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Tuesday, April 13, 2010

Good response to RK Group's pioneer project

RK GROUP Holdings (M) Sdn Bhd has sold all of the residential units on offer at its pioneer project, Axis Atrium, months before work on the integrated project due to be completed.

Axis Atrium is a combination of residential units, offices and a shopping mall in Pandan and Ampang in Kuala Lumpur.

Group managing director Datuk Roslan Khalid said the project is 70 per cent completed and will be fully operational by year-end.

"We started this project in 2004 and have come a long way. Suffice to say that this project is very much like my own baby. We will complete this project before moving on to the next one," he said after revealing Carrefour as the anchor tenant for its shopping mall yesterday.

The company had marketed its residential properties in Singapore to woo foreigners. As a result, 20 per cent of the 866 property units were bought by overseas buyers from countries, including Poland, for a number of reasons, especially for investments, he said.

However, Roslan did not elaborate on his future plans for the family-run business which he formed 10 years ago after being an architect for several companies for the last 30 years.

"We plan to increase our landbank but we are unable to disclose the areas that we are looking for at this moment which will also include outside of Klang Valley.

"We hope to finish this project completely before moving on to the next one. The Axis Atrium will indeed serve as a reference to us," he said.

Roslan started the property company six years ago with only three staff. He now has 50 people and a subsidiary which does construction and property management.

He bought the Axis Atrium land, which was previously an oxidation pond, for less than RM1 million some 15 years ago.

"My lawyer thought I was crazy when I made the purchase and so did the banks who were lending me the money for the project," he said.

Roslan said Axis Atrium, which has a gross value of RM270 million and a total development area of 1.8 million square feet, is set to become one of the significant landmark in Pandan and Ampang areas.

By Business Times

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