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Glomac Sutera confident of good response to new high-end units [ 3/4/2003 ]

GLOMAC Bhd subsidiary Glomac Sutera Sdn Bhd is confident that its newly-launched detached houses will receive good response despite a slowdown in the Johor property market.

According to its assistant general manager Teh Ku Yong, even during bad times, there will be house buyers with extra cash in hand looking for high-end properties.

He said although the trend showed the take-up rate for residential properties priced above RM250,000 per unit in Johor was not encouraging the company would like to think otherwise.

''We are banking on the affordability of the bungalow units as the main factor to attract buyers,'' Teh said during an interview with StarBiz on Tuesday. He said the company was offering 58 single-storey and double-storey detached units with lot sizes of 5,000 sq ft and above priced between RM313,800 and RM500,000.

An additional 36 units will be launched when the first 58 units near completion. The development is on 14.5 acres within the Sri Saujana township.

Teh described the units as a good buy as there was no wayone could even dream of getting a similar sized property with that kind of price tag within the Johor Baru district.

He said the company was targeting at existing semi-detached house owners, businessmen, professional couples in their 40s, rich senior citizens and pensioners as the main clients.

Sri Saujana township, located along the Johor Baru-Kota Tinggi trunk road, is built on 450 acres, of which 200 acres have been developed and the balance will take another three to four years to complete.

Teh said although the project, located about 38km from the city centre, started in late 1999 it received good response with 2,000 units of mixed properties worth RM200mil already sold.

''Our close proximity to the popular Kota Tinggi waterfalls and countryside living with lots of greenery also attract buyers to our project,'' said Teh.

He said the upcoming property projects within the Kota Tinggi-Ulu area and the construction of the Senai-Ulu Tiram-Pasir Gudang highway and upgrading of Kota Tinggi-Desaru roads would further push demand for houses.

Source : The Star    3/4/2003
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