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Monday, February 4, 2008

Nam Fatt to tap high-end market

PROPERTY developer Nam Fatt Corp Bhd wants to launch high-end properties in prime locations in the Klang Valley and in Malaysia's growth corridors, to build its property division and profile.

Nam Fatt, which predominantly develops properties in Selangor, is scouting for land in Mont' Kiara, Bangsar, the Kuala Lumpur City Centre, Johor, Penang and Sabah.

"We are eager to talk to landowners and form joint ventures to develop high-end properties. We will not deny the opportunity to go into any locations if the price is right," said Frankie Tan, manager, sales and marketing, for the property division.

Tan told Business Times in an interview that the company's future direction is towards niche developments, which are exceptional and stand out, showcasing its strength in the industry.

"As a company, we are extremely successful in the construction and infrastructure sectors. We now plan to raise our profile in the property segment by offering quality products," he said.

Nam Fatt's foray into the Kuala Lumpur City Centre was through Gallery, a low-density, high-end boutique complex at Jalan U-Thant.

It comprises two condominium towers with 50 units, priced from RM3 million to RM7 million each.

Tan said more than 95 per cent of the units were snapped up within three months of its launch.

Nam Fatt has 162ha of undeveloped land, which will keep it busy for the next five years.

It also has land at its Sultan Abdul Aziz Shah Golf Club (KGSAAS) development in Shah Alam.

At KGSAAS, Nam Fatt plans to build 15 luxury bungalows, priced from RM4.5 million to RM6 million, on a 8ha site. Dubbed Avante, the bungalows, which will be build for RM80 million, will be launched by year-end.

KGSAAS is a gated and guarded community sprawled over 171ha. It started in 1992 and includes a 27-hole golf course and 1,000 bungalows and semi-detached homes built year-to-date.

Esente, comprising 12 units of semi-detached modern contemporary homes and a 4,744 sq ft bungalow, is another project in KGSAAS, which is being developed currently. The units are priced between RM1.4 million and RM2.2 million.

"We've had a soft launch on Esente but have not registered sales. We are confident Avante and Esente will sell, looking at sales of previous components at KGSAAS," Tan said.

Nam Fatt has plans to build a high-end condominium tower with 80 units, adjacent to KGSAAS. The yet-to-be priced units will have built-up areas of between 1,000 sq ft and 1,200 sq ft.

"We may launch it this year or early next year," Tan said.

Tan said Nam Fatt will also launch two new phases of double-storey semi-detached homes, priced at RM400,000 and above, and terrace houses, ranging from RM150,000 to RM250,000, at its existing township in Semenyih this year. The company commenced work on the RM1 billion township in 1996, which is 70 per cent developed.

By New Straits Times (by Sharen Kaur)

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