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Thursday, July 10, 2008

Million Seed to ‘build and sell’

JOHOR BARU: Million Seed Sdn Bhd has become the first developer to introduce the “build and sell” concept in Johor.

The adoption of this concept would instil more public confidence in the company, as purchasers would be buying only completed properties, said managing director Denny Lee.

Samuel Tan Wee Cheng (left)and Denny Lee

“We want to differentiate ourselves from other existing developers in Johor,” he told StarBiz at the launch of its 26 units of three-storey shop offices on Saturday.

Located along Jalan Masai Jaya in Plentong next to the newly opened Tesco Extra store, the units are expected to be completed by year-end.

Lee said the units were part of the company's 4.45ha freehold land project, which would span six years with RM418mil in gross development value.

He said phase two would have 12 units of three-storey shop offices, phase three 1,000 serviced apartments and phase four a hotel tower block.

Lee said the company would focus on developing the commercial properties as many players were already engaged in residential property projects in Johor Baru.

“Demand for shop offices in Iskandar Malaysia is also rising as more businesses are setting up operations in South Johor,” he added.

Project agent KGV-Lambert Smith Hampton (Johor) Sdn Bhd director Samuel Tan Wee Cheng said the Masai-Plentong area was fast emerging as the new commercial hub.

He also said the area was in close proximity to established housing estates such as Taman Molek, Taman Johor Jaya and Bandar Baru Permas Jaya.

He said there were several new upcoming commercial properties in the area and infrastructure projects such as the Eastern Dispersal Link Highway (EDL) and Permas Jaya second bridge to be completed in 2010.

“Masai-Plentong area is part of Iskandar Malaysia and is a brown field area with most infrastructure facilities already in place,” said Tan.

He added that location was integral to the success of commercial projects.

By The Star (by Zazali Musa)

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