SUPERBOOM Projects Sdn Bhd, a property developer, expects its latest project in Ipoh, Perak, to generate a gross development value of about RM250 million.
The Haven, expected to be Perak's most luxurious condominium project, will comprise three residential blocks. So far, 80 per cent of the units at the first block and 20 per cent of the units at the second block have been booked.
According to chief executive officer Peter Chan, buyers can expect prices to rise by about 30 per cent.
"Currently, we are selling at RM338psf. But, we have been told that the property can fetch as much as RM450psf if the market knows what The Haven is all about," said Chan in a media briefing in Kuala Lumpur yesterday.
He was speaking to the media after the signing ceremony with Bina Puri Holdings Bhd and Beijing Construction Engineering Malaysia. Superboom hired both companies as joint main contractors.
Chan expects the property market in Perak to grow with the new Ipoh-KL electric train service and as more planes fly to Ipoh.
"Perak has not seen major development in the last 20 years. But, with so much development recently, it certainly makes the timing of our project spectacular," said Chan.
The Haven will come in various types, from the entry level units of under 1,000 sq ft to penthouses of 5,000 sq ft. As the condominium is located near the hillside and forest, and has a lake view, Chan believes it can attract foreign buyers as well as those from Kuala Lumpur.
"Although these natural resources are a common sight to those living in Ipoh, it is something unusual for many of us. I think this makes The Haven an ideal place for vacation and an ideal place for a home," said Chan.
So far, piling work for the first block has been completed, and both Bina Puri and Beijing Construction Engineering are due to complete the project in 2013.
It also expects to open its third block for sale in about six months and prices of these units are expected to be higher than the current RM338psf it is offering for the first two blocks.
By Business Times