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Tuesday, January 12, 2010

Maymont expects all 'bungalows in the sky' to be sold by year-end

MAYMONT Development Sdn Bhd, controlled by property tycoon Datuk P. Kasi, is confident that its RM700 million luxury super condominium project, Matahari, will be fully taken up by the end of the year.

The 158 units of the project in Desa Sri Hartamas, Kuala Lumpur, are being marketed as "bungalows in the sky". Prices range from RM3.1 million to RM10.8 million per unit.

"So far, we've sold 43 per cent of the total units," Maymont head of sales Prabu Ananthan told a media briefing in Kuala Lumpur yesterday.

"With the Chinese New Year break and the (property) market picking up, we are confident of selling all units by the year-end," he said.
The developer expects annual rental yield of 6 per cent per condominium unit, with the superior units' targeted rentals ranging between RM16,000 and 18,000 a month.

On why the project was halted after construction started in 2007, Prabu said it was part of the company's strategic effort to market the Matahari units "at the right time".

Maymont head of marketing Chelvi Ananthan said the project was 35 per cent complete and the handover of the first phase, comprising 30 units, was scheduled for 2012.

Kasi is the landowner of the 2ha freehold tract. The project is being carried out in his private capacity.

The Matahari condominium units are 40 ft wide, which is about two normal linkhouses, with large built-ups of more than 3,900 sq ft. The average floor-to-ceiling height of 13 ft (23 ft at its highest) provides natural lighting and cross-ventilation.

The condominium units are sold partly furnished and with three parking bays, while the penthouses will have five parking lots each.

The project is accessible via the Sprint Highway, with direct access to the North Klang Valley Expressway, via the Duta interchange; Federal Highway, via the Pantai Expressway; and Litrak Damansara-Puchong Highway, via the Penchala Link.

By Business Times