Urusharta Draws Foreign Buyers

The Star: November 19 2008

Half of the takers for posh condo project from abroad

KUALA LUMPUR: Urusharta Cemerlang Sdn Bhd believes properties in the country are still attractive especially among foreigners, says chairman Tan Sri Zainol Mahmood.

“With strategic location and high quality of materials used, there should be no reason why foreigners don’t want to buy properties in Malaysia,” he said yesterday after the topping-up ceremony for Pavilion Residences.

He added that foreigners from about 18 countries made up half of the buyers for the 368-unit high-end condominium project, which was sold out last month.

The units were priced from RM1.8mil to RM8mil.

Despite the current global economic slowdown, the international community seemed aware of the future of Malaysia and were still confident on investing in the country, said Zainol.

Comprising two towers, the project is located at Pavilion Kuala Lumpur in the Golden Triangle.

Zainol said although the property sector was facing a slowdown, developers shouldn’t just stand still but must think positively on how to generate business activities in the country.

He believed the company’s decision to complete the development of Pavilion Residences would help the industry and the country by creating jobs.

“If we stop the development, it would mean no jobs for people. Doing so would just help create a recession,” he said.

Pavilion Residences is scheduled for completion early next year with gross development value of RM610mil.