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Tuesday, March 11, 2008

Morubina’s Kinta Riverfront project ready by Sept 2009

Ting: Attracted buyers from Indonesia, Singapore and even China

PETALING JAYA: Ipoh’s first 5-star Kinta Riverfront Hotel & Suites on a fiveacre leasehold site along the Kinta River has registered sales of close to 80% of its serviced apartments. Developed by Morubina Sdn Bhd, a member of the Morubina Group of Companies, the project comprises a 19-storey hotel with 313 rooms and a 20-storey serviced apartment offering 239 suites for sale. The entire project has a gross development value of RM120 million and would be completed in Sept next year. Piling works for the project have commenced.

According to the developer, sales have been encouraging since its launch in June last year. Morubina’s managing director Ting Sing Yiew told theSun that its buyers were drawn to the project’s 15-year guaranteed rental scheme. “They found the scheme, which guarantees an annual rental yield of 7%, attractive. We also conducted road shows overseas and have attracted about 40 buyers from Indonesia, Singapore and even China,” said Ting, adding that it has set up sales offices in Medan and Guangzhou due to the overwhelming response. Its local buyers, however, are mostly from Perak and Ting said that most purchased it for investment reasons.

For the serviced apartments, which are unfurnished, the developer is offering two types for sale. The Type A design, totaling 126 units, has views of the riverfront and comes with a built-up area of 1,223 sq ft. Prices of the three-bedroom unit ranges between RM338,999 and RM438,999. Those with the heritage view is the two-bedroom 808 sq ft Type B design which totals 108 units and range from RM199,999 to RM299,999.

There are also five penthouses which come in two designs. With built-up areas of between 1,602 sq ft and 7,393 sq ft and prices from RM730,000 and RM2.8 million, buyers have a choice of between the fully furnished (with three bedrooms) or the partially furnished (with two bedrooms) units.

The developer is also offering an additional fixtures and fittings scheme priced at RM38,000 for Type A units and RM25,000 for Type B units. The maintenance and utility fee is free for those who opt for the guaranteed rental scheme. Those who purchase for own use need to pay 20 sen psf monthly.

The developer says that buyers need only pay an upfront instalment amounting to 20% of the selling price for the project, which employs the build-and-sell concept. The balance payment would be upon the issuance of the Certificate of Fitness for Occupation.

Meanwhile, the hotel component, to be managed by Morubina, would have presidential, royal, family and deluxe suites. “We are also offering standard facilities like any other 5-star hotel. We have a grand ballroom which accommodates 1,600 people, which is the biggest in Ipoh. There are five restaurants, a business centre, two basement car parks, pools and sporting facilities too,” said Ting. Other amenities include Wi-Fi broadband access, spas as well as safety elements such as closedcircuit televisions.

According to Ting, the Kinta Riverfront Hotel & Suites is a tourism-related project and it has since been given a Temporary Occupancy License by the state government to further develop both sides of the Kinta River, covering a 1.5km- stretch from Jalan Raja Musa Mahadi up to Jalan Sultan Iskandar.

“We will be building six mini-bridges, a replica of famous world bridges, along this stretch, costing some RM2 million. There will also be more than 300 shops, bazaars, food and beverage outlets, as well as an open-air auditorium,” said Ting, adding that the cost of developing the riverbank area amount to some RM30 million.

By theSun (by Loo Pik Kwan)

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