Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Wednesday, April 14, 2010

OSK Property plans 2 condo projects

OSK Property Holdings Bhd plans to develop two condominium projects in Cyberjaya and Jalan Yap Kwan Seng in Kuala Lumpur.

Executive director and chief operating officer Gerard Tan Boon Chuan said the projects are expected to be launched by year-end.

The low-rise Cyberjaya project, with an estimated gross development value of RM300 million, will be built over 4.88 hectares (12.2 acres), near Perdana Lake.

The Yap Kwan Seng high-rise condominium project is still awaiting approval.
"We are now going through various designs and should be able to launch the Cyberjaya condominium project in the later part of the year," Tan told reporters after the company's annual general meeting here today.

He also said OSK Property was optimistic about the local property market and had set its sights on launching a few projects this year.

"We look forward to launching in May, Sutera Damansara's semi-detached houses. We had a soft launch last November and to date, 40 per cent of the houses have been sold," he said.

The company also plans to launch its two-and-a-half storey semi-detached houses in Bangi by June as well as phase two of Mon't Jade, a low density upmarket bungalow development in Seremban.

"The local property market outlook for 2010 is looking very positive and promising, with sentiment being given a boost through attractive interest rates, as well as a friendly purchasing environment.

"Property prices in Malaysia are forecast to increase by five and 10 per cent this year in line with the economy," chairman Datuk Nik Mohamed Din Nik Yusoff said in the company's 2009 Annual Report.

Agreeing with this, Tan said Malaysia's interest regime is still affordable although expected, to rise gradually.

"Interest rates may increase. But this is expected as the economy picks up," he explained.

By Bernama

No comments: