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PETALING JAYA (Jan 21): UDA Holdings Bhd may launch at least five residential projects targeting young urban income earners this year.

Company president and CEO Mohd Salem Kailany said UDA Holdings is planning around 1,000 residential units in Kuantan, Kuala Terengganu, Penang, Johor Bahru and Kuala Lumpur.

“The most exciting project will be the 38 Bangsar development which will be launched in the middle of this year,” he told EdgeProp.my during a Chinese New Year visit to The Edge Media Group’s office today. Also present were UDA Holdings COO Noor Azmi Salleh and CFO Zahrin Zakaria.

38 Bangsar is a leasehold serviced residence targeting city dwellers who are looking for properties close to Kuala Lumpur city centre. The development is around 350m away from the Bangsar LRT station.

Salem noted that there are many young income earners who worked in the city centre who are either staying with their parents outside the city centre or renting a house or a room close to their work places.

“This is the market we are targeting. The rental in the city centre is in fact quite expensive. One may need to pay RM1,000 to RM1,500 for accommodation monthly. Instead of renting, it’s better to purchase a starter home in the city area that they could afford,” he said.

However, the price and built-ups of the project’s units will only be unveiled closer to the launch.

Aside from 38 Bangsar, the company will also introduce a RumahWip affordable housing scheme near Jalan Jubli priced below RM300,000, also targeting young working adults.

UDA Holdings will also launch new landed homes in Kuantan, Pahang, Kuala Terengganu and Johor Bahru.

“We still see strong demand from genuine buyers looking for properties with affordable pricing and with features that meet their requirements. For instance, in Kuantan, we will roll out a semidee project selling around RM600,000 per unit aimed at families who are looking for affordable but spacious homes,” he added.

On the property market slowdown, Salem said a developer will need to study the market carefully and offer the right product to meet market demand.

“A thorough market study will be done before we roll out any development. There will always be opportunities and compelling reasons to buy a property, we [developer] will need to find out what they are,” he said.

News Source: EdgeProp.my, 21st January 2020.

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