China Developer Cicet Asia Seeking to Expand Its Footprint in Klang Valley
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Cicet Asia Development Sdn Bhd is actively looking to acquire land plots in the Klang Valley, as the developer seeks to expand its footprint in the country.
The company, a subsidiary of China-based Chongqing International Trade Group Co Ltd, has developed Greenfield Residence — a high-rise mixed-development in Bandar Sunway, consisting of 816 residential units and 23 retail shops with a total gross development value (GDV) of RM580 million.
“In the pipeline, we are looking for one or two pieces of land around the Klang Valley area,” Cicet Asia director Tan Swee Ee told reporters.
Tan said Cicet Asia expects the property market to pick up in demand over the year.
“One of the short-term challenges we face is the slow market sentiment, but we are encouraged by the continuation of the country’s infrastructure plans announced by the government."
“This will generate economic activities and when people start making money, they will want to spend or use it to invest, and properties are a good means of investment,” Tan said.
On its maiden project Greenfield Residence, Tan said the project is expected to flourish due to its strategic location.
Its first two towers, Tower A and B were launched in May 2017, while all three towers are slated for completion in March 2021.
“We are so pleased that Tower A has been fully sold, while Tower B has a 75% take-up rate. Based on previous launches, we are confident the final Tower C will receive a positive response from aspiring home-owners,” he said.
Cicet Asia associate director Mak Meng Fie said the project is targeting young families, as the designs of the houses catered for practicality and convenience.
“There are different types of units to choose from, but all were built to maximise space and ensure none is wasted. It is a project that resonates with our commitment to building homes that encapsulate quality, use of space and good connectivity,” he said.
He added that the developer also offers a tailor-made homeownership scheme “Residential Subsidy Value Package” for eligible home buyers.
The programme offers low downpayment, special rebates, legal fees and stamp duty exemptions, as well as special packages for dual key units, which is inclusive of a 24-month subsidy on the studio unit’s rental after vacant possession.
Tan said the group is the first to use this mechanism and it will prove to be useful for its buyers, especially if they plan to rent out the units.