MALAYSIAN-listed property developer Eastern & Oriental (E&O) is counting on Singaporeans to boost take-up of its Kuala Lumpur project this weekend.
E&O is in town to launch Tower A at St Mary Residences, in the Kuala Lumpur City Centre. Launch prices begin at RM1,250 per square foot (S$518 psf) – ‘an unattainable value for a similar-sized condo in Singapore’, the company says.
‘St Mary Residences’ winning edge is that it is in the heart of the CBD without the astronomical downtown prices seen in Singapore,’ says E&O executive director Eric Chan.
A one-bedroom studio suite of 1,131 sq ft will be priced from RM1.105 million. Two-bedders, three-bedders and rooftop penthouses will also be available.
E&O expects rental yield from the units to be between 5 and 6 per cent.
Buyers can choose to take up an interest absorption scheme and pay just 10 per cent of the purchase in cash upfront.
They do not need to make further payments until the project obtains its temporary occupation permit (TOP) in 2012.
Source: Business Times, 17 Oct 2009
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