SG S'pore-based AIM sets up Malaysia property unit
Property Here - Monday, July 08, 2013
In line with its business diversification efforts in Southeast Asia, Singapore-based Advanced Integrated Manufacturing Corp (AIM) has unveiled a new property unit in Malaysia called Vincente Property.
The firm is looking to buy a vacant bungalow plot and three condominium units in Penang for RM24.2 million (S$9.7 million).
The 19,791 sq ft freehold bungalow is part of the 'Martinique Luxury Villas By-The-Sea' development in Seri Tanjung Pinang, Penang. Vicente is set to acquire the plot from Compac Fiscal for S$7.28 million.
Meanwhile, the three condo units are part of the 1 Tanjong seafront condominium along the coastline of Tanjung Bungah, Penang. The units are scheduled for completion by the first quarter of 2014.
“The Group intends to hold the Land as an investment for capital growth while exploring the possibility of developing a luxury bungalow on the Land. The Group intends to lease out the Condominium Units upon their statutory completion to generate rental yield, while holding them as investments for capital growth in the future,” it said.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email email@example.com