Upbeat developers, upscale projects

By Sharen Kaur

sharen@nstp.com.my

Published in NST on November 27, 2012

MORE developers are launching upscale projects next year as they are upbeat that the real-estate market will perform better despite global financial turbulence and tighter credit here.

Sunway Bhd managing director of property development division Ho Hon Sang quashed talk of a property bubble due to oversupply situation.

"We don't expect a bubble burst as Malaysia's economy is resilient and it will continue to grow. Malaysia has massive projects under the Economic Transformation Programme (ETP) that will keep the economy healthy.

"Employment will also be positive. When people have income, they will invest, especially in real estate and you will never go wrong with that," he told Business Times in an interview.
Sunway, developer of the award-winning Sunway Integrated Resort City in Bandar Sunway, Selangor, will be launching se-veral projects with various offerings next year in the Klang Valley, Penang and Johor, Ho said.

It will launch condominiums and shop offices at Sunway South Quay, courtyard villas and semi-detached homes at Sunway Montana, serviced apartments, office and shop units at Sunway Velocity, and superlink houses, apartments and retail at Sunway Alam Suria, Sunway Eastwood and Sunway Bangi.

In Penang, it will launch three-storey terraced houses at Sunway Cassia and semi-detached houses and townhouses at Sunway Wellesley while in Johor, it plans to offer semi-detached homes and bungalows.

MRCB Land Bhd, the property arm of Malaysian Resources Corp Bhd (MRCB) is launching Kia Peng Residences in Kuala Lumpur, a mixed development in Brickfields and Batu Ferringgi Residences in Penang and targeting the high-income group.

The firm expects to rake in over RM1.5 billion in gross development value.

According to MRCB Land's website, the indicative selling price for Kia Peng Residences, located on Jalan Kia Peng, is RM1,200 per sq ft to RM1,300 psf. Various sizes are offered, ranging from 600 sq ft to 2,600 sq ft.

Batu Ferringgi Residences, with a view of Andaman sea, will feature 17 boutique Villas and 48 units of condominiums.

Eastern & Oriental Bhd has plans to launch RM2.5 billion worth of properties between now and December next year, with half of the targeted sales to come from both its local and overseas ventures.

Bolton Bhd will develop its maiden residential project in Kota Kinabalu, Sabah, comprising 500 units of luxury condomi-niums and 50 villas, worth a combined RM480 million.

Its executive chairman Tan Sri Azman Yahya believes Kota Kinabalu is a good market offering high potential for both developers and investors.