JOHOR BAHRU (Sept 02): Overwhelming response from foreign buyers have prompted Gabungan AQRS Bhd to increase its foreign ownership quota from 30% to 50% for its luxury condominium — The Peak @ Jalan Temenggong — here, which carries a gross development value (GDV) of RM660 million.

"Foreigners were responding faster than the locals," said Jerry Lau Hing Kiet, senior general manager for the property development division of Gabungan AQRS.

The Peak comprises two towers with 668 service apartment units, and is slated to be completed in 2015.

Previously, about 50% or some 334 units were reserved for local buyers.

However, Lau said the local buyers are spoilt for choice, as there are various property launches now in Johor.

"They (the locals) don't know which (property project) is the best, as they don’t go through the details as closely as the Singaporean," he told reporters, after a media presentation on “The Peak” today.

With the foreign ownership quota increment, Gabungan AQRS expects the take up rate for The Peak to continue to pick up, in the coming months.

Presently, half of The Peak’s total sales come from local buyers, while foreigners — from Singapore, Indonesia, Europe, India, China and Myanmar — make up the remaining half.