“Interest has been good. We feel it is timely for investors to enter the Malaysian market in view of the recent (property) rally in Singapore and Hong Kong,” he told StarBizWeek yesterday.
Chan said the company had been promoting the project, launched on Thursday, in several countries, namely Singapore, Hong Kong and China, and was targeting to sell 30% of Phase 2 (or Tower A) by tomorrow.
“We hope to attract buyers from Singapore and Hong Kong who ‘missed the boat’ during the property rallies in their respective countries,” he said.
St Mary Residences is located at the heart of Kuala Lumpur’s central business district along Jalan Sultan Ismail, Jalan P. Ramlee and Jalan Tengah. Tower A will comprise 288 luxury condominiums.
The units are smaller than most serviced residences within the KL city centre, with its one-bedroom units starting at 1,100 sq ft.
“Since the global financial crisis, rental budgets for expatriates have been slashed. St Mary Residences offers smaller but luxurious units at lower rentals, yet the units have a spacious feel,” said Chan. The one-bedroom units are priced from RM1.1mil.
Phase 1 (Tower C) was targeted at mostly local buyers and E&O achieved a 75% take-up rate in just 10 days when it was launched in June, Chan said, adding that he did not expect a similar rally for Phase 2.
“Many of the purchasers for Phase 1 comprised repeat customers who knew our products and brand well, so the speed of the acquisitions was quicker. Because Phase 2 is being targeted at the regional market, take-up will probably take longer.”
He said the local property was still a favourable investment for foreigners despite the current economic downturn.
“Malaysia has a sound financial system, stable economy, low cost of living and a favourable exchange rate. What’s more, properties here are among the cheapest in the region.
“With the recent economic stimulus and liberalisation policies, we expect a lot of foreign direct investment for Malaysian residential properties,” he said.
E&O will also be offering attractive packages (for Phase 2), such as a 10:90 financing scheme, zero interest during construction, free stamp duty upon transfer and free loan legal fee.
Tower A would be fully furnished, Chan said. “This makes it hassle free for our customers.”
There will also be 34,000 sq ft of retail space that will be annexed into Tower A.
“We are looking at setting up a spa, laundry and food and beverage centres – outlets that would add to the convenience of our residents,” he said, adding that Towers A and C would have a combined gross development value of RM750mil, and construction was expected to be completed by 2012.
By The Star (by Eugene Mahalingam)
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