Land & General Bhd is starting the redevelopment of the Sri Damansara clubhouse land in Bandar Sri Damansara, according to its managing director Low Gay Teck.
Some 732 apartments will be built on the 5.7-hectare site. The estimated selling price is between RM400,000 to RM700,000, he said.
Low said the project is expected to be launched by the second quarter of 2022.
He is bullish on the take-up rate as the project is located in a mature township.
L&G is the master developer of the 485.82ha Bandar Sri Damansara township, developed since the 1990s.
The two-storey clubhouse with a vast golf driving range was developed by L&G in 1995 and was one of the lifestyle amenities built for residents.
L&G planned to redevelop the site for more than five years to unlock its potential value as the clubhouse sits on a prime piece of commercial land.
Analysts have said previously that the redevelopment of the clubhouse land is set to fetch lucrative returns given its low land cost at RM2.40 per square ft.
The developer has diversified beyond the affluent township into other areas in Klang Valley, where it has about 323.9ha of development land, with a gross development value (GDV) of RM9 billion.
A virtual press conference held after the group's shareholders' meeting yesterday revealed that these large tracts of land in Klang Valley would take around 15 years to develop fully.
L&G has several ongoing projects, namely Astoria Ampang Phase 1 and Sena Parc Phase 1A and Phase 1C.
It plans to launch Phase 2 of Astoria Ampang, comprising 506 serviced apartments and Phase 1D of Sena Parc, featuring 162 double-storey terraced houses between now and March 31, next year.
Low said the GDV for the two phases, combined with Phase 1C of Sena Parc, will be more than RM450 million.
Phase 1C of Sena Parc was launched in May 2021.
Low said that as at August 31, 2021, Astoria Ampang Phase 1 had achieved a 77 per cent take-up rate.
The take-up rate for Sena Parc Phase 1A and Phase 1C is 97 per cent and 13 per cent, he said.
L&G is also developing Damansara Seresta in Bandar Sri Damansara, and the current take-up rate for the ongoing phase is 64 per cent.
"During the lockdown period, there were many potential buyers who were keen to buy but unable to do so. Nonetheless, we saw a recovery in the number of footfall visiting our sales gallery in the past weeks, and that was a promising sign," Low said.