PETALING JAYA: The second tower of 9 Bukit Utama, a build-then-sell (BTS) condominium project by Bandar Utama Development Sdn Bhd in Bandar Utama township in Petaling Jaya is ready for launch.
9 Bukit Utama comprises three towers — Aria, Ceta and Beva. Launched a year ago, Aria is 85% sold. Ceta, which houses 300 units in a 40-storey block, will be launched on Oct 18. Upon completion, the condo project will offer a total of 911 units with an estimated gross development value (GDV) of RM1 billion.
The condo is on a 7.5-acre (3ha) freehold site which is part of a 24-acre parcel that also encompasses The Club @ Bukit Utama and a section of a 9-hole golf course.
“We expect a good crowd for our launch. The units we offer are spacious — ideal and comfortable for families and for those who are seeking to upgrade from landed homes for the security of a condo without having to feel the loss of space usually associated with high rise developments,” Bandar Utama Development director Datuk Teo Chiang Hong told The Edge Financial Daily recently.
Built-ups for standard Ceta units are from 2,668 to 2,742 sq ft while the penthouse units are 8,250 sq ft. Prices are from RM525 psf or RM 1.4 million, slightly higher than the first block (Aria) which was launched at RM1.164 million or RM512 psf. Aria is currently 30% occupied.
Standard Ceta units have 4+1 rooms, while the layout in the units from level 25 and above can be configured to suit the needs of its residents with the use of GypWall Robust flexible drywall partitions set between rooms. Teo believes 9 Bukit Utama is the first development to use such partitions in a residential project.
|The RM1 billion 9 Bukit Utama build-then-sell condominium.|
“It is structurally as good as a brick wall in terms of structure and soundproofing,” Teo said.
“The drywall partitions are very sturdy and has the ability to withhold the weight of 80kg. In addition, wires for electrical appliances can run inside the wall. It is a perfectly straight wall and the problem of ‘wavy’ walls due to poor workmanship can also be eliminated,” he added.
“Our main target is the family market. We’re very pleased with how the first block has performed in the market since last year. For example, an Aria unit, which we sold last year for a little over RM1.2 million, was recently sold in the secondary market for around RM1.4 million. Unfurnished units are fetching rentals between RM4,500 and RM5,000 a month,” he added.
Teo said Beva, the final block of 9 Bukit Utama, is almost ready and is currently undergoing relevant inspections. Beva will be launched in early 2012.
|Teo: Our main target is the family market. We're very pleased with how the first block has performed in the market since last year.|
“9 Bukit Utama is situated right within and around a 9-hole golf course and that is our biggest plus point,” he said.
It is also next to The Club @ Bukit Utama offering various facilities including an Olympic-size swimming pool and squash courts as well as the golf course.
“Purchasers are given a two-year free membership at The Club @ Bukit Utama,” Teo said. Monthly maintenance charges for 9 Bukit Utama is 19 sen psf while the sinking fund is two sen psf, which comes up to about RM400 to RM500 per unit.
On the BTS method of development, Teo said: “I like to say that we stand out among other developers and we can prove to the authorities that we can do it. The industry may have to move towards that way eventually and we are the first there.”
Bandar Utama Development has been constructing homes using the BTS concept since 1 Bukit Utama, its first condominium project was launched in 2002. 9 Bukit Utama is its second condominium project in Bandar Utama.
About 90% of the 1,000-acre Bandar Utama township is allocated for residential developments. “We have only developed 65% of the residential area (in terms of units),” Teo said. There are another seven undeveloped parcels of land set aside for condominiums.
This article appeared on the Property page, The Edge Financial Daily, October 14, 2011.
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