KUALA LUMPUR (Sept 20): GSH Corp Ltd, a property developer listed on the Singapore Exchange, launched its first residential project in Malaysia today, comprising a 632-unit luxury condominium here, worth RM1.1 billion.

Chief executive officer Gilbert Ee said 150 units out of 200 released during VIP previews and private viewing sessions, have been booked.

The 52-storey Eaton Residence, located on a 1.42 acre leasehold land on Jalan Kia Peng, is being developed by its wholly-owned subsidiary, City View Ventures Son Bhd, he told reporters at the launch.

Sizes of the service apartments range from 635 sq ft to 2,874 sq ft, while the penthouses range from 2,271 sq ft to 2,982 sq ft. These units priced from RM1.14 million to RM4.19 million. The expected completion date for this project is December 2020.

Featuring the first longest and highest cantilevered sky pool in Kuala Lumpur, Ee said Eaton Residence's location is another attractiveness in terms of connectivity.

Noting that the Malaysian property market, particularly the high-end segment, is slowing down, he said Eaton Residence will aim at offering more value to buyers.

"We are also embedding some new ideas, such as the full-glass façade. This is a feature that is usually only available for commercial buildings, because it is more expensive, but we are offering this on a residential building. If you look at our price, we are still very similar to those within the vicinity of Eaton," he added.

But with higher value, comes higher cost. Ee declined to share the exact development cost, saying only that the figure easily surpasses 70% of the project's gross development value.

"This being our first residential development in the Malaysia capital, we have spared no effort in maximizing the scenic views," he said.

“Moving ahead, we will be launching two ocean-fronting residential projects in the Sisters Harbour precinct in Kota Kinabalu," he added.