POPULAR: Construction of The Oval KL, with a gross development value of RM800 million, has begun and is expected to be completed next year
PROPERTY developer GuocoLand (Malaysia) Bhd said it has received good response for its new high-end residential development called The Oval Kuala Lumpur, especially from foreign buyers.
Located on Jalan Binjai - less than a kilometre from the Petronas Twin Towers - the development will be officially launched in the middle of this year.
Already, some 30 per cent of its units have been taken up.
"The bookings are mainly from our existing customers and friends. About 60 per cent of the buyers are foreigners, including Italians, Japanese, Singaporean and South Koreans," GuocoLand Malaysia chief executive Paul Poh told reporters in Kuala Lumpur yesterday.
To date, the developer has conducted a road show in Hong Kong and plans are afoot for one in Singapore and Indonesia.
Construction of The Oval KL, with a gross development value of RM800 million, has begun and is expected to be completed next year. Buyers will be able to move in in the second quarter of 2009.
The Oval KL comprised two blocks - the East and the West Towers. It has two distinct offerings, one of which is the Sky Villas, which occupy level 2 to 32 and measure 3,750 sq ft that span half of one floor. This means that there will be only two Sky Villas on each floor.
The other offering is the Mansionary Villas (7,500 sq ft), which occupy an entire floor so that they can have a full 360-degree view of city centre. So far, four out of the total 16 Mansionary Villas have been booked.
Even though property prices surrounding the Petronas Twin Towers have risen substantially lately, Poh said The Oval KL's selling price will remain at between RM1,200 per sq ft and RM1,500 per sq ft, depending on the levels.
"From now until the official launch, our price structure will remain the same. We will review the price after that," Poh said.
By New Straits Times (by Goh Thean Eu)
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