Malaysians to snap up 30% of Vision condo in Canada

KUALA LUMPUR: Vision International Properties expects 30% of its Sage Gardens condominium in St Albert, Canada, to be snapped up by Malaysians.

Managing director Virata Gamany said Sage Gardens is a four-storey condominium consisting of 218 units with a gross development value of C$55 million or RM173 million.

“There are a mix of one-, two- and three-bedroom units ranging from 650 sq ft to 1,000 sq ft with prices estimated to start from C$200,000 (RM629,050) onwards,” he told Bernama yesterday.

The construction of Sage Gardens will begin in November and is expected to be completed in 2015, Gamany said. About 30% of the units are anticipated to be purchased by Malaysians.

Vision’s last project also received a resounding response from Malaysian investors.

“Actually, we don’t have a specific quota for different cities. The only criteria is the majority of the units must be always sold to Canadians even if demand is very strong in Asia,” Gamany said.

He said 50% of the project must be sold to locals to ensure it is occupied by owners. “This is to maintain the building’s image and to avoid future buyers from perceiving it as a building only for rental income.”

Vancouver-based Vision conducted a preview of the project in Kuala Lumpur recently and will have previews in Singapore and Hong Kong before officially launching Sage Gardens in Canada.

“This is a real investment opportunity for Malaysians. Sage Gardens in St Albert will have a 7% yield just like our previous projects,” Gamany said.

He said St Albert has a population growth 2.5 times the Canadian average and personal incomes are 26% higher than the Canadian average.

In a 2013 survey by MoneySense magazine, St Albert was ranked number one  among the top 10 small cities in Canada, while Forbes magazine placed it at number seven in its “Where to Buy” list.  — Bernama

This article first appeared in The Edge Financial Daily, on August 27, 2013.

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