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Tuesday, April 7, 2009

Bluwater project is learwater's second niche evelopment

The RM3 billion Bluwater Estate residential project in Seri Kembangan, Selangor, is the second niche development by local property developer Clearwater Group.

The group's flagship project is Clearwater Residence, a RM150 million boutique condominium in Damansara Heights, Kuala Lumpur, which is slated for completion by the end of this year.

More than 80 per cent of the condominium units, priced from RM900,000 each, have been sold since its launch a year ago, said founder and managing director Dian Lee Cheng Ling, eldest daughter of property tycoon Tan Sri Lee Kim Yew.

In expanding the group's business, Wisma Antah, a nine-storey office block adjacent to Clearwater Residence, was acquired from Antah Holdings Bhd for RM18 million, four years ago. The building will be refurbished and renamed WORK@Clearwater.

Clearwater also has 0.7ha of prime land in the upscale Bukit Tunku area in Kuala Lumpur, where it intends to build super luxury villas, worth over RM20 million each.

"We are waiting for approval to build the villas. Clearwater is expanding its lifestyle division, but property development will remain its core business," Dian Lee told Business Times.

The Bluwater Estate was previously known as the Mines Southlake, which was being developed by Mines Resort Bhd (MRB), the privately-held company of the elder Lee.

As he was scaling back his privately held local property development activities, Clearwater approached him to buy over MRB (now known as Bluwater Developments Bhd), which also owns The Heritage, for around RM350 million in mid-2008.

The Heritage features 842 condominium units in five 18-storey blocks, an eight-storey office building, and the two-level Heritage Village, which offers 120,000 sq ft of retail space.

"My father made a decision to relinquish some of his duties and responsibilities last year to focus more on his passion of charitable works and building his Mines Golf City. We saw the Mines Southlake as a dream project and took over from him. The company and the development were rebranded," Dian Lee said.

By Business Times

1 comment:

Unknown said...

This project appeared to be a responsible and sustainable project. With eco friendly aspiration in the mind of the Developer, hope this rebranded project proof to be successful rather than simply lip service