MK Land to launch 2 projects this year

Property developer, MK Land Holdings Bhd, will launch two projects this year with a combined Gross Development Value of RM600mil, says group chief executive officer Lau Shu Chuan.

"There are still some pending approval pertaining to the projects but once we obtain them, we will launch the projects between April and June," he told reporters at the company's Chinese New Year celebration here today.

The projects comprise serviced-apartments costing RM450,000 onwards in Damansara Damai and apartments in Damansara Perdana, priced above RM600,000 per unit.

He said these areas remained the company's best sought-after places by discerning house purchasers, either to live in or for investment.

"This is because the areas are easy to access, therefore, we hope the project would enjoy good sales and contribute positively to our next quarter," he said.

MK Land recently reported a lower net profit of RM13.22mil for the second quarter ended Dec 31, 2014, attributable to lower revenue from its property development and leisure businesses.

Lau said the company witnessed a slowdown in its product sales even in the second half of last year as consumers had shifted their interest from high-end properties to affordable properties.

Realising this, he said MK Land would balance its product mix in order to survive in the market where 70-80% of sales came from the Klang Valley.

Lau also said MK Land was currently planning other affordable housing projects in Meru Perdana, Klebang Putra and Lembah Beriah (all in Perak), declined to elaborate. - Bernama