BINADERAS Sdn Bhd, making its debut in property development via Kiaraville in Mont’Kiara in Kuala Lumpur, is looking to expand its land bank in the Klang Valley and other growth areas to undertake more lifestyle projects, chief executive officer Lim Ech Chan said.

''The property market will continue to remain robust, largely supported by the country’s positive economic outlook and the growing affluence of the people.

''Projects that are well designed and offer value-added features are fast gaining acceptance among Malaysians who appreciate the lifestyle and convenience provided,'' he told StarBiz.

The company, in collaboration with Singapore partners CapitaLand Financial Ltd and OCBC Bank, purchased two pieces of land in Mont’Kiara last year.

The first parcel of 6.7 acres is the site for Kiaraville while the adjacent 8.5 acres have been earmarked for another upmarket condominium project to be launched early next year.

''Our plan is to set a new benchmark for condominium development in Mont’Kiara and we are looking to expand our land bank in this well-sought-after residential address to embark on more prestigious projects,'' Lim said.

Lim Ech Chan.

Mont’Kiara’s vibrancy and attractiveness has been assured with Kuala Lumpur City Hall gazetting the area as an international zone in its structural plan last year.

Accessibility to Mont’Kiara, currently served by the Penchala Link Expressway and the New Klang Valley Expressway, will further improve with the opening of the Jalan Duta-Kiara link next year.

Lim said most of the newly launched condominiums in the Mont’Kiara area had appreciated in value by between 20% and 30% upon completion, and annual rental yield was also quite attractive at 7% to 8%.

Kiaraville, located on one of the highest points in Mont’Kiara, is offering 404 condominiums of between 1,600 and 6,000 sq ft at an average price of RM400 per sq ft. Buyers can choose from among 15 design types in the five condominium blocks ranging from nine to 33 storeys.

Twenty penthouses, from 3,900 to 6,000 sq ft, including two units with swimming pools, will be priced from RM1.9mil to RM2.6mil.

Speaking at a press preview of the project, Lim said the condominiums offered excellent design layout and finish, and would be fitted with air-conditioning units and built-in kitchen cabinets.

Seventy per cent of phase one, or 255 units, had been sold since December last year.

The RM400mil Kiaraville project is scheduled for completion in 2007. A RM200mil construction contract has been awarded to Ireka Engineering and Construction Sdn Bhd, a wholly-owned unit of Ireka Corp Bhd.

According to Knight Frank Ooi & Zaharin Sdn Bhd managing director Eric Ooi, a recent study showed a shift in preference from landed houses to condominiums among urban dwellers.

''The Kuala Lumpur residential market has matured and there has been a marked increase in demand from urbanites for the lifestyle and security offered by condominium living.

''Mont’Kiara, an upmarket neighbourhood with excellent infrastructure and amenities, rank high on the list,'' Ooi said.

Source : The Star 25/2/2005