Casa Tropika gets good response

PUCHONG: The first condominium block of Casa Tropika in Batu 14, Puchong, has been sold out since it was opened for sale in early January, said TSI Holdings Sdn Bhd group managing director Datuk Lim Seng Kok.

The first block, which comprises 135 units of condominiums ranging in size from 1,006 sq ft to 1,260 sq ft, was priced at RM270 psf, said sales and marketing general manager Robinn Low.

Meanwhile, the second phase which will have 135 similar units has achieved a 40% take-up after it was opened for sale on Mar 5 at a price of RM291 psf.

TSI aims to sell out the second phase in May before proceeding to launch the third phase, a 250-unit block which will include five duplex penthouses, Lim told The Edge Financial Daily. Tentatively priced at RM320 psf, most of the units will average 1,000 sq ft, he said.

Lim noted that most of the buyers were from a five-kilometre radius within the development in Batu 14 Jalan Puchong, near Puchong Hartamas, and were typically couples in their 20s and 30s with children.

Casa Tropika will be built on two parcels of leasehold land measuring a total seven acres and has a gross development value (GDV) of RM160 million. The development is expected to be completed in March 2014. TSI has decided to lease out the commercial component of Casa Tropika, comprising 12 three-storey shops with a built-up of 15,000 sq ft each, to education and extra-curricular-related businesses to cater for students from the five schools in the area, namely SJK (C) Han Ming, SMK Puchong Bt 14, SRJK (T) Puchong Bt 14, SK Puchong Batu 14 and SMK Puchong Utama.

On its wholesale centre GM Klang in Bandar Botanic, Klang, Lim said the group was aiming to diversify its tenant mix to include wholesalers from different countries such as India, Indonesia, the Philippines and the Middle East, apart from China.

Noting that demand for China's wholesale goods might be dampened by its rising labour costs and the stronger yuan, he nonetheless remains confident of courting medium-sized wholesalers from the republic as he feels that opportunities abounded for them in Malaysia.

GM Klang is a RM1.6 billion, 14.5 acre-freehold development in the port town which will comprise six phases upon its completion, targeted in 2020.

So far, the first phase consisting of six pavilions with a total gross area of 130,000 sq ft has been erected.

The pavilions are temporary structures which are designed to last for eight to 10 years and will be demolished to make way for phase 4, once phase 2 and 3 have been completed.

Phase 2 of the wholesale centre comprising 550 units priced from RM990 to RM1,500 psf has been completely sold since last September.

Lim said the group had no immediate plans to launch phase 3 as it aims to fill up phase 2 with tenants first.

Meanwhile, TSI has also firmed up plans for its projects on a five-acre leasehold parcel next to its First Residence @ Kepong Baru residential and retail development, which has a GDV of RM164 million and is scheduled for completion by the middle of this year.

The group intends to build 15 units of three-storey light industrial buildings on a net land area of 1.61 acres within the parcel.

The terraced units will have a built-up of 4,050 sq ft and land area of 5,625 sq ft, while the corner lots will have a built-up of 11,000 sq ft.

It will have a GDV of RM55 million, but TSI has no plans to launch the project or name it at the moment as the units have already been taken up, said Lim.

The company expects to call for tenders for the project in May, he added. There are also plans to build Soho suites on the same leasehold parcel pending approvals, he added.