Malaysian niche developer Gabungan AQRS Bhd has announced the second phase of its The Peak luxury condominium development after receiving approval from Iskandar’s local council.
At a press conference held on Wednesday, 3 September, Gabungan senior general manager for property development Jerry Lau Hing Kiet told local media that The Peak 2 project would feature 440 residential units, with a tentative launch date of third or fourth quarter of 2015, after construction of the project’s first phase has been completed.
The third phase of the development will be announced after council approval is granted, said Lau. The Peak 3 will be a mixed-use development, featuring residential, commercial, retail and hospitality components.
Announced in April 2013, the first phase of the development called The Peak @ Jalan Temenggong, which comprises serviced apartments across several buildings, has already sold 50 percent of its 334-unit Tower A to local buyers, and the rest to overseas investors, mostly coming from Singapore, Indonesia, India, Myanmar, China and Europe.
Phase 1 has a gross development value (GDV) of MYR660 million (USD207 million) whilst Phase 2 has a GDV of MYR500 million (USD157 million).
The foreign ownership quota for The Peak was recently increased from 30 percent to 50 percent to attract more international investors.
“Foreign buyers were responding faster than locals,” Lau told Malaysian newspaper The Edge Financial Daily. He added that the company expects to sell all units of Phase 1 by Q3 2015.
The Peak is Gabungan’s first foray in the 2,217 sqm Iskandar Malaysia project, the country’s newest tourism destination that is being administered by Iskandar Regional Development Authority of Johor’s state government.
In line with efforts to boost state tourism, the Johor government has proposed to set up visa-on-arrival (VOA) facilities for tourists entering Malaysia via Iskandar’s Causeway and Second Link Bridge, the New Straits Times reported Thursday.
According to Johor State Tourism, Domestic Trade and Consumerism Committee chair Datuk Tee Siew Kiong, a high number of tourists, especially from China and India, have been entering Malaysia via land through Johor after flying into Singapore’s Changi International Airport.
Installing VOA facilities in Johor could also benefit the whole country as it promotes its Visit Malaysia Year 2014 (VMY2014) program, Kiong added.
Johor-Singapore Causeway by Calvin Teo was used under a Creative Commons licence.
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Lifestyle developer unveils next phase of The Peak in Iskandar Malaysia