City & Country: MK Land condo sold en bloc

We were very happy when Whamp Group, a single investor, bought the whole wing. We had been expecting several en bloc buyers - Fatimah

MK Land Holdings Bhd has sold Wing C (Block B) of Armanee Terrace Condominium — a luxury condominium in the Damansara Perdana township in Selangor — to Hong Kong firm Whamp Group (International) Inc for RM180 million.

The developer had planned from the beginning to put up Wing C for en bloc sale as it has the best view of the city or the greenery the developer retains, its COO Fatimah Wahab tells City & Country.

“We only opened for sale two wings of Block B because we wanted to go for en bloc sales with Wing C. We were very happy when Whamp Group, a single investor, bought the whole wing. All the while, we had been expecting several en bloc buyers,” she says.

Armanee Terrace Condominium, developed by MK Land on 15.2 acres of land, is a duplex condominium project featuring innovative private gardens. The 522-unit Block A of the Armanee Terrace Condominium was handed over at end-2005.

Block B, which is scheduled for completion in December next year, is currently selling from upwards of RM800,000 per unit. Block B (Wings A and B) has a total of 340 units, with built-up of 2,652 sq ft for intermediate lot and 9,780 sq ft for penthouse. To date, some 45% of these units has been sold.

Block A and B have a combined gross development value (GDV) of RM675 million. MK Land plans to build five more blocks with different concepts over the next 5 to 10 years.

Armanee Terrace Condominium in Damansara PerdanaThe group adviser of Whamp Group, Lee Fukada, snapped up the 178-unit condominium (Wing C) after falling in love with the greenery — the forest adjacent to the project — in the township.

The Malaysian-born Lee, who made his fortune in Hong Kong, says Damansara Perdana township is also very convenient as Ikano shopping centre and Tesco are nearby.

“Other places can be very concrete and congested. If you have money to buy a property, you would prefer a quieter place. I am not saying that this is the best place. But for me, I just pay RM2 via the Penchala Link and I can reach this half-resort, half-city home in 10 minutes,” Lee, 40, tells City & Country.

Those condos will be kept for recurring income, but he does not rule out the possibility of selling if the price is right.

Investments opportunities
This is not the first time the Chinese-Japanese buys property in Malaysia. Through Whamp Group, he made his first investment foray in Malaysia in 1992 — a 25,000-acre palm oil tract in Sabah.

He says he is looking to invest half-a-billion ringgit in commercial buildings, residential buildings as well as vacant land in Klang Valley, given that property prices in Malaysia are relatively cheap compared to other countries.

“To me, location and brand is very important. Commercial properties have to be in the city, while residential properties can be out of the city. We believe that the best residential properties in the city are in KL Sentral or KLCC. I intend to invest more in Damansara Perdana and Wangsa Maju.

“Malaysia is a very good country to keep property for capital appreciation… the capital appreciation is fantastic. I always buy during a crisis and sell at good prices,” says Lee, who is  now a Canadian citizen.

Besides the palm oil land in Sabah and Armanee Terrace Condominium, he has also invested in a piece of vacant land in the KLCC area as well as in Batu Feringghi in Penang; 10 shophouses in Petaling Street, Kuala Lumpur; 25 condo units in Marc Residences, KLCC; as well as 12 condo units in Suasana Sentral Condominium, KL Sentral. Apart from Malaysia, Lee’s extensive investment portfolio covers China, Hong Kong, Japan, Canada and Italy.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 777, Oct 19-25, 2009 

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