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KUALA LUMPUR: Australia-based property developer Asset1 (Developments) Pty Ltd, through its associate company Asset 1 Aus (Ulu Klang) Sdn Bhd is making its first foray in Malaysia with the development of a 21-acre bungalow project at Kemensah Heights, Kuala Lumpur.
The project called The Reserve @ Puncak Kayangan Kemensah is being developed in a joint venture with Weststar Construction Sdn Bhd, a subsidiary of Weststar Group.
The project is also Asset1’s maiden international venture.
The Reserve is expected to be launched in early July and will consist of a high-end and low-density bungalow project. The gross development value of the project is RM185 million and each bungalow is priced within the range of RM5 million to RM6 million.
According to the developer in a recent statement, the growing Malaysian economy and high demand for quality residential development had drawn Asset1 to look at Malaysia for its regional expansion drive.
Asset1 managing director Luke Adams said: “The collaboration with Weststar is a strategic move that has delivered promising results. It gives credence to Asset1’s philosophy where we work only with the best in the industry.
“We are keen to share our Australian expertise to surpass the current benchmarks of the Malaysian property development landscape,” he added.
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| An artist's impression of the RM185m The Reserve@Puncak Kayangan Kemensah. |
Asset1 was established in August 2002 and its directors have been involved in delivering master-planned communities including residential sub-divisions, integrated housing, modern apartment buildings and commercial acquisitions in Australia. Its latest acquisition was of the World Trade Centre Complex in Melbourne.
Meanwhile, Weststar Group has interests in aviation, automobile, building, construction and property development under the helm of Tan Sri Syed Azman Syed Ibrahim as group managing director. Among completed projects by Weststar include Taman Indah Jaya in Cheras and Taman Titiwangsa Ukay in Ampang. Weststar Construction provides infrastructure and buildings for the group of companies such as showrooms for Weststar Auto, as well as warehouses, inspection centres and delivery hubs in Kota Kemuning and Westport. The company was recently involved in building Sinaran TTDI, a serviced condominium and retail project by UDA Holdings Bhd.
This article appeared on the Property page, The Edge Financial Daily, June 17, 2011.
