KUALA LUMPUR (April 10): Vizione Holdings Bhd is buying the entire stake in a property developer company that is jointly developing a block of serviced apartments called 'The 216 Residences' which carry an estimated gross development value of RM111.3 million, on a leasehold commercial plot located at Jalan Kuchai Lama here.

The purchase of the target company Pembinaan Angkasa Permai Sdn Bhd for RM7 million, marks the company's maiden venture into property development. Its wholly-owned unit has entered into a share sale agreement with two individuals for the acquisition.

“We are delighted to discover this gem development and entered into the agreement to purchase the company for the development of the 216 Residences project. The purchase is in line with the group’s intention to venture into property development. 

"The construction will be awarded internally to Wira Syukur (M) Sdn Bhd, at an arm’s length transaction, to synergise with our construction segment,” said Vizione managing director Datuk Ng Aun Hooi.

The project will have 216 units of serviced apartments, with 342 carparks. The size of each apartment unit will range from 658 sq ft to 1,854 sq ft. The units' initial target selling price ranges from RM300,000 to RM1.7 million per unit, Vizione said.

"The project’s sales gallery is located at Old Klang Road. To date, the response has been overwhelming with 51% of the units already been booked, just six weeks after the soft launch by Pembinaan. The advertising permit and developer license has been obtained and piling work has been completed. The 216 Residences project will be officially launched in May 2019," Vizione said.

"The 216 Residences project will be based on the 'zen' inspired interior and comes with a wide variety of amenities like gymnasium, sauna, indoor games and library facilities. Most units will be partially furnished with kitchen cabinet and three air conditioners, kitchen hob and hood," it added.