KUALA LUMPUR: Armada Bayumas Sdn Bhd plans to launch the first phase of its residential development, Bandar Indera Mahkota 2, in Kuantan, Pahang early next year.
Phase 1 comprises 148 two-storey terraced houses with a gross development value (GDV) of RM45 million. Indicative selling prices are from RM318,000, said Armada Bayumas CEO Datuk Lai Yeng Fock. Armada Bayumas is an associate company of New Age Portfolio Sdn Bhd which developed Kinrara Hills in Bandar Kinrara, Puchong.
Plans are for the launch to take place after Chinese New Year in 1Q12, Lai, a former executive director at WCT Land Bhd, told a media briefing yesterday.
The development within Bandar Indera Mahkota 2 has an estimated GDV of RM123 million and covers 26 acres (10.4ha) of leasehold land. There will be 369 homes in total when the housing estate is fully developed.
The site is situated within a mature residential area acquired from the Employees Provident Fund for RM12.1 million in May. Basic infrastructure such as roads and sewerage pipes have already been built, Lai said.
“We’re getting certain approvals finalised and will start the residential development in Bandar Indera Mahkota 2 once we get them,” he said.
|Lai: We are receiving many enquiries regarding the development and we think sales will be encouraging.|
Lai is optimistic about the upcoming launch. “We are receiving many enquiries regarding the development and we think sales will be encouraging,” he said.
The unit have built-ups from 1,700 sq ft with land areas of 22 ft by 65 ft and 22 ft by 70 ft.
Lai said demand has been strong in the Kuantan housing market.
“The past five to six years have been good for the property market in Kuantan. Prior to that, demand was sluggish. We believe one of the pull factors could be better connectivity via the East Coast Highway which shortens the travel time between Kuala Lumpur and Kuantan. We also believe property in Kuantan is still affordable while the incomes of the people there are improving.”
The target market for the project includes government servants and middle-income earners.
“Since the government has increased the loan rates under the My First Home Scheme to RM400,000, we believe purchasers will be able to get 100% loans if they are interested in acquiring units in Indera Mahkota 2,” Lai said
The developer will provide customer care service to purchasers for up to three years upon handover.
“We wish to provide services to our customers for a period of at least three years even after we have sold off our properties to take care of any problems that arise. The services go beyond the normal defects and liabilities agreement by taking care of small matters such as help with moving a fridge into the home.
Bandar Indera Mahkota 2 is expected to be completed in the next two years.
This article appeared on the Property page, The Edge Financial Daily, November 11, 2011.
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