KUALA LUMPUR (Dec 11): Damansara Realty Bhd (DBhd) and its Johor-based partner have launched its latest commercial development in Tampoi, Johor Bahru, Business Boulevard @ Central Park.

In a statement today, DBhd said its subsidiary DAC Land Sdn Bhd and its partner Active Estates Sdn Bhd launched the project worth an estimated gross development value of more than RM150 million.

It said Business Boulevard @ Central Park is the third instalment of Aliff Square and will comprise 68 units of freehold commercial shop-office lots to be developed in four phases over the next five years.

DBhd said the 6.9-acre development will cater to the existing waiting list of interested buyers following the success of its Aliff Square 1 & 2 developed in the same area.

DBhd group managing director Ts. Brian Iskandar Zulkarim said that leveraging Taman Damansara Aliff's strategic location and excellent connectivity, the developer expects Business Boulevard @ Central Park to build on the success of Aliff Square 1 and 2.

"Seeing the high demand from our registered list of interested buyers for such units in the area, we are optimistic with the allure of this development to the potential business owners and investors," he said.

He said this strategic alliance is part of DBhd's expansion strategy.

In October 2019, DBhd and its joint venture partner Country Garden launched Phase Three of their joint development project Central Park at Persiaran Aliff Harmoni Utama, Johor Bahru.

Phase Three Central Park will spread over 14.7 acres of land, comprising 216 double-storey terrace units.

DBhd added that its joint development project with Menteri Besar Negeri Sembilan Inc, for a 50-acre commercial land in Sendayan, is expected to start sometime in the first quarter of 2020.

Brian said strategic alliances have always been a key enabler to DBhd's growth and part of its long-term strategy.

"By combining strength and capabilities with established partners such as Active Estates, we are able to operate more efficiently with minimal capital expenditure, producing better quality earnings and pushing DBhd closer to our 2019 financial goals," he said.

At the midday break, DBhd shares settled flat at 42.5 sen, for a market capitalisation of RM135.31 million.