One Residences to help boost KM Land profit
By BUSINESS TIMES
KUALA SELANGOR: KM Land Group is banking on its RM120 million One Residence @ Sekinchan project in Sabah Bernam, Selangor, to inch up its earnings this year.
One Residence @ Sekinchan, the first of its kind development in a small coastal town, comprises two blocks with 15 and 18 levels each, and a total of 280 units of apartments.
The first block, called Ally, was launched in June 2011 and is all sold out.
Bliss, which is the second block, was launched recently and the take-up rate is about 75 per cent.
KM Land managing director Kee Lian Yong was confident that Bliss would be fully taken up by as early as next year.
“This project is expected to keep our earnings growth intact,” Kee told Business Times after handing over the keys for Ally to buyers recently.
Kee did not provide details of the company’s earnings.
KM Land obtained the Certificate of Completion and Compliance for Ally in August this year.
According to Kee, about 80 per cent of the apartments were bought by locals.
Bliss, which has 108 units worth an estimated gross development value of RM50 million, is slated for completion by mid-2015.
The units range from 1,006 sq ft to 2,093 sq ft and are priced between RM364,00 and RM790,000 each, or an average RM360 per sq ft.
“With an aim to build and develop something different to provide a comfortable home for the community in Sekinchan and despite initial opposition due to it being risky, we have certainly gone through many challenges and we have made it successfully.
“One Residence @ Sekinchan has become a sought-after development as it integrates high-quality living within the development, while residents get to enjoy the pleasant countryside.
“We know that this new eye-catching landmark will substantially bring economic development to the town,” Kee said.
Apart from breath-taking views over the Straits of Malacca, lush padi fields and a picturesque coastline, the development comes with a 24-hour security and full condominium facilities, such as a fitness area, children’s playground, jogging path, badminton/basketball courts and a massive infinity pool.
- Malaysia property News -
