JANUARY 2011 Volume 1, Issue 1

REAL ESTATE NEWS AT A GLANCE
“LAND LEASES GET 99-YEAR EXTENSION.” -New Straits “EVE SUITE ATTRACTS POSITIVE RESPONSE FOR Times (27/12/2010) RESIDENTIAL UNITS” - The EDGE Property (10/01/2011)
Following the recent 66th Meeting of the National Land Council, Deputy Prime Minister Tan Sri Muyiddin Yassin said state governments are now empowered to renew the period of leaseholds to not more than 99 years. However, this only applies to leases under the category of "building", "industry" or "agriculture" and the new lease would only be granted if the land concerned is not required by the government for public purposes. KUALA LUMPUR: A new mixed development, Eve Suite, is coming in Ara Damansara, Petaling Jaya. The RM350 million development consists of 570 SoHo or studio suites, and 143 units of serviced apartments in its first phase, while the second phase will consist of 30 units of two– storey strata shop.

Its developer, SM Land Group, is the developer of Pertama Residency in Taman Kobena, Cheras, as well as the NZX Commercial Centre, also in Ara Damansara. Eve Suite is located on approximately 5.264 acres of “FOREIGN INTEREST IN HIGH-END KL CONDOS SET TO freehold land. Construction is targeted to begin after ChiGROW”- Business Times (17/12/2010) nese New Year of this year. The project is scheduled to Foreign interest in high–end condominiums are set to complete within three years from the official signing date accelerate in the year of 2011 as the cause of Eco- of SPA nomic Transformation Programme’s Greater Kuala Lumpur Plan. Foreign investors are attracted to 5 % The project is surrounded by the established neighboryield of high rise property which is higher than 2-3% hoods of Subang Jaya, Bandar Sunway and Bandar yield of landed properties. Utama. The development is also located next to a proposed LRT station under the LRT expansion plan.

“ENCORP TO RAISE RM67 MILLION TO FUND EXPANSION” -The EDGE Property (12/01/2011)
Encorp is expanding from its current signature projects Encorp Strand in Kota Damansara and Encorp Cahaya Alam in Shah Alam with a portfolio of new projects scheduled to be launched in 2011. Among them are hillside villas in Batu Feringghi, Penang; a condominium in Puteri Harbour, Nusajaya, following its latest land bank acquisition in the waterfront precinct of Johor; as well as Encorp's first overseas project, an exclusive apartment project in Perth, Australia.

(An artistic impression of the Eve Suite building. )

Perpetual 99, Jalan Raja Muda Abdul Aziz 50300 Kuala Lumpur, Malaysia WE’LL LOOK AFTER YOU !

T: 03-2698 0911 F: 03-2691 1959

Sign up to vote on this title
UsefulNot useful