25 August 2014

Andaman targets RM1bil, planning 3,000 Soho units in Johor Baru

  25 August 2014

Andaman Property, Johor, SOHO Launch

PETALING JAYA: Andaman Property Management Sdn Bhd is eyeing property sales of at least RM1bil next year, according to managing director Datuk Seri Dr Vincent Tiew.

“We hope to achieve the sales from our projects with various launches lined up in every quarter. The market is picking up but it is only for selected products and market segments.

“The products are important to ensure sales are generated,” Tiew told StarBiz yesterday.

“Even though the base lending rate has increased which means an increase in the cost of funds, we see that people are still buying properties,” Tiew said.

Apart from the headline sales figures that it is targeting, the company is also more concerned about the conversion into actual sales from these figures.

“It is not only about being able to sell but also whether we can convert them into actual sales, after the loan procedures are approved.

“The successful industry conversion rate is only around 60%, based on what I know,” he said.

“This means that for every 10 units sold, four buyers would not be able to secure loans. So we will have to find four new buyers,” Tiew added.

The second half of the year had seen Andaman launching its Evo Soho Suites in Bandar Baru Bangi which had secured more than 90% sales and about 75% of the buyers have secured loans to-date.

“We launched this project in the third quarter of the year. And the total gross development value is about RM230mil for the Evo Soho alone.

“We are very happy with the results and the response of the buyers – and it is a good sign for developers that we are ready to go full swing,” Tiew said.

Andaman will launch its Upper East at Tiger Lane in Ipoh, Perak, in the fourth quarter of 2014 with a gross development value (GDV) of RM330mil for 529 units.

In the first quarter of 2015, the company is planning to launch more than 3,000 Soho units in Johor Baru with a GDV of about RM600mil.

The second quarter of 2015 will see Andaman launching the RM600mil Soho units at Ampang, Selangor.



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