Set up two years ago, the company will launch the project in Kota Kinabalu, Sabah, via its associate, Laser Plus Sdn Bhd.
New Age and Laser Plus have common shareholders, which include Lai Yeng Fock, formerly the executive director for WCT Land Bhd. The rest are private investors.
Lai said New Age will use its internally-generated funds and loans for the development.
He said after the successful sale of its maiden project in Puchong, Selangor, it is geared up financially to launch a new product.
The project in Puchong comprises 50 high-end three-storey semi-dees worth more than RM1.3 million each, or a combined RM77 million. New Age sold the units, which will be built by June, in less than two months last year by word of mouth.
"Our selling point was to extend the defect liability to 36 months and offer a three-year customer care service where buyers can call us during the period for minor repairs to their homes without a fee.
"While it is an extra cost for us, we are going to work on these two areas for all our future projects," Lai said in an interview.
As for Celebrity Residence, it will comprise three 24-storey blocks with 432 luxury condominium units on a 6.25-acre leasehold tract, which the company bought in 2009 for RM13 million.
Lai said the units, with an average build-up of 1,600 sq ft, will be priced from RM600,000 onwards. New Age is targeting expatriates and Sabahans.
By Business Times
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