THE Kuok groups property development arm Johdaya Karya Sdn Bhd is confident of hitting RM140mil in sales from the condominium tower project it is launching in April some five years after construction was put on hold following the regional economic crisis.
The Horizon condominium project, to be developed at a cost of RM110mil, is part of the Johor Baru City Square shopping complex, which opened in 1999, and includes a completed 30-storey office tower in Jalan Wong Ah Fook.
Construction of the condominium block was initially scheduled to start in 1998 but the plan was put on hold temporarily because of the regional economic crisis, Johdaya Karya marketing manager Steven Goh told StarBiz in a recent interview.
It will be the first condominium building in the city centre when the project is completed towards end-2005, Goh said.
He said the company had completed a feasibility study of the project and decided to make some changes to the design, number of units and indicative price.
Instead of the 373 units planned earlier, the project will now offer 359 units comprising 84 studio apartments, one bedroom (45), two bedrooms (123), two bedrooms and study (43), three bedrooms (one) and three bedrooms and study (63).
Goh said the company had reviewed the price to better reflect the current property market conditions. Prices now start from RM180,000 for the studio apartment while the big units cost between RM600,000 and RM700,000.
He said the original plan also included turning 100 units into serviced apartments but the company had since decided not to do so as the Johor Baru market was not ready for the concept.
Instead, we will go for studio-style living which is popular in places such as Kuala Lumpur and Singapore, and we believe the concept will become popular here, he said.
Goh said Johdaya Karya was quite confident of charting good sales because the project was tailored for people with discerning taste and who preferred a city living lifestyle.
According to Goh, the target clients are multinational corporations, professionals, foreign businessmen, Malaysian professionals working in Singapore, and cash-rich Hong Kong nationals, Indonesians, Singaporeans and Taiwanese.