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MELAKA: Hatten Group Sdn Bhd, the developer of the RM150 million Hatten Square (pictured) mixed project here, is striking while the iron is hot with the launch of 130 hotel suites under the second phase of the development this week. This follows encouraging sales of its serviced suites under the initial phase.
Located near the Melaka Raya Commercial enclave, the 22-storey Hatten Square, a retail cum hospitality initiative, is Hatten Group's second project in the historical state, and is located opposite its first project, Dataran Pahlawan Melaka Megamall.
"After the successful sales of the first phase of 490 suites earlier this year, we believe that these (hotel suite) units would appeal to local investors, as well as those from Johor Bahru and even Singapore," Singapore- based Hatten Group marketing & promotions senior executive Tan Shiey Li told theedgeproperty.com in a phone interview.
The 130 hotel suites comprise one-, two- and three-bedroom units with built-up areas between 350 sq ft and 1,000 sq ft. Prices start at RM250,000 onwards each for the units which are located from the 13th to 18th floor of the building.
Hatten Group will unveil the hospitality entities during a three-day launch beginning this Friday (April 2 -4) at the Dataran Pahlawan Melaka Megamall.
According to Tan, early birds who buy the first 80 units would be entitled to a RM40,000 discount from the list price.
"Apart from the RM40,000 discount, the first 80 customers also walk away with a Samsung 40" full HD LCD (high definition liquid crystal display) TV when they purchase a unit at our launch," she said.
Owners of the hotel suites, expected to be completed by the third quarter of 2011, are also entitled to free maintenance for 15 years, and legal free exemptions. Buyers will, initially, need to fork out RM10,000 as booking fee and pay a 20% downpayment for the hotel suites. The balance will be paid upon completion.
Post-purchase, these hotel suites will be leased back to Hatten Group for 15 years with a guaranteed annual rental yield of 6%, according to Tan.
Under the the previous launch of the first phase of Hatten Square last year, the 490 units of its serviced units were almost sold-out. Prices for the units start from RM210,000 with built-up areas ranging from 360 sq ft to 400 sq ft.
Upon completion of Hatten Square next year (2011), the project will accommodate 200 retail units, while the hospitality portion will see 490 serviced suites and 260 hotel rooms respectively, according to the project's website. The retail portion has a net lettable area of 180,000 sq ft.
According to Tan, 50% of the retail units have been sold so far. "Buyers can buy these retail units to start their own business or even lease it back to management to rent out," she said.
