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Tuesday, July 22, 2008

Asiatic upbeat on luxury homes

KULAI: Asiatic Land Development Sdn Bhd sees demand for high-end houses in the Senai-Kulai growth corridor is expected to rise in the coming years.

Alex Phang (left ) and Asiatic vice-president Habibullah Kong after the launch

Executive vice president Alex Phang said developers with projects in the corridor should take the opportunity and cater to such demand.

Among the new developments coming up in the area are the Airport City, MSC Cyberport City, Senai Multimodal Terminal Hub and Skudai Knowledge Centre.

“This augurs well for the company as our on-going Asiatic Indahpura Kulaijaya township is strategically located in the growth corridor,” he said at the launch of 82 semi-detached houses at the Lakeview Residency Precinct 33A by Kulai MP Datuk Seri Ong Ka Ting on Sunday.

The township covers 2,832.8ha and, to date, 404.87ha have been developed.

The 20 single-storey semi-detached houses are priced from RM318,800 each and the double-storey semi-detached houses from RM470,822.

Phang said the company expected to generate RM40mil in gross development value from the houses, which would be completed in 2010.

The Senai-Kulai corridor is part of Iskandar Malaysia which focuses on the manufacturing sector and related activities like electronics and electrical, high-value food processing and agro-based processing, bio-tech, aviation-related downstream industries and engineering based industries.

Demand for houses would come from executives, senior management staff, local and foreign investors working or having investment interest in the Senai-Kulai area, Phang said, adding: “We are also looking at upgraders from Johor Baru district, Malaysian professionals working in Singapore and Singaporeans.”

Pricing would be the main factor attracting buyers from Johor Baru and Singapore, he said, as a similar house would cost double in Johor Baru and even more in the republic.

Asiatic Land is a wholly owned subsidiary of Asiatic Development Bhd and a member of the Genting group.

By The Star (by Zazali Musa)

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