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Sun 30 Jan 2011 05:49 PM

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Abu Dhabi's Tasweek starts construction on $81m Malaysia project

CEO of Abu Dhabi real estate firm says project two third sold, slated for completion in 2013

Abu Dhabi's Tasweek starts construction on $81m Malaysia project
ABU DHABI FIRM: Tasweek Real Estate Development and Marketing is an Abu Dhabi based property firm (ITP Images)

Tasweek Real Estate Development and Marketing, the Abu Dhabi
property firm, has begun construction on an $81m development in Malaysia, its
CEO said Sunday.

The Haven Lakeside Residence is two-thirds sold and
scheduled for completion in 2013, said Masood Al Awar.

"Construction has started in the last two months. It
has three 26-storey towers and will complete in 2013," he said on the
sidelines of the Invest Malaysia conference in Abu Dhabi.

Investors can expect a 20 percent return on the project, he
said.

The development, located in the Malaysian city of Ipoh, is a
joint venture with Malaysian developer Superboom Projects.

Al Awar said that buyers were largely from Singapore, China
and Malaysia, and the majority planned to retire in the southeast Asia country.

Prices  in the project ranged from RM250,000 ($81,859)
to RM1.41 ($461,690) and were offered as part of a leasehold agreement over 99
years.