Low Yat group executive director Low Gee Soon says investors can expect to reap returns of up to 9% from Bintang Fairlane Residences, the group's latest serviced apartment offering.

KL mayor Datuk Ruslin Hassan launched the RM160mil development in Kuala Lumpur yesterday.

Low Gee Soon.

Fairlane is the first of a series of high-end residences planned by the Low Yat group in the Kuala Lumpur City Centre.

Buyers' response to the project has been good. Since the sales preview and soft launch in mid-2005, 70% of the north and south wings have been sold. The more exclusive north wing, comprising 62 units, has only 13 units left for sale. Units are priced from RM350,000 upwards for a single-bedroom apartment.

The Bintang Fairlane Residences consists of two 27-storey wings on freehold land, next to the Coronade Hotel in Jalan Bukit Bintang.

At the same function, Ruslin confirmed that there was a temporary freeze on approval for development of serviced apartments within the city.

As these developments did not currently fall under the Housing Developers Act, the Government was concerned that buyers would have difficulty seeking redress if the developers were unable to complete their projects, he said.

Source : The Star 22/11/2005