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Friday, April 25, 2008

Peter’s Holdings targets medium high-cost property market

KUALA LUMPUR: Peter’s Holdings Sdn Bhd is positioning itself as a developer of medium high-cost property and is looking for land in prime and established locations in the Klang Valley.

Managing director Peter Loke Kwok Seong said while the company continued to develop its low- and medium-cost residential project in Petaling Utama, its aim was to be a player in the medium high-cost property market.

“We are sourcing for land in niche and matured areas like Taman Desa, Taman Seputeh and Ampang,” he said.

He said this at a media preview of the Papillon Desahill Condominium at the project’s site sales office-cum-show unit in Taman Desa yesterday.

The condominium, on 4.5-acre freehold land, marks the company’s foray into the medium high property sector.

“At Peter’s Holdings, we pride ourselves on having the ability to create value for our customers. We believe the viability of a property developer depends on how much value he can create.

“The more value is created, the more projects will be demanded and the more repeat buyers there will be. This is a cycle and a philosophy we hold true,” Loke added.

Papillon Desahill, with a gross development value (GDV) of RM180mil, offers 225 units in two, 15-storey wings. About 30% of the units have been sold since its soft launch a month ago.

The price range is about RM400 per sq ft. There will be four designs with 1,312 to 2,059 sq ft sizes and priced from RM480,000 to RM800,000.

The 16 penthouse duplexes with 2,498 to 3,661 sq ft are priced between RM1.1mil and RM1.6mil.

Business development manager Katrina Loke is confident that 80% of the units would be sold within a year.

“Most of our purchasers are local up-graders,” she said, adding that a 2% discount per unit was being offered for a limited period.

CIMB-Mapletree Management (which manages the CIMB-Mapletree Real Estate Fund 1) is collaborating with Peter’s Holdings to market and promote the project under a profit-sharing basis.

Loke said its ongoing and future projects had a GDV of RM1.25bil.

By The Star (by S.C.Cheah)

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