Friday, October 19, 2007

RM80mil sales target for Larkin Residence

RM80mil sales target for Larkin Residence

JOHOR BARU: Niche Properties Sdn Bhd (NPSB) and Kelana Erat Sdn Bhd (KESB) are projecting RM80mil sales from Phase Two of the Larkin Residence project.

NPSB director Phan Chee Shong said response to Phase One of the project, launched in July 2003, was good and he was confident of getting similar response for the second phase.

He said the second phase comprised 320 apartments with 1,180 sq ft floor area and priced from RM208,000 to RM295,000 each.

Phase One comprising 280 apartments was sold out and the certificates of fitness issued early this year.

Phan Chee Seong (left) and Badrudin Mohamad at the show apartment of the second phase of Larkin Residence
“We are targeting foreigners, especially Japanese, Singaporeans and South Koreans, making up 40% of buyers for the second phase,” Phan told StarBiz at the launch last Saturday.

He said more foreigners were expected to work and live in Johor Baru with the development of the Iskandar Development Region.

The residential project is a joint venture development between the Selangor-based NPSB and the Johor-based KESB.

Larkin Residence is a gated low-density development, the first of its kind in Johor whereby all the units are corner units and each five-storey apartment is serviced by a lift.

The project is located on Jalan Datuk Onn Jaafar, about 5km to Johor Baru city centre and the causeway, and close to public amenities.

Phan said buyers of phase one were entirely Malaysian and most were first-time house owners, pensioners, young couples and singles.

“We expect professionals and Malaysians with experience living overseas as our main buyers for Phase Two,” he said.

Work on Phase Two involving apartments in 16 five-storey blocks has already started for completion within two years.

Phan said NPSB and KESB would be launching Phase Three within 18 months and targeting high-end buyers.

Residents of Larkin Residence would enjoy full condominium facilities with the completion of a RM3mil clubhouse recently, Phan said, adding that the companies also emphasised on preserving the greenery by minimising cutting down of trees that had been around for more than 50 years during construction.

KESB director and general manager Badrudin Mohamad said the company was in the midst of talking to several land owners in Johor Baru.

He said KESB and NPSB were looking to start new residential projects in Larkin.Badrudin said land was still available in Larkin, which was the most sought after address in Johor Baru due to its strategic location

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