SUBANG: Andaman Property Management Sdn Bhd, which will be launching its Upper East @ Tiger Lane high-end apartment project in Ipoh, Perak, this month, expects the development to start contributing to earnings from 2016.
“Although construction of high-rise developments will usually take 36 months to complete, we’re looking to build and complete earlier,” said Andaman managing director Datuk Seri Vincent Tiew at recent a press conference.
He said the project would be launched on Dec 14, with construction slated to begin in January.
With a gross development value (GDV) of RM330mil, Upper East @ Tiger Lane features a total of five blocks comprising 529 units. The company invested RM5mil on landscaping.
The units range from 1,162 to 1,787 sq ft and are priced from RM400 to RM500 per sq ft.
On the requirement that foreigners now need to pay a minimum RM1mil to acquire property in Malaysia, Tiew said foreigners with the Malaysia My Second Home (MM2H) status were allowed to buy property over RM250,000 in Perak.
“We expect 5% of our buyers to comprise foreigners,” he said, adding that he expected the project to be almost fully taken up within six months of its launch.
~ By THE STAR
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