SHAH ALAM: i-Bhd’s first residences in its 72-acre (29.1ha) freehold i-City development in Shah Alam have garnered encouraging sales since its sales preview on March 24.
The serviced residence known as i-Residence with a gross development value of RM160 million has hit 65% sales to date. The 2.4-acre i-Residence comprises two blocks of 346 suites ranging from 715 to 1,357 sq ft and 20 low-rise duplexes measuring between 2,529 and 3,734 sq ft. The first block was already almost fully sold by word of mouth before the preview. Prices start from RM382,000 onwards.
The RM3 billion mixed commercial development master planned as an integrated information and communications technology-based community with lifestyle recreation has expanded its residential component by 30% following an increase in plot ratio to 1:5 from 1:3.
The increased plot ratio grew its built-up space to 13 million sq ft from 7.5 million sq ft and brought its residential total gross floor area to more than eight million sq ft.
“i-Residence offers a good mix of options for purchasers, with mainly single professionals and young couples taking up the smaller units, while the 2+1 bedrooms were more to the liking of new families,” said Monica Ong, director of i-Bhd.
|The RM160 million i-Residence has sold 65% to date.|
Ong added that the 3+1 bedrooms were the preferred choice of those looking for affordable extra space such as parents purchasing for their children and retired couples who want security and hassle-free living.
The turnout at the sales preview was more than the developer expected with good response from serious buyers.
“Escalating prices in Selangor have deterred first-time home buyers and young executives looking to invest in property. i-Residence is located in an untapped market in this part of the Federal Highway offering high-rise urban living residential concepts thus giving a window for potential investment value appreciation,” said Ong.
The developer plans to launch about one million to two million sq ft of properties each year until the expected completion of i-City in 10 years. Next on the list is the launch of SoHos, targeting the younger crowd. The indicative prices are between RM465 and RM500 psf, and it is scheduled to be launched in 2H12.
Certified as a MSC Malaysia cybercentre and endorsed as an international park, the developer plans to package its residential products as part of its MSC development, targeting not only Malaysians but foreigners as well.
|Artist's impression of the bedroom.|
Its international park status makes i-City the only area in Shah Alam allowed to operate entertainment and F&B outlets around the clock.
i-City comprises office suites, corporate towers, hotels, a data centre hub, serviced apartments, an innovation centre and a shopping mall. Also planned is a riverfront development similar to Clarke Quay in Singapore.
This article appeared on the Property page, The Edge Financial Daily, April 6, 2012.
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