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Friday, May 16, 2008

Acmar hopeful of RM3b GDV from D'Rapport

KLANG-BASED property developer Acmar International Sdn Bhd is optimistic that its new project in Jalan Ampang, Kuala Lumpur, could generate RM3 billion in gross development value.

"The D'Rapport development is a profit-sharing venture with the Selangor state government via Permodalan Negeri Selangor Bhd," said group executive director Johnson Tee Kim Hock.

UPMARKET CONDOMINIUMS: Johnson Tee (left) and Steven Tee with a model of the D'Rapport project in Jalan Ampang, Kuala Lumpur

Sited on 25ha next to the South Korean Embassy along Jalan Nipah, off Jalan Ampang, D'Rapport is being developed in two phases.

The first phase, named Festa, will take up 3.65ha. The five blocks of condominiums will total up to 1,099 units with built-up sizes ranging between 1,100 sq ft and 2,300 sq ft.

The current selling price for Festa units averages at RM750 per sq ft and they are priced from RM750,000 each.

Tee said details of the second phase are still being finalised.

D'Rapport upmarket condominiums will cater to expatriates and participants of Malaysia My Second Home programme.

"We're located next to the Korean Embasssy and there are several international schools nearby," he said.

Sabah Development Bank is extending a RM125 million bridging loan to Acmar for the project.

Tee was speaking to reporters after Acmar awarded a RM40 million piling job to Bauer (Malaysia) Sdn Bhd.

Representing Acmar was group managing director Datuk Steven Tee and Bauer managing director Thomas Domanski signed on behalf of his company.

Also present were Sabah Development Bank chairman Peter Siau, German Embassy deputy ambassador Dr Armin Koesler and South Korean Embassy first secretary Kim Im Sup.

By New Straits Times (by Ooi Tee Ching)

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