Friday, March 12, 2010

Golden Horses to launch Palace Residence this year

GOLDEN Horses Development Bhd (GHD), a private firm owned by Tan Sri Lee Kim Yew, aims to launch its RM600 million Palace Residence Suite this year and market its property to Asian investors.

Palace Residence is located at the Mines Resort City in Seri Kembangan, Selangor. It is being launched a year behind schedule due to the recession in 2009.

There are more foreigners now, setting their eyes on new properties here, said Golden Horse Palace Bhd (GHPB) executive director Dianna Lee.

"We have received a few enquiries on the property. There are people keen to buy. We are targeting foreign buyers and have appointed an international real estate agent," Lee said in an interview with Business Times recently.

GHD and GHPB are sister companies, which means that they are both owned by the same major shareholder.

GHD is targeting a June launch for the suites in Singapore, followed by Hong Kong, China and Malaysia towards the end of the year.

Palace Residence will offer 226 one-bedroom suites with a built-up area of 500 sq ft, and 156 two-bedroom suites, ranging from 1,100 sq ft to 1,400 sq ft, as well as four penthouses. The suites are selling for RM900,000 to RM1.4 million each.

The 19-storey Palace Residence, which is a combination of a hotel and condominium, will complement the 480-room Palace of the Golden Horses. Palace Residence will be built next to the five-star hotel and they will be connected by a bridge.

Source : Btimes
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