pricing could still elicit strong response in spite of the cautious property market.
“The Bandar Rimbayu project could last for 12 more years to go with a GDV of close to RM15 billion,” he said.
Bandar Rimbayu is an integrated township on 760 hectares of land with residential, commercial and recreational components.
Chong said Bandar Rimbayu is in the midst of planning for the launch of SWANS — a double-storey link house project with a starting price of RM850,000, targeting to be launched in the fourth quarter of this year.
He said post-election, sentiment in the property market has improved even if demand is not expected to see a sharp increase.
However, he said the zero-rated goods and services tax (GST) has not had a substantial impact on the property market and going forward, industry players are looking at the announcement on the rate and clarity when it comes into effect on Sept 1.
Chong also expressed the need for timely and accurate information from the authorities to enable property developers to make better decisions.
“It is better for one agency to collate data and release it on a timely manner on information such as unsold stocks of properties so that developers could gauge demand quicker,” he explained. — Bernama