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Friday, August 3, 2012

Buy a penthouse and get a Lamborghini

Dream combination: What has a Lamborghini got to do with St Mary Residences? Eastern & Oriental Bhd (E&O) has come up with a novel option for a penthouse purchaser to own the sports car. Seen here are E&O deputy managing director Eric Chan (right) and Lamborghini KL chief operating officer Marcus Chye with the Lamborghini Gallardo at St Mary Residences.

Probably the first time such an offer is being made

Kuala Lumpur: Fancy a Lamborghini to go with your super penthouse?

In what could be the first time in the property industry, lifestyle developer Eastern & Oriental Bhd (E&O) has come up with the option for purchasers of its super penthouses at St Mary Residences Kuala Lumpur to own a Lamborghini Gallardo at a special price. The car costs about RM1.7mil.

E&O deputy managing director Eric Chan said this was made possible as a result of a co-branding partnership between the two companies.

“This is a market first, and another way E&O is setting benchmarks for luxury living in the city,” Chan told a press conference.

Lamborghini Kuala Lumpur chief operating officer Marcus Chye said: “The best goes with the best.”

There are only 200 units of Lamborghini in the country. On the Gallardo special edition, Chye said only 20 units were made for Malaysia. Thirteen have been sold and three out of the remaining seven have been reserved for St Mary buyers.

As for the other big-ticket item, the three remaining penthouses, with a built-up of 6,700sq ft, are priced between RM10mil and RM12.18mil each. There are 16 penthouses, but only four come with the “super” status. One of them was previously sold.

The three-block 28-storey development is located in the heart of the central business district in Jalan Tengah, off Jalan Sultan Ismail, and is about 10 minutes from the Kuala Lumpur City Centre area.

Two of the blocks, comprising 457 units, have all been sold except for the three super units.

The third block will be returned to the church Synod of the Diocese of West Malaysia, the previous owner of the 4.04 acre freehold land but E&O will manage the 200 units, known as E&O Residences Kuala Lumpur, for the church for 15 years, with an option to extend to another five years.

It will be the company's first serviced apartments in the city. It also owns Eastern & Oriental Hotel and Lone Pines, both in Penang.

Chan also introduced the E&O rental programme which was designed to help buyers and investors better realise their investment in St Mary Residences.

Chan said the programme would help buyers and investors to facilitate the sale or rental of their units by advising them on the rental and sub-sale rates.

He said purchasers might have an annual yield of between 5% and 7% depending on when they bought the units.

On its other projects, Chan said the company wasplanning to launch its Jalan Yap Kwan Seng development, several blocks of Penang properties and possibly Johor properties with a combined gross development value of about RM1bil in the next 12 months.

By The Star

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