Tan & Tan Developments sees better outlook

KUALA LUMPUR (Sept 28): Tan & Tan Developments Bhd executive director Teh Boon Ghee is confident that the  launch of  its high-end serviced apartment project Stonor 3 will be well-received as he expects the current economic slowdown to recover soon.

“We see the (market) bottoming. We also see stock and commodity prices stabling and next [stabling] will be property.

“I think with the right location, project, pricing and quality, we will see this project being well-received by the public,” Teh told the media at Stonor 3’s official launch in Kuala Lumpur today.

Jointly developed by Tan & Tan Developments and Japan’s Mitsubishi Jisho Residence, Stonor 3 is located on a 1.48-acre freehold site along Lorong Stonor. It has a gross development value (GDV) of RM650 million.

Stonor 3 is a 41-storey project comprising 400 units with five layouts ranging from 649 sq ft to 1,232 sq ft and priced between RM1.1 million and RM2.1 million.

“Stonor 3 reflects the best of Tan & Tan Developments’ rich experience in building high-end luxury developments and Mitsubishi Jisho Residence’s flair for exacting standards and innovation. Each fixture, fitting, material, and appliance has been handpicked to ensure the ultimate in comfort and luxury, creating Kuala Lumpur’s first collection of luxury curated homes,” said Tan & Tan Developments chief executive officer Tan Boon Lee during the launch.

The project is slated for completion at end-2019.”

He added the project has been opened for registration of interest since July this year. “We are not specifically aiming at foreign buyers although the price is from RM1.1 million onwards. If you look at the price per sq ft, it is about RM1,650 psf, which is in line with the market price in Kuala Lumpur City Centre.”

According to Tan & Tan Developments senior marketing manager Cassendra Chong, some 30% of the project have been booked so far.

Some of the project’s facilities are three-tier security, resident’s lounge, swimming pool, gym, playground and wading pool, mini theatre, function rooms and rooftop BBQ deck with an adjoining herb garden.

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