By Sharen Kaur
sharen@mediaprima.com.my
Published in NST on April 30, 2013
I&P Group Sdn Bhd is hoping that its strategy of building luxury residential towers will lead to better results for the company.
Its group managing director Datuk Jamaludin Osman said its first project, which is worth RM800 million, will be launched in Bandar Kinrara, Puchong, Selangor, this year.
I&P, a wholly-owned unit of Permodalan Nasional Bhd, has 13 ongoing township projects and around 2,000ha landbank in the Klang Valley and Johor Baru.
These include Bandar Baru Sri Petaling, TemasyaGlenmarie, Bandar Kinrara, Alam Impian and Alam Damai in the Klang Valley, and Taman Industri Jaya, Taman Rinting and Taman Perling in Johor.
The residential component in these townships have always focused on landed properties and affordable apartments.
For the new project in Bandar Kinrara, Jamaludin said it will comprise five serviced apartment blocks totalling 1,200 units.
Speaking to Business Times in an interview recently, he said the company will be launching the first block, featuring 236 serviced apartments, within the next two months.
Each unit ranges from 642 square feett to 1,600 sq ft and will be priced at about RM650 per sq ft.
"This will be our first time embarking on high-rise luxury residential property projects. We are doing this to enhance the land value. We need better returns for a company that is growing," he said.
Jamaludin said besides Bandar Kinrara, the company will also be launching luxury serviced apartments in Bandar Baru Sri Petaling and Alam Damai.
I&P was formed in 2009 after the rationalisation exercise of three companies, namely Island & Peninsular Sdn Bhd, Petaling Garden Sdn Bhd and Pelangi Sdn Bhd.
For its fiscal year 2009, the company posted earnings of RM142.51 million on the back of RM1.07 billion revenue, translating into a profit margin of 13.28 per cent.
Last year, its revenue was around RM1.1 billion.
The company is expected to maintain that performance in the current year, Jamaludin said.
sharen@mediaprima.com.my
Published in NST on April 30, 2013
 |
Its group managing director Datuk Jamaludin Osman said its first project, which is worth RM800 million, will be launched in Bandar Kinrara, Puchong, Selangor, this year.
I&P, a wholly-owned unit of Permodalan Nasional Bhd, has 13 ongoing township projects and around 2,000ha landbank in the Klang Valley and Johor Baru.
These include Bandar Baru Sri Petaling, TemasyaGlenmarie, Bandar Kinrara, Alam Impian and Alam Damai in the Klang Valley, and Taman Industri Jaya, Taman Rinting and Taman Perling in Johor.
 |
For the new project in Bandar Kinrara, Jamaludin said it will comprise five serviced apartment blocks totalling 1,200 units.
Speaking to Business Times in an interview recently, he said the company will be launching the first block, featuring 236 serviced apartments, within the next two months.
Each unit ranges from 642 square feett to 1,600 sq ft and will be priced at about RM650 per sq ft.
"This will be our first time embarking on high-rise luxury residential property projects. We are doing this to enhance the land value. We need better returns for a company that is growing," he said.
Jamaludin said besides Bandar Kinrara, the company will also be launching luxury serviced apartments in Bandar Baru Sri Petaling and Alam Damai.
I&P was formed in 2009 after the rationalisation exercise of three companies, namely Island & Peninsular Sdn Bhd, Petaling Garden Sdn Bhd and Pelangi Sdn Bhd.
For its fiscal year 2009, the company posted earnings of RM142.51 million on the back of RM1.07 billion revenue, translating into a profit margin of 13.28 per cent.
Last year, its revenue was around RM1.1 billion.
The company is expected to maintain that performance in the current year, Jamaludin said.
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