KUALA LUMPUR: About 60% of the newly launched Three28 Tun Razak service apartments by Tan & Tan Developments Bhd in Jalan Tun Razak was taken up within two weeks of its preview.
Three28 Tun Razak has a gross development value of RM166 million and is sited on 0.76 acres (0.28ha) of freehold land.
Tan & Tan’s latest property saw about 70 of the 116 available units snapped up by buyers after its preview on Sept 12.
“We are extremely happy with the success of our sales to date. With an average price of RM1,000 psf, our development is competitively priced for its location and presents a good investment opportunity for people looking to invest in the city,” said Tan Yee Seng ,senior general manager of architectural and project developments.
Three28 Tun Razak is a 22-storey boutique development. It offers a choice of five layouts, ranging from 710 sq ft to 1,300 sq ft, with 1-, 2- and 3- bedroom options. Facilities include a swimming pool, gymnasium and multi-purpose room. The maintenance fee is tagged at about 45 sen psf.
According to Tan, most of the units were taken up by locals. “There is a healthy mix of investors as well as those who are buying to stay in,” he said, adding that the mid-range price and layout appeal to the younger market.
“Our target markets are young families and expats who are looking for an accessible place to stay in the city centre.”
The development is situated in the heart of Kuala Lumpur, within walking distance to KLCC and the Ampang Park LRT station, and is in close proximity to a wide range of amenities.
“We expect to continue to see strong interest from local and foreign buyers,” said Tan.
Three28 Tun Razak is expected to be completed by October 2016.
Tan & Tan is a wholly owned subsidiary of IGB Corp Bhd, which is listed on the Main Market of Bursa Malaysia.
This article first appeared in The Edge Financial Daily, on October 04, 2013.
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