Andaman Property Management Sdn Bhd expects its Upper East @ Tiger Land project in Ipoh, Perak, which will be launched this month, to start contributing to earnings from 2016.
“Although construction of high-rise developments will usually take 36 months to complete, we’re looking to build and complete earlier,” said the company’s managing director Datuk Seri Dr Vincent Tiew.
Featuring a gross development value of RM330 million, the high-end apartment project will be launched on 14 December, while construction works are set to commence in January.
Upper East @ Tiger Lane will have five blocks consisting of 529 units.
Unit sizes range between 1,162 sq ft and 1,787 sq ft, while prices start from RM400 psf to RM500 psf.
Commenting on the requirement that foreigners will have to pay at a minimum amount of RM1 million to buy property in Malaysia, Tiew noted that foreigners with Malaysia My Second Home (MM2H) status are allowed to acquire property priced over RM250,000 in Perak.
“We expect five percent of our buyers to comprise foreigners.”
Notably, Tiew expects Upper East @ Tiger Land to be almost fully taken up within six months of launch.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
