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Crest to build Kuala Lumpur condominium

Crest Builder Holdings Berhad was recently awarded a job to build a luxury condominium in Kuala Lumpur by property developer Starpuri Development.

The contract is worth MAR 285 million, which works out to just under $87 million. The condominium is set to be built in the Jalan Ceylon area of Kuala Lumpur and it is a project that will be constructed over the next 34 months. The project is expected to be completed by December of 2010 and according to Crest it will start becoming profitable for them starting at the end of 2008.

This project marks the largest secured by Crest Builder in their history and according to many, it is just another example of the budding property market that appears to be gaining momentum in Kuala Lumpur and Malaysia at large.

According to the director of business development at Crest Builder, the fact that they were awarded the project shows confidence in the company and its ability to do work on a large scale. The director also promised that Crest would be getting more projects to work on in the near future as they expected property development purchases to soar in Malaysia due to high demand for property in the country.

Part of the success of Crest comes from domestic demand for better property development in Malaysia, but a lot of it comes from the fact that demand in markets like Malaysia has been fuelled largely by foreign property investors.

These are the same investors who have been looking to new markets in the wake of the global credit crunch and the sub-prime crisis in the United States and Malaysia is one of many developing Asian countries that have been the beneficiaries of investment dollars that would likely have gone elsewhere if not for the fears of a looming recession in the United States. Since those fears are likely to continue for some time, one can logically assume that interest in Malaysian property will stay strong for some time to come.

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