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Tuesday, July 29, 2008

Phase 2 of Mines park secures sales before launch

COUNTRY Heights Holdings Bhd's second phase of Mines Waterfront Business Park has already secured sales and received enquiries from potential buyers locally and abroad, even before its launch.

Project developer, Mines Waterfront Business Park Sdn Bhd (MWBP), is expected to start the construction within the next six months.

MWBP sales and marketing head Vincent Chew said the second phase of the project, which is an extension of the current five blocks of the property, would be launched in one to two months' time.

"The yet-to-be launched Phase 2 of Mines Waterfront Business Park has already secured sales from purchasers who have heard about this sure-win investment through word-of-mouth.

"There are some enquiries from foreign and local parties who are interested to purchase en-bloc with a net lettable area of a little over 66,000 sq ft," he said in a statement.

Chew said the first phase of the project is 98 per cent tenanted with a net lettable area of 246,000 sq ft. Among the tenants are Astro, EMI, Hitachi and Mynic & Sumitomo.

The second phase comprises two blocks - Prairie and Bay - with a view of 60ha lake and 18-hole golf course and country homes.

Prairie is a 14-storey commercial block with a net lettable area of 66,000 sq ft and Bay is a 19-storey building with a net lettable area of about 106,000 sq ft.

Chew also said that it is timely for purchasers to buy the property now because if the costs of building materials keep rising, future property launches would inevitably be more expensive.

"In this scenario, property prices in general are likely to escalate soon and it is thus, timely to buy now before developers increase their prices," he said.

He said soaring material prices would result in lower supply of commercial properties as developers are more cautious in launching new projects but demand will continue to grow.

"The company (MWBP) has been closely monitoring the increase in building material prices over the past year and fortunately for us, foundation works as well as a portion of the super-structure have already been completed," he added.

By New Straits Times (by Hamisah Hamid)

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