The local real estate sector still presents outstanding prospects for growth despite being in an endemic transition phase, says WCT Land Sdn Bhd chief operating officer (property development) Chong Wah Hing.
According to him, WCT Land continues to receive numerous enquiries about its ongoing residential projects.
"The real estate market in Malaysia is still active and has good opportunities as we can see through the iquiries received regarding our residential projects," he said.
Chong was speaking yesterday at the signing ceremony to appoint DWG Malaysia Sdn Bhd as the exclusive marketing company for WCT Land's The Maple Residences' Tower C in Kuala Lumpur.
The Maple Residences is part of W City OUG, a 63-acre mixed-use development in Taman OUG.
It has 940 condominium units spread across three towers, Towers A, B, and C, with a gross development value (GDV) of RM954 million.
In a strategic partnership, WCT Land agreed to give DWG the exclusive right to sell more than 300 units in Tower C to local and international real estate investors.
The GDV of the 51-storey Tower C is RM430 million.
According to Chong, the take-up rates for Tower A and Tower B are 91 per cent and 63 per cent respectively so far.
He said the collaboration with DWG is part of a plan to raise the uptake of the remaining units of Tower C of The Maple Residences.
"We are looking forward to the collaboration opportunity to combine our market expertise and knowledge with DWG. We are excited to partner with DWG as they roll out their sales and marketing plan for Tower C," he said.
The Maple Residences provides a multi-generational living environment for residents of all ages. The project is expected to be completed by 2025.
Meanwhile, the goal of DWG's chief executive officer, Justin Chew, was to sell every unit in Tower C in the following 12 to 18 months.
He said that a marketing campaign will start at the end of this month to sell 70 per cent of the total units to Malaysians and the other 30 per cent to foreign investors.
According to Chew, the project, when it is ready to be marketed overseas would cover China, Singapore, Hong Kong, and Taiwan.
"Being in the industry for many years, coming across a development of such magnitude is rare. We believe in investing first before our clients by taking the risk of investing in developments that have a long-term growth projection," he said.
Chew said The Maple Residences caters to the needs of OUG's regeneration.
"OUG is a mature township and a successful one. It is populated by high-income salaried people and business owners. With WCT's involvement, we see a lot of upgraders and new homeowners who would see this development as the future of OUG as there are no other parcels of land as big as, nor as strategically located as this," he said.