The group is also in the midst of acquiring 112 acres in Seksyen U10 Shah Alam, near Bukit Jelutong, and is currently awaiting approval from the authorities. The project, earmarked for landed properties, has an estimated gross development value of RM1 billion.
Despite the challenging outlook for the next 12 months, Low does not foresee any drastic impact on its business.
With unbilled sales of RM369 million, new developments in the pipeline in excess of RM2 billion as well as ongoing projects, he said the group is “comfortable” despite being cautious of the property cycle.
“It is no secret that the market is slightly weaker but it is a very normal cycle that the property industry goes through. When it comes to L&G, for the group, our ongoing projects as well as our existing landbank, it’s all located in very prime areas, very prime and mature residential or near city centre locations. With these prime landbanks within our group, I do not foresee drastic impact on the group,” he said.
He added the group is looking to replenish its landbank especially in the Klang Valley as land prices have become more reasonable and it is in a good position to do so with cash of over RM300 million and asset base close to RM1 billion.
POORDADtold u all d go in....up so much in 2 weeks! :)