IJM Land set for multiple launches in September

PETALING JAYA: IJM Land Bhd, the property development arm of IJM Corp Bhd, will be having several launches in September at its Bandar Rimbayu township located at the south of Kota Kemuning.

The developer will be launching Blossom Square which comprises 88 shop units and is located next to the 48-shop unit Blossom Drive in Bandar Rimbayu, said its managing director Edward Chong.

“In Bandar Rimbayu, we have launched six residential phases to date. [For commercial units] we started with the shops in Blossom Drive which were launched in September 2015. They have been fully sold.

“We are going to sell the shop units in Blossom Square next. These shop units will cater to the commercial needs of the community,” Chong told TheEdgeProperty.com.

The gross development value (GDV) of Blossom Square is about RM200 million and it is expected to be completed between the first and second quarter of 2017.

“The land area of each unit will be 25ft by 75ft and prices will start from RM1.6 million. The registration for Blossom Square is quite strong,” he added.

“There will be two types of buyers for these shop lots — investors and business owners. In a new township, homebuyers will certainly be refurbishing their homes. Hence, you will see many household equipment suppliers emerge whenever a new township is being developed,” he said.

Also to be launched in Bandar Rimbayu come September is the last phase of Penduline.

The 54.95-acre Penduline will have a total of 625 units of 2-storey terraced houses upon completion.

“In total, we have launched three phases. This last phase will offer 155 units with land area of 20ft by 70ft and prices starting from RM700,000,” he said.

“The last three phases that we have launched have seen over 90% take-up,” he added.

Also up for launch in September are the Danau Perintis affordable apartments in Shah Alam 2. Chong said it will be launched between September and October.

The 5.5-acre Danau Perintis will have 252 units of 3-bedroom apartments with a built-up size of 889 sq ft and priced at RM300,000. The total GDV is about RM90 million, he said, adding that Danau Perintis is equipped with a comprehensive range of facilities including a swimming pool, gymnasium and children daycare centre.

Chong said IJM Land is looking to launch a new phase, known as Phase 10, in Bandar Rimbayu next year. It will offer 346 units of 2-storey terraced houses with a total GDV of about RM190 million.

“This new phase with unit sizes of 20ft by 60ft and 20ft by 65ft will be more affordable as we are targeting to launch at prices starting from RM600,000,” he said. This new phase is targeted at young buyers who are looking to start their own family.

Chong noted that affordable housing is indeed the new marketing trend among property developers.

“But then, what is affordable housing? Because affordability varies with location.

“Affordability is a key concern but as a developer, you’ll have to be able to offer the right product suitable for the right group of consumers. Everything is relative so it really depends on which segment of consumers you serve.

“In a township, you have home owners with different budgets and we have to cater to the different groups by having a variety of choices for them. Over time, there will be future phases where we will be developing semi-dees because our current home owners will have better salaries by then and they will be looking to upgrade their homes,” he said.

This story first appeared in TheEdgeProperty.com pullout on Aug 19, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.