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Saturday, August 1, 2009

Giant wholesale city in Klang

TSI Holdings Sdn Bhd is developing the largest wholesale city in Malaysia and the South East Asia region on 14.5 acres in Klang with gross development value (GDV) of more than RM1.5bil.

Lim Seng Kok ... We do not offer freebies or gifts to buyers to purchase the properties but will give quality products.

Group managing director Lim Seng Kok says that when the development is completed, the city will have more than 2,000 units of shops solely for wholesale business.

“The development is divided into four phases that will take 8 to 10 years for completion. The first phase is going to be opened in October or November this year, comprising about 200-odd single storey shops where all the units are for lease only for wholesale business,” he tells StarBizWeek.

He says that for the second phase, the group has already submitted plans for approval and will do the launching in the middle of next year.

“The first phase is only for lease but for the next phase, we are going to sell the shops to those in the wholesale business,” he says.

TSI Holdings started its business in 1987 as specialised contractors with projects locally and in the international market such as Indonesia, Thailand, Singapore and Qatar.

The group ventured into property development in 2000 and have accumulated about RM760mil in completed developments in Cheras, Kuantan and the city of Kuala Lumpur.

To date, TSI have completed more than 1,800 units of properties with GDV of about RM500mil. About RM2bil of development is still in the pipeline.

Artist’s impression of the pool view of First Residence in Kepong Baru.

Lim says another project launch this year by the group is First Residence in Kepong Baru, Kuala Lumpur with GDV of RM166mil, comprising two levels of shops and 474 units of condominium in two towers, scheduled for completion by the middle of 2011.

“We did the soft launch for Block A after the Chinese New Year and to our surprise, the sales were overwhelming as almost all the non-bumi units were sold off,” he says adding that though the current market condition is slow for property sector, the group doesn’t feel the pinch at all.

“We always believe that with the right products design that can meet the requirements of buyers, the market is still there for us to continue our business,” he says.

He adds that the group does not offer freebies or gifts to its buyers to purchase the properties but will give quality products.

The group has recently launched the second block (Block B) to meet the demand from the market.

The condominium range from 930 sq ft to 1,450 sq ft and priced from RM233,000 to RM333,000 while the shops are priced from RM700,000 to RM1.2mil.

“This development will be the first in the market to offer 32 facilities for its resident on a 20,000 sq ft podium, such as karaoke rooms, yoga room, reflexology path, etc,” he says.

For upcoming development, Lim says the group will launch a mixed residential development in Puchong by early next year that consist of 520 units of condominium and 12 units of conventional shops with projected GDV of over RM130mil.

By The Star (by Edy Sarif)

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