Property developer IJM Land Bhd (5215) has seen overwhelming response from Korean buyers for its RM500 million The Pearl Regency development on Penang island.
Apart from an en bloc sale of the entire commercial portion of the project comprising 83 commercial units worth RM90 million to a Korean party, IJM has also seen 40 per cent of 574 condominiums sold to Koreans.
The units, which were launched in Penang yesterday, were pre-sold to the Koreans in December last year in South Korea. “The buyers of the condos are mainly Korean retirees and families who send their children to Penang to brush up on their English skills,” IJM Land general manager Toh Chin Leong told a media briefing in Penang yesterday.
IJM Land established a sales presence in South Korea at the end of 2008. The residential units are priced from RM478,314 up to RM1.3 million each, while the commercial area is priced at RM750 per sq ft.
The project, which sits on a 20ha site close to the Penang bridge and next to the Tesco hypermarket and e-Gate, which is a popular retail and food and beverage hub, is slated for completion by early 2013. The project, sited on freehold land, has been marketed to potential overseas buyers in countries like South Korea, Indonesia, Singapore and Hong Kong with the help of local private hospitals in Penang, international schools, along with golf and country clubs.
extracted from Business times 2 Aug 2010