Newlake moving into housing sector


: Newlake Development Sdn Bhd, which is developing its maiden commercial project 10 Boulevard, plans to embark on a residential project by year-end.

Executive chairman Datuk Azizi Yom Ahmad said the company would be able to offer buyers greater innovation and modern concepts due to its experience in building several high-end properties in Britain and Australia.

“We would like to focus on small, niche markets, particularly in the high-end lifestyle segment,” he told reporters at the launch of 10 Boulevard on Tuesday.

The proposed residential project in Selayang will comprise 50 to 60 super link houses and have a gross development value (GDV) of more than RM20mil.

From left: Datuk Azizi Yom Ahmad, Bukit Lanjan State Assemblywoman Yong Dai Ying, Newlake general manager K.G. Ong, Tan Sri Prof Yom Ahmad Ngah Ahmad and Deputy Minister of Women, Family and Community Development Datuk G. Palanivel viewing a model of 10 Boulevard

Azizi said the outlook for the property market was good, especially with the abolishment of the real property gains tax, which had encouraged local and foreign investments.

He said although the company’s projects would primarily be in the Klang Valley, it would still keep an eye on other states.

“If opportunities arise in places like Penang or Johor, we will look at them. In fact, some parties have approached us for joint ventures but we are still evaluating the proposals,” he said.

Azizi said the 10 Boulevard in Petaling Jaya had received good response locally and abroad, especially from Britain, Australia and Singapore.

The project, which has a GDV of RM182.4mil, recorded a take-up rate of 50% before the official launch.

The two-phase development comprises 29 office and retail units in the first phase and 30 units in the second phase.

Completion is slated for end-2009.

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