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Tuesday, March 4, 2008

Oval rises in KLCC

The Oval offers 140 luxury condominiums in a pair of 41-storey blocks.

The rising prices of superluxury condominiums in the vicinity of the Kuala Lumpur City Centre (KLCC) is one reason GuocoLand (M) Bhd is confident its latest project will be well received.

Its chief executive officer Paul Poh said prices for a unit at its Oval project is on an average RM1,500psf, although neighbours are indicating they would be pegging the prices upwards of RM2,000psf.

“The Oval’s prices have been fixed for now and therefore any upside in capital gains should rightfully accrue to the buyers,” he said.

“For us, reputation is of utmost importance, rather than short-term gains.”

However, Poh said prices could be reviewed at the time of the official launch, tentatively scheduled for June.

Rising on a 2.14-acre freehold site, the 41-storey twin towers, dubbed East and West, will each have 70 units. GuocoLand purchased the property from Titan Debut Sdn Bhd, when it was 30 per cent complete, in April last year for RM404.58 million.

The company has sold 30 per cent of the units so far, after a sales preview held last month.

Two more previews are to be held, in Singapore and in Jakarta, Indonesia, next month.

Poh said the Oval will boast distinctive features such as column-free units and floorto- ceiling glass walls moulded such that there will be no hard angles or corners. The units will come in two types, the 3,750sq ft Sky Villas and 7,600sq ft Mansionary Villas, offering 180-degree and 360-degree views of the KL skyline.

“A Sky Villa will span half of one floor, meaning only two Sky Villas will occupy a floor while a Mansionary Villa will have an entire floor to itself,” Poh said during a media tour recently.

Located opposite the 50-acre KLCC Park, the RM870 million Oval is bounded by Lorong Kuda and Jalan Binjai.

Although slated for completion by the second quarter of next year, Poh said it is more likely to be completed earlier, by the first quarter.

Guocoland’s future projects include another luxury residential project on a 32,615sq ft plot it acquired in Changkat Kia Peng, also in the KLCC area. Here, it plans to build 42 units, each with a minimum built-up area of 5,000sq ft, Poh said.

At a value of RM2,000psf for condos in the KLCC area, this works out to a minimum of RM10 million per unit.

“The project is still on the drawing board, and units will be sold mainly to friends,” he said.

By New Straits Times (by P. Rajan)

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