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Monday, April 28, 2008

Peter's Holdings lines up RM1b KL projects

Property developer Peter's Holdings Sdn Bhd (PHSB) plans to launch new projects worth RM1 billion in Kuala Lumpur over the next 12 months.

Managing director Peter Loke Kwok Seong said it will launch a RM700 million project comprising medium-cost houses and a hypermarket on 12.15ha it owns on Old Klang Road by the end of this year.

LOKE: The firm is planning to launch its maiden development overseas, targeting China

"We are also negotiating with landowners to buy two plots of land in Ampang to build high-rise condominiums next year for RM300 million," he said at a media preview of Papillon Desahill Condominium in Kuala Lumpur on Thursday.

In addition to that, Loke said it is planning to launch its maiden development overseas, targeting China, where it has a crane-making business. "We are talking to our partners and hope to launch the development next year," he added.

PHSB's current projects are in Perak and Johor, worth RM120 million. It is also the project manager for Papillon Desahill, a new landmark project within the Taman Desa enclave worth RM180 million.

The company was awarded the job by its affiliate company ZEUS-TNB Properties, which is a 60:40 joint-venture company between Zeus Development Sdn Bhd and TNB Properties Sdn Bhd.

Papillon Desahill comprises 225 units in two 15-storey blocks, perched over 1.82ha. Construction would commence in July and completion slated by early 2011.

The units are available in four designs with built ups of 1,312 sq ft to 2,059 sq ft priced from RM480,000 to RM800,000 each or RM400 per sq ft.

The highest are the penthouses duplexes with build ups of 2,498 sq ft to 3,661 sq ft, which are priced from RM1.1 million to RM1.6 million each.

Loke said it hopes to sell up to 80 per cent of the units within the next 12 months.

Since its soft launch a month ago, up to 35 per cent of the units have been taken up, a bulk of it by locals and some by Japanese and Koreans.

PHSB is working with CIMB-Mapletree Management Sdn Bhd, the manager of CIMB-Mapletree Real Estate Fund I, for the plan and specifications of the project and in promoting the development.

By New Straits Times (by Sharen Kaur)

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