Acmar expects RM640m sales from condo project by Q3

ACMAR International Sdn Bhd is optimistic of selling two residential blocks at its D'Rapport @ Ampang project in Kuala Lumpur for RM640 million by the third quarter this year.

The Klang-based developer's confidence is boosted by enquiries from serious buyers in Saudi Arabia, Iran, Pakistan and Korea, group managing director Datuk Steven Tee said.

D'Rapport is designed specifically to cater to expatriates and participants of Malaysia My Second Home programme. It will be developed on 25ha of leasehold land, next to the South Korean Embassy along Jalan Nipah, off Jalan Ampang, in two phases.

The first phase, called Festa and worth RM1.6 billion, is scheduled to complete by December 2010.

It will comprise five 38-storey condominium blocks offering 1,099 units with built-up sizes ranging between 1,100 sq ft and 2,230 sq ft.

Tee said two blocks are open for en bloc buyers. The rest are for individual purchasers.

Since the sales launch four months ago, 200 units worth RM250 million have been snapped up by buyers from Korea, Singapore, the Middle East and Malaysia, Tee said.

"We hope to achieve 100 per cent sales by December, recognised instantly as we bill," he said.

The Festa units are pegged from RM900 per sq ft or RM880,000 each to RM1.98 million. Penthouses, with built-up of 4,496 sq ft, are worth around RM5.2 million.

Perspektif Masa Sdn Bhd, a unit of Acmar, yesterday appointed Asian Finance Bank Bhd (AFB) as the global property distribution agent for D'Rapport, and end financier for prospective buyers.

AFB will market the condominiums in South Korea, Iran and the Middle East.

Chief executive officer Datuk Mohamed Azahari Kamil said despite the difficult economic times, the bank, in its effort to stimulate growth in Islamic financial products, will continue to lend.

"This venture to promote luxurious condominiums to the Korean and the Middle Eastern markets via our home financing should be perceived as the initial step towards promoting Islamic finance to the Koreans for financing their property in Malaysia," he said.

An agreement was also inked with Sabah Development Bank Bhd, which will extend RM601 million in credit facilities to Acmar, to build the five blocks.

Acmar will appoint by next month, contractors from Korea and China for the superstructure work.

By Business Times (by Sharen Kaur)