BCorp eyes 60% take-up for RM1.18b Ritz-Carlton residences

KUALA LUMPUR: Berjaya Corp Bhd (BCorp) expects the take-up rate for its luxurious Ritz-Carlton Residences Kuala Lumpur to hit 60% by year-end.

“The property market is softening a bit, but we don’t see any ‘bubble burst’. Property prices will still go up over time in line with rising material costs,” said Berjaya Land Bhd chief executive officer Datuk Francis Ng.

He said the company is set to hold roadshows in Hong Kong, Singapore and major tier-one cities in China to attract potential buyers for the Ritz-Carlton Residences Kuala Lumpur, targeted for completion by June next year.

“We are eyeing a 50:50 mix of local and foreign tenants,” he said at a media preview of the property yesterday.

The 48-storey project, situated at the intersection of Jalan Sultan Ismail and Jalan Ampang, will be officially launched this weekend.

It consists of 287 suites with unit sizes ranging from 1,023 sq ft to 4,284 sq ft. The total gross development value is RM1.18 billion with the average selling price starting from RM2,500 per sq ft.

Malaysia is the third Asian city to see the launch of the high-end Ritz-Calton Residences, after Singapore and Bangkok. — Bernama


This article first appeared in The Edge Financial Daily, on May 9, 2014.