KUALA LUMPUR, Sept 28 (Bernama) — Property developer Tan & Tan Developments Bhd said its joint-venture (JV) luxury curated development with Japan’s Mitsubishi Jisho Residence Co Ltd, Stonor 3, has achieved 30 per cent take-up rate since its registration commenced in June this year.
Tan & Tan Executive Director Teh Boon Ghee said the development had received response mainly from local buyers.
“We have completed the foundation in April and now we are doing the super structure for the first floor,” he said during the official launch of Stonor 3 here Wednesday.
The whole development was expected to be completed by end-2019, he said.
Curated home is a well-organised, even-structured space while others see it as a beautiful space that artistically presents the area and its contents.
With a gross development value of RM650 million, Stonor 3 comprises a 41-storey block with 400 residential units priced between RM1.1 million and RM2.1 million.
It offers five design layouts ranging from one to three bedrooms, with built-ups of between 649 sq ft and 1,232 sq ft.
“Some developers are holding back their developments (due to the current economic development), but we believe the economy is bottoming and slowly climbing up.
“It is good timing to come out with this development,” said Teh, adding that the buyers had strong facility to acquire the residential units.
“Nevertheless, somewhere between 70 per cent and 80 per cent of the loan is doable for this project. Our registered bookings have approached the banks and the pricing is okay for them,” he said.
Tan & Tan and Mitsubishi Jisho Residence signed the JV on Sept 30, 2014.
Tan & Tan holds the majority stake of 70 per cent in the JV while Mitsubishi Jisho Residence owns the remaining 30 per cent.
Both companies are looking to jointly develop another project moving forward.
Asked on Budget 2017, Teh hoped the government would continue to uplift Malaysia’s global city status.
“We think a reduction in stamp duty will also be helpful,” he added.
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