PETALING JAYA (Feb 25): OSK Property plans to launch some RM1 billion worth of properties across Pahang, Penang and Kedah this year, chief executive officer Ong Ghee Bin said.

Ong said OSK Property, the enlarged property arm of OSK Holdings Bhd, planned to launch the Timur Bay project in Kuantan, Pahang, besides serviced apartments in Butterworth, Penang. The launches included new phases for its Bandar Puteri Jaya township in Sungai Petani, Kedah.

“We plan to launch about RM1 billion in GDV (gross development value) this year, which will comprise three projects. One of which is Timur Bay in Kuantan, and another will be in Harbour Place, Butterworth, where we’ll be launching Luminari, our service apartments. We will also launch new phases for our Bandar Puteri Jaya township.

“This year is going to be a very challenging time for the property market. My aim for the group is to continue our journey in the integrated property development sector. We are quite well-positioned due to our retail and hospitality teams. But of course, we will not be too aggressive this year,” he said.

Ong was speaking at a media briefing on the expanded OSK Property, which was formed following the merger of OSK Property Holdings Bhd and the real estate arm of PJ Development Holdings Bhd.

The merger was a result of OSK Holdings' take-over offers for OSK Property Holdings and PJ Development.

Ong said Malaysia would still be OSK Property's main focus. He however said it was still keeping its options open for opportunities in other countries.

OSK Property's planned development in Australia is being closely watched. Ong said the two hectares (five acres) integrated development in Melbourne was still in the design stage.

“The project will be an integrated development comprising apartments, hotel, offices and retail. At the moment, it is still in the design stage, so we will share the details with you another time,” he said, adding that the first phase will be launched by the end of the year.