Bennington Residences within SkyArena to be unveiled on Nov 5

SKYWORLD Development Sdn Bhd is all set to launch Tower A of Bennington Residences on Nov 5. The condominium project, which comprises two 40-storey towers, is located within the RM2.49 billion 28-acre SkyArena development in Setapak, Kuala Lumpur.

Setapak is a former tin-mining and rubber-growing area. “Setapak” in Malay means “one step” — one step away from the city, that is. This suburb covers about 160 sq km on the north-eastern fringe of Kuala Lumpur city centre, with Wangsa Maju in the centre and Taman Tasik Titiwangsa in the south.

SkyArena will comprise five buildings — three residential towers, a sports complex and a commercial component (a hotel, small offices/home offices and retail space).

Second condominium in SkyArena

Bennington Residences’ two towers — A and B — will sit on 2.69 acres and have a gross development value of RM437 million. Tower B, which was launched at the end of last year, saw a take-up rate of 72%, even with little advertising. In view of the encouraging response, the developer has decided to launch Tower A, comprising 284 units, next month.

“The current market sentiment may be soft but we feel that with Tower B’s impressive take-up rate and the large number of enquiries for dual-key and smaller units, it’s the right time to launch Tower A. Our pricing is not very expensive ... about RM600 psf,” chief operating officer Lee Chee Seng tells City & Country.

He says its target market is young professionals and couples aged between 30 and 45.

Tower A will offer two layouts — single unit and dual-key unit — with built-ups of 1,092 to 1,716 sq ft. There will be 56 dual-key units of 1,445 and 1,450 sq ft, which, Lee says, are popular with buyers. Every floor will have at least one dual-key unit. Furthermore, all units will have a balcony with glass railings.

According to Lee, the smaller dual-key units, which have an average built-up of 350 sq ft, can be stand-alone homes. And with the Tunku Abdul Rahman University College just a 10-minute drive away, students would be interested in renting such units, thus giving owners a source of income.

“TAR University College students are paying RM1,000 per month rent for a fully furnished room with an attached bathroom,” he says. “So, for the smaller dual-key units, the rent could be RM1,200 to RM1,300 as there are facilities.”

Lee says the smaller section of the dual-key units will have a space for a pantry with a sink connector and a washing machine niche. Apart from its north-south orientation, the development will offer many airy areas for residents and guests to relax. The green elements include LED lights, inverter lifts (three for each tower), rainwater harvesting systems and an automated waste management system (garbage is suck to a central facility where it is collected and trucked away).

Lee says the company aims to obtain Green Building Index certification for both towers.

Amenities in the vicinity include Setapak Central Mall, Wangsa Walk Mall, banks, hypermarkets, restaurants and entertainment outlets. Columbia Asia Hospital, KPJ Tawakkal Specialist Hospital, Kuala Lumpur Hospital and KPJ Ampang Puteri Specialist Hospital are also located a short distance away.

The development is accessible via the Duta-Ulu Kelang Expressway (DUKE) and Jalan Genting Kelang.

Lee says SkyWorld will spend RM30 million on widening and improving a one-km stretch leading to SkyArena.

Facilities

Landscaping will be a prominent feature at Bennington Residences, particularly at the lobby, facility deck (Level 8) and rooftop. The company has set aside RM4.5 million for this purpose.

Lee reveals that the lobby will have a rainforest theme featuring an air-well created from the spiral ramp leading to the car park. On this level, there will also be a child care centre, a sundry shop or laundry and function rooms.

Level 8 is called the environmental deck or e-deck. Spanning 30,000 sq ft, it will boast the first-of-its-kind infinity loop swimming pool, built atop the spiral ramp. There will be outdoor exercise equipment for those who like to exercise in a shady area surrounded by greenery. Other facilities include function rooms, a yoga deck, children’s pool and play area.

At the rooftop, there will be a one-km jogging track traversing the two towers, an open-air theatre space and areas for residents to interact, relax or enjoy the view. There is also the Triplex Sky Gymnasium — the first-of-its-kind in Malaysia — with 5,993 sq ft of space spread over three levels.

There will also be facilities at Level 18. They include a conference room, a service corner, an entertainment lounge, workstations, and office suites.

The entire development will be equipped with a four-tier security system, where an access card is required to enter the car park, the dedicated parking area, the lift lobby and the dedicated floor. There will also be round-the-clock closed-circuit TV surveillance in and around the blocks.

There will be a seven-level car park comprising 1,302 bays. Each unit will be allotted two to three bays.

Growing demand

Stanley Toh, executive director of LaurelCap Sdn Bhd, says, “Setapak’s advantage is that it is located close to the city centre. It is a suburban self-contained locality with ample amenities, public transport, private and public educational institutions and shopping centres. It is accessible via the DUKE, Karak Highway and KL Elevated Highway. Another plus is that it has a few light rail transit stations.”

Metro Homes Sdn Bhd director See Kok Loong concurs. He says the Middle Ring Road 2 also connects the area with several parts of KL. “The Wangsa Maju township is self-contained with adequate amenities and conveniences,” he adds.

However, Toh’s concern is the worsening traffic congestion in Jalan Genting Kelang.

SkyWorld’s Lee says currently, there is a lot of construction going on along Jalan Genting Kelang, which is probably the cause of the congestion. He adds that the DUKE Phase 2, which will be completed in two to three years’ time, will help alleviate the situation.

According to Toh, the majority of the properties in Setapak are high-rise residential units and serviced apartments. He says property investors like the area because of the large student population, thanks to TAR University College and Universiti Teknologi Malaysia’s KL campus.

The average transacted prices of condos and serviced apartments in Setapak are RM380 to RM450 psf at Platinum Hill Condominium, RM330 to RM380 psf at Prima Setapak I and II, RM600 to RM630 psf at The Loft @ ZetaPark, RM500 to RM550 psf at 222 Residency, RM280 to RM330 psf at Heritage Condominium, RM330 to RM350 psf at Madu Mas Apartment in Ayer Panas and RM360 to RM400 psf at Menara Alpha in Wangsa Maju, he says. “The average appreciation rate for condos and serviced apartments is 5% to 7% per annum. Rental yield is between 4% and 5.5%. For example, Menara Alpha has a yield of 5% to 5.5% and Platinum Hill Condo, 4% to 4.4%.”

According to See, Platinum Hill Condo and Platinum Lake Condo by Platinum Victory Group are popular among buyers. “Their unit sizes range from 1,100 to 1,400 sq ft and the average price is between RM420 and RM480 psf,” he says. “The appreciation rate should be slowing down now because of the soft property market. But I believe it is still around 2% to 3%.”

He adds that with the many positive factors, Setapak will continue to attract homebuyers and investors alike.

Lee says piling at Bennington Residences has been completed and he is confident that the project will be ready for delivery in 2019.

This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on Oct 24, 2016. Subscribe here for your personal copy.