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Monday, September 7, 2009

BLand expects RM150m from Seputeh project

BERJAYA Land Bhd, a unit of Berjaya Corp Bhd, expects to rake in RM150 million in sales from its Vastana25 bungalow and villa boutique development in Taman Seputeh in Old Klang Road, Kuala Lumpur.

Vastana25, which has three bungalows and 22 link villas, is an exclusive enclave within the 16.5ha freehold low-density Seputeh Heights project.

Berjaya Land senior general manager for properties and marketing, Mah Siew Wan, said the company has started construction on Vastana25 and the properties will be ready by October next year.

The bungalows and villas are priced from RM5.5 million to RM8 million, with a built-up area of 5,743-7,665 sq ft and a private glass lift and pool each.

Mah told Business Times during a site visit recently that Berjaya Land has sold eight bungalows despite the economic slowdown, by word of mouth.

She said there will be a private viewing for the properties in December, where the company hopes to close sales for the remaining 17 units.

"People are buying into Vastana25 because of its location. Every unit offers an excellent view of the city and a lot of natural lighting, thanks to the glass features," Mah said.

On Seputeh Heights, Mah said that prices of properties built by land owners in Seputeh Heights have tripled since 1997.

Berjaya Land started Seputeh Heights in 1997, offering 103 bungalow lots, measuring 7,992 to 23,100 sq ft, for sale.

Ninety lots have been sold over the past 12 years at more than RM150 per sq ft.

Seputeh Heights also has four purpose-built bungalows, which were constructed by Berjaya Land and sold for more than RM5 million each.

"Seputeh Heights is one of our most exclusive developments and it would be impossible to replicate it. This is because land is scarce in prime locations and not many areas can offer a full view of the city," Mah said.

By Business Times (by Sharen Kaur)

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