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Saturday, July 11, 2009

Fairlane aims to sign up 200 home owners

KUALA LUMPUR: Fairlane Hospitality Sdn Bhd, an asset and hospitality management company under the Low Yat Group, aims to sign up about 200 home owners of the Bintang Fairlane Residence in the next 12 months.

To date, it has already signed up 52 home owners just a month since it started marketing its holistic one-stop management service for property investors who seek to protect and optimise returns on their investment.

Fairlane is the first Malaysian hospitality brand that offers pool management option scheme – a contract and concept that shares it rental income pool from participating units as well as furnishing packages and hospitality services such as housekeeping, concierge and laundry.

Bintang Fairlane is the first property developed by the Low Yat Group that has 256 premium-quality apartments that have been fully sold.

Datuk Ahmad Fuad Ismail signing a plaque at the launch. With him (from left) are: Low Gee Soon, Low Yat executive director Low Gee Teong, director of architecture, planning & property services Wee Beng Sang, Fairlane group general manager Daniel Ong and Low Yat executive director Low Su Ming.

Low Yat executive director Low Gee Soon said it was timely to introduce the Fairlane management to meet the increasingly challenging premium property market demand where rental yields were diminishing but capital values needed to be upheld.

“Besides Bintang Fairlane Residence, it is also keen to manage another premium residence, myHabitat, that is scheduled to be completed by middle of next year and developed by Asia Pacific Land Bhd. And we are quite confident to secure the management work,” he told reporters after the launching of Fairlane, officiated by Mayor of Kuala Lumpur Datuk Ahmad Fuad Ismail, yesterday.

Going forward, Low said, Fairlane was also keen to venture into the international market, especially China.

“We are optimistic in integrating our brand and services successfully with our future lifestyle developments and have plans to venture into key regional cities. This is because we would like to develop the current position as an value-added services provider to a revenue generating entity,” he said.

Ahmad Fuad said it was pleasing to see a company like Low Yat Group constantly contributing to the progress of the city with first-rate quality residential services.

“This is in line with the Kuala Lumpur Structure Plan 2020, a master plan of the city of tomorrow.

“One of our key long-term strategies is to create a complete living environment in the inner city that provides the very best business and working atmosphere, together with vibrant commercial, financial and entertainment centres,” he said.

For its marketing and management services, Fairlane collects 3% of the total gross revenue generated from the unit and the incentive fee is 7% of the gross operating profit.

By The Star

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