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OCR to launch RM268 mln GDV Vertex Kuantan project in 1H20

Last update: 21/10/2019

KUALA LUMPUR, Oct 21 -- Boutique property developer OCR Group Bhd is targeting to launch its second Kuantan project, named Vertex Kuantan, in the first half of 2020.

The RM268 million gross development value (GDV) mixed development will be the tallest development in Kuantan and is planned for completion by the first half of 2023, managing director Billy Ong Kah Hoe said in a statement.

This launch follows the healthy take-up rate of 85 per cent that the company has secured for the current phase of the PRIYA Scheme Kuantan to date, reflecting the strong demand for affordable housing.

The PRIYA Scheme Kuantan is a 50:50 joint venture between OCR’s subsidiary O&C Properties (Kuantan) Sdn Bhd and Yayasan Pahang to develop the 100-acre (40.47-hectare) piece of land in Kuantan.

It is located in Penor, only 15 kilometres from Kuantan town centre, and features recreational and lifestyle amenities such as a football field, various parks and jogging tracks.

The RM166.0 million GDV project comprises 978 units (20’ x 70’) of single-storey terrace houses and 146 units (40’ x 80’) of single-storey semi-detached homes starting from RM137,000.

The project is slated to be completed in the second quarter of 2021.

“Kuantan is evidently one of the most vibrant locations in the East Coast of Peninsular Malaysia, with major investments and industrial developments such as the Malaysia-China Kuantan Industrial Park as well as the upcoming East Coast Rail Link.

“With the rapid urbanisation in Kuantan, we believe that this project not only provides us access into the up-and-coming property hotspot in Kuantan, but also supports the state’s home ownership drive among the masses,” he said, noting it will provide a strong stream of recurring income over the next 15 years.

-- BERNAMA