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Monday, April 16, 2012

Asian Land helping Aussie developers sell boutique properties

KUALA LUMPUR: Asian Land Realty, which is mulling to float its shares on the local or overseas bourse in five years, is helping several Australian developers to market their boutique developments here.

Asian Land is a local diversified real estate service provider and it helps developers from Australia, the UK and Hong Kong to market and sell their properties here, and vice-versa.

Its business development manager Alvin Lee Jern Fah said the company is introducing several boutique developments in Melbourne, currently the city most appealing to local home buyers and investors.

According to Lee, Melbourne offers good investment properties that have capital appreciation of seven to 10 per cent and rental yield of four to five per cent.

"Whether good or bad times, it is always a good time for Melbourne. The market has softened recently and we expect it to bounce back in the next one to two years.

"Nevertheless, there is still strong interest among Malaysians who continue to buy properties there because of its close proximity to major universities and shopping areas," Lee told Business Times.

At central Melbourne, Asian Land is selling 18 refurbished apartments worth a combined A$7.42 million (RM23 million) at 233 Collins Street@Melbourne Central Business District.

In the east Melbourne, it is selling 20 designer apartment units at 888 Glenhuntly Road@Caulfield South worth A$11.93 million (RM37 million), and on the west it has eight boutique townhouses worth A$4.03 million (RM12 million) at 28 Eleanor Street@ Footscray.

In north Melbourne, the company is selling four boutique townhouses worth A$1.81 million (RM5.5 million) at 1062 Sydney Road @ Fawkner.

Lee said Asian Land has a policy to be transparent at all times and sell properties at developer's prices to capture market share and compete with the big boys.

"We don't jack up the prices so there will not be any shortfall on the buyers' part when obtaining the loan or evaluating the property," Lee said.

By Business Times

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