YTL Land Goes Ahead With Projects

YTL Land & Development Bhd, the property arm of YTL Corp Bhd, has no intention of deferring any of its projects despite the current economic downturn.

Executive director Datuk Yeoh Seok Kian says the company’s plans are on track despite the weaker market sentiment.

“We are not isolated from the effects of the current credit crunch but neither are we scaling back or deferring any of our projects.

“In fact, we have gone ahead with both our Malaysian and Singapore property launches with the confidence that residential properties in prime locations or in well-populated catchment areas will continue to enjoy good appreciation and attract investors,” he says.

YTL Land is currently focusing on its Lake Edge development located in Puchong, where it has just launched its latest phase of landed homes. Called Waterville, the development comprises 50 units of 2½-storey semi-detached houses.

Apart from its Waterville homes, which have already secured a 30% take-up rate, YTL Land will also launch its Parkville homes (also in Lake Edge), which comprises a collection of eight bungalows and eight semi-detached homes.

“We are optimistic of achieving the RM120mil GDV (gross development value) target set for both our Waterville and Parkville launches by our financial year end in June 2009,” Yeoh says.

Despite the weaker economic climate, Yeoh says YTL Land would not be revising the prices of its ongoing projects downwards.“We will not devalue any one of our projects, primarily because most of the acquisition of our land-bank has been the result of smart partnerships, resulting in lower upfront investment costs. This gives us room to pace ourselves against market conditions,” he says.

YTL Land is cautiously optimistic about the economic climate ahead.

“Although consumer sentiment has been dampened by the current economic situation, there are many buyers who are still on the lookout for good buys that can provide returns over the long term,’’ Yeoh says, adding that the company is working with banks and other relevant parties to ensure buyers’ needs are taken care of.

Yeoh believes that Malaysia remains an attractive market for foreigners as properties are still very affordable compared to neighbouring countries. The Government’s continued push of the Malaysia Property Inc (MPI) and “Malaysia My 2nd Home” programme has opened up opportunities for the country.

“The abolishment of the Real Property Gains Tax and the limit on the number of residential property loans obtained by foreigners has also added to Malaysia’s appeal as a property haven,” he adds.

Source: The Star