It is targeted at investors and young execs
KUALA LUMPUR: Crest Worldwide Resources Sdn Bhd expects to sell off its maiden mixed development project in Kuala Lumpur in three months as it is targeted primarily at investors as well as young executives working and living in the city.
The project, named Crest Jalan Sultan Ismail, had received encouraging sales since the developer held a sneak preview at the end of last year.
Located behind Renaissance Hotel at the intersection of Jalan Ampang and Jalan Sultan Ismail, it will be launched today. Sales and marketing president Joy Nandy told StarBiz the company had confirmed sales of RM29mil. Three floors of the residential tower were purchased by Arabs.
Crest Jalan Sultan Ismail is right smack in Kuala Lumpur's central business district, easily accessible by road and served by two light rails. It is also near the entertainment spots in Jalan P. Ramlee and surrounded by hotels.
Nandy said the units were priced at entry level to enable everyone to “get a piece of the action”.
“Most developers have targeted foreigners (especially developments close to the city centre). We want to encourage locals to live in the city. Our structured pricing allows us to attract a wider group of buyers,” he added.
The RM420mil project comprises a 26-storey block of office suites, 44-storeys of serviced apartments and a six-storey podium for retail and car park. It is situated on 1.72 acres of leasehold land, which the company purchased for RM35mil in 2005.
The residential tower will house 278 units ranging from 616 to 7,593 sq ft. The apartments are priced between RM425,000 and RM5.9mil, averaging RM750 per sq ft.
The 75 office suites have built-up areas of 1,605 to 10,498 sq ft and the average selling price is RM600 per sq ft. Prices vary between RM540,000 and RM6.6mil.
Ideally, Nandy would like to sell the office suites en bloc and anticipates Rakyat BTR Capital Partners Bhd buying the entire block.
“However, we are also looking at local entrepreneurs who wish to own an office at a prestigious address compared with shop offices in the suburbs,” he added.
Rakyat BTR, an associate company of Bank Rakyat, set up Crest Worldwide as a special purpose vehicle to develop the project. Construction is scheduled to start in October and should be completed within 36 months.