DRB-Hicom to start work on RM8b project
PETALING JAYA: DRB-Hicom Bhd plans to develop the main infrastructure and showhouses at its RM8bil Glenmarie Heights project in Johor by mid-2012.
“We have submitted our plans for the development and have segmented the development into five phases, each phase will be between 300 to 500 acres,” DRB-Hicom group managing director Datuk Seri Mohd Khamil Jamil said at a media retreat recently.
“This is a huge piece of land, and my biggest concern is how do I bring content to the development. I want to build homes, and not just houses for people,” he said.
According to Khamil, the area offered tremendous potential, as the surrounding Mount Austin is already well developed, and it is also located within the Economic Zone E Senai- Skudai of Iskandar Malaysia.
The group has also revised the original plan for the parcels of land to cater to the current needs of society.
“We will start to develop the first 200 acres as the introduction phase, and it will start from the southwestern tip of the land,” he said.
Khamil also said that owing to the size of the development, DRB-Hicom was open to partnerships and joint ventures with reputable developers.
“Property developers are welcome to join us to develop this parcel of land as 1,500 acres is huge, and I would like to optimise my returns and look at the opportunities available,” he said.
The first and second phases of the project Phase 1C1A consisting 131 units of double-storey terrace house and Phase 1C1B consisting 84 units of cluster homes are scheduled to be launched in September 2013.
With 1,516 acres of total development area, consisting of various township components, the project is estimated to have a gross development value of RM8bil over 10 years.
The group has obtained the approvals from the Johor Baru City Council and will be developing the project via its subsidiary Glenmarie Properties Sdn Bhd.
Back in 2008, DRB-Hicom bought the parcels of land from Benua Kurnia Sdn Bhd and Neraca Prisma Sdn Bhd for RM722.4mil.
The group financed the purchase by disposing of five pieces of plantation land for RM341.4mil to the vendors and obtained a bank guarantee facility of RM238.9mil to satisfy the purchase. The balance RM141.7mil was paid in cash.