TPPT Sdn Bhd, initially set up by Bank Negara to take over and manage housing projects abandoned during the 1980s recession, expects its latest joint-venture project, Taman Pasir Permata near Old Klang Road in Kuala Lumpur, to help strengthen its position as a prominent property developer and a manager of several government housing funds.
''We are targeting RM81mil in sales from the new project with joint-venture partner and land owner Kuala Lumpur City Hall (DBKL),'' said TPPT managing director Hidzir Yahya.
He told reporters in Kuala Lumpur yesterday that the 12-acre project which would be developed in three phases was slated for completion by next year.
In total, TPPT will be developing 390 low-cost Delima apartments, 292 low medium-cost Mutiara apartments, 292 medium-cost Zamrud apartments and six shop lots.
''We are confident of the success of the new project as the property units will be affordable, with prices ranging from RM42,000 to RM160,000 per unit for the apartments and between RM110,000 and RM150,000 per unit for the shop lots,'' Hidzir said.
''Besides the affordable price range, Taman Pasir Permata is also less than five minutes' drive to the city centre and the Kuala Lumpur Sentral station.''
Among the facilities are shops and a swimming pool for the apartment units, coupled with a 24-hour security guard service.
Apart from Taman Pasir Permata, Hidzir said TPPT also had several property projects in the pipeline for this year but ''it is still too preliminary to make any announcement.''
At present, TPPT has land bank close to 2,000 acres nationwide, located primarily in the Klang Valley, Penang, Johor Baru and Kota Kinabalu.
It also manages four housing related funds for the government, namely the low-cost housing fund (TPPKR), the abandoned housing project fund (TPPT), the hardcore poor housing fund (YPUT) and the PROSPER scheme to boost bumiputra participation in the retail sector.
Hidzir said the company had in 1995 fully completed its TPPT or abandoned housing project involving 18,585 units with total development cost of RM331.3mil nationwide.
''We plan to further promote TPPKR which also includes Taman Pasir Permata. To date we have completed nine TPPKR projects in Selangor, Penang, Johor and Sabah worth RM756mil,'' he added.
Source : The Star 7/2/2003
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