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Tuesday, November 27, 2007

Developers team up to build luxury residential project

Luxurious Living: An artist's impression of Twins at Damansara Heights

Four property developers have teamed up to develop a luxury high-rise residential project in Damansara Heights, Kuala Lumpur.

Dubbed "Twins at Damansara Heights", the two-tower development sees The Lion Group, the real estate investment arm of American International Group Inc, Singapore-based Koh Maju and Heeton Holdings Ltd forming a joint venture company called Panareno Sdn Bhd.

"Twins", which will be launched later this month, will be built on a 2.17-acre freehold land fronting Jalan Damanlela and adjacent to Jalan Johar.

The project will offer 318 units of residential suites, built on twin 36-storey blocks, with 159 units in each block.

It features seven unit types, with unit sizes starting from 766 sq ft to 2,078 sq ft for the standard units and from 2,171 sq ft to 5,261 sq ft for the penthouse suites which are duplex and triplex suites.

The project, which is expected to be completed in November 2010, will also offer amenities such as two gymnasiums, a studio suitable for yoga and aerobics workout, swimming pool and home automation security system.

By New Straits Times

Johor Corp to upgrade Komtar

JOHOR BARU: Johor Corp (JCorp) is allocating RM 55 million to upgrade the retail area of Komtar, one of the earliest commercial buildings in the central business district, in a move to attract more shoppers back to the 29-year old building.

A well-known shopping centre in the 1980s and early 90s, Komtar started losing its shine with the opening of Johor Baru City Square mall next door and Plaza Angsana about 5km away.

Tan Sri Muhammad Ali Hashim showing artist’s impressions of Komtar after the upgrading work.

“We have to keep up with the times if Komtar wants to steal the limelight again,” JCorp chief executive officer Tan Sri Muhammad Ali Hashim said at the launch of the upgrading work recently.

Renovation work on the retail area has started and will take 18 months to complete.

The retail area will be expanded to 15,280 sq m from 12,056 sq m currently and the podium area will have an “eco-centric” theme.

“We have started marketing the 'new Komtar' and are currently talking with a few potential anchor tenants,” said Ali, adding that 27 of the 58 tenants had agreed to return in 2009.

He said shoppers could expect big names in the retail industry to open outlets here.

Also in the pipeline were plans to develop the 1.2ha open car park area beside the building into a shopping mall and an office tower.

Ali said the upgrading work and the new development plan would boost the image of Komtar again in view of its strategic location in the Iskandar Development Region.

By The Star (by Zazali Musa)

Nilai Impian set to soar with new access road

NILAI: The completion of the Nilai Impian Direct Link, a 1.5 km stretch linking the Nilai Impian township to the Nilai interchange from the North-South Highway, is expected to increase the value and demand for the properties there.

The new Nilai Impian Direct Link provides convenient access from the North-South Highway

The township’s developer Negara Properties (M) Bhd chief executive officer Wan Hashimi
Albakri Wan Ahmad Amin Jaffri is confident that the price of the properties in the RM1.5 billion
1,269-acre freehold development would appreciate by 5% immediately and by 10% within the next six months.

Prices for properties there range from RM68,388 for a Camelia Court apartment unit, to a starting price of RM199,888 for a 24ft by 75ft, 4-bedroom Dillenia Courtyard Home, and RM232,888 onwards for a 4,000 sq ft Ixora Bungalow.

“The opening of this access road to the public will open all doors to what is available in Nilai Impian, hence enhancing the value of the properties we offer,” he told theSun after the launch of the new link last week.

Negara Properties invested about RM12 million for the construction of the new access road, which is currently about 40% completed. It is expected to be fully ready by the middle of next year. He adds that demand for the properties in the township would also rise in tandem with the value as property prices in Nilai are still, comparatively, lower than other areas in the Klang Valley such as Petaling Jaya.

“Despite the increase (in price), the overall affordability and strategic location away from the hustle and bustle of the city would still draw homebuyers and investors alike,” he says. Nilai
Impian is located 50km from KLCC, 17km from Kuala Lumpur International Airport, and 30km
from Putrajaya, and is accessible via the North-South Highway and Elite Highway.

He says the group would have to be more efficient in its product rollout to meet the increasing
demand for homes in the vicinity. Negara Properties has completed more than 50% of the township with almost all of the units already taken up.

“From 1Q next year, we are targeting to launch at least one new product a month, not only in Nilai Impian, but in other developments as well,” he says. The group’s latest product in Nilai Impian is Warisan Villa, which comprises 70 units of semi-detached units and three bungalow units. Thirty six units of semidees were launched last week. Each semidee unit, priced from RM399,000, has a built-up of 2,100 sq ft on a land area of 5,400 sq ft.

Wan Hashimi says the development was designed based on the architecture of Malay traditional homes, which have natural open ventilation, with courtyards, deep windows, timber balustrades and skylights.

“With Warisan Villa, we are combining a modern contemporary look with a traditional ‘kampung’ design for the homes,” he says, adding that they are targeted at retirees, extended families and professionals living in Kuala Lumpur. The project has a gross development value of RM32 million.

By theSun (by Yap Yew Jin)