Cicet Asia earmarks RM100 million for business expansion in the region
KUALA LUMPUR: Despite facing the pandemic-induced adversity, multinational property developer Cicet Asia Development Sdn Bhd (CAD) remains upbeat on Malaysia’s property market, particularly for high-rise residential development like Greenfield Residence at Bandar Sunway.
Project director Tan Swee Ee said 2020 had been the most challenging year in decades and the property sector, along with other sectors, were affected by the pandemic.
“Having said that, we are expecting gradual recovery as the economy re-opens and people adapt to the ‘new norm’.”
“The low-interest rates, promotional campaigns and discounts coupled with the Short-term Economic Recovery Plan (PENJANA) by the government, namely the reintroduction of the Home Ownership Campaign (HOC), will help to regenerate the whole sector,” he said in a recent statement.
According to the latest report by the National Property Information Centre (NAPIC), the property transactions for the first half (1H) of 2020 decreased by 27.9 per cent in volume, translating to 115,476 transactions as compared to 160,165 transactions in 1H 2019.
Despite being the most significant contributor with 65.2 per cent contribution, residential sub-sector transactions’ performance declined 24.6 per cent in volume.
This is mainly attributed to the closure of all businesses and economic activities during the Movement Control Order (MCO).
CAD has also recently launched a care program to relieve homebuyers’ constraints while providing an opportunity to own an ideal home at Greenfield Residence @ Bandar Sunway.
Relief Care Program (RCP) offers low down payment and easy exit plan for any reason, free legal and disbursement fee on sales and purchase agreement (SPA) and loan, as well as generous incentives.
“There is a positive sign in regards to the property sector, at least for a residential developer like us.
“The number of customers enquiring about our project, Greenfield Residence at Bandar Sunway, during this recovery movement control phase has been increasing,” Tan said.
In a recent survey conducted by iProperty, the number of home seekers has increased to 45 per cent post-MCO.
A majority of them are leveraging on the current market conditions as an opportunity to purchase their first homes, upgrade or even for investment purposes.
To this, CAD has earmarked RM100 million to increase its business size and operations in Malaysia.
“Aside from actively on the lookout for strategic land banks within the Greater Klang Valley to build sustainable or ecological homes, we are also considering bringing in other aspects of our business into the region,” Tan said.
Greenfield Residence is a high-rise residential developer by CAD. Strategically located off the Lebuhraya Damansara Puchong (LDP) at Sunway Mentari, Greenfield Residence offers excellent transport connectivity.
It is easily accessible via an extensive network of highways, namely, the Lebuhraya Damansara-Puchong (LDP), Federal Highway, New Klang Valley Expressway (NKVE), New Pantai Expressway (NPE), and Konsortium Expressway Shah Alam Selangor (KESAS).
Nearby bus rapid transit (BRT) stations are within walking distance while Keretapi Tanah Melayu (KTM) and light rail transit (LRT) stations are within the vicinity, providing homeowners a greater convenience to the nearby neighbourhood.
The residential development, which has 48 per cent lush greenery, is built to fulfill the Green Building Index (GBI), making it a green and sustainable development.
Designed by one of BCI Asia’s top architects in Singapore, the residential development features a 2-acre recreational garden in 6 thematic themes, 50-metre infinity pool, sunken sundeck, hot tub, multi-color Flower Zone, Pink Blossom Trail, a jogging trail that encircles a 0.8ha recreational podium and a floating gym.
Greenfield Residence is targeted to complete by 2021.
Source: NST