Hua Yang Bhd, developer of Symphony Heights in Selayang, has plans to launch at least two projects this year, including a mixed development in Sungai Besi.

The company, which seeks to maintain its focus on the middle income market, will be launching a mixed development on 17.89 acres with a gross development value (GDV) of RM700 million in mid-2009. The project will comprise residential, commercial and retail properties. Meanwhile, the second project, still in the planning process, will be launched towards the end of the year.

Within the next eight years, Hua Yang will focus on developing residential, commercial and light industrial factory building projects worth up to RM1.1 billion. To date, it has developed 8,900 properties nationwide worth about RM1 billion.

“Our property prices have remained affordable and range from RM90,000 to RM380,000 nationwide. Providing affordable and quality homes at strategic locations has been our competitive edge for the past 30 years,” said Ho Wen Yan, chief operating officer of Hua Yang Bhd.

Listed on the main board as a property development company, Hua Yang has over 30 years of experience in the industry and has developed affordable residential, commercial and industrial properties in locations such as Klang Valley, Johor, Perak and Seremban.

“In the current softening market condition, first-time home buyers are looking towards more affordably priced properties compared to higher end properties,” said Ho.

The company’s latest project, Symphony Heights in Selayang, has a 40 per cent take-up rate for its first phase. This year will see the launch of the second and third phases of the project, which comprises 946 apartments built on 2.97 acres with a GDV of RM180 million. Targeted at newlyweds, families and first-timers, the apartments are priced between RM135,200 and RM324,500.

The company’s current land bank is made up of 800 acres in Ipoh, 477 acres in Johor and 20 acres in Kuala Lumpur. They are being developed and will keep the company occupied for at least five to eight years. About 80 per cent of its developments are residential properties. It is also on the lookout for new land and is open to the idea of entering the East Malaysian market.

Hua Yang recorded an 80 per cent improvement in its first half ending September 2008. It reported an after tax profit of RM4.076 million in 1H 2008 compared to RM2.259 million in 1H 2007.