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KUALA LUMPUR: Land & General Bhd (L&G), the developer of Bandar Sri Damansara, plans to undertake a major 40-odd acre condominium development with an estimated gross development value (GDV) of RM1 billion in the township next year, said managing director Low Gay Teck on Oct 21.
Low said the developer hopes to receive approval for its plans from the local council by year-end and expects to launch the project by next year.
“We have in Sri Damansara some 45 acres of undeveloped landbank. After the condo development, there would still be some pockets of land left which we have no plans for yet,” Low told reporters at the groundbreaking ceremony for L&G’s recently launched mixed commercial project 8trium@Sri Damansara.
The 8trium comprises a 100,000 sq ft retail podium and 260 units of office suites in two towers with an estimated gross development value of RM160 million. It is slated for completion by 1Q2012. 8trium is the first mixed development in Bandar Sri Damansara.
Tower 2 is 90% sold since its launch in July while Tower 1 has seen a 30% take-up during its recent launch.
“I believe, based on the current response, we should be able to achieve 90% sales at both towers by the middle of next year,” Low said.
The company is also eyeing land for more commercial and residential developments in the Klang Valley.
Asked about his wish list for Budget 2010, Low is hoping for a reduced stamp duty.
“I think our stamp duty is very high compared with neighboring countries. Reducing the stamp duty for certain categories of property such as property below RM250,000 would be ideal,” he said.
Low at the groundbreaking ceremony for L&G’s recently launched mixed commercial
project 8trium@Sri Damansara
