Economic plan to spur property sector: MK Land

  • Business
  • Thursday, 12 Jun 2003


MK Land Holdings Bhd is confident its projects would benefit from the government's stimulus measures to spur demand in the property market.  

Peter Chan, the chief operating officer of Saujana Triangle Sdn Bhd, a wholly-owned subsidiary of MK Land, said the government's economic stimulus package had helped to spur greater interest in the property market, and added that demand would pick up in the next two to three months. 

“The measures, aimed at mobilising domestic sources of growth and promoting home ownership, are timely and will spur property demand,” Chan told a press conference yesterday.  

Chan said although sales during the first quarter this year were slower than during the second half of 2002, demand picked up in April and May.  

New property purchasers during the one-year period from June 1 would benefit from various measures, including stamp duty waiver for property priced below RM180,000, exemption on real property gains tax, savings on housing loan interest, and tax relief for property below RM100,000. 

Chan said as a strong player in the affordable property market MK Land stood to gain from the measures and had planned a property carnival over the two coming weekends to showcase its various projects.  

He expected the carnival to gross sales of about RM30mil. It will feature about 2,000 property units from seven projects, with prices ranging from RM42,000 for low-cost units to RM550,000 for luxury condos and RM650,000 for shop houses. 

The showcase this weekend will be at the Tropics Shopping Centre in Damansara Perdana, and the next at Sunway Pyramid. 

Saujana Triangle, which is developing Damansara Perdana, will feature its high-end luxury homes – Emerald Duplex Condo, Armanee Terrace duplex condominiums and Emerald serviced apartments – and commercial units and office-cum-retail lots at Tropics Shopping Centre, Perdana The Place and Flora Shops. 

The spotlight will also be on the Bukit Merah Laketown project near Taiping, Perak; Taman Bunga Raya homes in Bukit Beruntung, Selangor; and Langkawi Lagoon resort project in Pulau Langkawi, which features bungalows and villas on stilts over the Andaman Sea.  

“We will also be providing information on the benefits of property purchase during this period. Discounts of between 10% and 20% will be offered,” he added. 

Chan said MK Land, with an undeveloped land bank of 5,700 acres, was looking outside its stronghold of Selangor and Perak to growth centres in Johor, Penang and east Malaysia. 

“The group has expanded from developing mainly affordable homes into a property supermarket with interests in low-cost, medium-range and upmarket homes, resorts and commercial development,” he said. 

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