KUALA LUMPUR: Property developer Hua Yang Bhd has set a sales target of RM300 million for the financial year ending March 31, 2011 with One South in Sungai Besi being the key revenue driver.With a gross development value (GDV) of RM750 million, One South represents a large chunk of the RM1 billion worth of projects that the group will roll out this year, said chief operating officer Ho Wen Yan.
“Out of the RM300 million sales, One South will contribute RM100 million,” he said in a media briefing on the group’s biggest project in the Klang Valley Wednesday.
One South is a mixed development project consisting of retail, commercial and residential properties developed over 7.2 hectares of land in Sungai Besi.
It will be developed in five phases and take eight years to complete.
Phase One, valued at RM200 million in GDV, will consist of retail outlets and offices while Phase Two, Three and Four will consist of serviced apartments.
“The final phase will consist of the offices,” Ho said. Works to build 384 units of shop offices began last month and will take 36 months to complete from the sales and purchase agreement date.
“Already, we have received overwhelming interest from prospective buyers. Since our soft launch in February, 30 per cent or about 47 units of the 155 offices offered have been sold,” Ho said.
The company would launch 73 retail lots in July, he added.
The built up area for the office and retail lots is from 479 to 2,100 sq ft, with prices starting from RM350 to RM750 per sq ft.
Ho said the One South development will also offer a total of 1,200 serviced residences with a built up area from 1,000 sq ft onwards and priced from RM250 per sq ft.
In the longer term, he said, Hua Yang aimed to achieve RM500 million to RM600 million in sales annually to enable the group to become the top five developer within five to seven years.
“We will also strengthen our presence in the affordable segment with constant innovation for better products and quality as well as to move into the premium segment in next three to five years,” he said.
Hua Yang’s other projects include the RM45 million Senawang Link, an industrial and commercial development in Seremban; the RM28 million Polo Park, an exclusive residential area in Johor Baharu; and the final phase of Symphony Heights in Selayang.
Symphony Heights, with an overall GDV of RM200 million, will be launched in the third quarter.
Asked whether Hua Yang plans to venture overseas, Ho said: “No, because the Malaysian market is still quite big and there is still a lot of room for us to grow.” — Bernama