Alfranko Group coming to Malaysia Property Market

KUALA LUMPUR, Dec 13 - Europe-based Alfranko Group says its move to develop a commercial building in the country is a resounding endorsement of Malaysia as a preferred investment destination for multinational firms.

The project on Jalan Ampang, Novo Ampang, with a gross development value of RM400 million, is its maiden development in Southeast Asia.

The group, via its associate Alfranko Development Sdn Bhd, aims to penetrate the Malaysian property market, which it says is not overheated.

Vice-President Datuk Sergei Melnikov said the initial RM150 million invested in the 1.068 ha. flagship development will be utilised for land acquisition, construction fees and development charges.

The project, comprising a 38-storey single tower building with 421 suites priced from RM900,000 to RM1 million each, is set to launch in the first quarter of next year and slated for completion by 2017.

"We expect about 60 per cent of the total units to be sold locally to young professionals and property investors, with the other 40 per cent to foreign buyers from Singapore and China," Melnikov told Bernama.

Melnikov said the group will undertake a serviced apartment development project in Johor Baharu upon completing the Novo Ampang project.

"We have two pieces of land in Johor Baharu and the projects are for the construction of serviced apartments and offices, however they are still at a preliminary stage," he added.

Alfranko Group, a multi-award winning developer, is poised to be a major contender in the property industry in Malaysia and will continue to expand to Singapore and Thailand soon, said Melnikov.

With an established reputation in property development in Russia, the group is a major investor in the Automobile Centre in Moscow, one of the biggest all-in-one auto cities in Europe worth an estimated US$600 million.

-- wrote by BERNAMA