CONSTRUCTION and property company Gadang Holdings Bhd is targeting to develop properties with a sales value of RM300mil by next year.

Its executive director Ling Hock Hing said Gadang, which is now developing 288 units of medium-cost apartment and 256 shop houses, was looking at teaming with owners of land in prime locations to develop 2 more projects over the next 12 months.

On Saturday Gadang launched Mandy Villa, which comes in two blocks (11 and 12 storeys high), in Kuala Lumpur. It is sited in a rapidly growing area of the Damansara Cor- ridor. The apartments are sold at between RM152, 888 and RM175, 500 a unit while commercial units cost between RM160 and RM350 per sq ft.

The company is expected to kick off its Mandy project in July and it is due for completion in two years.

Ling said that property development contributed about 20% to Gadang's total revenue.

On the take-up rate for its Mandy project, he said, the company had to date sold 50 units of the apartments despite the soft property market.

Earlier, in his speech, Gadang chief executive officer Datuk Kok Onn said the Mandy Villa would be a new landmark in Segambut.

Kok said the proposed upgrading of the Segambut main road and other planned roads would provide much easier access to the project via more than six major highways.

Source : The Star 26/5/2003