Malaysian developer AP Land Bhd has launched its first venture in China with a commercial development in this province’s special economic zone.
According to its joint managing director Low Gee Teong, the Platinum Galaxy Boulevard is estimated to have a gross development value of 800mil yuan (RM400mil).
“Construction will start next month and Phase 1A is expected to be completed in 14 to 15 months.
“Response from the Chinese business community has been tremendous as 75% of the 600 units in the first phase is already spoken for by registered bookings,” said Low in an interview after the ground-breaking ceremony here on Saturday.
The 6.47ha development is being carried out by AP Land’s subsidiary Changsu Platinum Landmark Ltd. The project is especially attractive to the locals here because of its feng shui-based design.
“This project is our first foray into the property market in China and we chose Changshu city due to the growing affluent community and friendly foreign investor policies.
“Changshu is a tier three city (a rating standard by the Chinese Government for its cities) and has one of the top five GDPs in this city grouping,” he added.
He added that the second phase of the project could involve the construction of a hotel although the company was still re-looking its plans due to the overwhelming response to the project.
The AP Land group are the owners of the Federal Hotel and several other properties in Kuala Lumpur, Australia and Japan.
Low said the company was determined to build and grow a “significant franchise” in China and had already been approached by several parties over other projects.
“We are looking at two other projects on a joint-venture basis but we are still at the talking stages.”
Present at the launch was city mayor Wang Jian Kiang and vice-mayor Fang Jiang Guo.
Wang said in his speech that he was especially impressed with the design concept of the property as well as AP Land’s commitment to bring investment to the city.
By WONG SAI WAN (The Star)