KUALA LUMPUR (April 11, 2013): Gabungan AQRS Bhd, a niche lifestyle property developer, has launched a new property development, The Peak @ Jalan Temenggong, in Iskandar Malaysia with a total gross development value of RM600 million.
Its Executive Director Ow Chee Cheoon said The Peak comprises six 41-storey blocks, with a total of 668 units of Sky Villa serviced apartments.
In a statement on April 11, he said The Peak, the company's first property project in Iskandar, is a luxurious freehold development in a prime location that is easily accessible.
Jalan Tebrau, which is an integrated major rail system with multiple expressways providing easy accessibility to major areas within the Iskandar City, is located strategically just beside The Peak. Ow said the show unit, which was opened for public review in Iskandar on April 6, has received a lot of interest from Malaysian, Singaporean and Indonesian buyers.
The property, which is expected to be completed in 2015, is targeting local and foreign buyers, he said.
Gabungan AQRS, which is also a construction and engineering service provider, said the Peak will add to its current construction projects and property development portfolio of RM1.23 billion in GDV.
"The project is expected to contribute significantly to the company’s top and bottom line in coming years, providing higher value for our stakeholders," Ow added.
Gabungan AQRS’ current development portfolio includes MRT Package V1, Kuala Lumpur with a GDV of RM303.5 million; Contours, Ampang with a GDV of RM157.3 million; Permas Centro, Iskandar Malaysia with a GDV of RM127.3 million; and The
Avenue, Selangor with a GDV of RM207.6 million.
Ow said the company is optimistic on the positive outlook for the Johor property market this year, particularly in Iskandar Malaysia, which has been progressing well in the last six years and has brought great changes to the landscape of the property market in the South Johor region.
He said there is still so much room and potential to grow for the Johor property market compared to Kuala Lumpur and Penang, where prices have reached a higher range.-Bernama
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