Hua Yang to launch Astetica Residences in 3Q2016

PETALING JAYA (Sept 5): Property developer Hua Yang Bhd is targeting to launch a RM368 million mixed-use development known as Astetica Residences in Seri Kembangan, Selangor, within this quarter (3Q2016).

Hua Yang’s financial controller Joe Tan said the launch is pending the relevant approvals on the project from the authorities.

Astetica Residences sits on a 3.73-acre site in Seri Kembangan. It consists of two towers with 520 units of serviced apartments, 48 units of studios and 26 retail units, Tan told reporters at a media preview of the project today.

The serviced apartments come in five designs with built-up sizes from 748 sq ft while the studios are from 558 sq ft. The serviced apartments are priced from RM546,040 while the studios start from RM412,920.

The retail units are from 821 sq ft onwards and priced from RM656,800.

“We target to obtain the approvals sometime this 3Q2016. We will launch Tower A and the retail units first, followed by Tower B,” said Tan.

“Tower A and the retail units are expected to be completed by the end of this year, while Tower B will be ready by early next year,” he added.

Bank Negara Malaysia’s overnight policy rate (OPR) cut recently has prompted Hua Yang to launch the project after deferring its launch for more than a year, he said.

The developer had planned to unveil the project in the middle of last year, but decided to postpone it to this year due to the soft market conditions.

The project is accessible via the Kajang Dispersal Link Expressway (SILK) and Besraya Highway. It is near the Mines Shopping Fair and the Serdang KTM station. Healthcare facilities and educational institutions in the vicinity include Columbia Asia Medical Centre, Hospital Serdang, Australian International School and International Medical University.

Meanwhile, Tan noted that Astetica Residences is not affected by the Selangor state government’s new guidelines on the development of serviced apartments, small office home offices (SOHO), small office versatile offices (SOVO) and small office flexible offices (SOFO).

“We’ve submitted the approvals prior to the announcement, so it will not affect us, nevertheless, we are still waiting for the actual guidelines from the state government,” he said.

Looking ahead, Hua Yang has lined up five project launches with a total gross development value (GDV) of RM721 million in its financial year ending March 31, 2017.

These projects are Taman Pulai Indah, Johor, which was launched in 2Q2016; Astetica Residences; Taman Pulai Hijauan, Johor; Bandar Universiti Seri Iskandar, Perak; and Meritus Residensi, Penang.

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