Sabah builder undertakes mega Melbourne project
Published on: Friday, October 30, 2015
Kota Kinabalu: The JSK Group of Companies, which is affiliated to a well-known property developer W Group, has become the first Sabahan property firm to develop a high-rise housing facility in Australia.Its Managing Director Johnny Wong Chen Yee said the company decided to develop a 35-storey condo-style apartment known as Union Tower as its first housing project in Melbourne's Central Business District (CBD).With years of solid business foundation and corporate fundamentals, he said they felt it was time to bring Malaysian bedrock values of continuous improvement in building designs, workmanship and service guarantee abroad.ADVERTISEMENT "JSK Group of Companies was formed as part of the W Group's expansion plan to overseas' property development that has business in property development in the United Kingdom and China. It is spearheaded by my son, Sean Brandon Wong, who is Operation Director of the company that will manage our property projects overseas."We have eyed Australia, in particular Melbourne, by constructing 165 units of one and two-bedroom apartments."We want to show that as a Sabah developer, we are capable of penetrating the international market in Australia," he told a press conference at his office in Luyang, Thursday.Wong said the company has brought along Sabah's culture in property in terms of building houses in existing public amenity areas as well as within short and walking distance to facilities that are conducive and provide a safe environment when the owners do errands.ADVERTISEMENT For instance, it is only a 3.5 minute walk from Melbourne Central, 2.5 minute walk from grocery stores to the project site, one minute walk from banks and five minute walk to the CBD shopping precinct."The project was launched on Sept 15 and 75 per cent of the units have already been sold whereby majority of buyers are from China and Singapore. It will commence in December and completed in November 2017.
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"We have reserved 20 units to the people of Sabah who will get to enjoy good returns on investment as the property growth annual rate in Melbourne is 4.5 per cent. Even renting out the units would also bring attractive returns to the owners," he said.Furthermore, Wong said the property law in Australia allows foreigners to own houses in their country where they only have to pay 10 per cent as deposit for the property while the remaining 90 per cent can be paid after the project is completed.Stay up-to-date by following Daily Express’s Telegram channel.
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Citing statistics, he said about 57,000 Chinese nationals migrate to Australia every year which the company perceives as a good opportunity to expand their business presence there.Wong said the company just completed a studio project which is a 65-unit apartment in Newcastle, United Kingdom and another project in the pipeline is a 570-unit apartment to be built in Xuyi district, Jiangsu Province, near Nanjing City, China.