OSK Property plans to launch RM3bil properties in Sungai Petani

Tan: 'We are also planning to launch high and medium-end condominium properties in the future.

GEORGE TOWN: OSK Property Holdings Bhd plans to launch some RM3bil worth of properties in Sungai Petani over the next 10 to 15 years via subsidiary OSK Properties Sdn Bhd.

OSK Properties head Paul Tan told StarBiz that there would be some 5,000 units of landed, high-rise and commercial properties with a gross development value (GDV) of around RM3bil developed on a 405ha site, which is part of the Bandar Puteri Jaya project.

Some 5% of the RM3bil project would comprise commercial properties, Tan said.

“The RM3bil GDV includes a RM300mil shopping mall and 400 units of landed properties with a RM240mil GDV that we plan to launch next year.

“The shopping mall, scheduled for completion in 2016, will have one million sq ft of gross built-up area.

“We are also planning to launch high and medium-end condominium properties in the future.

“The plan is now awaiting approval from the local authorities,” Tan said.

Tan said the company had recently launched the RM100mil RoseVille gated and guarded project in Bandar Puteri Jaya.

It comprises 220 semi-detached and bungalow units priced between RM372,000 and RM525,000. The residents will have access to a recreational clubhouse with comprehensive facilities.

Tan said a special planned feature of RoseVille was the 1km one-km long wide walkway that winds the outer road, providing all residences easy access to the private clubhouse via secondary paths. It is also surrounded by landscaped parks and lakes.

“The response has been very good, as we have already secured registration for 30% of the properties,” Tan said.

The advantage of the RoseVille project is that it is located about 15 minutes from the Sungai Petani town and is an half hour’s drive to Penang, according to Tan.

“It is also 30 minutes to Kulim,” he said.

On the Bandar Puteri Jaya project, Tan said OSK had developed some 7,000 units of residential and commercial properties with an approximate GDV of RM1.2bil since 1999.

The group is now developing some RM2.5bil worth of projects in Selangor, which include luxurious high-rise, villas and commercial schemes such as the Pangaea, Mirage by the Lake, Mirage Residence and Sutera Damansara projects.

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