Japan project will fare well, says AP Land

KUALA LUMPUR: Asia Pacific Land Bhd (AP Land) is confident its maiden residential overseas project called Shiki, to be built at Niseko, Japan, will fare well despite the recent earthquake and nuclear scare there.

Its joint managing director Low Su Ming said at present, many investors are still keen but “have taken a wait and see approach”.

“We have had three pull outs so far but at the same time we have had 20 confirmed buyers even before the groundbreaking ceremony which will take place on April 10,” she told the media yesterday.

Shiki, a fully furnished serviced apartment project, is being built by APL Niseko Property TMK, a subsidiary of AP Land Bhd with gross development value of about RM220 million.

Each unit of the freehold property, which comes in one to three bedrooms, is priced between RM1.8 million and RM4.97 million.

The project would be completed and delivered on schedule by December 2012.

“Construction cost would not escalate as we have already locked in the prices,” she said.

On whether the company would take a different marketing approach (now), Low said: “This is not the time to talk about selling. We are very confident in Niseko as it still holds the promise of a growing wealth in Asia, which we truly believe in.”

Niseko resort brand manager Derek Kennewell said AP Land expected to sell at least half of the 69 units before completion date while the rest would probably be sold once its completed.

Kennewell works for LJ Hooker, an Australian-based real estate company which has been roped in by AP Land to promote Shiki.

“So far all the buyers are Malaysians and Singaporeans. We may target Chinese buyers now.

“This is definitely a good investment with a yield of between 4 and 5 per cent,” added Kennewell.

By Business Times