Sime Darby Property positive on Ara Hill project

AllMalaysia.info

P R O P E R T Y

News Friday March 23, 2007

Sime Darby Property positive on Ara Hill project

PETALING JAYA: Sime Darby Property (SDP), the property division of Sime Darby Bhd, expects good response and take-up for its luxury high-end residential development in Ara Hill.

SDP had offered the first 100 units of the 400-unit Ara Hill to selected customers three months ago, and Sime Darby group property director Datuk Tunku Putra Badlishah said about 50 units had been taken up.

“This has given us confidence that Ara Hill will be well accepted. We are building 200 units for the first phase, set to be completed by end-2009. We are aiming for full take-up within the next nine months,” Tunku Putra told a press conference after jointly launching the Ara Hill Show House and Walk Through yesterday with Sime Darby property divisional director Jauhari Hamidi.

Jauhari said SDP had not decided when to start the second phase of the project, adding that the group was in discussion with some companies to provide “lifestyle amenities” to the new neighbourhood.

SDP, he said, was currently in talks with a few supermarkets and healthcare companies, among others, wishing to relocate or expand their services to the area, but did not name them.

Sime Darby property divisional director Jauhari Hamidi (left) and Sime Darby group property director Datuk Tunku Putra Badlishah looking at the Ara Hill property models at the launch on Thursday.
Ara Hill has a gross development value of RM380mil, and 70% to 80% of its remaining land bank is reserved for commercial buildings.

SDP would also retain ownership of its retail units in Ara Hill to control its tenancy and to keep recurring rental income, Jauhari said.

HSBC Bank Malaysia has entered into a 20:80 financing agreement with SDP whereby buyers of Ara Hill units will pay 10% of the purchase price to SDP, and place another 10% in fixed deposits with HSBC to earn interest at twice the prevailing board rate for 24 months.

The remaining 80% of the purchase price would be financed by the bank at a “low” interest rate, head of sales and distribution Linda Yip said.

Customers need not service the loan during the construction period, and would only commence payment upon possession of the property, she said.


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