KLUANG: Batu Pahat-based property developer BCB Bhd is upbeat on the property market outlook in Iskandar Malaysia, Johor.
Group managing director Datuk Tan Seng Leong pointed out that the large presence of domestic and foreign investors would be able to create demand for residential and commercial properties in the economic corridor.
Iskandar Malaysia, which was launched a decade ago, continues to attract strong interest from investors worldwide.
“This momentum will likely continue despite the current challenging economic situation,’’ Tan told StarBiz after the company’s AGM and EGM.
At the EGM, shareholders approved the company’s proposed share split involving the subdivision of each existing ordinary share of RM1 in the company held by shareholders to be split into two shares of 50 sen each.
According to Tan, the response for phase one of BCB’s flagship high-end condominium project Elysia Park Residence @ Medini, Iskandar Malaysia, launched August this year was good.
The project, with a gross development value of RM1.2bil on a 3.16ha, will be developed over five years. It comprises six tower blocks with a nine-storey cark park podium.
It is a joint-venture project between BCB, holding 60% equity, and a Hong Kong-based developer United Harvest Group Co Ltd (UHG).
“We have sold 75% of the 335 units from our first tower block of 44 storeys. Of that, 50% were sold to Malaysians while the remaining units were sold to Taiwanese, Singaporeans, South Koreans and mainland Chinese buyers,’’ he added.
Meanwhile, executive director Tan Vin Sern said the launch of the second tower block of 42 storeys with 334 condominium units would take place in the first-half of 2016.
He said the company would appoint an agent in Shenzhen, China, next year, targeting Hong Kong and mainland China buyers for its Iskandar Malaysia project.