China-based Agile willing to venture into mid-market property development
 
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China-based Agile willing to venture into mid-market property development
Sep 04, 2015

KUALA LUMPUR, Sept 3 -- China-based property developer Agile Property Holdings is willing to venture into Malaysia's mid-market property segment if there is a strong demand.

"We will follow the market demand, if there is demand for mid-segment, then we will go for it," its Chief Executive Officer, Wilson Ren said after a ground-breaking ceremony of its Mont Kiara's sales gallery here recently.

Agile, through its local unit, Agile Real Estate Development (M) Sdn Bhd today launched its first high-end residential project, Agile Mont Kiara with a gross development value of RM1.4 billion.

The 4.11-hectare residential project is developed through a joint venture with PJ Development Holdings Bhd.

Comprising 11 blocks of condominiums, the RM1.3 billion project is expected to be completed in 2018.

Apart from Agile Mont Kiara, the Chinese property developer is collaborating with Tropicana Corp Bhd to develop high-end serviced apartments with a gross development value of RM2.5 billion in Bukit Bintang, which is expected to be launched in the first half of 2016.

On its future plan in the domestic market, Ren said the company planned to acquire more land in Malaysia, particularly in the Klang Valley for housing development projects.

"We will focus on Klang Valley as other areas such as Iskandar Malaysia are facing an oversupply situation. And normally, we will be involved in a project with GDV of over RM1 billion," he added.

Ren said Malaysia was the first country Agile's chose to expand abroad as it boasted a steady demand for residential properties and a stable and growing economy.

"Malaysia's gross domestic product growth of between 4.5 per cent and 5.5 per cent is still attractive compared with other countries," he said, adding that the declining ringgit made the local property market more attractive to investors.

-- BERNAMA

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