Wong (third from right) and Tebrau MP Khoo Soo Seang (fourth from right), watching a Chinese calligraphy master during the Chap Goh Meh celebration.
JOHOR BARU: The new regulation limiting foreign ownership in projects outside international zones in Johor does not faze one developer.
UMLand Seri Austin chief executive officer KK Wong said this was not an issue for them as less than 10% of investors in their township are foreigners.
“About 90% of our house buyers are locals who purchase to stay or for investment,” he said.
Wong was commenting on Johor Mentri Besar Datuk Mohamed Khaled Nordin’s recent statement that foreigners could not own more than 20% of properties in projects outside international zones.
“In 2006, our double storey units were selling for about RM200,000 each but now the prices have increased to RM500,000,” he said during a Chap Goh Meh celebration at the Seri Austin sales gallery here.
Wong added there is still a market for landed high-end property, especially for cluster and semi-detached houses, despite the challenging economic outlook.
Visitors were treated to a 24-season drum performance at the Chap Goh Meh celebration at the Seri Austin sales gallery.
“With the Aeon Mall coming up in Bandar Dato’ Onn, the area will become more vibrant,” said Wong, adding the develop also had dedicated bicycle lanes.
He explained that Seri Austin started with a land bank of 202ha about 11 years ago.
“Now 80% of our land is already used up and we expect to continue building for the next five to six years,” he added.
The celebration saw a 24-season drum performance as well as lion and dragon dances.
About 500 guests were also treated to Chinese calligraphy and feng shui consultation apart from games kiosks and bakery workshops for children.
There was also a lucky draw and special Chinese New Year packages were given to buyers of their latest development, Aster 2 Semi-D.
Aster 2, priced at RM1.3mil, has five bedrooms and five bathrooms, including a utility room.
Each house comes with a spacious car porch, which can accommodate up to three cars, and high ceiling in the living room.
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