KUALA LUMPUR: World number one badminton player Datuk Lee Chong Wei has made his maiden venture into the property business with a condominium project in Ampang with a gross development value of RM160 million.
Called A Residency D' Suria Condominium, the 18-storey project, located in Ampang Hilir here, will be launched by September. The project is expected to be completed by 2014.
Lee, via his set-up Chong Wei Binajaya Sdn Bhd, has teamed up with Perak-based property player SSF Corp to implement the project.
The condominium units are priced between RM500,000 and over RM1 million, depending on built-up area.
"We have already sold 40 per cent of the 252 units available due to its strategic location and are confident it will get a good response," SSF group executive director Major Datuk Wayne Chew told reporters yesterday.
Chew said Chong Wei Binajaya is a subsidiary of SSF but he declined to reveal details of the partnership.
Privately held SSF was established in 1995 and started as a contractor.
To date, it has built more than 1,000 homes, mainly in Perak, which include joint ventures with the state government. It plans to expand to the Klang Valley, Penang and Johor.
A Residency is the company's second project in Kuala Lumpur after Residency Duta Suria, which is also a condominium project and is situated next to A Residency.
By Business Times
Saturday, June 16, 2012
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