KUALA LUMPUR (Oct 15): KSK Group Bhd is optimistic that its maiden property project, "8 Conlay", which is located along Jalan Conlay here, can attract good take up rates despite seeing a slowing down in the property market.

The premium mixed development project sits on a 1.58ha (3.95 acres) site within the exclusive KLCC vicinity, and comprise two blocks of serviced residential units, a five-star hotel and a 200,000 square feet (sq ft) retail podium. The units will be priced between RM2,000 and RM3,000 per sq ft.

KSK Chief Executive Officer Joanne Kua remained optimistic that the take up rate for the project would be encouraging.

"As far as we are concerned, we keep our heads out and focused on the '8 Conlay' development. It is a niche and completely different type of development in the existing market.

"Our target market is not Malaysia alone; we are also targeting the overseas market, especially potential buyers who understand the brand 'YOO'," she told reporters, after announcing KSK’s partnership with YOO — a world class designing company here today.

She targets to achieve a 50-50 buyer mix between local and foreigners for 8 Conlay.

Kua said the group had obtained the development order from the authorities to start the ground work for "8 Conlay", and the first phase of the residential portion will be launched in March 2015.

"While for the whole project, it will be completed by 2020," she added.

It is reported that the tender of the construction works are scheduled to be opened within this quarter.

Kua remained tight lipped over which international renowned five-star hotel operator would be appointed to manage the residential units, saying the group will make the announcement next month.

On whether the group is currently scouting for other development projects, she said, "we are looking at any possible opportunities, but the priority will be given to the '8 Conlay' development at the moment".