KUALA LUMPUR (Dec 20): Boutique developer CPI Land Sdn Bhd aims to launch its latest development, Tuan Residency condominium at Jalan Kuching here, in January 2018.
“We expect between 50% to 70% take-up rate upon launching,” CPI Land co-founder and director Yeap Teck Hooi told a press conference after the ground-breaking ceremony today.
Located on a 2.28-acre freehold parcel, Tuan Residency will have 577 units of 3-bedroom and 2-bathroom homes, with built-ups ranging from 878 sq ft to 1,015 sq ft.
The project has a GDV of about RM280 million and is scheduled for completion at end-2020.
There will be four layout options, including one that can be converted into a dual-key unit.
That particular unit is designed to accommodate an additional entrance, and is aimed at investors or owner-occupiers who plan to take on a tenant.
Prices are set between RM450 psf and RM480 psf, which Yeap deemed as “priced lower than the average market rate”.
Facilities include an infinity pool, gym, reflexology footpath and a sky deck with barbeque facilities overlooking the Kuala Lumpur skyline.
“We at CPI Land have always taken pride in our projects as fine quality, sophisticated and cost-friendly. We are not mass developers, we craft and work on a handful of jobs at a time.
“Founded on the belief that land is a scarce asset, we create value through innovative design to achieve maximum comfort and efficiency for homeowners, emphasising on practicality and functionality while maintaining quality and cost-efficiency.
“Tuan Residency is poised to be a meld of luxury and accessibility for Malaysians, in terms of space, environment, price and location,” he said in his speech at the ground-breaking ceremony.
The ground-breaking ceremony was officiated by Federal Territories Deputy Minister Datuk Dr Loga Bala Mohan.
“I want to applaud CPI Land for its commitment to producing fine quality homes at accessible prices, which is in line with the government’s efforts.
“I’m happy to learn that CPI Land has been working closely with DBKL (Dewan Bandaraya Kuala Lumpur) and the local Rukun Tetangga to ensure that the local residents feel comfortable and safe with this new development,” said Loga in his speech.
Yeap said both projects were extremely well-received where Avantas Residences are sold out while Serintin is 90% sold.
He said that in its commitment to the local residents at Tuan Residency, CPI Land will be sponsoring and working with the local Rukun Tetangga in setting up a voluntary patrol scheme.
“With Tuan Residency, we don’t only expect the surrounding environment and land value to be enhanced, the redevelopment of this site would also bring about improvements in public infrastructure for the local community,” said Yeap.
Moving forward, Yeap added the developer is looking to develop more residential projects on KL prime land but decline to disclose the details for its upcoming project.