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Saturday, June 16, 2012

Chong Wei ventures into property business

KUALA LUMPUR: World number one badminton player Datuk Lee Chong Wei has made his maiden venture into the property business with a condominium project in Ampang with a gross development value of RM160 million.

Called A Residency D' Suria Condominium, the 18-storey project, located in Ampang Hilir here, will be launched by September. The project is expected to be completed by 2014.

Lee, via his set-up Chong Wei Binajaya Sdn Bhd, has teamed up with Perak-based property player SSF Corp to implement the project.

The condominium units are priced between RM500,000 and over RM1 million, depending on built-up area.

"We have already sold 40 per cent of the 252 units available due to its strategic location and are confident it will get a good response," SSF group executive director Major Datuk Wayne Chew told reporters yesterday.

Chew said Chong Wei Binajaya is a subsidiary of SSF but he declined to reveal details of the partnership.

Privately held SSF was established in 1995 and started as a contractor.

To date, it has built more than 1,000 homes, mainly in Perak, which include joint ventures with the state government. It plans to expand to the Klang Valley, Penang and Johor.

A Residency is the company's second project in Kuala Lumpur after Residency Duta Suria, which is also a condominium project and is situated next to A Residency.

By Business Times

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