By THE STAR
It wants to tap on the dearth of new launches in inner city of KL
THE Amarin group plans to launch its latest super luxury residential project, Amarin Wickham in the coveted Jalan U-Thant embassy enclave in July.
The move is to take advantage of an absence of new project launch in Kuala Lumpur’s inner city since the third quarter of last year following the global financial meltdown.
The enclave of 21 residences are located in the capital city’s prestigious embassy district and within the proximity of the Kuala Lumpur city centre (KLCC) and Bukit Bintang.
According to managing director Lee Vun-Tsir, there were signs that the global economy and capital market were stabilising and “we want to be among the first to catch the worms before other developers start coming back into the market.”
He said unless things turned for the worse, the company would be keeping to its target launch of July 7, adding that the months of June to September were considered good time for new project launch as things started to get back on track after all the festive breaks.
“As we are still in the early days of a potential market recovery after so much uncertainties caused by the global crisis, we will be monitoring the market closely and hope the project will be on track,” Lee added.
The residences will have various built-up from 2, 848 sq ft to 4,792 sq ft for the duplex units; and 3,489 sq ft to 5,527 sq ft for the triplex units. There are also seven triplex penthouses with sizes from 6,682 sq ft to 6,965 sq ft. The most exclusive unit is the premier penthouse with a built-up of 9,258 sq ft.
All the penthouses will have private pools, jacuzzis, a roof sun deck and garden for private entertaining. There will also be a common gymnasium, swimming pool and landscaped garden facilities for all the residents.
The residences will be in two five-storey blocks with the penthouse units build on top of the duplex units.
They will be priced at around RM1,000 per sq ft for a gross development value of RM140mil. It is expected to be completed in 2011.
To attract buyers to take up the premium units first, the penthouses will be the first to go on sale.
“We want to be different from the other developers who will typically launch their least expensive units first and keep the most premium units for the later phase. With Amarin, investors will be able to select the best units first,” Lee said.
When it comes to finishings and fixtures such as kitchen appliances and choice of tile quality and colour, the developer Amarin Wickham Sdn Bhd will allow for some degree of customisation by buyers.
The company has teamed up with a panel of financiers to offer the 10:90 financing package where buyers only need to make a 10% downpayment of 10% of the property price while the developer will bear the interest costs during the project’s construction. Buyers will only start to service their loans after receiving the vacant possession for their property.
The Amarin group was established in 2003 by Lee and two other friends who share a passion for luxury property development.
Lee said Amarin which meant “heavenly” in Sanskrit symbolised a commitment to innovative design, contemporary lifestyle concepts, exemplary quality, above the line finishing and an overall promise of great value for the buyer.
On other potential projects, he said the company was also planning to launch a resort development comprising bungalows, villas and semi-detached houses in Cherating, Pahang. The 10-acre project is expected to start by year-end or early next year.
Its Amarin Kiara project, which comprises 30 semi-detached units with built-up of 3,000 sq ft to 5,000 sq ft, was launched early last year and all the units have been sold.