KUALA LUMPUR: Property group AM-EL Group has launched a boutique luxury condominium located along Persiaran Raja Chulan, with a gross development value (GDV) of RM180 million.
The St John Woods Residence condominium features 48 luxury homes housed in 33-storey towers that offers one unit per floor. Each unit will have three parking bays.
The company is banking on its large unit design to attract buyers since surrounding condominiums that are available and undergoing construction offer smaller unit apartment or mix development projects.
"Our strategy is to provide large luxury units that offer exclusivity and privacy. The lower density and limited number of units give the development its unique competitive edge," said project director Simon Low at the launch yesterday.
"Not many developers are going into this market," he added.
He projected about 70 per cent buyers will be coming from local customers. The homes range from 3,660 sq ft to 8,848 sq ft and are priced at about RM900 per sq ft or between RM3.3 million and RM4.4 million per unit.
St John Woods Residence which sits on a 0.6 acre leasehold land is expected to be completed by June 2014. The group is confident of selling all its units when it holds a preview for the development this weekend.
The total GDV for AM-EL Group's current projects is about RM400 million. It has two other ongoing residential projects in Penang and Taiping, Perak.
Asked if the group would consider mergers and acquisitions or to float its shares in the local bourse to further expand, Simon said AM-EL Group would like remain a boutique developer.
"We would like to keep the company niche and family based," he added.
His sister Catherine Low is the property sales and marketing director.
Established in 1982, the company was founded by their father, Michael K.C. Low. To date, AM-EL Group has developed and sold 10 residential and three commercial projects like the Dataran Merdeka, Dataran Pahlawan, Crystal Prestige and Merc Residence.
By Business Times
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