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Friday, August 14, 2009

Strong local interest seen in Australian property

KUALA LUMPUR: Jalin Realty International Pte Ltd, a real estate agent that specialises in Australian prime properties, expects its latest offering in the Gold Coast – The Oracle – to be a major attraction to affluent Malaysian investors.

Jalin Realty International principal and chairman William Chen (left) and Ian Chen with a model of The Oracle.

Chief executive officer Ian Chen said the company anticipated strong buying interest from locals for the remaining 77 units of The Oracle worth a total A$77mil.

The residential portion of The Oracle, which sits on two towers (Tower 1 – 50 levels, Tower 2 – 40 levels), has 515 apartments and cost A$850mil to build.

“About 83% of the 515 units have been sold, mainly to Australians, and we expect strong take-up for the unsold units from Malaysia and Singapore,” he told StarBiz yesterday.

The prices of residential units range from A$690,000 for single units (850 sq ft) to A$5mil for penthouses.

“The largest penthouse located in Tower 1 was sold for A$9.6mil, which was a record for penthouses in Broadbeach,” Chen said, adding that there were two smaller unsold penthouses.

The residential units sit on top of one acre of retail area and 8,000 sq m of commercial space from level one to three.

The total gross development value of the project is about A$1bil.

On the selling point of The Oracle, Chen said it fronted the beach and was adjacent to the Oasis Shopping Centre, Jupiter Casino and Gold Coast Convention Centre in Broadbeach.

“Another attraction for buyers is that they only have to place a 10% deposit with no other charges until the building is completed, which would be late 2010,” he said.

He noted that The Oracle was being built by Niecon Developments Pty Ltd, a highly-reputable Australia developer that had won several awards for constructing iconic buildings.

Chen said that on average, high-rise buildings in Broadbeach could deliver 10% capital growth per annum.

“The Oracle offers buyers stable and steady capital growth with little or no risk,” he said.

Jalin Realty is the exclusive marketing agent for The Oracle.

A sneak preview of the property will be held in Mandarin Oriental Hotel, Kuala Lumpur, for selected guests today and during its launch tomorrow.

By The Star (by Danny Yap)

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