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Monday, April 28, 2008

UOL gets 60% take-up rate for condo project

UOL Group Ltd's freehold luxurious condominium project, Panorama, has seen a take-up rate of 60% since its launch a month ago.

The RM300mil maiden project by the Singapore-based property development and hotel group is scheduled to be completed in 2011.

Located on a 1.13-acre site along Persiaran Hampshire near the Petronas Towers in Kuala Lumpur, the project comprises two 33-storey towers with a total 223 units.

It is a joint venture with General Corp Bhd, a property and construction group.

Units come in one- to three-bedroom combinations and built-up areas from 592 to 1,819 sq ft. They are priced from RM750,000 to RM2.37mil.

UOL group president and chief executive officer Gwee Lian Kheng said investing in Malaysia was a natural choice.

“We already own Parkroyal KL Hotel, Parkroyal Penang Hotel and the 30-storey south tower of One Residency at Jalan Raja Chulan,” he said in a statement.

Kuala Lumpur's buoyant property scene was rapidly gaining attention among the global community as evidenced by the mushrooming of various luxury developments within the city centre, he said.

“With UOL's branding and track record, we expect Panorama will be well received by foreign buyers and funds,” he added.

Together with General Corp, UOL has also acquired for RM172.14mil freehold land totalling 3.95 acres along Jalan Conlay, near Kuala Lumpur's Bukit Bintang commercial precinct, where it plans to develop a 38-storey luxury condominium.

UOL's listed subsidiary, Hotel Plaza Ltd, is the owner of 12 hotels in the Asia-Pacific.

By The Star

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