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Tuesday, April 13, 2010

Mayland upbeat on response to Palazio 2

The Mayland Group is launching this Saturday phase 2 of its Palazio serviced apartment project in Mount Austin, Johor, as it is upbeat on the market.

Prices of residential properties in Johor are rising and demand for studio units and 3-bedroom serviced apartments is growing, said Malaysia Land Properties Sdn Bhd head of leasing Eddy T.P.Tan.

"When we launched phase 1 of the project last June, we were selling at about RM200 per sq ft. Now the highest unit in phase 2 is pegged at RM280 per sq ft," Tan said in a recent interview with Business Times in Kuala Lumpur.

The entire project has six 14 to 21 storey residential towers worth RM300 million. Mayland is launching the towers in three phases.
Tan said more than 80 per cent of Phase 1, which has 668 studio and 3-bedroom serviced apartment units was sold in six months.

A bulk was bought by existing property owners in Johor, and investors from Singapore, Indonesia and Kuala Lumpur. Many are repeat customers who bought previous properties by Mayland and know the potential investment opportunities, Tan said.

"We are confident of selling 80 per cent of phase 2 by December. We are one of the pioneers in Johor to offer studio units of this size. Mayland is also the only developer in Mount Austin to offer high-rise residential units," he said.

Phase 2 comprises 624 studio and 3-bedroom serviced apartment units in two 17-storey towers, worth RM100 million.

Dubbed Palazio Maple & Mulberry Tower, each unit will be priced from RM109,000 or between RM230 and RM280 per sq ft. The size of the studio units range from 420 sq ft and the serviced apartments from 1,095 sq ft.

Tan said the key selling point for Palazio is its location, which is close to Johor Baru city centre and the Austin Hill Golf Course.

"We will invest a lot on landscaping. There is a 1.2ha lake fronting one tower in phase 2 and we will improve the area with jogging tracks and covered walkways.

"We are also building a 5,000 sq ft full-equipped clubhouse and two swimming pools between the two towers. We want it to be as attractive as possible for buyers," Tan said.

Mayland plans to launch phase 3 with two 21-storey towers on a carpark podium by end-2010.

The Palazio is Mayland's fourth property project in Johor since it entered the market in 2001.

By Business Times

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