Faber Group Bhd wholly-owned subsidiary Faber Development Holdings Sdn Bhd hopes to target about RM200 million profit from its Laman Rimbunanan mixed development project in Kepong.

The gated-and-guarded development, which borders Kepong Metropolitan Park and Jalan Kepong, comprises three-storey link houses, semi-detached double-storey houses, 18-storey low-cost flats and shop lots.

The project is developed by Rimbunan Melati Sdn Bhd – a joint-venture company between Faber Development and Metro Kajang Bhd subsidiary Cekap Corp Sdn Bhd – is situated on 40ha of land and has a gross development value of RM600 million. It is expected to be completed by either 2009 or 2010.

Faber development managing director Wong Weng Peng said, “If the demand is good, it (project completion) will be faster. The estimated profit for the project is between RM190 million and RM200 million.”

So far, the company has sold 90% of the 243 units in the first phase of its residential development, launched at the end of 2004. While sales for its second phase has already reached 60% for its 148 units, which was launched early this year.

The median price for 20ft x 75ft units in phase one is RM400,000, while units in phase two which measures 22ft x 75ft are tagged from RM520,000.

The third phase of the project, which features 193 units, will be launched either in the fourth quarter of this year or the first quarter of next year. Phase our and five are expected to be launched in March 2008 and phase six in June.