The property developer now expects to maintain revenue of RM750 million that it made last year, thanks to the good response to its Mad About Homes campaign

PROPERTY developer Island & Peninsular Bhd (I&P) has turned bullish on sales this year, thanks to the good response to a promotion campaign it launched in February.

It now expects to maintain revenue of RM750 million that it made for the year to December 31 2008. In March, I&P's chief told Business Times that the company was expecting revenue to fall by a third due to slower sales.

"Cautiously, we will try to maintain last year's revenue. We have a few strategies. We will be more innovative and may extend the campaign to boost sales," managing director Datuk Jamaludin Osman told Business Times in a recent interview in Kuala Lumpur.

I&P, a wholly-owned unit of state-owned fund manager Permodalan Nasional Bhd (PNB), has been getting good responses from the public since launching its Mad About Homes campaign.

In just two months, it sold 77 units of double-storey terraced houses and semi-detached homes, worth almost RM35 million. These are units within its Bandar Kinrara, Alam Impian and Alam Sari townships in Puchong, and Shah Alam and Bangi in Selangor.

I&P is also selling more bungalow lots this year.

It is releasing 15 lots for sale by way of tender, with reserve price starting from RM546 to RM572 per sq ft, at its 17.01ha Seri Beringin development in Bukit Damansara, Kuala Lumpur.

The company normally sells about five to seven lots a year.

Jamaludin is optimistic of selling all the 15 lots by the end of this year. Since 2005, the company has sold 54 bungalow lots in Seri Beringin.

I&P, which is focused on developments in the Klang Valley, is also reaching first-time buyers from outside the region.

It is collaborating with PNB to promote its products and developments. To do this, it is participating in Minggu Saham Amanah Malaysia (MSAM) 2009 in Johor Baru, Johor.

Jamaludin said I&P is taking the opportunity to participate in MSAM as it will be a good opportunity to showcase its properties.

"By participating in MSAM, people can identify PNB, not just as a unit trust conglomerate, but having companies who are reliable and giving dividends to the group. We hope to also get more exposure and recognition from Johor market and increase our database," he said.

I&P has been participating in MSAM since the first exposition in Kuala Lumpur in 2000.