FIVE-YEAR SPAN: The Rafflesia, with a RM1.4b price tag, will be company's flagship project
MK Land Holdings Bhd expects to launch some RM7 billion worth of property projects over the next five years, a key executive said yesterday.
Group chief executive officer Lau Shun Chuan said most of the projects are in Damansara Perdana and Damansara Damai in Selangor, and Meru Perdana in Ipoh.
The showcase luxury project for the MK Land group, Tan Sri Mustapha Kamal Abu Bakar's public-listed vehicle, will be The Rafflesia, a high-end housing-themed development with a RM1.4 billion price tag.
Lau said The Rafflesia, which comprises Rafflesia@Park, Rafflesia@Hill and Rafflesia@Peak, is MK Land's flagship project and the first gated and guarded residential development in Damansara Perdana.
Rafflesia@Park, comprising 208 semi-detached houses worth RM450 million, was launched in phases over the past five years.
The units, each with built-up area of more than 3,000 square feet, were sold for between RM1.3 million and RM2.5 million.
MK Land is offering the remaining 11 units of the four-storey semi-dees, priced between RM3 million and RM4 million, for sales this weekend.
He added that Rafflesia@Hill, which consists of 160 units of semi-dees worth RM350 million, will be launched in stages this month, while Rafflesia@Peak sale will start next year.
Lau said buyers will stand a chance to take home the latest Mercedes A Class-A 200.
"We are launching properties in all price range to cater to all buyers. Buying property is always about planning ahead," he said at a media briefing on Rafflesia@ Park yesterday.
"We are confident of selling all the units in the current quarter, but it will depend on the speed of end-financing. The units, with built-in alarm systems and rainwater harvesting tanks, will be ready by year-end.
"We expect more cooling measures, such as stamp duties and real property gains tax increase, in the upcoming 2014 Budget. But let's not be frightened by all these things. In Malaysia, there is no property bubble," Lau said.