KUALA LUMPUR: Oilcorp Bhd, an integrated holding company, aims to launch three new property development projects with a gross development value (GDV) of about RM1.2bil over the next four to five years.
Executive director Pua Yow Liang said yesterday the projects were at KL Sentral, Genting and Pulau Indah.
He said for the project in KL Sentral, the company had teamed up with Amanah Raya Development Sdn Bhd, a subsidiary of Amanah Raya Bhd, to jointly develop a 35-storey office tower and a 33-storey hotel block called D'Tiara Office and Hotel Suites with a GDV of RM330mil.
The corporate office building was being completely underwritten by Amanah Raya, which meant Amanah Raya was the guaranteed purchaser for the office block.
Pua was speaking to reporters after the signing ceremony between Oilcorp and Amanah Raya for the joint development and underwriting of D'Tiara Office & Hotel Suites.
From left: Amanah Raya group MD Datuk Ahmad Rodzi Pawanteh, Amanah Raya chairman Datuk Dusuki Ahmad, Oilcorp chairman Mohamed Taib Mahmood and Oilcorp MD Sunny Ng
He said the suites would be available for sale soon, priced between RM360,000 and RM600,000 per unit.
“For the hotel suites, we will offer an attractive leaseback programme which will guarantee 7% a year returns for five years with an option to renew for another five years,” Pua said.
Construction work will begin next month, with completion expected in late 2010.
The property division has been one of Oilcorp's main divisions since its listing on the Bursa Malaysia main board in 2003 and the division contributed almost 20% to the group's revenue last year.
Oilcorp hopes this contribution will increase gradually with the development of new property projects.
Pua said the company had a 330-acre landbank at Pulau Indah and Genting and had no intention of expanding this at the moment.
“We feel our current landbank is sufficient for us to develop over the next eight to 10 years,” he added. – Bernama
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