KUALA LUMPUR: OCR Group Bhd targets to launch its largest-ever property development in Shah Alam with a gross development value (GDV) of at least RM750mil in end-2021.
The boutique integrated property developer OCR Group said on Monday the 26.9-acre Shah Alam project will consist of 2,892 affordable housing units along with retail spaces and it will be built in phases. The entire project is expected to be completed by 2026.
Managing director Billy Ong Kah Hoe said the project showcases its expanded capabilities and increasing prowess in the property development scene.
“This single-largest undertaking denotes the huge potential we see in Shah Alam as it has a unique blend of old-school charm and thriving modernity in commercial, financial and recreational aspects.
“There is still much room for Shah Alam to grow with its already-large population continuing to expand, hence we are confident this project would enjoy a strong take-up rate,” he said.
OCR Group said the development is in the self-sustaining city of Shah Alam which has seen its population rapidly growing to over 650,000.
The Shah Alam project will be easily accessible via the Guthrie Corridor Expressway (GCE) and the New Klang Valley Expressway. The Damansara-Shah Alam Elevated Expressway (DASH), which will soon be completed, will enhance accessibility to the project.
Ong said the Shah Alam project, under its “Essential Living” series, will be sold at attractive prices and caters to the existing population and new joiners to Shah Alam. The development is 25 minutes away from Kuala Lumpur City Centre.
“Coupled with our upcoming RM105.90mil GDV project along Jalan Alor in the Kuala Lumpur City Centre, OCR’s future launches in the next two years are boosted to RM1.6bil,” he said.
OCR Group also aims to launch its urban living project along Jalan Alor in 2022. The 0.33-acre development comprises a 10-storey small office home office (SOHO) development comprising 120 units of SOHO and 8 retail lots, and is slated for completion in 2025.
OCR Group proposed to acquire 80% equity interest in Stack Builder and 100% in Wonderland Projects from Ong, who is the managing director and substantial shareholder, along with various other owners of the companies for RM62.4mil cash consideration.
The payment will be via issuance of 328.5 million OCR shares, with no direct cash payout by the group.
Stack Builder owns the land at Shah Alam and Wonderland Projects the Jalan Alor property. Upon completion of the equity acquisitions, OCR will remain as the controlling developer of the developments.