THE challenges brought on by the Covid-19 lockdowns have not hindered Premier De Muara Sdn Bhd from completing its flagship and maiden residential project, Picasso Residence.
The “reintroduced” 1.42ha project is located at Jalan Jelatek, off Jalan Ampang, and is within the vicinity of Kuala Lumpur City Centre (KLCC).
Although the construction of the project — which first started in the second quarter of 2015 (2Q15) — had to be slowed down mainly due to the various lockdowns in 2020 and rising raw material costs and labour shortages, it is now back at full speed.
It comprises two phases — Tower A and Tower B — with a total of 472 units and a gross development value (GDV) of RM1.08 billion.
“Inspired by the famous Spanish artist Pablo Picasso, we want to create a sub-urban home in an exclusive neighbourhood located within the vicinity of KLCC.
“With a take-up rate of 95%, phase one (Tower A), comprising 270 units, is expected to be completed by the end of 3Q23,” director Datuk Andrew Tan told reporters at the launch of the Picasso Residence sales gallery recently.
Sales of phase two or Tower B currently have a 20% to 30% take-up rate and the phase is expected to complete in 4Q24.
The units, ranging from 1,000 sq ft up to 2,400 sq ft and priced between RM1.4 million to RM2.4 million, would suit expatriates and family-oriented buyers which are their main target markets, said Tan.
Meanwhile, the marketing consultant for the project, Innoventive Consultancy Sdn Bhd, is providing a platform for buyers who wish to purchase the property using cryptocurrencies.
CEO David Hew said the www.innobrick.com platform would enable buyers from any part of the world to purchase the properties “live” online.
“Innobrick.com is a platform or a tool especially for foreigners to pay as we are linked with Visa, Master, UnionPay and we are the first to accept cryptocurrencies — tether USDT (US dollar data),” said Hew.
Tether (USDT) is a stablecoin, a cryptocurrency pegged to and backed by fiat currencies such as the US dollar.
Now a business entity of its own, Premier De Muara was previously a subsidiary of PRG Holdings Bhd.
However, Tan later took over the project from PRG.
He revealed that fresh funds were later injected into the project, which led to the construction being resumed again in full force. — Bernama
- This article first appeared in The Malaysian Reserve weekly print edition