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Camellia suites target young professionals, expats

KUALA LUMPUR: Following more than two months of exclusive member previews, UOA Development Bhd has opened sales of its Camellia Serviced Suites in Bangsar South to the public.

According to David Khor, development division chief operating officer, the residences are recording encouraging sales despite the fact that the project has not been officially launched.

"Camellia is very much targeted towards young professionals with a taste of modern comfort through its accessibility and a multitude of recreational and health facilities for residents in an exclusive and safe environment," said Khor.

An artistic impression of the Camellia Serviced Suites.Another target market will be the expatriates working in Bangsar South, he added.

Situated in the 60-acre (24.3ha) Bangsar South, the 34-storey development has a gross development value (GDV) of RM354.27 million.

It offers a total of 720 units with built-up areas of 638, 861 and 1,419 sq ft.

With a starting price of RM568,800, Khor believes affordability is a strong selling point, considering the quality of the development.

The developer plans to retain the units in the upper 10  floors to be operated and managed by a hospitality group.

It is finalising an agreement with an international hospitality group, said Khor.

Camellia has separate common facilities; the facilities for the serviced apartments on the top floors are located at the rooftop, while a facilities floor will be allocated for the apartments owned by individual owners.

Khor estimated a rental yield of 6% for Camellia, which is expected to be completed in 2013.

"The development of the 84,400 sq ft healthcare centre next to Camellia will compliment the serviced suites. The healthcare centre will offer consultation services, and diagnostic and imaging facilities," he said.

Two floors of the centre have been sold to Life Care International Medical Group, and the top three floors will be used for consultation services.

Should treatment be required, patients will be referred to nearby hospitals such as Pantai Hospital in Bangsar. Camellia will offer the patients convenient and comfortable lodging, said Khor.

There is also the RM100 million clubhouse next door which will be operated as a members club.

The club is divided into five floors — the diners club offering F&B, the business club with function rooms, the cigar and piano lounge, the wellness club with spa and gym, and the Splash club, a two-acre water theme park on the top floor. Also available are sports facilities such as tennis and badminton courts.

UOA is currently mulling several options for the theme park. Among them are a joint venture with a reputable operator and appointing an operator to run it.

Bangsar South is UOA's largest development with an estimated GDV of RM8.6 billion.

About 20% of the entire development has been completed — Phase 1 of The Horizon comprising 14 blocks of 10- to 11-storey office buildings, Phase 1 of Park Residences comprising two condominium blocks and The Village comprising the property gallery, F&B outlets and speciality shops.

UOA is also gearing up for its upcoming listing on Bursa Malaysia's Main Market next Wednesday.

Its IPO exercise is expected to raise proceeds of RM1.05 billion.

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