JOHOR BARU: Front Concept Sdn Bhd, developer of the 210-acre (85ha) waterfront enclave Senibong Cove in Johor, is set to launch its exclusive Isola Grandeur waterfront villas and the third block of The WaterEdge Apartments, with a combined total gross development value (GDV) of RM500 million.
There will be 86 three-storey waterfront villas, with built-ups between 4,800 and 6,500 sq ft and a choice of nine designs. These villas are tagged from RM3 million each.
“All Isola Grandeur villas will not only be grand but also stylish, spacious and offer complete privacy. There are 86 villas and we have already received 40 bookings. Out of these 40 bookings, 75% are Malaysians,” Front Concept project director Quay Chew Keong told a media briefing on July 25.
He said the units in the third and final tower of The WaterEdge Apartments are bigger than those offered in the first two towers. All the non-bumiputera units in the first two towers have been taken up.
The third WaterEdge tower comprises 265 units with built-ups between 900 and 2,500 sq ft. The developer is looking at a selling price of RM650 psf for the apartments.
The private preview tomorrow is exclusive for its existing buyers. It will then be opened to the public from July 28.
Modelled after the Hope Island Resort development in Queensland, Senibong Cove will comprise over 2,500 residences. These include bungalows with private berths for boats, clusters, semi-dees, terrace units and low-density apartments. Quay said the total GDV of Senibong Cove is now RM3.5 billion, more than double its earlier GDV of RM1.7 billion.
So far, 244 units of semi-dees and clusters in the first phase have been completed and were handed over last year. Quay said one of the 2½-storey semi-dee units there just changed hands for RM2.7 million. The launch price then was RM1.4 million. The second phase bungalows are also fully sold and expected to be handed over in the third quarter of next year.
“I believe what gives us the competitive edge over the others is that we are an exclusive low-density waterfront development with only nine units per acre. We are also spending RM40 million on landscaping and the creation of parks, including a 6km jogging track that links all six parks. Aside from that, all our houses offer great garden or waterfront view. The apartment towers have unobstructed views of Singapore,” he said.
The entire development is currently 20% completed. There will also be an integrated marina offering 70 to 80 berths with its own dedicated clubhouse including retail space and a recreational club. The development is expected to fully complete in 10 to 12 years.
This article first appeared in The Edge Financial Daily, on July 26, 2013.