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The Academia banks on student housing

KUALA LUMPUR: The Andaman Group’s recently launched The Academia project in Seri Kembangan, Selangor will be used as accommodation for students from University Putra Malaysia (UPM) in Serdang, said the company’s head of sales and marketing.

With a gross development value of RM105 million, The Academia is sited on top of South City Plaza mall, developed by Pujian Development, a subsidiary of Ecofirst Consolidated.
The Academia consists of two apartment blocks. Block A consists of 17 storeys and houses 285 units while Block B has 16 storeys and houses 131 units.

Prices are from RM176,800 to RM500,000. The units for Block A have built-ups from 566 sq ft to 987 sq ft while Block B units are between 691 sq ft and 1,241 sq ft.
All units from Block A have been sold out since their launch in July and there are only 20 left in Block B.

The units come with a guaranteed rental return (GRR) of  8% per annum for the first three years with an option to renew for the next seven years (3+3+4).

The GRR is computed based on the purchase price minus the interior furnishing cost of RM20 psf. Adjustments will be duly made after every term according to market rate, said Datuk Dr Vincent Tiew, head of sales and marketing.

Tiew told The Edge Financial Daily that the company had signed a 10-year memorandum of understanding with UPM in Serdang to lease all the units to its students. The units will be leased like a hostel upon the project’s completion in September 2012.

The Academia in Seri Kembanagan offers a
GRR of 8% per annum.

Other educational institutions within the vicinity include the International College of Health Sciences, SEGi Seri Kembangan Training Centre, Akademi Antarabangsa Clipso (AAC) and Clipso Hair Art Saloon.

Amenities include a multi-purpose hall, swimming and wading pool, tennis court, barbeque area, jogging track as well as a playground. Each unit comes with a car park bay.

Tiew said with the varied range of sizes and prices available, The Academia managed to cater to different groups of investors with different budgets and investment appetites.

“This is one of the fastest growing locations in the Klang Valley, especially with various other new developments in the vicinity. That plus strong economic activities in the surrounding area augur well for the future of this particular locale. We foresee capital appreciation of at least 30% upon completion of The Academia,” he said.

He said the Andaman Group plans to launch new projects up to RM1 billion until the end of the year. Next is the Taipan Festival Mall in Ipoh.

Andaman’s works in recent years are Casa Subang in USJ as well as Cova Square, Cova Villa, Cova Suites and Casa Residenza in Kota Damansara. Current projects are The Arc in Cyberjaya, Diamond Square in Serdang and Taipan at Ipoh Cybercenter.

The Academia is accessible via the KL-Seremban Highway, Sungai Besi Expressway and Silk Highway. The leasehold development is also close to The Mines Shopping Fair, The Mines Golf and Country Club, the Selangor Turf Club and the Palace of The Golden Horses.

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