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Saturday, October 20, 2007

AP Land seeks sites for high-yield developments

PROPERTY firm Asia Pacific Land Bhd (AP Land) said it plans to focus on high-yield property development projects in the Klang Valley and overseas, especially China. This is due to the good take-up rate of its myHabitat high-end development in Kuala Lumpur.

"We are looking for suitable sites in Malaysia and overseas, especially China, where things are progressing. It is in the planning now but nothing is firmed," executive director Hoi Siew Choo told reporters at a briefing on its myHabitat serviced residence project in Kuala Lumpur yesterday.

Hoi said the myHabitat project, which consists of twin blocks of 32-storey premier serviced apartments sprawled over 1.5 acres, is progressing well and will be completed by end 2009.

The total gross development value for the project has improved to about RM330 million from RM220 million, at the time when Tower 1 was launched in mid-2005, she said.

"Some 86 per cent of Tower 1 has been taken up. We hope to launch Tower 2 by December and we are confident the units will be well taken up within the first 12 months of its launch," Hoi said.

MyHabitat is situated adjacent to City Square Centre, comprising Empire Tower, Crown Princess Kuala Lumpur and City Square Shopping Centre, she said, adding that Tower 1 had attracted foreign direct investments from the UK, India, South Korea, Hong Kong and participants of Malaysia, My Second Home.

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