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Monday, August 25, 2008

Mayland builds its strength on choice locations

MALAYSIA Land Properties Bhd (Mayland) is confident it can hold its own against the increasing number of developers venturing into the high-end market.

"There are many players in this segment now, but we are unique because of the landbank that we have in choice locations," Mayland executive director Yeo Chung Sing told Business Times.

In recent years, Mayland has launched a number of high-end condominium developments along Jalan Kuching in Kuala Lumpur, a stone's throw from the city centre.

The Regalia, launched last year, is located behind The Mall.

Its latest development, Royal Regent, is off Jalan Kuching as well and near its Putramas development.

"I believe our pricing, from RM330 per sq ft, makes the Royal Regent very competitive considering that we are just 10 minutes away from property which is selling at RM2,000 per sq ft," Yeo said.

The ideal location has enabled the group to sell 30 per cent of the 471 units on offer even before the development was launched last Thursday.

Royal Regent's gross development value is RM300 million.

"Our buyers have always looked to us to give them developments that not only cater for their needs but are also sound investment decisions," Yeo said.

The Royal Regent's five-storey clubhouse and three condominium blocks hold the promise of being a one-of-a-kind development.

"We have spent some RM10 million on the landscaping and clubhouse alone to ensure that buyers get a premium-value product."

There will also be 16 duplex penthouses in the development.

Yeo said the group is moving ahead with its more than RM1.2 billion worth of launches this year despite the increasing prices of building materials and the somewhat dampened economic outlook.

Mayland has revised the pricing for several of its projects to take into account the almost 30 per cent increase in cost of construction materials, he added.

By New Straits Times (by Presenna Nambiar)

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