Affordable housing developer optimistic of southern state
Hua Yang Berhad (Hua Yang), an affordable housing developer with a long-standing presence in Johor Bahru, had unveiled its latest development in Johor.
The development, which comprises 64 units of cluster homes and two units of link bungalows has an estimated Gross Development Value (GDV) of RM41.72 million and sits on 3.99-acres of freehold land. This project (Parcel One) is part of Oval which makes up Phase One of Elemence, the Group’s new eight phase mixed development in Taman Denai Alam, Johor Bahru. In total, Elemence takes up 73.16 acres of freehold land with an estimated GDV of RM375 million.
Speaking at the media preview, Hua Yang’s Johor Branch Manager, Casey Wong said, “Our presence in Johor Bahru dates back to 1993. Today, this southern state is the largest contributor to the Group’s total revenue, with a 35% contribution as at Q1FY2018. Clearly, Johor is an important market for us and this project is in line with our objective to expand our operations in the southern region.”
The cluster homes in Oval are sized 2,170 sqft and priced RM680,000 while the link bungalows are 2,569 sqft in size with a price of RM905,962. Oval is expected to be completed by end of 2019. In addition to cluster homes and link bungalows, Elemence will comprise of shop offices, semi-detached houses and homes under the Johor Affordable Housing scheme, when the development completes in five to six years.
Oval is accessible via Jalan Kota Masai 1 and Jalan Canggung and is within driving distance to Pasir Gudang Port, Tanjung Langsat Port and the Johor Bahru City Center. The development is also in close proximity to supermarkets, hospitals, educational institutions, banks and restaurants.
The Group currently has a total undeveloped land bank of 468 acres with a potential GDV of RM4.5 billion.