Build-then-sell condo units in IOI Resort City launched

CYBERJAYA: IOI Properties Bhd has recently launched completed condominium units developed under the build-then-sell concept in Phase 3 of its Puteri Palma Condominium project in IOI Resort City, Cyberjaya.

The 180 units launched are housed in two 15-storey blocks: Block I and Block J. Puteri Palma Phase 3 comprises of two other low-rise blocks: Block K (seven storeys) and Block L (six storeys), with a total of 242 units.

General manager for marketing and business development Lee Yoke Har said the units launched last month were priced from RM370 psf to RM460 psf. Typical units offer built-ups from 1,410 sq ft to 1,797 sq ft while duplex penthouses have built-ups between 2,594 sq ft and 3,863 sq ft. 800-acre

Puteri Palma is the first strata residential property in the 500-acre freehold IOI Resort City which is being developed over three phases. Phases 1 and 2 have been completed. Phase 1 consists of four blocks with a total of 198 condo units, while Phase 2 has 168 units in four blocks.

"Total land area for Puteri Palma is approximately 15.48 acres. The GDV for Block I & J alone is approximately RM120 million," she added.

Lee noted that buyers of Puteri Palma are a mixture of expatriates and retirees from Europe, Japan and Korea, as well as locals from the vicinity such as Putrajaya, Cyberjaya, Puchong, Kajang, Kuala Lumpur, Serdang and Seri Kembangan.

The next phase of development at the RM5 billion IOI Resort City will consist of a shopping mall with a net lettable area of 1.3 million sq ft, two green office towers and a business class hotel, which is scheduled for completion in 2013.

"Subsequent phases consisting of niche retail development, office parks, lakefront offices, luxury condominiums and villas and townhouses will be developed over the next 15 years," Lee said.

Besides Puteri Palma Condominium, existing developments in the township include Putrajaya Marriott Hotel, Palm Garden Hotel, Palm Garden Golf Course, Diamond Hill (bungalow enclave) and Beverly Row, whose bungalows currently being leased to expatriates.

The Palm Garden Golf Course is currently being refurbished, and will be reopened by 1Q2011.