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Wednesday, February 22, 2012

Tan & Tan's G Residence to be sold out by year-end

KUALA LUMPUR: G Residence, developed by Opt Ventures Sdn Bhd, a unit of Tan and Tan Development Bhd, is expected to be sold out by year-end.

Tan and Tan Development is an IGB Corp Bhd company.

IGB's head of property development, Teh Boon Ghee, said: "The residence consists of two blocks of serviced apartments and a two-storey retail shop.

"All the units in Block A are sold out, and only about 40 per cent units are available in Block B," he told a press briefing on Tan and Tan Development's latest project, the G Residence.

The development, located on a 1.46-hectare land along Jalan Desa Pandan here, has a total gross development value of RM430 million.

The residence was officially opened for sales on Dec 8 last year, and is scheduled for completion in Feb 2015.

G Residence is priced at an average of RM650 per square feet, and would range between RM610,000 and RM1 million per unit.

Meanwhile, Teh said: "We are always looking for land to buy and develop, especially in the Klang Valley area."

Tan and Tan Development still had 688 hectares of undeveloped land that would be fully utilised in 15 years, he said.

By Bernama

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