Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Tuesday, August 25, 2009

Mayland property projects reflect its Midas touch

All projects developed by Malaysia Land Properties have appreciated in value and in some cases risen by threefold

Property developer Malaysia Land Properties Sdn Bhd (Mayland) seems to have the "Midas touch" as all projects developed by it have appreciated in value and in some cases, by threefold.

Mayland, whose projects include the integrated Plaza Damas development in Sri Hartamas, Kuala Lumpur, is confident that this trend will continue for the remaining projects planned at the site.

The entire Plaza Damas project, which started in 1998, is located on a 5.95ha site with Phase 1 and Phase 2 taking up 3.54ha.

Mayland is now developing its RM800 million Plaza Damas 3 that will include serviced apartments and possibly a hotel.
"Our track record has spoken for itself. We do not know of anyone who has bought from Mayland and did not make money. We want our customers to make money," its director Winnie Chiu told Business Times in an interview.

She quoted the examples of its Parklane block of shop offices where 91 units were sold from RM880,000 each in 1998 and today their value has appreciated to RM2.5 million.

Its Waldorf and Windsor apartments in Phase 1, which were sold in December 2007 have appreciated in value to RM240,000 from RM141,000 for the 480 sq ft unit, in less than two years.

Chiu expects the same kind of results for its new launches.

In fact, Mayland's projects are so popular, they are snapped up even before they are advertised. And 50 per cent of its purchasers are repeat customers.

"We sold our 72 units of shop offices in Phase 3 within half a day. It was even before we sent out our advertisement for print," she said, adding that each unit costs RM2.3 million.

According to Chiu, Mayland saw a dip in sales in November 2008, which continued until March this year. However, she is no longer worried as she believes that confidence in the market has returned.

"We are seeing a huge pick-up in sales," she said.

Mayland still has available some 5 per cent of 185 units of serviced apartments in Carlton@Sri Hartamas and 30 per cent of its 230-unit Chelsea@Sri Hartamas for sale.

The pricing for a fully furnished unit starts from about RM820 psf for units measuring 500 sq ft to 955 sq ft.

As part of its plan to make Plaza Damas an integrated development, it is also looking at the possibility of having a hotel in Plaza Damas 3.

Plaza Damas 3 will then be linked by an overhead bridge to Hartamas Shopping Centre and Plaza Damas 1 and 2 within two years.

By Business Times (by Vasantha Ganesan)

No comments: