“These include our township project in Rawang, as well as our Sepang project. [Sepang] is an exciting project for us as we registered a 100% take-up rate for the terrace houses for which we had a pre-launch a few weeks ago. The demand is pretty strong,” GuocoLand managing director Tan Lee Koon told reporters after the topping-out ceremony for the group’s DC Residency project last Friday.
“While we will focus on the residential developments in Sepang this year, we will have some commercial products coming up next year,” he said.
GuocoLand’s upcoming projects are the Emerald, a township project in Rawang; Pantai Sepang Putra in Sepang; Alam Damai, a 50-acre (20.23ha) residential development in Cheras; and PJ City in Petaling Jaya.
Tan was not able to disclose the group’s current unbilled sales as GuocoLand is in a closed period as its full-year financial performance is due to be announced soon.
For the nine months ended March 31, 2014, GuocoLand posted a net profit of RM40.9 million on revenue of RM178.6 million, which had fallen 5.2% from the previous corresponding period, when the group benefited from a sale of land in Cheras amounting to RM68.6 million.
GuocoLand has a current land bank of 10,000 acres located within the central region of the Klang Valley and in Jasin, Melaka.
Tan said prospects for the group look bright. “Next year is definitely exciting as the Damansara City project will be completed and with a lot of components being sold, we should see a substantial regular, recurring income base. It may not be realised immediately, but [next year] will be the turning point.
“At the same time, our other residential projects are very promising. All in all, I am optimistic about the company’s prospects,” he said.
Earlier the group completed its topping-out ceremony for DC Residency, which features two 28-storey blocks comprising 370 serviced apartments with prices starting from RM1,600 per sq ft. It is part of the RM2.5 billion Damansara City integrated development in Damansara Heights, which is slated for completion by mid-2016.
“The entire Damansara City project will be completed well ahead of the Sungai Buloh-Jalan Semantan mass rapid transit (MRT) line, which is expected to be operational before the end of 2016,” said Tan.
The 8.5-acre development will have a MRT station nearby. Apart from DC Residency, Damansara City features two office towers, a shopping mall and a five-star hotel, which will be managed by Clermont Kuala Lumpur — also part of the Hong Leong Group.
This article first appeared in The Edge Financial Daily, on July 21, 2014.
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