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Monday, November 17, 2008

Paradise Realty banks on strategic growth area

Paradise Realty Sdn Bhd is banking on the location of its two property projects in the main growth nodes of Iskandar Malaysia to attract buyers.

Managing director Ch’ng Chee Lam said the projects were strategically located within the Tebrau-Plentong river basin development area.

Ch'ng Chee Lam

He said the area which were less than 5km away from the city centre and the new Johor Baru Customs, Immigration and Quarantine (CIQ) complex and the Causeway was an added advantage

“This is among the few remaining last piece of land left for development in the eastern part of Johor Baru with river frontage,’’ Chng told StarBiz.

He was speaking at the launch of the Puteri Paradise Serviced Residency at Taman Bayu Puteri near Kampung Bakar Batu on Sunday.

The 22-storey Puteri Paradise is the first “condotel” in Johor with built up area ranging from 56.577 sq metre to 135.638 sq metre and a price tag from RM262, 000.

It is offering guaranteed rental return (GPR) for the purchasers of the condotel where they would be entitled to 7% rental return annually on the purchase price for the next 10 years.

Under the GPR package, three years rental return of 21% in advance would be paid to the purchasers, who have to pay a RM5,000 deposit for a fully-furnished GPR unit.

Apart from the condotel, the company is also developing Bayu Puteri Marina comprising 34 units of semi-detached units and 24 units of superlink terrace houses.

Early next year, it would be launching 68 units of bungalows, semi-detached houses and superlink terraces fronting Sungai Tebrau. The bungalows are priced from RM1.5mil each, semi-detached units from RM1mil and superlinks from RM700,000.

“The two projects will keep us busy until 2011 with RM100mil gross development value (GDV) from Puteri Paradise and RM280mil GDV from Bayu Puteri Marina,’’ said Ch’ng.

He said apart from the location, the area would get a further boost with the Permas Second Bridge and Eastern Dispersal Link (EDL) highway in 2010 and 2011.

By The Star (by Zazali Musa)

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