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Monday, December 10, 2007

Prima Prai plans to launch high-end units

The projects are in Malaysia and Australia

Prima Prai Group Bhd plans to launch several high-end developments both in Malaysia and Australia next year.

The three high-end developments in the country will be The Runnymede, with more bungalows and a new condominium project in its ongoing The Sanctuary, both on Penang island; and a bungalow project in Mont' Kiara, Kuala Lumpur.

It also has a new development three hours from Perth in Western Australia called the Margaret River Resort.

Managing director Datuk Mohd Ramzan Ibrahim told StarBiz that the Margaret River Resort would be the single largest project in Margaret River, a region famous for its wineries, scenic beauty, lakes and caves.

An artist's impression of The Sanctuary, a gated and guarded, high-end residential development Batu Uban, in Penang.

He said there would be 161 chalets in a low-density gated community. The property, to come on-stream in early 2009, is on a 25-acre freehold piece of land next to a 75-acre lake.

Ramzan said 45% of the units would be sold, leaving the rest for investment purposes.

“Purchasers can lease their units back to us and they can use their units for a specified numbers of days. It could be two weeks to a month. We also plan to engage an international hotel chain to manage the property,” he said.

”If you want peace and quiet, clean air and very good food, this is the perfect place for relaxation. The Margaret River wine region is famous for its wineries,” he said.

Meanwhile, Prima Prai’s flagship development The Runnymede in Georgetown, might be launched in the third quarter of 2008.

The freehold 5.5-acre development on the site of the historical Runnymede at Jalan Sultan Ahmad Shah (formerly Northam Road) is billed as the most exclusive in the state.

To reflect its heritage, the two high-rise blocks to be called Runnymede Residences will have colonial architectural designs. There will also be a full suite hotel.

Ramzan said the Runnymede name had been retained to reflect its rich history.

He said the current block would be renovated and turned into a heritage building and the ground floor would be used for wedding receptions.

The group has built and sold a 350,000 sq ft office building on an adjacent parcel of land.

As for the project in Mont' Kiara, Kuala Lumpur, Razman said it would have a gross development value (GDV) of about RM40mil. It will be on a freehold 2-acre land overlooking the KLCC. It will have only 13 exclusive bungalows priced from RM3.2mil.

It would mirror the kind of quality features and concept at the group's high-end residential project, The Sanctuary in Batu Uban on Penang island.

“The pricing of this project will be higher (than The Sanctuary) by at least 40% as the land cost is high. We are a bit cautious of coming to Kuala Lumpur,” said Ramzan.

The group would also be launching Phase 1B comprising the second batch of 30 bungalows in The Sanctuary in Batu Uban, Penang Island early next year.

The 30 bungalows are as good as sold as Kuwait Finance House (Malaysia) Bhd signed a Mudharabah agreement on Nov 29 to provide RM74.4mil capital to Corner Side Realty Sdn Bhd (a unit of the Prima Prai Group) to underwrite the sale of the 30 bungalows.

Meanwhile, the group also has two other projects in the pipeline.

They are an 80-acre medium-cost housing development next to the Highway Auto City in Juru, Penang with RM300mil GDV to be launched next year and a proposed 420-acre development close to Club Med Cherating in Pahang.

By The Star (by S.C. CHEAH)

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