KUALA LUMPUR (Oct 2): Builder Inta Bina Bhd (KL:INTA) has launched its second property development project — a 499-unit serviced apartment project — in Bukit Jelutong, Shah Alam, with a projected gross development value of RM290.96 million.

It is developing the project, located in Seksyen U8, via wholly-owned subsidiary Seiring Setia Sdn Bhd, according to the group's bourse filing on Friday.

Named Senja Residensi @ Bukit Jelutong, the development will comprise two residential blocks, commercial space and supporting facilities.

Construction will be undertaken by another wholly-owned unit, Inta Bina Sdn Bhd, and take 36 months to complete.

The group intends to fund the development via internal funds and external borrowings.

Inta Bina managing director Paul Lim said Senja Residensi @ Bukit Jelutong is the group's second property development project following the delivery of its first development in mid-July.

"We view property development as a complementary growth platform alongside our core construction business. The project supports our strategy of creating long-term shareholder value through a more balanced earnings profile comprising both construction and property development activities,” he said.

At Friday's market close, Inta Bina shares settled unchanged at 40.5 sen, valuing the group at RM260 million.