KUALA LUMPUR (Oct 25): Affordable housing developer Hua Yang Bhd has launched its latest development in Johor Bahru.

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.

In a statement Oct 24, Hua Yang said 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.

It said that in total, Elemence takes up 73.16 acres of freehold land with an estimated GDV of RM375 million.

Hua Yang's Johor branch manager Casey Wong said the group's presence in Johor Bahru dated back to 1993.

Wong said that currently, Johor was the largest contributor to the group's total revenue, with 35% contribution as at 1QFY18.

"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.

"Elemence as a whole is strategically located within Iskandar Malaysia's eastern corridor, and therefore, we expect Oval to be well-received by Johoreans more so as the demand for affordable homes in this area is on the rise," said Wong.

Wong added that the cluster homes in Oval are sized 2,170 square feet (sq ft) and priced RM680,000, while the link bungalows are 2,569 sq ft in size with a price of RM905,962.

Wong said Oval is expected to be completed by end of 2019. In addition to cluster homes and link bungalows, Elemence will comprise shop offices, semi-detached houses and homes under the Johor Affordable Housing scheme when the development is completed 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.

Hua Yang currently has a total undeveloped land bank of 468 acres with a potential GDV of RM4.5 billion.