IOI Properties Targets RM2.5-RM3.0 Billion Sales From New Projects

PUTRAJAYA, Jan 8 - IOI Properties Group Bhd is targeting sales of between RM2.5 billion and RM3 billion from new projects to be launched this year.

Its Chief Executive Officer Lee Yeow Seng said the demand is expected to boost further, particularly in the affordable housing segment, despite the new rule regarding property ownership introduced by Bank Negara Malaysia recently.

"The new rule was introduced to curb property buying speculation so that there are only genuine buyers who will invest in our property market," he told a media briefing here Wednesday.

Currently, IOI Properties' land bank stands at more than 4,046 hectares in Malaysia, Singapore and China.

For the next three years, he said, the company has set up an estimated investment of RM10 billion for development in Malaysia, S$3 billion in Singapore and RMB5 billion in China.

"The total capital expenditure (capex) for the domestic market this year stands at RM800 million, to be used for the development of IOI City, while for Singapore, it is estimated at S$1.8 billion.

"Meanwhile, for China, the capex for this year is estimated at RMB500 million, for the second phase of our IOI Park Bay, Xiamen, which will be internally generated via the full take-up of the shoplots there," he said.

BERNAMA