- New developments to bring the Group’s future launches in the next two years to RM1.6 billion
Selangor, Malaysia, 2 August 2021 – Boutique integrated property developer OCR Group Berhad (OCR, the Group, Bloomberg: ONC:MK) targets to launch its largest-ever property development in Shah Alam with a GDV of at least RM750.0 million in the first quarter of 2022 (1Q 2022).
The Group’s 26.9-acre Shah Alam project will consist of 2,892 affordable units along with retail spaces and will be established in phases. The entire project is expected to be completed by 2026.
The development is strategically located in the self-sustaining city of Shah Alam, which has seen its population rapidly growing to over 650,000-strong, befitting its status as a commercial, economic and education hub, as well as the administrative capital of Selangor.
Not only that, the Shah Alam project will be easily accessible through various highways such as the Guthrie Corridor Expressway (GCE) and the New Klang Valley Expressway. With the Damansara-Shah Alam Elevated Expressway (DASH) soon to be completed, it will further enhance accessibility to the project.
“This substantial project showcases our expanded capabilities and increasing prowess in the property development scene.
This single-largest undertaking denotes the huge potential we see in Shah Alam as it has a unique blend of old-school charm and thriving modernity in commercial, financial and recreational aspects. There is still much room for Shah Alam to grow with its already-large population continuing to expand, hence we are confident this project would enjoy a strong take-up.
The Shah Alam project, under our Essential Living series, will be sold at attractive price points to realise Malaysians’ dream of owning a home, and caters to two groups: existing population and new joiners to Shah Alam. The development will be a great choice for working class citizens as it is merely 25 minutes away from Kuala Lumpur City Centre.
Coupled with our upcoming RM105.9 million GDV project at Jalan Alor in Kuala Lumpur City Centre, OCR’s future launches in the next two years are boosted to RM1.6 billion.”
Billy Ong Kah Hoe(“王家豪”),
Managing Director of OCR Group Berhad
OCR is also aiming to launch its Urban Living project at Jalan Alor in 2022. The 0.33-acre development comprises a 10-storey Small Office Home Office (SOHO) development comprising 120 units of SOHO and 8 retail lots, and is slated for completion in 2025.
Furthermore, the site of the Jalan Alor development is within a gazetted Transit Planning Zone. With this, the project would be accorded similar benefits as a Transit Oriented Development and hence able to command a higher plot ratio and reduced carpark requirements in line with the greater public transport accessibility.
The Group proposed to acquire 80% equity interest in Stack Builder and 100% in Wonderland Projects from its Managing Director cum substantial shareholder, Billy Ong Kah Hoe, along with various other owners of the companies for a total consideration of up to RM62.4 million. The consideration will be fully paid via issuance of 328.5 million OCR shares, with no direct cash payout by the Group.
Stack Builder currently owns the land at Shah Alam, while Wonderland Projects possesses the Jalan Alor property. Upon completion of the equity acquisitions, OCR will remain as the controlling developer of the aforementioned developments.
The proposed acquisition of Stack Builder and Wonderland Projects is subject to the approval of relevant authorities and shareholders at an upcoming Extraordinary General Meeting in the fourth quarter of 2021.
OCR, helmed by Managing Director Billy Ong and substantially owned by the Ong family, has over 20 years of experience in property development and construction industries. The Group prides itself in being a niche and agile integrated real estate player.
OCR intends to serve all income classes of Malaysians through its three core segments, namely the Essential Living, Urban Living and Luxury Living. The Group’s Essential Living brand consists of affordably priced homes targeted towards homeowners in the mass population, while Urban Living is marketed towards the young and upgraders who seek chic and modern city-living lifestyles in strategic locations. Its Luxury Living label is largely targeted at the niche high-end crowd that prioritises premium living at prime locations.