KLUANG: BCB Bhd will launch its flagship high-end condominium project called Park View Residence@Medini in Iskandar Malaysia in the third quarter of the year.
Group managing director Datuk Tan Seng Leong said the company would be submitting the planning development of the project to the relevant authorities this month.
He said the project – located on a 3.16ha site – would comprise six blocks of 45-storey condominium towers with 2,004 units of residential units or 334 units per block.
The units consist of one-bedroom and two-bedroom duplex units with a built-up area of 600 sq ft and 900 sq ft, respectively, priced between RM500,000 and RM700,000 per unit, or RM850 per sq ft.
“It will be developed in three phases, starting with the first two towers. The project, which has a gross development value of RM1.2bil, will keep us busy for five years,’’ Seng Leong told StarBiz after the company’s EGM on Tuesday.
At the EGM, shareholders approved the proposed joint-venture project between BCB’s subsidiary BCB Heights Sdn Bhd and Hong Kong-based United Harvest Group Co Ltd (UHG).
They also approved for the subsidiary to acquire a lease over seven contiguous parcels of residential development land measuring 3.16ha within Zone A, Medini, for the project.
“We have received offers from several local and foreign companies to jointly develop the land, but we chose UHG due to its reputable name and strong financial support,’’ Seng Leong said.
Executive director Tan Vin Sern, meanwhile, said that Park View Residence would be the first project in Iskandar Malaysia to have hanging gardens on the 22nd storey of each condominium tower.
He said the company would target Malaysian professionals, Singaporeans, mainland Chinese, Hong Kong residents and Indonesians for the project.
“Our partner (UHG) has strong networking in China and Hong Kong, which will be an added advantage to attract buyers from these two places to our project,’’ added Vin Sern.
He said its other strong selling point, like any other property development project in the 902.44ha Medini site, was that there was no restriction to foreign ownership.
Vin Sern said the company was upbeat on the property outlook in Iskandar Malaysia in years to come, adding that a large presence of domestic and foreign developers would create healthy competition in the industry.
“At the same time, it has also helped to raise the standard and quality of products in south Johor in recent years, something which was not prevalent in the 1980s and 1990s,’’ he said.
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