IOI Properties confirms launching Xiamen 2 next month

Source: New Straits Times

IOI Properties Group Bhd will launch its Xiamen 2 project in China, progressively starting next month. File Photo

IOI Properties Group Bhd (IOIPG) has confirmed that it will launch its Xiamen 2 project in China, with a gross development value (GDV) of about 800 million yuan (about RM493 million) next month.

This was confirmed by AmInvestment Bank Bhd, which had a recent engagement with the management of IOIPG.

AmInvestment said IOIPG's projects in China are back in operations, following improvements in the country's overall situation.

It said the overall situation in China has improved beginning early March as factories gradually restarted production and workers returned to their working place.

As of mid-March, economic activities have resumed, with capacity picking up, the firm said in its latest research note.

"IOIPG has recommenced its operation in Xiamen. It is planning to launch its Xiamen 2 project progressively in May 2020," said AmInvestment Bank.

The project comprises high-rise residential and landed residential.

AmInvestment said IOIPG will also be launching Xiamen 3 in the later part of the group's financial year 2020.

IOIPG maiden property project in China is IOI Park Bay located in Jimei.

In Malaysia, IOIPG is still assessing the local property market, and may consider reducing its sales target, the research firm said.

"IOIPG said that post-movement control order (MCO), work shifts of construction jobs will need to be increased to clear backlogged work due to the MCO."