,“We remain motivated towards our ongoing development projects such as Bloomsvale at Old Klang Road, Kuala Lumpur," said Kerjaya Prospek executive chairman Datin Toh Siew Chuon.
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KUALA LUMPUR: Kerjaya Prospek Property Bhd will be expanding its land bank as part of its aim to beef up its property development and investment arm.
According to executive chairman Datin Toh Siew Chuon, the company will continue to take every single opportunity to identify and acquire land and expand its development portfolio.
“For instance, the group has acquired a piece of leasehold land measuring about 5.1 acres in Seksyen 13, Petaling Jaya, on June 18, 2021.
“It is estimated that the proposed development would generate a gross development value of about RM650mil,” Toh said in the group’s recently released 2021 annual report.
Moving forward, she said Kerjaya Prospek will be scaling up its property development and investment arm significantly.According to executive chairman Datin Toh Siew Chuon, the company will continue to take every single opportunity to identify and acquire land and expand its development portfolio.
“With such a diversified mix of property assets ranging from residential and commercial development, investment properties and sizeable land bank, we will be well positioned to take advantage of the current soft property market where we are able to acquire high value pockets of lands at reasonable cost.”
Additionally, she said the country’s economy is expected to recover gradually in stages, in tandem with the continuous increase in Covid-19 vaccinations.
“The group anticipates the sector to improve as the government has initiated several incentives to rejuvenate the property market.
“With the various initiatives such as the Home Ownership Campaign (HOC), stamp duty exemption and various measures in place, we are certainly able to gain headway with our ongoing projects as we continue to grow,” she said.
The HOC was initially kicked off in January 2019 to address the overhang problem in the country.
The campaign, which was initially intended for six months, was extended for a full year.
It proved successful, having generated sales totalling RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.
The government reintroduced the HOC in June last year under the Penjana initiative to boost the property market after it was adversely affected by the Covid-19 pandemic.
The campaign has been extended to the end of this year, with property consultants and developers fully supporting the move.