Acmar unit gets RM601mil loan to build RM1.5bil condo

KUALA LUMPUR: Perspektif Masa Sdn Bhd, a unit of Acmar International, has secured a RM601mil loan from Sabah Development Bank Bhd (SDB) to finance the development of its RM1.5bil D’Rapport luxury condominiums in Ampang here.

Acmar International group managing director Datuk Steven Tee said the company was set to launch the first phase of the project in the next four months due to a good take-up rate of 30% during the development’s preview in recent months.

“We are also in talks with foreign parties from Pakistan, Saudi Arabia, Iran and South Korea for possible en bloc sales,” he told a press conference after signing the credit facility agreement of RM601mil with SDB. “We are targeting 80% of the purchases from expatriates.”

The condo units’ current buyers are from Singapore, Middle East and South Korea, he added.

To encourage higher take-up rates from South Korea, Acmar International has invested approximately RM2mil in a new customer service and sales centre in Seoul, Tee said.

Acmar International chairman Datuk Abdul Samad Maharuddin said property prices in Kuala Lumpur remained competitive compared to overseas prices.

The project, jointly undertaken with Permodalan Negeri Selangor Bhd, consists of five 38-storey blocks comprising a total of 1,099 units and a gross development value of RM1.5bil.

Perspektif Masa also signed an agreement to appoint Asian Finance Bank Bhd (AFB) as D’Rapport’s global property distribution agent and end financier.

AFB chief executive officer Datuk Mohammad Azahari Kamil said: “Property market in the right location is still going on strong despite the soft market of the real estate industry. We strongly believe that given the right product, pricing and location, buyers will continue to dominate the market.”

Covering 65 acres of land along Jalan Ampang, the project, also known as Festa, will be completed by 2011.

D’Rapport’s penthouses are priced from RM5.17mil while the suites range from RM880,000 to RM1.98mil.

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