Saturday July 28, 2012
Crescendo to launch Johor township with GDV of RM3bil
By CHOONG EN HAN
PETALING JAYA: Crescendo Corp Bhd is preparing to launch its Bandar Cemerlang township, a development spanning 1,390 acres in Johor.
The project will have a gross development value (GDV) of RM3bil over 10 to 15 years.
“We will start with some medium-cost houses in phase one and these will have a GDV of about RM150mil.
“The township is strategically located near Ulu Tiram town and can be accessed via Johor Baru-Kota Tinggi Highway,” said managing director Gooi Seong Lim after the company's AGM.
Crescendo is also enjoying good demand for its Nusa Cemerlang Industrial Park (NCIP) in view of Singapore government's strategy to relocate some of its medium and small industries to Johor.
“We have developed 30% of our NCIP land bank and hope to develop about 50% in the next couple of years,” he said.
Gooi added that the company might convert some of the land into business park that would entail developments with higher value.
He said Johor had enjoyed fairly steady demand as property prices were still quite reasonable compared with Kuala Lumpur and Penang, and much cheaper compared with Singapore.
“Eventually, developments in Johor will speed up as more industrialisation takes place, coupled with Singapore's relocation strategy,” he said.
Currently, Crescendo has about 2,900 acres of land bank in Johor, of which 1,674 acres are in Iskandar Malaysia.
“Most of our land bank have been converted for development but we have no plans yet and, of course, if we receive good proposals for joint ventures, we will always look at it,” he said.