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Over the years, Dijaya Corp Bhd has made a name for itself in property development in the suburbs of Petaling Jaya, Selangor.
Its ongoing developments in Petaling Jaya, such as the leasehold Tropicana Indah Resort Homes and Fiabci (International Real Estate Federation) award winner Tropicana Golf and Country Resort — which sits on some 625 acres of freehold land — are still its main focus of attention, but the developer is entering the prestigious Kuala Lumpur City Centre (KLCC) area.
Managing director Datuk Tong Kien Onn tells City & Country that Dijaya is planning a residential-cum-commercial project on 1.2 acres of freehold commercial land on Jalan Ampang, where the Bok House used to stand — just a stone’s throw away from the Petronas Twin Towers. Dijaya acquired the plot for RM123 million or about RM2,200 psf in late 2009.
The project is expected to be spectacular as a renowned international architectural firm has been assigned to it. “We have appointed US-based Skidmore, Owings & Merrill Architects (SOM), which is now working on the concept for the proposed development,” says Tong.
The Burj Khalifa in Dubai is among the architectural icons designed by SOM.
On the residential market in the KLCC area, Tong says it is slow at the moment because there is plenty of supply. However, he believes things will pick up. International factors like the Greek debt crisis and the volatile US market have also affected sentiment, but the situation will improve, he adds.
Tong says real estate prices in Kuala Lumpur are much cheaper than in the other cities, making it attractive to investors who still have a lot of money but are waiting for the right time to buy.
New launches
Almost half of the units in Tropicana Grande — a condominium project in Tropicana Golf and Country Resort — have been sold since its soft launch in December last year. The 5.17-acre leasehold Tropicana Grande has a gross development value (GDV) of RM540 million. Its four towers, which are either 38 or 39 storeys, have a total of 328 units. There are only two units on each floor and each unit has a private lift lobby. The prices for the 2,283 to 6,600 sq ft units start at RM1.475 million.
The units feature 11ft-high ceilings and full glass panels, offering an uninterrupted view of the resort’s golf course. For that added touch of luxury, some units come with private pools and gardens.
The development also has 40,000 sq ft of retail space to be leased out.
“We are optimistic that there will continue to be demand for property in Petaling Jaya. This market is a huge localised and mature one. People living here will stay put and seek to own homes in the vicinity,” says Tong.
Last month, the developer launched Grande Villas, which are bungalows, with a GDV of RM61 million. Pool Villas are semi-detached homes soft launched on June 12 and have a GDV of RM194 million. Both types of houses are a part of Tropicana Indah Resort Homes.
Of the 12 Grande Villas available, three have been sold. The bungalows have an average built-up of 8,200 sq ft and cost RM5 million onwards. The 54 Pool Villas have an average built-up of 7,000 sq ft and are priced from RM3.6 million.
Dijaya will launch its Casa Tropicana condominium and office development Tropicana Avenue — both in Tropicana Golf and Country Resort — by next month.
The RM135 million Casa Tropicana has 296 units which range in size from 986 to 1,400 sq ft. The starting price is RM400,000. Tropicana Avenue has a GDV of RM336 million and comprises 442 offices. Sizes start at 885 sq ft with prices at RM400,000 onwards.
Meanwhile, Dijaya’s foray into the mall industry is coming along nicely. “Since the opening of Tropicana City Mall in December 2009, more than one million shoppers have visited it,” says Tong. The mall receives some 4,000 visitors a day and double the number on weekends, he adds. The mall is leased out for recurring income. Occupancy stands at 88%, with rental rates ranging from RM7.50 psf to RM25 psf.
To facilitate smooth entry and exit, a ramp was built leading to Jalan Damansara for shoppers coming from or heading towards Taman Tun Dr Ismail and Kuala Lumpur. A second RM9.5 million ramp, offering direct access to the SPRINT highway, will be completed by early next month.
Additional footfall to the neighbourhood mall will come from the Tropicana City Tropics apartments, which are under construction, and the recently completed Tropicana City Office Tower.
The RM120 million Tropicana City Tropics is a 601-unit serviced apartment project that sits atop the mall. The average size of the units is 600 sq ft. They are going for RM440 psf or about RM264,000. The apartments, of which 97% have been sold, are slated to be handed over this month, says Tong.
Tropicana City Office Tower has 101,000 sq ft of net lettable space. The 12-storey block is connected to the mall by the basement car park and a link to the first floor of the mall. Current occupancy is 50% while rental rates range from RM4 psf to RM5.50 psf.
Its ongoing developments in Petaling Jaya, such as the leasehold Tropicana Indah Resort Homes and Fiabci (International Real Estate Federation) award winner Tropicana Golf and Country Resort — which sits on some 625 acres of freehold land — are still its main focus of attention, but the developer is entering the prestigious Kuala Lumpur City Centre (KLCC) area.
Managing director Datuk Tong Kien Onn tells City & Country that Dijaya is planning a residential-cum-commercial project on 1.2 acres of freehold commercial land on Jalan Ampang, where the Bok House used to stand — just a stone’s throw away from the Petronas Twin Towers. Dijaya acquired the plot for RM123 million or about RM2,200 psf in late 2009.
The project is expected to be spectacular as a renowned international architectural firm has been assigned to it. “We have appointed US-based Skidmore, Owings & Merrill Architects (SOM), which is now working on the concept for the proposed development,” says Tong.
The Burj Khalifa in Dubai is among the architectural icons designed by SOM.
On the residential market in the KLCC area, Tong says it is slow at the moment because there is plenty of supply. However, he believes things will pick up. International factors like the Greek debt crisis and the volatile US market have also affected sentiment, but the situation will improve, he adds.
Tong says real estate prices in Kuala Lumpur are much cheaper than in the other cities, making it attractive to investors who still have a lot of money but are waiting for the right time to buy.
New launches
Almost half of the units in Tropicana Grande — a condominium project in Tropicana Golf and Country Resort — have been sold since its soft launch in December last year. The 5.17-acre leasehold Tropicana Grande has a gross development value (GDV) of RM540 million. Its four towers, which are either 38 or 39 storeys, have a total of 328 units. There are only two units on each floor and each unit has a private lift lobby. The prices for the 2,283 to 6,600 sq ft units start at RM1.475 million.The units feature 11ft-high ceilings and full glass panels, offering an uninterrupted view of the resort’s golf course. For that added touch of luxury, some units come with private pools and gardens.
The development also has 40,000 sq ft of retail space to be leased out.
“We are optimistic that there will continue to be demand for property in Petaling Jaya. This market is a huge localised and mature one. People living here will stay put and seek to own homes in the vicinity,” says Tong.
Last month, the developer launched Grande Villas, which are bungalows, with a GDV of RM61 million. Pool Villas are semi-detached homes soft launched on June 12 and have a GDV of RM194 million. Both types of houses are a part of Tropicana Indah Resort Homes.
Of the 12 Grande Villas available, three have been sold. The bungalows have an average built-up of 8,200 sq ft and cost RM5 million onwards. The 54 Pool Villas have an average built-up of 7,000 sq ft and are priced from RM3.6 million.
Dijaya will launch its Casa Tropicana condominium and office development Tropicana Avenue — both in Tropicana Golf and Country Resort — by next month.
The RM135 million Casa Tropicana has 296 units which range in size from 986 to 1,400 sq ft. The starting price is RM400,000. Tropicana Avenue has a GDV of RM336 million and comprises 442 offices. Sizes start at 885 sq ft with prices at RM400,000 onwards.
Meanwhile, Dijaya’s foray into the mall industry is coming along nicely. “Since the opening of Tropicana City Mall in December 2009, more than one million shoppers have visited it,” says Tong. The mall receives some 4,000 visitors a day and double the number on weekends, he adds. The mall is leased out for recurring income. Occupancy stands at 88%, with rental rates ranging from RM7.50 psf to RM25 psf.
To facilitate smooth entry and exit, a ramp was built leading to Jalan Damansara for shoppers coming from or heading towards Taman Tun Dr Ismail and Kuala Lumpur. A second RM9.5 million ramp, offering direct access to the SPRINT highway, will be completed by early next month.
Additional footfall to the neighbourhood mall will come from the Tropicana City Tropics apartments, which are under construction, and the recently completed Tropicana City Office Tower.
The RM120 million Tropicana City Tropics is a 601-unit serviced apartment project that sits atop the mall. The average size of the units is 600 sq ft. They are going for RM440 psf or about RM264,000. The apartments, of which 97% have been sold, are slated to be handed over this month, says Tong.
Tropicana City Office Tower has 101,000 sq ft of net lettable space. The 12-storey block is connected to the mall by the basement car park and a link to the first floor of the mall. Current occupancy is 50% while rental rates range from RM4 psf to RM5.50 psf.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 810, June 14-20, 2010
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