THE Kuok groups property development arm, Johdaya Karya Sdn Bhd, is confident of hitting RM140mil sales for the condominium tower project it is launching next 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 that opened in 1999 and includes a completed 30-storey office tower at Jalan Wong Ah Fook.
Initially, construction for the condominium block was to start in 1998 but the plan was put on hold temporarily because of the regional economic crisis, marketing manager Steven Goh said in an 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 on the project and decided to make some changes on the earlier design, number of units and the indicative price.
Instead of 373 units planned earlier, the project would now offer 359 units comprising 84 studio apartments, one-bedroom (45), 2-bedroom (123), two-bedroom- and-study (43), three-bedroom (1) and three-bedroom-and-study (63).
He said the company had reviewed the price to better reflect the current property market conditions and would now start from RM180,000 for studio apartment while the big units were priced at between RM600,000 and RM700,000.
Goh said the original plan also included turning 100 units into service 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 the studio style living which is popular in places such as Kuala Lumpur and Singapore; and we believe that concept will become popular, he said.
He said the company was quite confident of charting good sales as the project was tailored for people with discerning taste and preferred a city living lifestyle.
Goh said the target clients were multinational corporations, professionals, foreign businessmen, Malaysian professionals working in Singapore and cash-rich Hong Kongers, Indonesians, Singaporeans and Taiwanese.
The project offers convenience and facilities retail, food and beverage (F&B), and entertainment outlets; proximity to financial institutions, Federal and State government offices and walking distance to the Causeway checkpoint.
Goh said the state governments plan to transform Jalan Wong Ah Fook into something similar to Singapores Orchard Boulevard with sidewalk F&B outlets and specialised retail shops would be a plus point for the project.
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