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Wednesday, April 29, 2009

Paramount Venue plans to build apartments in Sentul

Developer Paramount Venue Sdn Bhd aims to launch six blocks of low-cost and low-medium cost apartments worth RM62 million collectively in Sentul, Kuala Lumpur, over the next 8-15 months.

The company will launch four blocks of low-cost apartments, comprising 850 units worth RM42,000 each, by year-end.

It expects to launch two blocks of low-medium cost apartments featuring 320 units, each priced at an average of RM80,000, by early 2010, project director Mohd Zainudin Badarudin said.

The properties will be built within its ongoing RM1 billion Bandar Sentul Utama township project, located close to the YTL Sentul east and west developments.

Mohd Zainudin said the low-cost apartments are primarily for squatters occupying several sites at the township while the low-medium cost apartments are to cater to the low-income group.

"We are in the midst of submitting the building plans to City Hall for approval," he said yesterday after handing over keys to buyers of Sentul Utama condominium at the township, witnessed by Datuk Bandar Kuala Lumpur Datuk Ahmad Fuad Ismail.

The 28ha Sentul project was supposed to have been developed in 1997 but failed in 1994 as its developer, Sentul Murni Sdn Bhd, a unit of Mycom Bhd, was dragged into a legal battle by squatters located within the township.

To rid itself of assets that are slow to develop, the ailing public-listed Mycom sold Sentul Murni to Paramount Avenue in 2005.

At the time when Paramount Avenue took over the project, only the first phase comprising low-cost apartments had been completed, while 80 per cent of Phase Two namely the Sentul Utama Condominium and the following phases were abandoned.

In less than 30 months after Paramount Venue took over, it completed three 17-storey blocks (Sentul Utama Condominium), totalling 720 units.

It hopes to start constructing the final block, or Block D, by August.

"We are waiting for building approvals and for the squatters to relocate. Block D will have 240 units with added features, each priced from RM180,000. We have Singaporean investors who are keen to buy the units," Mohd Zainudin said.

Earlier at a press conference, Ahmad Fuad said a programme has been put in place to help relocate squatters in project areas.

"Between 1990 to 2007, there were 270 abandoned projects in the Federal Territory, majority of which have been revived. We need more white knights like Paramount Venue to take over abandoned projects for the sake of buyers," he said.

By Business Times (by Sharen Kaur) (Posted on April 28, 2009)

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