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Thursday, February 11, 2010

Ascenteus plans RM1.2b development

ASCENTEUS Holdings Sdn Bhd and Davanam Constructions Sdn Bhd plan to build a country club surrounded by low density luxury villas with an estimated gross development value of RM1.2 billion in Bandar Enstek, Nilai.

Ascenteus managing director Faizan Khan said the 80-hectare project would be developed in three phases, with the first expected to commence by the third quarter of this year.

He said eight to ten hectares of the land would be dedicated for the country club, while the remaining space would be used to develop luxury villas and residences.

The consortium and TH Properties Sdn Bhd, the developer of Bandar Enstek, signed the joint venture agreement to develop the General Hotels Management country club in July 2009.
"We plan to have 40 villas and residences in each phase. The development is expected to be completed by 2014," Faizan told reporters at the management and branding agreement signing between Ascenteus, Davanam Constructions and TH Properties here today.

International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir witnessed the signing.

Mukhriz said the fact that the property lies near the Formula One circuit and KL Intenational Aiport make the property "a try factor of overall investment".

The 2,046.4-hectare Bandar Enstek is expected to be fully completed by 2025 and to date, 30 per cent has been developed.

TH Properties chief executive officer Zaharuddin Saidon said a RM150 million residential project comprising terraced, double storey linked and semi-detached houses would be launched this year.

"We are also in talks with a local party that is interested to develop a project in Bandar Enstek," he said without elaborating.

By Bernama

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