jacklimproperty

Bandar Rimbayu (was called Canal City before)

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IJM has just announced their project Bandar Rimbayu today at The Star today (30 May 2012) which was so called Canal City before.

This project was heard about 2002-2003 or even earlier, but up to now still don't have any new progress or breakthrough. Follow by the news announcement today, we need to see some new breakthrough before fall to believe whether it's a palace in the sky or a project to be.

Some of the sources of Bandar Rimbayu (or Canal City) from previous internet information and sharing.

Article below share on lowyat forum by kh8668 during March 24 2011 which the news was on 7 October 2010

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Dated 7 October 2010
Canal City land deal at the final stage. The Canal City land deal is currently at the final stage. Upon relocation of the squatters and the necessary steps to settle the squatters, the land is staged to become a major township development for IJM Land in the coming years. 

From our recent meeting with management, we gather that IJM Land has recently signed a termination agreement with the state government for the construction of canal. To recap, under the agreement signed with the previous state government, a 18-km canal is required to be built for flood mitigation, linking Sungai Klang and Sungai Langat. Since the construction of the Smart Tunnel, the canal is no longer needed as part of the flood mitigation plan. 

For the development to be taken off, the JV company (50% with Keuro) will have to incur some cost for the land, including the construction of low-cost component for squatters and acquisition of replacement oil palm land for squatters. 

We estimate that these would translate to a price of about RM4-6 psf for the land, which is rather attractive in our view, as it is getting very difficult to secure a large parcel of land in Klang Valley. 

Based on management’s guidance, the leasehold development, which will be re-named later, will worth a GDV of about RM4bn, but we think there is further upside potential given IJMLD’s brand name, innovative value- added concept and step-up pricing for its property launches. 

The land is surrounded by a few townships - Putra Heights (by Sime Darby Property), Kota Kemuning (by Gamuda) and mid-end development Bandar Saujana Putra (by LBS). There will be two key access to Canal City land: 

(i) Behind Kota Kemuning; and 

(ii) Through Saujana Putra Interchange. 

We think IJMLD’s range of properties offered will be similar to Putra Heights and Kota Kemuning. The mid-end development by LBS should not affect the development potential of Canal City land, considering the IJMLD’s track record on quality, value-added concept with modern design. 

Furthermore, we understand that Putra Heights project is almost fully sold and Kota Kemuning is a matured township. Hence, we expect some spilt-over demand from the neighborhood.  "

Article below share on lowyat forum by kh8668 during March 24 2011 which the news was on 7 October 2010 Yes, you can see the news report so convincing that time on 2010 that the project going to take off anytime. And now until 2012, there is nothing done and they have change their name to Bandar Rimbayu.

Some more interesting photos that was shared followed this sharing (some of the photos was sourced from RHB Invest):