Malaysia’s Berjaya Corp Bhd (BCorp) and the Ritz-Carlton Hotel Company (Ritz-Carlton) plan to develop luxury condominiums to be sold for RM2 billion, on the back of continued activity in the high-end property sector.

The development would comprise 300 units to be managed and sold by Ritz-Carlton, with the projected price of RM7 million for a standard unit measuring 3,000 sqf.

Chairman and chief executive officer of BCorp Tan Sri Vincent Tan said: “With Ritz-Carlton’s expertise in luxury hospitality and management of high-valued real estates, we’re confident of attracting well-heeled customers. We’re looking at offering these units at between RM2,000 and RM2,500 psf.”

Tan said he would be happy if Ritz-Carlton could sell half of the units while BCorp would keep the rest for rental. BCorp and Ritz-Carlton expect to begin marketing the luxury condominiums in September this year.

To date, BCorp has invested about RM200 million in the sub-structure of the development, while another RM800 million worth of jobs will be tendered out. Tan expects to complete construction by 2011.

The development, known as Ritz-Carlton Residences Kuala Lumpur, will be constructed on 1.216ha at Jalan Sultan Ismail, beside the Concorde Hotel and opposite Renaissance Hotel in Kuala Lumpur. It would replace the RM700-million Berjaya Central Park, which was launched in 2005 with the small-office-home-office concept comprising service suites in 51 storeys, hotel blocks and three levels of basement car park.