CPI Land switches plan to offer townhouses for Serintin phase 2

KUALA LUMPUR: Boutique developer CPI Land Sdn Bhd will be launching the second phase of its first township project — Serintin early next year, pending the relevant approvals from the authorities.

Located in Mantin, Negeri Sembilan, between Semenyih and Seremban, the 26-acre Serintin has a gross development value (GDV) of RM160 million and was first launched two years ago. The first phase consists of 137 double-storey terraced houses and 21 2- to 3-storey shop lots. All of them have been completed in June this year.

“We are in the midst of getting the approval from the local authority to change the product type for our second phase. We are targeting to launch it in the first quarter of 2019,” CPI Land director Chung Shan Tat told EdgeProp.my.

While initial plans were for double-storey houses, phase two is now expected to comprise 190 2-storey townhouse units in three land sizes — 20ft by 70ft, 20ft by 75ft and 20ft by 80ft.

“After further research on the local market, we found that townhouses are widely accepted products in Mantin or even in Semenyih and Seremban. Hence we decided to change the initial plan,” CPI land director Yeap Teck Hooi said.

He said there is no lack of demand for new homes in Mantin but the problem is the high loan rejection rate.

“That is one of our biggest challenges when selling our first phase. On the average, we can only get a property sold after three times of selling (the third customer),” Yeap shared.

Houses in the first phase have a land area size of 20ft by 65ft and was priced at RM420,000. Some 90% of the units have been sold so far. “By changing to townhouses (for the second phase), the selling price per unit will be slashed by half, which is about RM220,000 to RM250,000. We believe with the lower entry price, the units will be well received by the market,” he said.

“This is also in line with the government’s policy to reduce property prices and encourage home ownership nationwide,” he added.

According to Chung, most buyers of Serintin’s first phase were upgraders from Mantin itself as well as young working professionals who work in Putrajaya and even from Kuala Lumpur.

“Mantin is a traditional town where most property projects are very small scale, such as two rows of double-storey terraced houses. I think Serintin is the first large scale residential development project in town,” said Chung.

Serintin is located 10 minutes away from the Kajang Seremban Highway (LEKAS). It is 13km from Seremban town centre and 47km to Kuala Lumpur via the New Klang Valley Expressway (NKVE).

The development is an individually titled housing development but has a permanent guard house and perimeter fencing as well as facilities such as a basketball court, multipurpose hall, park and jogging track.

“The local authority allowed us to build the permanent guard house and perimeter fencing even though the homes here are individually titled. It is a guarded neighbourhood scheme that is supported by the local government on a yearly renewal basis.

“We discussed with the local authority to let us provide more (facilities) to our buyers. The facilities will be taken care of by the local authority,” Yeap explained.

Meanwhile, Chung shared that the third and final phase of Serintin will also be landed houses as the entire township master plan and total units of 516 have been approved.

Established in 2010, CPI Land made its debut with Avantas Residences at Old Klang Road, Kuala Lumpur in 2013. Units at the 0.88-acre condominium were fully sold and completed in 2016.

Earlier this year, the developer launched Tuan Residency, a high-rise project located at Jalan Kuching with a colonial design concept. All 577 units had been fully sold.

Moving forward, CPI Land is looking for land in the Klang Valley. “Klang Valley is still the hotspot for property. We are looking at some pockets (of) land nearby Jalan Kuching since we have done well there with Tuan Residency,” Yeap said.

This story first appeared in the EdgeProp.my pullout on Nov 2, 2018. You can access back issues here.