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Genting Group's involvement in the
property sector can be traced from the initial primary objective of holding
land-based assets for long term appreciation and development potential to the
current strategic move to develop and market the Group's landed properties
mainly held in the plantation subsidiary, by Asiatic Land Development Sdn Bhd, a
wholly owned subsidiary of Asiatic Development Berhad - which is 54.8% owned by
Genting Berhad.
The first development project began at
Genting Highlands Resort with the development of the 83-unit Kayangan
Apartments, which were completely sold out in 1979, the year of its launch. This
was followed by the launch of the 428-unit Ria Apartments and the luxurious
320-unit Awana Condominium in 1984.
Wisma Genting, Genting Group's 25-storey
corporate headquarter occupies a prominent position in the prime "Golden
Triangle" of Kuala Lumpur. Completed in two stages in 1985 and 1993 with a total
net lettable area of 400,000 square feet, it has a sophisticated computerised
building automation system, making it one of the most modern and efficient
buildings in the city. It has attracted reputable corporations as tenants and
has successfully maintained high occupancy and premium rental rates since its
opening.
Asiatic Land Development Sdn Bhd has
property development projects in the states of Johor, Kedah and Melaka in
Malaysia. Asiatic's first project was the 55-hectare Asiatic Desa Cheng in Melaka,
which was successfully launched in October 1993. In 1994, Asiatic Land launched
the 284-hectare Asiatic Permaipura project in Kedah which comprised commercial
centres, an 18-hole golf course named Permaipura Golf & Country Club, bungalow
lands residential houses and shop offices.
The main development project of Asiatic
Land is now Asiatic Indahpura, which has about
3,200 hectares of land in Kulai, Johor, Malaysia. Currently, only 12% of this
area has been developed,
mainly for residential homes and shop offices.
For further details, please check out
www.asiatic.com.my.
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