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Posted On: 16/01/2010
Aseana Properties, a large Malaysian developer has announced plans to buy a 70% stake in a new Kuala Lumpur residential development aimed at being sold to Malaysian's and foreigners.
This is a huge testament to the recent recovery in international property sales and also the returning strength and demand in the Malaysia property market.
“Kuala Lumpur City Centre (KLCC) is a proven and sought-after location for high-end residences in Malaysia and we are excited with this opportunity of being able to expand our portfolio of projects in this prime area,” said Aseana’s chairman, Dato’ Mohammed Azlan bin Hashim. “With the Malaysian and global economies showing signs of improvement and recent renewed interest in KLCC properties, we believe that the proposed development on the site will be well received when it is launched,” he added.
Malaysian property suffered badly from falling foreign demand as the crunch bit. Recession struck between the third and fourth quarters of 2008, but according to a recent World Bank report into global economies the rebound began between the first and second quarters of 2009.
“Economic activity showed signs of improvement in the second quarter of 2009. In seasonally adjusted terms, consumption, fixed investment, and exports all expanded. The services sector also improved. Conditions in the electrical and electronics (E&E) industry, which accounted for an important part of the contraction, improved in line with these general developments. Aggregate capital utilization increased as well, and so did consumer and business confidence," said the report.
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