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Monday, April 27, 2009

Lowyat eyes 50pc management service take-up

The Lowyat Group is targeting a 50 per cent take-up rate by year-end for its Fairlane Hospitality, a premier management service.

"Basically we are going the extra mile in rendering such a service to help our customers in getting higher rental returns and better capital appreciation," said the group's general manager, business development and marketing, Daniel Ong.

"Fairlane Hospitality is a rental management service to help owners get the best returns for their property investments. It is not a guaranteed return scheme as we don't force customers to lease back their properties," he said.

Currently, the group is offering the service to all the owners of Bintang Fairlane Residences and the group expects a take-up rate of 70 to 80 per cent by early next year.

Ong said all the 256 units in the project had been sold and response to the management service has been good.

"We had a briefing two days ago and many owners turned up. I would say that 70 to 80 per cent of them are keen to let us manage their properties," he said.

He added that the serviced apartment owners will be looking for both short- and long-term tenants to get income from their properties.

Moving forward, the group will also extend its management service to the myHabitat serviced residences located in Jalan Tun Razak here.

The service will be made available as an option for the myHabitat purchasers.

"We have just started on this, and by focusing on what we have on our plate now which is Bintang Fairlane, and myHabitat by next year, it would be enough to keep us busy," Ong said.

About 70 per cent of the owners from the two properties are expected to opt for Fairlane Hospitality within a three-year period, he said.

"Our vision is to grow this business not only locally but internationally as well. With the current projects, we will grow it strongly in Malaysia and then gradually expand to the international market," he added.

Bintang Fairlane Residences consist of 256 units of serviced apartments with a gross development value of RM160 million.

Scheduled to be opened for tenancy by next month, the project is developed by Hotel Fairlane Sdn Bhd, a member of the Lowyat Group.

The myHabitat project consist of about 168 residential units for Tower 1 which is to be completed by end of next year and Tower 2 with 215 units, with a total gross development value of RM400 million.

It is being developed by APL Development Sdn Bhd, a subsidiary of AP Land.

By Bernama

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