Lumi Tropicana

PETALING JAYA (Oct 22): The first phase of Thriven Global Bhd’s Lumi Tropicana has achieved a take-up rate of 75% since its launch on Oct 15.

Managing director Ghazie Yeoh Abdullah is pleased with the result and expects to sell the remaining 25% by next year.

“We have 20 non-bumiputera units left and I think we can sell these in the next one month. We still have 91 bumiputera units but we will be doing a bumiputera campaign soon and can hopefully sell 30 units this year and the rest next year,” he told City&Country.

Located along Persiaran Tropicana in Petaling Jaya, Lumi Tropicana comprises four towers with 744 serviced residences and 62 small office/home office (SoHo) units. The development has a gross development value of RM886 million.

Phase One is expected to be completed in June 2019.

Lumi Tropicana has built-ups of between 862 and 1,500 sq ft, with prices starting from RM730,000 while for the SoHos, prices start from RM550,000.

“Our buyers can let us manage their units under our Lumi Collection. We can do short-term renting as well, like Airbnb and see a yearly net rental yield of 7%.

“We not only provide a comprehensive product but also, from the handover, the ability to rent. The units are fully fitted and we will have in place the rental and housekeeping system.

“These services differentiate Lumi from other products in the market today,” declared Ghazie.

Meanwhile, Phase Two, which will comprise two towers of serviced residences — Tower 3 and Tower 4 —, are scheduled to launch in April 2017 and 2Q2018, respectively.

This is an excerpt of the report in the Oct 24, 2016 issue of City & Country, the property pullout of The Edge Malaysia. Subscribe here for your personal copy

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