JOHOR Land Bhd (JLand) sees the presence of other property developers around Ulu Tiram district as a good sign of the long-term prospects for property development activities in the area.

Its chairman Mohd Talhar Abdul Rahman said several KLSE-listed property companies and independent developers had acquired land in the area approved for housing schemes.

He said Ulu Tiram, about 30km from Johor Baru, would be the next growth area after Skudai in the south-west of Johor Baru which was now enjoying a property boom.

Talhar said the influx of other housing developers and their upcoming projects in the Ulu Tiram district within the next few years was a testimony to the area's growth potential.

''JLand, which is among the pioneer property developers in the district, stands a better chance of attracting potential buyers as we know their preferences,'' he said after the company AGM yesterday.

Talhar said the soon-to-start RM800mil Senai-Desaru Highway project that cut through Ulu Tiram and Pasir Gudang would further boost the property value and create greater demand for houses in the area.

With a significant land bank in excess of 2,000 acres in Ulu Tiram and Pasir Gudang, JLand was well placed to capitalise on its track record and reliability over the long-term, he said.

Talhar said the company's ongoing housing estates of Taman Bukit Tiram in Ulu Tiram and Taman Bukit Dahlia in Pasir Gudang would keep the company busy until 2007.

He said the company had also introduced a cash reward programme for buyers of its Carnation 1½-storey house at Taman Bukit Tiram, priced from RM151,800 to RM233,960.

Under the single-premium insurance scheme, the company would pay 6% of the house price to the insurance company as premium on behalf of house owners.

Upon maturity of the policy in about 35 years, buyers would actually get 100% on their house payments, he said, adding that the scheme would be extended to other projects under the company.

For the financial year ended Dec 31, 2002, the company's turnover improved by 56% to RM62.403mil against RM40.019mil in 2001, while pre-tax profit increased to RM17.355mil from RM9.656mil.

Source: The Star