BCorp to sell 60% of Ritz-Carlton Residences by year-end

KUALA LUMPUR: Berjaya Corp Bhd's (BCorp) luxury residential project, The Ritz-Carlton Residences Kuala Lumpur, will be opened for sale this weekend and the developer expects to sell at least 60% of the project by year-end.
The project, situated at the junction of Jalan Sultan Ismail and Jalan Ampang on 2.7 acres of freehold land, occupies one of the towers at Berjaya Central Park which comprises two 48-storey towers. It is being developed by BCorp's wholly-owned subsidiary Wangsa Tegap Sdn Bhd.
Wangsa Tegap director and Berjaya Land Bhd CEO Datuk Francis Ng said it is targeting both local and international buyers and will begin road shows next month in Singapore, Hong Kong and certain cities in China.
"We're looking at maybe 50% local buyers and 50% international but it could be different, we'll only know once we open for sale. At the moment, most of the reserved units are by locals," he told reporters at a media preview of the project yesterday.
The Ritz-Carlton Residences offers 287 residence suites with unit sizes ranging from 1,023 sq ft to 4,284 sq ft. The total gross development value of the project is RM1.18 billion and the average selling price is RM2,500 per sq ft.
Targeted for completion by end of 2015, the residences will be managed in accordance to the standard of the Ritz-Carlton brand, which provides five-star luxury living with personalised services such as 24-hour concierge and housekeeping services, vacant home care management services as well as state-of-the-art security and lifestyle facilities.
"So far, our only competitor is Four Seasons, in terms of luxury residences," said Ng, adding that The Ritz-Carlton Residences is more competitively priced compared with Four Seasons' price tag of RM3,000 to RM3,500 per sq ft.
He added that the developer does not plan to increase selling prices this year but may consider a hike next year, possibly to RM3,000 per sq ft.
Ng said with the location, branding and current low interest rates, the property market which has softened slightly is not an issue for BCorp as it is targeting a specific clientele for The Ritz-Carlton Residences.
The second tower of Berjaya Central Park is an office tower anchored by Bangkok Bank Bhd. Ng said of the 497,000 sq ft available, almost 80% has been taken up since the launch in 2011.
BCorp currently has 16,000 acres of land in Bukit Tagar and another 16,000 acres in Berjaya Hills. It also has some 12 acres in Bukit Jalil, 15 acres in Seputeh Heights and 60 acres in Bukit Kiara.
In Penang, BCorp bought 57 acres of land from the Penang Turf Club which it plans to launch this weekend, offering bungalow land for sale at RM800 per sq ft.
Overseas, it has presence in South Korea, Japan, China, Thailand and Vietnam.