08 May 2014

Berjaya Corp to sell Ritz-Carlton Residences

  08 May 2014

By BUSINESS TIMES

KUALA LUMPUR: Berjaya Corp Bhd (BCorp) will sell The Ritz-Carlton Residences here starting from RM2,500 per square foot (psf) and expects it to be fully sold by end-2015.

The residence units will be launched this month at the development site, which has ready show units.

Datuk Francis Ng, a director at Wangsa Tegap Sdn Bhd and Berjaya Land Bhd chief executive officer, has no qualms achieving 60 per cent sales this year, amid signs of a soft property market.

“We are targeting local and foreign property buyers. We will have road shows in Singapore, Hong Kong and China, after the launch,” Ng said at a media preview, here, yesterday.

Wangsa Tegap, a wholly-owned unit of BCorp, is the project developer.

He said the residences will be managed in accordance to the standard of the world renowned Ritz-Carlton brand, providing five-star luxury living complete with personalised services.

The Ritz-Carlton Residences, with a gross development value of RM1.2 billion, consists of 287 units ranging from 1,023 sq ft to 4,284 sq ft in a 48-storey tower.

It is part of the RM2 billion Berjaya Central Park, located on a 1.08 hectare site, opposite the Renaissance Hotel at Jalan Ampang.

The other component is the RM800 million 48-storey Menara Bangkok Bank, which was launched in 2011, and is 80 per cent sold.

Ng said the residences are considered cheap, when compared to the same branded property in Bangkok or Singapore.

“In Bangkok, it is selling for about US$3,500 (RM11,322.50)psf, and in Singapore, for around S$5,000 (RM12,974.25) psf, so what we are offering here is really cheap.

Our only competition is Four Seasons Place.

“We hope many Malaysians will grab the opportunity to buy. With rising building materials price, one can expect the residences to go up in price, reaching almost RM3,500 psf next year,” Ng said.
The structural work for the residential tower is almost completed and it will be ready by the end of next year.

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