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Saturday, March 28, 2009

Pearl Garden anchors Prai projects

In Seberang Prai, the largest project to be launched this year is the Pearl Garden, a joint-venture housing scheme by Taman Indah Group and Mutiara Goodyear Bhd.

The Pearl Garden, targeted for launch in May, comprises 616 bungalows, semi-detached, and terraced houses with an estimated gross sales value (GSV) of RM210mil.

“The Pearl Garden project is located in a 1,086 acre township developed by Mutiara Goodyear Bhd to become a fully integrated township for the Simpang Ampat community, which will serve as a growth catalyst in the region,” says Tambun Indah managing director Teh Kiak Seng.

Teh expects property prices on the mainland to remain resilient due to high land costs, insignificant decrease in raw materials except for steel, and high labour costs due to the shortage of construction workers.

“The current economic environment has affected the housing sector. In order to mitigate the effects, we are absorbing legal fees and stamp duty on transfer and zero interest for new purchasers during the construction stage,” he says.

Island Landcap Sdn Bhd, a company specialising in developing high-rise properties on the mainland, is launching some 350 units of apartments with an estimated GSV of RM65mil in Seberang Jaya at the end of 2009.

Its managing director Oon Weng Boon says that the yet to be named scheme, located on a seven acre site, would be equipped with life-style facilities.

They are mid-income homes, priced between RM150,000 and RM180,000, but they come with the facilities that you would enjoy from a high-end condominium on the island. These apartments are priced about 30% lower than landed properties on the mainland.

Oon says the company plans to launch another 650 units of apartments in 2010.

The company previously developed 300 units of similar type of properties called Cassia Resort Condominiums in Jalan Raja Uda.

By The Star

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