Aseana Prop sees RM2b from Mont' Kiara projects

Almost Sold Out: Tiffani by i-Zen project is among a few high-end residential and commercial developments at Mont' Kiara -- Website picture

ASEANA Properties Ltd, listed on London Stock Exchange and 20 per cent-owned by Ireka Corp Bhd, expects to rake in nearly RM2 billion in gross development value (GDV) from two high-end projects in Mont' Kiara.

Aseana also plans to launch its first overseas project in Vietnam by year-end, subsidiary Ireka Development Management Sdn Bhd chief operating officer Lim Ech Chan said.

The Vietnam venture will be a mixed development of serviced apartment, office and retail lots on a partnership with a local party, Lim said.

Aseana should generate RM1.3 billion from the recently-launched Seni Mont' Kiara residential resort and RM380 million from Tiffani by i-Zen condominium project.

Seni Mont' Kiara and Tiffani by i-Zen are among a few high-end residential and commercial developments under Aseana at Mont' Kiara.

"The average price of condominiums at Tiffani by i-Zen is RM630 per sq ft (psf). More than 90 per cent of the total 399 units available have been sold in the past one year," Lim said.

Sixty per cent of the project has been completed and the handover of the residentials is expected in early 2009.

Lim spoke to reporters after Aseana signed an agreement appointing South Korea's LG Electronics as air conditioners supplier for the Tiffani by i-Zen yesterday.

"The Seni Mont' Kiara will have an average price of RM750 psf," he added.

The Seni Mont' Kiara project, Lim said, will comprise four blocks with a total 600 units of condominium.

Two phases are being undertaken, with completion in three years. Phase One will have 300 units. The second phase of another 300 units is planned for launch in June or July.

Aseana expects to launch an office development by December this year.

"It is a two blocks of 28-storey and 16-storey office development with an average price of RM850 psf," Lim said.

Meanwhile, LG Electronics Sdn Bhd managing director T.Y. Ko said it will install 2,200 units of LG ArtCool air-conditioners at all 399 Tiffani by i-Zen units.

The contract is valued at US$4 million (RM12.76 million), he added.

This is the second air-conditioner contract awarded by Aseana to LG Electronics. In 2006, the latter got to supply air-conditioners for all the 404 units of the Kiaraville condominium development.

By New Straits Times (by Zuraimi Abdullah)