Hong Kong developer launches maiden project in JB

JOHOR BARU (Jan 11): One of the largest property developers in Hong Kong, New World Development Co Ltd, has joined hands with a local partner to launch its maiden real estate project in Malaysia.

The company, which commands a 15 per cent market share in the highly competitive property market in Hong Kong, picked Luen Yum Development (M) Sdn Bhd as its partner in launching the "New World Garden" project in Plentong, Johor.

The project, offering 96 units of high-end bungalows and semi-detached luvury villas on 4.86 ha. of land, has a Gross Development Value (GDV) of RM240 million.

Slated for completion in April 2014, it is undertaken by Taipan Eagle Sdn Bhd, a joint venture company set up by New World Development and Luen Yum Development.

Michael Tam, director of Luen Yum Development, said the 92 units of  semi-detached villas and four exclusive bungalows are priced from RM2.4 million to RM4 million each.

"We are targeting a mix of buyers, locals and foreigners, Singaporeans and other nationalities," he told the media at the New World Garden's launch here on Jan 11.

Construction of the luxury houses, he said, is more than 50 per cent complete. According to Tam, besides the booming Johor Baharu property market, Taipan Eagle, the local arm of New World Development, is also looking to expand its footprint into other markets in Malaysia.

Besides Hong Kong, New World Development, which is owned by Chow Tai Fook Enterprise Ltd and listed in the Hong Kong bourse, also has property projects in major cities in China such as Beijing, Shanghai, Guangzhou and Wuhan.

Meanwhile, executive director of New World Development Chen Guanzhan said the company, with its wide experience in property development in Hong Kong and China, is looking for opportunities in other parts of Malaysia. - Bernama