GLENMARIE Properties Sdn Bhd is confident that its latest project Glenmarie Gardens will be a hit among locals and foreigners.
This is largely because it is among a very few freehold developments in Shah Alam, Glenmarie Properties chief executive officer Mohd Radzman Othman said.
The development is unique with only 70 units of two-and-a-half-storey bungalows with a gross development value of RM380 million, Mohd Radzman said.
"We will launch the project in stages starting with the first 14 units while the second phase with the remaining units will be launched next March," he said at a press conference yesterday.
Mohd Radzman said although there are many similar developments in the area, Glenmarie Gardens stands out as it offers freehold land.
"Our location is great and prime which is why we can safely say that our product will definitely be a good buy. Even before the launch, we have had 261 people indicating firm interest to buy the units with some even wanting to put the downpayment before the launch," he claimed.
On the new ruling on loans for third home purchases, Mohd Radzman claimed that it had not dampened homeowners' interest to buy its properties.
"We had one or two calls after Bank Negara Malaysia made the announcement (on 70 per cent cap for house loans on third purchases and beyond) but the rest don't seem to be affected by this change at all," he added.
On its landbank, Mohd Radzman said Glenmarie Properties still has a sizeable landbank in Shah Alam and plans to develop it in time.
The company is not shopping for new plots, he added.
"For now, our concentration is to develop the land that we have, which also includes in Johor and Malacca," he said.
By Business Times
