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Monday, June 1, 2009

Tan & Tan: Niche marts will still attract buyers

Property developer Tan & Tan Development Bhd says demand for residential properties, particularly in niche markets, remains strong.

It plans to launch projects targeting demographics such as those with young families and the elderly.

"There is still ample money out there. If the product and price are right, people will still buy," its chief executive officer Tan Boon Lee told Business Times.

He cited the recent successful sale of all 49 units of residences at Laman Sierramas West, developed by Kumpulan Sierramas (M) Sdn Bhd.

The sales campaign was to have run from May 7 to yesterday, but all the units were taken up during the first weekend.

Tan & Tan, joint developer with KL-Kepong Property Holdings Sdn Bhd, managed to sell the property for RM37 million.

Priced at between RM560,000 and RM800,000 each, Tan said the completed project enabled people to view the units and make an immediate decision on purchase.

He said that it was looking next at developing another 40 gated, guarded community bungalows catering for those with younger families. The bungalows, to be developed with KL-Kepong, will have space of 3,000 sq ft to 3,500 sq ft.

"We are niche developers, but we are not looking at super-high-end projects. We are targeting specific groups," Tan said.

In the fourth quarter of the year, Tan & Tan plans to launch 50 to 60 condominium units catering for the elderly in Jalan Ampang Hilir, Kuala Lumpur.

"It will be elderly-friendly, with facilities like grab bars/railings, ramps, non-slip flooring in the bathrooms," Tan said, adding that it has looked into the little details.

Tan & Tan has had experience with hospital developments when it owned the Gleneagles Medical Centre in Kuala Lumpur.

No pricing has been set for the project as yet.

By Business Times (by Vasantha Ganesan)

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