Maymont Development Sdn Bhd is confident of selling all 158 units of its Matahari luxury super condominiums within eight months.
The project, with a gross development value of RM700 million (S$291.16 million), is open to both local and international market and expected to be completed by the end of next year, said head of sales Prabu Ananthan.
‘So far, 43 per cent of the total units had been taken up in the past two months, with about 70 per cent being local buyers, for both investment and staying purposes,’ Mr Ananthan said.
‘With the Chinese New Year break and the market picking up, we are confident that all units will be sold within six to eight months,’ he said at a media briefing here yesterday.
The Matahari at Desa Sri Hartamas project in Kuala Lumpur offers 141 condominium units and 17 penthouses in nine blocks.
‘The ‘bungalow in the sky’ concept project is the ideal property for Malaysia’s expatriate rental market as it will secure the investor with impressive rental returns per annum,’ Mr Ananthan said.
‘We estimate about 6 per cent yield per annum with the superior units to be rented at between RM16,000 and RM18,000 per month, depending on the current rental market,’ he said.
Asked why the project was earlier stopped after construction had started in 2007, Mr Ananthan said this was part of a strategic effort to market the Matahari units not during the recession but ‘at the right time’.
Maymont’s head of marketing, Chelvi Ananthan, said the project had been 35 per cent completed so far, adding that the handover should be earlier than expected. She said that Maymont estimated the handover of phase one to take place in 2012 and phase two by end of 2012.
Located on a 5.2-acre freehold tract, the Matahari units are priced from RM3.1 million to RM10.7 million each.
The condominiums are partly furnished with three parking bays for each unit while the penthouses will have five parking bays each.
Source: Business Times, 12 Jan 2010
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