Fajarbaru plans launch of Rica Residence Kinrara in Puchong in next six months

KUALA LUMPUR (Aug 3): Fajarbaru Properties Sdn Bhd plans to launch the second of its Rica Residence series of residential high-rise projects called Rica Residence Kinrara in Puchong, Selangor in the next six months or so. Fajarbaru Properties is a subsidiary of Fajarbaru Builder Group Bhd.

Speaking to the press after the launch of the first Rica Residence called Rica Residence Sentul today, Fajarbaru Builder Group chairman Datuk Low Keng Kok shared that the project in Puchong will have an estimated gross development value (GDV) of around RM500 million to RM600 million and is currently in the planning stage.

Fajarbaru Builder Group executive director Eric Kuan, who was also present at the launch, shared that the built-ups of Rica Residence Kinrara will be bigger than the ones in Sentul, starting from 1,200 sq ft onwards.

Meanwhile, Low expects Rica Residence Sentul to be at least 85% taken up by the end of the year. Currently, the project is 70% sold since it opened for sale in December last year.

Located in Jalan Kovil Hilir, the 39-storey serviced apartment project with a GDV of RM280 million has 473 units with built-ups ranging from 650 sq ft to 1,200 sq ft. Prices start from RM620 psf.

The project is also within walking distance to the KTM Sentul station and Sentul West station of the future Mass Rapid Transit Line 2, set for completion in 2021.

On whether this was the right time to launch the project considering the property market slowdown, Low pointed out that housing is always a need despite an economic situation and that people are always looking to buy homes in the city centre.

“There will always be first-time homebuyers, upgraders and newly married couple looking for housing. Rica Residence Sentul is in a very strategically located area. Compared to some new developments in the vicinity of Sentul, our [project] price is more competitive. We are confident that our project will do well,” Low noted.