Nas Pavilion project gets good response
24/05/2004 BT By OOI TEE CHING

THE revived RM377 million Nas Pavilion project, undertaken by Urban Shift Sdn Bhd, has received encouraging response since the launch of its first phase four months ago.

To date, 85 per cent of the service apartments and 50 per cent of the retail units have been sold. Out of the service apartments sold, 15 per cent was taken up by foreigners, mainly Indonesians.

“We salvaged the abandoned project from Metro Jelita Sdn Bhd at a bargain price after it went into receivership a while ago. Our buyers can be assured that we are committed to delivering within three years as stipulated in the sale and purchase agreement,” Urban Shift director Datuk Muhammad Shafee Abdullah said.

He was speaking at the launch of the second phase by Second Deputy Finance Minister Datuk Dr Ng Yen Yen in Kuala Lumpur on Saturday. Nas Pavilion is located along Jalan Imbi, near Berjaya Times Square.

Nas Pavilion boasts of exclusive furnished and serviced residences, a six-storey shopping mall, an intelligent office tower and comprehensive clubhouse facilities.

Speaking to reporters later, Dr Ng said the Government’s recent suggestion that developers may be asked to “build then sell” is meant to protect house buyers without over-regulating the building industry.

The concept suggests that buyers pay 10 per cent as downpayment and the remaining 90 per cent on completion of their property.

In implementing the “build then sell” policy, Dr Ng reassured builders that the Government will ensure there are no sudden upheavals in the industry.

She expressed the hope that property developers will prepare themselves psychologically and financially so that the industry will move in tandem with the Government’s policy.

In view of better global economic indications, Dr Ng anticipates that the local property sector will register 2.6 per cent growth this year.