Business July 12, 2006 15:41 PM
Ireka Land Expects To Carry Out Projects Worth RM1 Bln E-mail this news to a friend  Printable version of this news  

KUALA LUMPUR, July 12 (Bernama) -- Ireka Land Sdn Bhd expects to carry out projects worth over RM1 billion in gross development value (GDV) over the next four to five years, its chief executive officer, Lai Voon Hon said Wednesday.

He said although the company's land bank size (yet to be developed) was considered small, their locations were in prime areas, including four hectares in Mont Kiara here, another 20 acres in Kota Kinabalu and in Sandakan.

"We are continuously looking for additional land banks both local and overseas," he told reporters at the launch of the company's latest condominium project, Tiffani by i-Zen, here, today.

Ireka Land is in talks with overseas partners for high-end residential and commercial joint-ventures particularly in India and Vietnam.

"We also continue to have high regards for the China market. However, there is no rush to go into China as it offers vast opportunities," Lai said.

As for the company's latest offering, Tiffani by i-Zen, it is being jointly developed with Singapore-based CapitaLand Financial Limited.

It offers a total of 399 condominium units and has already registered close to 50 percent in pre-launch sales.

CapitaLand Financial is a subsidiary of CapitaLand Limited, which is one of the biggest listed property companies in Asia.

"We hope the units would be fully taken up before its completion which is expected to be in middle of 2009. We are confident due to the location and the partnership," said Lai.

Tiffani by i-Zen, which is expected to rake up sales of up to 70 percent in three to four months time, has a GDV of RM350 million, and has a mix of local and foreign clientele.

The units range in sizes from 815 sq ft to 8,011 sq ft, and are priced from RM390,000 to RM4.6 million.

Managed in association with Ascott International, the property offers concierge services at each lobby, optional housekeeping, 24-hour state-of-the-art security and other facilities and amenities.

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