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Monday, May 4, 2009

The CEO much in demand

The office units of Ideal Home Properties Sdn Bhd’s RM110mil The CEO in Penang has appreciated by about 20% since the launch in late 2007.

“Due to consistent demand, those who purchased the units in The CEO will find the value of their properties has appreciated by some 20% since they signed the sale and purchase agreement with us,” Ideal Homes business development manager Adrian Tan told StarBiz.

An office unit in The CEO with a 500 sq ft built-up area is now selling for about RM98,000, while a 2,500-sq-ft unit is now priced at RM750,000, representing a 20% increase from the original selling price.

The CEO, the latest modern office building on the island, is 70% sold. The project is scheduled for completion in late 2009 and is expected to obtain the certificate of fitness in the first quarter of 2010.

Tan said that there was still demand for modern office building space.

“While there may be a general overhang of office space on the island, there is however a shortage of modern office building space equipped with broadband IT and other modern facilities, especially in the Bayan Baru vicinity, where The CEO is located.

“This is what we learnt when we conducted the feasibility study for The CEO two years ago before launching the project,” Tan said, adding that The CEO office units were likely to fetch between RM2 and RM2.50 per sq ft in rentals upon completion.

The building provides some 350,000 sq ft of gross commercial area and over 400 office units.

“The building has a specially-designed level to accommodate facilities such as a gymnasium, pool, restaurant and meeting rooms,” Tan said.

By The Star

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