g Residence’s non-bumiputera units selling well

JOHOR BARU: The g Residence serviced apartments in Johor Baru by GSB Properties Sdn Bhd has achieved an overall 31.5% take-up rate with 51% of its non-bumiputera units taken up since their launch on July 11.

As of July 22, 32 out of its 143 non-Malay reserve units in Tower A and 124 out of its 143 non-Malay reserve units in Tower B have been sold.

The prices range from RM327,000 for a single room suite to RM707,000 for a 3+1 bedroom unit. Built-ups range from 653 sq ft to 1,552 sq ft. Towers A and B come with 240 units each, with 40% allocated to bumiputera purchasers.

“To have 143 units sold over the launch weekend itself is overwhelming,” said Andrea Gan, managing director of GSB Group Bhd. “Hundred percent of our buyers to date are Malaysians and mainly owner occupiers as the location is ideal with affordable pricing too.

“We target both owner occupiers and investors. We believe purchasers of g Residence will enjoy good returns, banking on the ideal location and extremely competitive price tag compared to other projects. We are still registering strong interests and sales to date.”

She said that Tower A was open for sale due to the strong response at the launch. Three out of 25 commercial and retail units have also been sold.

The g Residence is a mixed development with a gross development value (GDV) of RM233 million. It comprises two 25-storey towers, which includes commercial and retail components on the first two floors followed by residential units from level two onwards. Earthworks on the 2.72 acre (1.1ha) development have begun and are slated for completion in December 2017.

Located in Johor Baru, the development is situated near well-connected infrastructures namely the Pasir Gudang Highway and the Eastern Dispersal Link (EDL) Highway. It is 15 minutes away from the Custom, Immigration & Quarantine complex.

GSB Properties is a wholly-owned subsidiary of GSB Group Bhd. Other projects in the group’s pipeline are the development of townhouses/cluster homes/semi-detached homes in Klang and the development of commercial suites in Kelana Jaya.


This article first appeared in The Edge Financial Daily, on July 25, 2014.