KUALA LUMPUR: Bandar Raya Development Bhd (BRDB) is expected to launch at least four
new property development worth close to RM2 billion this year namely in the Klang Valley and Johor- Chief financial officer Low Kin Seng told Business Times that two high end projects would be launched in the middle of this year while a couple more would depend on market conditions- The property developer will put on sale the North Kiara development with gross development value of about RM400 million by the middle of this year- It is learnt that the project will house a total of 698 units over a 12 acre site- Around the same time, BRDB chief executive officer Datuk Jagan Sabapathy said the firm will launch a residential development in Permas Jaya, Johor-With a gross development value of RM230 million, the project involves semi-detached and bunglows spread over 35-acres- Low said, on the drawing board is a high-end project in Taman Duta, Kuala Lumpur and another one believed to be in Bukit Bandaraya- According to Low, the firm has some 800 acres of undeveloped landbank in Johor- BRDB owns large land bank at the Permas Jaya township development- Recently, BRDB signed a joint venture deal with Multi-Purpose Holdings Bhd to develop three projects in Rawang, Mimaland and Penang with a total GDV of RM4-25 billion- "These joint ventures presents an opportunity for BRDB to diversify its development portfolio into the Klang Valley and it also represents our entry into Penang," said Jagan- He said the joint venture is an opportunity for BRDB to participate in viable development projects without having to bear the substantial upfront cost of acquiring the land-"This plan fits squarely into our strategy of improving profitability for BRDB Group and increasing hareholder value through select projects in targeted areas, and adding to BRDB's current list of upcoming projects which include part of BluWater Estate, Taman Duta and North Kiara in Kuala Lumpur and Puteri Harbour in Iskandar, Johor"- For the financial year ended December 31, 2010, BRDB's net profit rose 8-7 per cent to RM125-6 million, while revenue was down 31 per cent to RM626-2 million- ...
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