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Saturday, October 18, 2008

AP Land seeks more regional opportunities

Property developer Asia Pacific Land Bhd (AP Land), which lately has ventured overseas to include oil palm plantations under its belt, will continue to seek opportunities in regional markets amid the global credit crisis.

With the sale of the City Square Centre to Australia's Macquarie Global Property Advisors last year for RM680 million and the settlement of RM350 million in debts, AP Land is leveraging on its surplus cash position to pursue investment opportunities.

Last month, it launched a RM400 million commercial and housing project in China's Changshu City, marking its first foray into the country.

It has also a US$60 million (RM211.2 million) resort apartment project in Hokkaido, Japan, dubbed Shi-Ki.

"We believe there is a silver lining in every turmoil. When things turn around, it can be quick. There are people with money," joint managing director Low Su Ming said after launching AP Land's property gallery and Tower 2 of its maiden myHabitat development project in Kuala Lumpur yesterday.

Low said AP Land will continue to develop properties abroad that will include replicating the RM400 million myHabitat high-end project, which consists of twin blocks of 38-storey premier serviced apartments sprawled over 1.5 acres.

Tower 1, launched in 2005 and earmarked for completion by end-2009, is almost 90 per cent sold, with the remainder being Bumiputera lots.

It features 168 units, with prices starting from RM700 per sq ft and sizes ranging from 1,400 sq ft.

Low said sales for Tower 2, which will be completed by end-2010, may be slow due to the current turmoil, but she is optimistic about local and international demand for the property.

Tower 2 offers 215 units, which range from 600 sq ft to 1,100 sq ft and priced between RM1,200 and RM1,500 psf or from RM800,000 to RM1.4 million per unit.

"We repositioned Tower 2 after getting feedback from buyers who prefer smaller units for better yields. We have to respond readily to the market," Low said.

"We may hold a certain portion of Tower 2 for our management," she added.

By New Straits Times (by Sharen Kaur)

Visit myHabitat Official Website

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