By IZZAT RATNA
MACLY Equity Sdn Bhd, a joint venture between two Singaporean developers Macly Group and Roxy-Pacific Holdings Ltd is targeting RM180 million sales in 2017 from its recently launched The Luxe By Infinitum in Kuala Lumpur with a gross development value (GDV) of RM320 million.
The second phase of the Infinitum project — The Luxe (Tower B) comprising 300 units — is slated for completion by the third-quarter of 2020 (3Q20) along with the first tower comprising 421 units, known as The Colony (Tower A), which was launched last year.
The Luxe recorded a take-up rate of 25%, while The Colony recorded a 75% take-up rate since its introduction to the market last year, Macly Equity head of sales and marketing Catherine Wong told the media at the launch of The Luxe in Kuala Lumpur yesterday.
She said between 10% and 20% of the buyers for The Luxe were from China and Hong Kong, while the remaining were local buyers. Sales projections for the year stood at 55%.
“The market trend indicates that a majority of the buyers for The Luxe are from China and we expect the remaining units will also be sold to foreigners,” she said.
“A breakdown on buyers indicates 60% are local purchasers and 40% foreigners from countries such as Singapore, Hong Kong, China and the Middle East,” she said, adding that the projected take-up rate for The Luxe is 70% upon completion.
Wong said construction on The Luxe was 20% completed and a further 15% of the work would be completed by 3Q17.
Costing RM1,380 per sq m, an average 65.03 sq m unit was priced at RM980,000, she added.
Macly Equity was formed in 2013 and land for The Infinitum development was purchased in 2012 for RM90 million.
With a total GDV of RM800 million, The Infinitum comprises two residential towers and 31 retail units scheduled for construction upon the completion of the residential units. Located on 0.57ha of freehold land at Jalan Dewan Sultan Sulaiman, the development is next to Quill City Mall and an eight-minute walk to the Medan Tuanku monorail station — which is linked to major areas in the city centre, including the retail strip at Jalan Bukit Bintang.
Macly Group MD Herman Chang said The Infinitum is the group’s maiden venture into property development in Malaysia and there are no immediate expansion plans for the group.
“Our main focus at the moment is to strengthen our position in Malaysia by dedicating resources to constantly appeal to locals.
“We want to be a responsible developer by ensuring sustainability and developing niche products — mainly high-rise developments,” he added.
Chang said the group was constantly on the lookout to acquire more landbank to launch developments in the future, but any further projects would be dependent on market sentiment and the economic environment.
