I&P to launch Alam Sari township

I&P to launch Alam Sari township
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KUALA LUMPUR: Island & Peninsular Bhd (I&P) plans to launch a new township, Alam Sari, in Bangi with a gross development value (GDV) of RM861mil by year-end.

Group managing director Datuk Jamaludin Osman said the township would house a total 3,562 mixed development units on a 173ha site.

“Alam Sari is expected to be completed in 15 years,” he said after the group AGM yesterday. The AGM was its last as a public listed company.

Jamaludin said the group had a land bank of 5,988ha, located mainly in Selangor and Negri Sembilan.

The ongoing development within the group is expected to contribute to a total GDV of RM7.4bil. The developments are in Bandar Kinrara, Alam Impian, Seri Beringin, Alam Sutera and Bayuemas, he said.

He said the group had allocated about RM4mil to expand its golf course as well as refurbish and add 20 new rooms from 73 currently at Seri Morib Hotel.

“We're taking over the existing nine-hole golf course of Seri Morib and adding nine holes for which preliminary works have started.

“We will add more rooms by putting up chalets as part of our effort to offer our customers and tourists more options,” he said.

Jamaludin said the group expected to rake in RM23mil in rental income this year.

He said the group would continue to lease its properties, as this would offer a better hedge in case of an economic downturn.

Asked if I&P would go for real estate investment trust in future, he said: “Not for the time being”.

I&P posted a higher pre-tax profit of RM173.4mil for the financial year ended Jan 31 from RM159.9mil in the previous year.

Revenue rose to RM738.2mil from RM574.1mil. – Bernama