MAGNA Prima Bhd and TM Facilities Sdn Bhd, the joint developers of the Avare project near KLCC, expect all 78 of the project's luxury condominiums priced above RM2.9mil each, to be sold out by the end of the year.

Magna Prima chairman Tan Sri Kamaruzzaman Shariff said the project would yield a gross development value (GDV) of RM190mil, of which 20% would accrue to TM Facilities, which provided the land.

He said that currently, some 20% of the condominiums had been reserved, adding that most buyers were in the midst of finalising their purchases. Due to overwhelming response prior to the launch, the units were sold by invitation only, he added.

The condos are also aimed at foreigners living or working in Malaysia. The group has promoted it in Dubai, Hong Kong and Singapore.

An artist's impression of Avare condominiums.

Kamaruzzaman said Avare units featured full-glass curtain-wall cladding, an architectural design that is becoming popular in Hong Kong and Shanghai. The design could provide a luxurious environment similar to that found in the home countries of some foreigners.

Magna Prima is aiming for 30% occupancy by foreign investors and 70% local.

The Avare offers only two units per floor and has a 360-degree panoramic view of the Petronas Twin Towers, the surrounding parks and the Royal Selangor golf course. ''It is almost like a holiday resort view,'' said David J. Clarke, director of Metropolitan Architecture and Planning, which designed the project.

Magna Prima expects construction on the Avare to commence in July this year, for completion in 36 months or by mid-2008.

Kamaruzzaman also said the company was looking for possible joint venture construction projects at its other land banks, which would focus mainly on the Klang Valley.

The developer also launched its new website, www.avare.com.my, yesterday.

Source : The Star  06/05/2005