5 July 2004

Extracted from The Star, Monday 5 July 2004

South Malaysia Industries Bhd (SMI) has sold about 90% of its Kelana Mahkota condominium and plans to build more high-end condo units in the same in Kelana Jaya.

SMI Project Management Sdn. Bhd. Marketing Manager Matthew Ng said sales had reached about RM 138 mil wit 641 out of 712 units sold as at June 10 during a media preview of a show unit in one of the three condominium blocks under construction.

The Project is scheduled for completion in January 2005.

Ng said the developer’s price of this project had risen from 155 per sq ft (psf) when it was launched a year ago to the current RM 180 psf.

“We try to help existing buyers by ensuring that their property appreciates in value. We want to protect their investment. Buying property is still a better choice. If you put your money in fixed deposit, it can only earn you about 3.5% per annum,” he said.

Kelana Mahkota, being developed by SMI subsidiary SMI Cityhome Sdn. Bhd., comprises three 23-storey blocks of condominium units consisting of 66 duplex and 646 standard units. Built-up areas range from 1,260 to 1,814 sq ft.

Ng said the larger units with 1,300 sq ft were the first to be sold.

“People who came here are genuine buyers. We’ve one buyer who asked when a residents’ association could be set up,” he said, adding that people now realized that one way to preserve the value of their property was to have a strong residents’ association.

As to why the company would spend money on a show unit when there were only 71 units left, Ng said this was part of the company’s commitment to the buyers in helping them get of how they could furnish their homes.

The show unit with a Thai concept is tastefully furnished. To give buyers better finishers, tinted glasses have now been included in the units.

He said the company had two more parcels of land left in the area. One comprises seven acres and the other about 10 acres. It plans to build a more up-market condominium there.

SMI’s earlier projects in the area include the Kelana D’ Puteri and Kelana D’ Putera apartments, some link houses, and Kelana Square commercial centre.

Kim Realty Sdn. Bhd. Chief executive officer Vincent Ng said Kelana Mahkota was one of the cheapest condominiums in Petaling Jaya.

He said a fully furnished condominium unit in Petaling Jaya could fetch between RM 2,000 and RM 2,500 rental a month, while an unfurnished one could get about RM 1,200. “It has never been a better time to buy properties, especially with the interest rate so low,” he said, adding that there was a lot of greenery around the project.

Nearby amenities include the newly opened Giant hypermarket, Kelana Jaya Medical Centre, Putra LRT station, MPPJ Sports Complex, Kelana Square and Kelana Jaya Urban Centre. - BY S.C. CHEAH

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