Complete units of Nautica Lake Suites up for sale

PETALING JAYA: Unsold units of the Nautica Lake Suites condominium in Sunway South Quay in Bandar Sunway are being released to Malaysian buyers for sale at a discount by South Korea-based owner Luxury Court Sdn Bhd.

The condo comprising 249 units is the first completed condo in Sunway City Bhd’s Sunway South Quay. At end-2007, it was sold en bloc to Luxury Court Sdn Bhd for RM200 million. Luxury Court is a joint venture between CI Korea Ltd and Daol Trust & Fund Co Ltd, South Korea’s first specialised real estate fund investment and management company.  

Since then, Luxury Court has semi-furnished the units and sold some 80%, of which 70% were sold to Koreans at prices between RM550 psf and RM600 psf. Prices have since risen to between RM620 psf and RM680 psf, said Roland Lim, principal of Nova Realty, the marketing agent for Luxury Court in Malaysia.

Local buyers for the remaining 20% available for sale can enjoy a 5% discount on prices starting from RM620 psf. As for the downpayment, they only have to pay 5% if  they are entitled to a 90% loan (wherein the 5% discount shall be given as a rebate for the first 10%).  

The units range from 1,392 sq ft to 2,375 sq ft while the two-storey duplexes span 2,375 sq ft. The former are priced from RM950,000 to RM1.8 million while the latter come with a price tag of RM1.8 million. The penthouses are 3,300 sq ft to 3,600 sq ft and are priced between RM2.5 million to RM2.7 million.

Local buyers for the remaining 20% units of Nautica Lake Suites can enjoy a 5% discount.

Of the units available for sale, four are duplexes. All units come semi-furnished with televison sets and kitchen cabinets, wardrobes, air conditioning as well as light fittings. Facilities available at the condo include an infinity pool, fitness centre, jacuzzi, cafe and bar, all of which face the 28-acre lake which is exclusive to the residents of Sunway South Quay. A putting green is also available.  

Lim said while most of the local buyers own the units there for use by their children studying in nearby institutions such as Sunway and Monash University, only 30% of Korean owners bought them for that purpose. Another 30% bought the units for investment while the other 10% use the units as holiday homes.

Around 50 families have already moved in, he said. Rents range from RM4,000 to RM5,500 depending on the size and furnishings.  

Sunway South Quay is accessible via the Kesas, Elite and LDP highways as well as the Federal Highway.  

Sunway South Quay is home to the Bayrocks bungalows. Other ongoing developments in the area include LaCosta and A’marine condos while upcoming plans for the lakeside township include several blocks of condos, commercial blocks and SoHos.


This article appeared on the Property page, The Edge Financial Daily, August 19, 2011.