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Saturday, February 23, 2008

The Oval apartments launching in June

A model of The Oval high-end apartments.

KUALA LUMPUR: GuocoLand (M) Bhd, formerly Hong Leong Properties Bhd, will launch The Oval high-end apartments in the Kuala Lumpur City Centre (KLCC) enclave by June.

Located along Jalan Binjai, The Oval will have an estimated gross development value of over RM800mil and total saleable floor area of 586,356 sq ft.

Located on 2.14 acres, the project comprises two 41-storey blocks, East Tower and West Tower, with 70 units in each block.

Chief executive Paul Poh said 30% of East Tower had been sold after a sales preview in Hong Kong last month.

Most of the units are Sky Villa, offering a built-up area of 3,750 sq ft. Each block also offers eight Mansionary Villa, measuring 7,500 sq ft each. The price ranges from RM1,200 to RM1,900 per sq ft.

Four Mansionary Villa had been sold, Poh said during a media tour of The Oval yesterday.

The Oval is scheduled for completion by the second quarter of next year and foreigners are expected to make up 60% of the buyers.

Another sales preview will he held in Indonesia and Singapore next month.

On the possibility of selling West Tower en bloc, Poh said GuocoLand would keep options open depending on market conditions.

Paul Poh

“We believe the selling points for The Oval are potential capital upside of the property, the good KLCC view and the quality of residences.

Meanwhile, GuocoLand would be launching by June, Damansara City, a mixed development project on 8.5 acres consisting of about 2.2 million sq ft of residential, commercial and retail space.

It also planned to build 42 luxury condominiums with an estimated total saleable floor area of 224,000 sq ft on the 3,030 sq ft land it recently bought in Changkat Kia Peng.

By The Star

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