KUALA LUMPUR: Land & General Bhd (L&G) has soft-launched its luxury serviced apartment project, The [email protected], along Jalan Ampang in Kuala Lumpur.
The 2.6-acre development with a gross development value of RM800 million is a joint venture between L&G and Mayland Group.
The freehold development comprises two towers, each housing 520 units with built-up areas ranging from 640 to 1,570 sq ft, said a spokesperson from the developer.
Almost 50% of Tower 1 has been booked since its soft launch two months ago. The majority of buyers were locals with about 15% from overseas, including from Singapore, South Korea and the US, she said.
The developer is confident that the reasonable pricing of RM750 to RM800 psf for a freehold development in the city, its strategic location and features will help draw buyers, be it for own stay or investment.
“We expect a rental yield of about 8% per annum and 30% capital appreciation when the project is completed in 2014,”said the spokeperson.
Aside from common facilities such as wading pool, infinity pool, visitors’ lounge and children’s playground, The Elements also offers spa, sauna, jacuzzi, hot spring, a meditation zone and an indoor floating gymnasium.
Setting it apart from other similar developments is the unique rooftop sky garden that offers a 360° panoramic view of the city, said the spokeperson.
Nearby amenities include international schools, medical centres, upmarket boutiques and major shopping malls such as Suria KLCC.
Before the official launch for Tower 1 planned for April 2, the developer is offering a 2% discount, absorption of sales and purchase agreement and loan agreement fees, partially-furnished units and an interest-bearing scheme.
Next on L&G’s agenda is a high-rise development in Sri Damansara with a natural green concept which is scheduled for launch in 3Q11 and the development of landed properties in Seremban.
This article appeared on the Property page, The Edge Financial Daily, March 25, 2011.