By BUSINESS TIMES
BOUTIQUE property developer Bluwater Developments Bhd will launch the first phase of its RM3 billion residential project in Seri Kembangan, Selangor, in June, offering 18 bungalow lots worth a combined RM25 million, or RM150 per sq ft, for sale.
The bungalow lots, dubbed “Bluhaven”, are part of the upscale Bluwater Estate, which sprawls over 100ha and will be developed over eight years by phases.
And depending on market demand, it will launch a few lakeside villas, priced from RM800,000 to about RM1 million each, in the second half of this year.
Bluwater Developments is a unit of Clearwater Group, controlled by Dian Lee Cheng Ling, eldest daughter of property tycoon Tan Sri Lee Kim Yew.
Dian Lee, who is Bluwater Developments managing director, said she believes in Bluwater Estate’s product offering, which is planned and designed by award-winning architect Sim Boon Yang of Eco-id Architects.
In addition to bungalow lots and villas, the estate will have semi-detached homes and condominiums. Some 1,000 households will live there after its completion.
The company is targeting to sell the properties to buyers in Europe and Asia Pacific, including Malaysia.
“The market sentiment has weakened due to turmoil. There are, however, astute investors who continue to look for good quality and priced properties thus, we do see sales in our projects, albeit at a slower pace,” Dian Lee told Business Times in Seri Kembangan recently, after inking a deal with GD Baby Programme (S) Pte Ltd for rights to distribute Glenn Doman learning tools in Malaysia.
She believes there is possibility of some form of recovery in the second half of 2009 as trillions of dollars are being pumped into global economies in the form of fiscal stimulus.
“There is a chance that recovery would be sooner. The stock market will probably lead the recovery, followed by the property markets,” she added.