KUALA LUMPUR, Jan 9 (Bernama) — Agile Property Holdings’ wholly-owned subsidiary, Agile Real Estate Development Sdn Bhd is targeting RM600 million in sales this year for its maiden project, ‘Agile Mont Kiara’, a 10-acre (4.05-ha) free-hold land residential development, here.
Chief Executive Officer Wilson Ren said given Malaysia’s good weather, multicultural uniqueness and the international appeal that Mont Kiara possessed, the company is confident of achieving the target, especially from foreign buyers as Malaysian properties are seen to be relatively cheaper than other countries.
“We chose Malaysia as the law here is comprehensive and it protects our investments. Furthermore, the economy is still stable,” he told reporters at the launch of the project here, Saturday.
Ren said the 4.05ha land was acquired from PJ Development Bhd, which has a 30 per cent stake in the international project, Agile Group’s first project outside China.
“We’ve decided to have a joint venture with a local company so that we can learn and understand the local property market better and its culture,” he said.
Agile Property Holdings, an integrated property developer in China with over 24 years of experience in property development, is listed on the Main Board of the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Composite Index.
To date, the project has secured about 70 per cent of the take-up rate, comprising both local and international buyers, including those from Singapore, Hong Kong, China and West Asia.
Agile Mont Kiara, valued at RM1.4 billion, consists of 11 towers with seven types of units ranging 1,162 to 5,037 sq ft, would house 813 residential units.
Starting price for a unit is about RM1.5 million.
The project is scheduled for completion in the fourth quarter of 2019.