1120 Park Avenue receives encouraging response

KUALA LUMPUR: Peter’s Holdings, the developer of condominium project 1120 Park Avenue along Old Klang Road in Kuala Lumpur is offering an Easy Zero Payment Campaign (EZPC) scheme to its purchasers. It is believed to be the first such package done for the medium-cost property sector.

The RM250 million 1120 Park Avenue sits on a 12-acre leasehold tract, consisting five blocks with a total of 1,120 units.

A spokesperson of the developer told theedgeproperty.com that buyers only need to “pay 10% down payment and nothing for 4.5 years”. This means that a buyer pays a 10% down payment and with a housing loan in place, the developer will help pay the buyer’s loan interest (three years) and after the vacant possession (handing over of keys), the developer will pay the buyer’s loan installments for a period of 18 months, subject to certain terms and conditions.

The EZPC scheme was designed for homeowners in the medium-cost sector and investors. “We believe many would already be committed to an earlier housing loan, and to have the burden of a double mortgage especially during the construction period would be too heavy for them. We are giving them something like a grace period after the collection of keys, as we believe it would take some time for them to sell off their existing homes and renovate their unit.”

As for investors, the grace period of 18 months (after handover of keys) is to allow them time to rent or sell their units. “However, for those who sell, our subsidy is until the month they sell as we are not able to transfer this benefit to the next owner,” she said.

According to the spokesperson, 1120 Park Avenue achieved 100% sales within a week of the launch of its first phase, with buyers mainly from Puchong and Jalan Kuchai Lama. Unit sizes range between 870 and 1,193 sq ft.

There are two phases to the medium-cost development. The first phase of two blocks was launched in December last year and the remaining three blocks were launched on Jan 15. Prices are from RM200,000.

“We are now providing free air conditioning units as well as tempered glass shower screens for the bathrooms. For our second phase, we have achieved over 50% sales,” said the spokesperson. Each block has an average of 200 units and the whole development is scheduled for completion in 2013.

Each unit comes with two car park bays and facilities include a swimming pool, multipurpose hall, playground, jogging track and security.

Other projects by the developer include Papillon Desahill condominium in Taman Desa, Taman Seri Berembang in Port Klang, Green Acres in Ipoh, Zeus Business Park in Johor, and a medium-cost apartment project in Balakong, Kuala Lumpur.