KUCHING: Following a string of successful roadshows, developer, Kuala Lumpur Metro Group and its marketer, Borneo Real Estate will be holding yet another property show at the Imperial Hotel in Miri.
The event will be held over the weekend from July 20 to 22 showcasing The Lexis Suites in Penang.
The property is strategically located in the southern part of Penang Island and is just four kilometres away from Penang International Airport.
According to a press release yesterday, “The property will be managed by reputable hotel operator, The Lexis Hotel Group and is scheduled for completion by October 2014.” The sizes of the studio units range from 875 to 968 square feet with sale prices ranging from RM770,000 to RM945,000 per unit.
The unit prices were also noted to come with furniture, fittings and renovation.
Launched since early May, The Lexis Suites had received good response with approximately 70 per cent of the units sold out just within the month and a half.
The suites were also noted to be located on a beach front stretch, a very much sought-after trait for properties in Penang.
“The fast-selling of the units are attributed to the attractive rental return of seven per cent per annum. We believe this amount is sufficient to pay off the monthly loan repayment.
“The low entry costs of only 10 per cent needed to purchase the units as the bank provides 80 per cent margin of finance.
“The balance of 10 per cent payment of purchase of price is allowed to be financed by the ‘vendor finance scheme’,” the press release added.
Under the scheme, the developer would help buyers pay all the interest instalment due to the bank for the loan granted during the construction period.
The project would be supported by full facilities and services which was believed to help greatly in securing hotel business when in operation, thereby generating more profits part of which sums to be remitted to the purchasers under the lease back scheme or rental guarantee scheme.
The roadshow will be held from 10am to 7pm.