UDA Holdings Bhd targets to buy more land in Kampong Bharu in view of its plans to redevelop the place into a high-growth commercial and residential area, reported New Straits Times Online.
According to managing director Ahmad Abu Bakar, Kampong Bharu has an 81ha landbank that is earmarked for future redevelopment.
“UDA has acquired 1.2ha in Kampong Bharu and we are confident of acquiring more land with assistance from the government,” he said.
Notably, Kampong Bharu’s redevelopment is a 20-year project under the Kampong Bharu Detailed Development Master Plan 2020.
Set to be completed by 2035, the redevelopment will accommodate 17,500 residential units and 77,000 people.
It was reported earlier this year that 88 percent of the landowners have already agreed to sell their land for redevelopment. These owners represented 3,256 of the 3,700 of those who gave their feedback on the master plan.
Meanwhile, executive director Raja Azmi Raja Nazuddin revealed that UDA eyes to review upwards its property prices due to increases in the prices of materials following the weakening of the ringgit.
“At the moment, property prices still remain competitive. We may have to increase the prices to cover higher operating costs,” he said at U4RIA, which is UDA’s property carnival.
To end on 31 December, U4RIA offers a vast array of properties for businesses and families, with incentives offered to buyers including the easy ownership scheme.
Image: Sourced from nst.com.my
SOURCE: PROPERTYGURU MALAYSIA
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org