BOUTIQUE integrated property developer OCR Group Bhd remains steadfast to deliver the first phase of Kuantan’s largest affordable homes scheme, PRIYA Kuantan, in early 2022.
Despite numerous challenges faced in 2020 due to the COVID-19 pandemic such as disruptions in operations during the movement control order (MCO) and supply interruption of raw materials, OCR had ramped up its construction activities through site planning optimisation and appointment of additional contractors to ensure smooth delivery of its development.
“PRIYA Kuantan which is our first development of mass scale affordable home project in Kuantan received a stellar reception with over 90% of the units taken up as of end-March 2021,” commented the company’s managing director Billy Ong Kah Hoe.
“In response to the robust demand, we accelerated the construction progress for PRIYA Kuantan and are committed to handover the units in early 2022. “
As of end-March, OCR has completed over 40% of the development despite the multiple hurdles encountered in 2020.
Moving forward, Ong said OCR has designated a segment in its product offerings to provide “essential living” homes for the masses.
“We are currently in talks to roll out more essential homes in Selangor and Pahang to benefit more people across different states,” he noted.
Launched in 1Q 2019, PRIYA Kuantan is a 50:50 joint venture between OCR’s subsidiary OCR Properties (Kuantan) Sdn Bhd and Yayasan Pahang to develop a 100-acre land in the Pahang stare capital.
Boasting a gross development value (GDV) of RM166 mil, the project comprises 978 units (20’ x 70’) of single-storey terrace houses and 146 units (40’ x 80’) of single-storey semi-detached homes starting from RM137,000.
Located in Penor, the project is situated only 15km from the Kuantan city centre and comprises recreational and lifestyle amenities such as a football field, various parks and jogging tracks, among others.
As of end-March 2021, PRIYA Kuantan has registered an unbilled sales figure of RM102.5 mil which will keep OCR busy within the next 12-15 months.
OCR which is substantially owned by the Ong family, has over 20 years of experience in property development and construction industries. The company prides itself in being a niche and agile integrated real estate player.
At 11.10am, OCR was down 0.5 sen or 2.08% to 23.5 sen with 2.9 million shares traded, thus valuing the company at RM120 mil. – May 3, 2021