Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Monday, March 3, 2008

Brunsfield Residence set to make a big splash

Chan with the architectural model of Brunsfield Residence

THE Brunsfield Group is confident that its high-end luxury condominium Brunsfield Residence @ U Thant will sell out when it launches the low-density project in June.

Developed by its property arm Brunsfield Development Holdings Sdn Bhd, the Group is in the midst of completing a deal with a foreign company to sell half of the 93-unit Brunsfield Residence, said its executive director of property development Chan Chee Keong.

“Our units are as good as sold … the sale of the three blocks to the foreign company from the Middle East is almost a done deal,” he told PropertyPlus, adding that the developer plans to retain most of the remaining units for recurring income.

The condos are housed in six 5-storey blocks and comprise 73 typical units, seven duplexes and 13 penthouses. Priced at RM3,000 psf, the partially furnished units come with built-ups of between 3,500 sq ft and 6,000 sq ft. For the typical units, prices start from RM11 million while the penthouse units are going from RM21 million. The maintenance fee has not been determined yet.

Chan said it is in the process of submitting the building plans since it obtained the development order last year.

“We expect to get the advertising permit and developer’s license and be able to launch the project in June. When asked further about the foreign company, Chan said that it had recently bought various commercial and residential units from various developments in the Kuala Lumpur city centre.

“The foreign company is buying our units for investment purposes... our prices here are relatively cheaper than those in Singapore, Hong Kong and Bangkok. In fact, property values in KL are still under priced and with the property market on an upswing, there is still potential for capital appreciation,” he added. However, he declined to speculate on the amount of appreciation that can be expected.

For the remaining units, the developer plans to have them furnished and leased for between RM20,000 and RM30,000 monthly. Based on the surrounding developments including Sri’Ekar and Damai Suria, which are similar developments where all the units are leased out, Chan is confident that Brunsfield Residence will be able to capture its targeted market for rentals.

“The rental market here is mostly made up of expatriates who like the close proximity to amenities and the city centre. Some of these units are leased for between RM15,000 and RM20,000 monthly. For our project, we will be able to enjoy an annual rental yield of at least 6% and although it’s considered the going rate, our rental income is higher,” he said.

Viewings for its launch in June, are by invitation only. Chan said Brunsfield is also considering releasing some of its units for sale.

“We have been inviting some high-net worth individuals from our database for a preview of Brunsfield Residence. Some have indicated their interest,” added Chan.

Brunsfield Residence, which is flanked by Jalan U Thant and Persiaran Madge, sits on a 4.52-acre leasehold tract and is touted to among the largest tracts in the U Thant/Madge area.

Having purchased the site many years ago, Chan said the developer had been waiting for the right time to develop the site. Several old government bungalows were on the site before they were demolished some time ago.

“This area is strategically located... we have been waiting for the right time to develop it. With the infrastructure in place, convenient amenities and a ready catchment of expatriates, we feel that our pricing of RM3,000 psf will be well accepted,” he explained.

Boasting a high-level three-tier security system, the development will feature a lot of dedicated landscaped areas. Every two units will be served by their own lifts and amenities include two pools and a floating gym. The units on the top floor also have their own pool.

By theSun (by Loo Pik Kwan)

No comments: