CYBERJAYA: CrystalVille Group has rolled out the first phase of its commercial project in Cyberjaya dubbed [email protected]
The integrated business and retail hub sits on 13 acres of freehold land and will be developed over three phases with an estimated total gross development value (GDV) of RM670 million.
The first phase has an estimated GDV of RM250 million and will cover 6.2 acres. The first phase comprises a 16-storey tower with 345 units of SoHos called Vita SoHo. The SoHo units have a built-up ranging from 450 sq ft to 600 sq ft with an indicative price of RM500 psf. The SoHo will be open for preview in May while the official launch will take place in July.
[email protected] also includes a four-level car park, a recreation floor and retail area. The retail component dubbed Viva Lifestyle offers 97 units of duplex shop offices with built-ups from 1,965 sq ft to 5,244 sq ft. They were recently launched in February at prices starting from RM1.4 million.
The 300,000 sq ft recreation area will include a swimming pool, gym and clubhouse. Meeting and conference facilities will also be provided. Plans for the second phase is being finalised and the developer is considering including a mall and hotel.
|The first phase of [email protected] has an estimated GDV of RM250 million and will cover 6.2 acres.|
According to Datuk Azman Mahmood, CrystalVille Group corporate advisor, they are optimistic of the medium to long term potential for shops and retail space in Cyberjaya. A project like Vita providing shopping retail and commercial space will fit well in the overall development of Cyberjaya as a new township, he added.
“Vita is poised to attract not only the population of Cyberjaya and Putrajaya but also those in its surrounding vicinity including Puchong, Seri Kembangan, Bangi and Dengkil,” he said.
Currently, the total population in the 5km radius of the development is about 176,000. Azman estimates a local population of at least 1,035 to patronise the shops at Vita daily.
He said the presence of established developers such as UEM Land Holdings Bhd, S P Setia Bhd, Mah Sing Group Bhd, OSK Property and Glomac Bhd in Cyberjaya give confidence to the public and stir property demand in Cyberjaya.
“Prices have gradually moved in tandem with the newfound confidence in the market. Our prices take into account the demand behaviour at Cyberjaya which is expected to peak from 2015 onwards. We are realistically competitive yet sensitive to buyers’ concerns,” said Azman.
Prices of shops in Cyberjaya now range between RM298 psf to RM1,079 psf. In Puchong, the prices are at an average RM1,333 psf while serviced apartments and SoHos in Cyberjaya are priced between RM406 psf to RM732 psf.
“Cyberjaya has cleared its take-off and is now picking up speed. Cruising level will be reached sometime in 2015 with full speed ahead by 2018,” Azman concludes.
CrystalVille was established as a boutique developer with CrystalVille Plaza, a commercial centre in Sri Hartamas, as its maiden project. With the success of CrystalVille Plaza, Prismaville Sdn Bhd was created and soon developed another landmark development named Prismaville Business Centre, also in Sri Hartamas.
Future developments include [email protected] Lakeview East, Cyberjaya which offers two phases of 3-storey villas and 4-storey duplex villas, totalling 172 units.
This article appeared on the Property page, The Edge Financial Daily, April 13, 2012.