Symphony Life aims for RM2b property sales by 2018 - chairman

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SHAH Alam (Sept 10): Symphony Life Bhd is set to achieve at least RM2 billion in property sales by 2018, according to Executive Chairman Tan Sri Azman Yahya.

Azman said Symphony Life, formerly known as Bolton Bhd, saw good demand for its RM2.5 bilion worth of real estate launches.

"Although the market had seen signs of softening over the past 12 months, we had launched projects with total gross development value (GDV) of RM2.5 billion with excellent take up rates," Azman Yahya told reporters after Symphony Life's annual general meeting here today.

He said Symphony Life was confident that the market would return to a steady pace next year.

Azman said the company was well positioned to capitalise on opportunities in the property market.

"Furthermore, the Bank Negara Malaysia is taking some measures in promoting a stable and sustainable property market.

"With projects having estimated total GDV of almost RM4 billion to be launched within the next five to seven years, we are well poised to take advatage of any upturn in the property market," he said.

Symphony Life's freehold Star Residences, TWY Mont Kiara, Signal Hill, and Shah Alam U10
are among projects in the launch pipeline.

He also said Symphony Life was actively looking to add to its land bank for future development.

On its township development in Sungai Long within Selangor's Kajang district, Azman said the development of the land would not be taking place anytime soon.

He said this was due to the Selangor state government's plan to acquire part of the land for the Langat 2 project and a proposed new highway.

"The amount of land that will be acquired has yet to be finalised. We hope we could get a certainty by end of the year."

According to the company preliminary projection, the 168 ha (420 acre) Sungai Long development may carry a GDV of RM8 billion.