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| Hua Yang to buy more land [ 05/10/2002 ] |
KLSE main board candidate Hua Yang Bhd is to acquire an additional 106 acres next to its flagship integrated township project Taman Pulai Indah, in Mukim Pulai.
Its chief executive officer Chor Eng Choon said the property-based company was in the final stages of negotiations with the land owner and the deal could be sealed towards the end of this year or early 2003.
Hua Yang would pay between RM3.50 and RM3.70 per sq ft for the land, which Chor said was quite reasonable as the owner was also offering an attractive payment scheme.
“The decision to buy the land is largely attributable to the higher take-up rate for houses in phases one to four of the (Taman Pulai Indah) project after its launch in March last year,” Chor told Star Business.
He said it would take five years to develop the 371-acre township. Upon completion, it would have 5,734 units of mixed properties - 90% making up residential units - and support a projected population of 28,000.
Chor said that with the land acquisition, the township would be enlarged to 477 acres. The additional 106 acres would be reserved for higher-end properties, which would be developed once the township had fully taken shape.
Right now, the company would rather concentrate on building affordable residential and commercial properties, he added.
Chor said the company was not too perturbed that its Johor project was sited along the Pontian Kecil trunk road and 50km from the Johor Baru city centre because location was no longer a factor.
He said today’s buyers did not mind houses being situated away from urban centres as long as these houses were affordably priced, of quality finish, and had reasonable built-up areas.
Chor said the higher take-up rate for phases one to four of the project was testimony that through attractive pricing and innovative design the company had managed to attract house buyers even to Mukim Pulai.
He said the buyers comprised first-time house owners, existing house owners who wanted to upgrade their properties, locals living in the Pulai area and those working in Singapore, and Johor Baru denisens who could not get similar properties in the district of Johor Baru with that kind of price tags.
Chor said that with other on-going housing projects the vicinity of Pulai by several KLSE property-based companies, the area was set to become a thriving community.
For its flotation, the company is making a public issue of 12.871 million RM1 shares at RM1.75 apiece, of which 8 million shares have been placed out.
There is also an offer for sale of 27 million RM1 shares to be allocated by International Trade and Industry Ministry to approved bumiputra investors.
Source : The Star 5/10/2002 |
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