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KUALA LUMPUR (June 1): Aset Kayamas Sdn Bhd, a privately held property developer, has obtained a RM425 million bridging loan from Malaysia Building Society Bhd (MBSB) for its Park Hill Residence and 1Malaysia Civil Servants Housing (PPA1M) projects in Bukit Jalil here.
Parkhill Residence, a condominium project with a gross development value (GDV) of RM780 million, features 2,500 units. PPA1M, which has a GDV of RM356 million, offers 1,536 condominium units for civil servants.
A signing ceremony for the bridging loan was held yesterday to coincide with the launch of Aset Kayamas’ new head office.
In a statement yesterday, Aset Kayamas executive director Michael Chai said the company was pleased to have found a solid and reliable financial services provider such as MBSB.
Earlier, he said MBSB had provided loans amounting to RM200 million to Aset Kayamas for its Hamilton project in Wangsa Maju and The Haute in Datuk Keramat here.
“With these two upcoming projects financed by MSBS, we foresee a great market potential with an estimated RM340 million of GDV for The Hamilton project and RM220 million for The Haute project,” said Chai.
Located approximately 3km from the Kuala Lumpur City Centre, The Haute comprises 274 units with six different design layouts, including a limited edition of 22 duplex units.
This article first appeared in The Edge Financial Daily, on June 2, 2016. Subscribe to The Edge Financial Daily here.
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