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Wednesday, March 19, 2008

Ireka lines up office blocks for launch

Artist's impression of Tiffani by i-Zen

KUALA LUMPUR: Aseana Properties Limited has slated two blocks of office towers for launch in downtown Mont’Kiara by year end.

The project is pending approval from the local authorities, said Ireka Development Management Sdn Bhd COO Lim Ech Chan. Ireka Development, a wholly-owned subsidiary of Ireka Corporation Bhd, is the development manager for Aseana Properties, a property investment and development company listed on the London Stock Exchange with a market capitalisation of approximately US$250 million (about RM800 million).

“The office towers are set to be a new landmark in Mont’Kiara with our hallmark i-ZEN inspired designs,” said Lim. The towers will be 28- and 16-storeys in height.

Each floor will have an average floor space of 12,000 sq ft. “We are keen on selling off the entire floors to buyers. We are also looking at interested parties to purchase the offices en-bloc,” he said.

The average price for the office towers is at RM850 psf. “We believe the property value will appreciate in time to come,” said Lim, after a signing ceremony with LG Electronics Sdn Bhd at the Tiffani by i-ZEN show gallery in Mont’Kiara yesterday.

LG will supply 2,200 units of LG ArtCool air-conditioners in a deal valued at US$4 million. The new-age, sleek-designed airconditioners will be installed in all 399 units of Tiffani by i-ZEN condominiums. Also present was T.Y. Ko, the managing director of LG Electronics Sdn Bhd.

Almost 90% of Tiffani by i-ZEN has already been sold and completion is expected by year-end. Meanwhile, Lim said the second phase of Seni Mont’Kiara is expected to be launched in June.
“The first phase of the condominium, comprising 300 units have been sold out and we are now launching the second phase comprising another300 units,” he said. The units are sized from 2,500 to 3,500 sq ft with prices ranging from RM750 psf.

Lim also disclosed that Aseana Properties has entered into a 40:60 joint venture partnership with Malaysian Resources Corporation Bhd to develop a four-star hotel in KL Sentral, details of which are expected to be annouced middle of this year.

He added that the company is also working on several development proposals in Vietnam and is expected to launch an integrated mixed development comprising offices, apartments and a hotel by year-end.

“Vietnam is a very attractive market and we are keen on working with the right joint venture partners there,” said Lim.

By theSun (by Tim Leonard)

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