IJM Land, MSL Properties to build Wangsa Maju condo

KUALA LUMPUR (June 22): IJM Land Bhd and MSL Properties Sdn Bhd have teamed up to develop a condominium project with a gross development value of RM585 million in Wangsa Maju, Kuala Lumpur.

Seri Riana Residences will be on a 8.1-acre (2ha) leasehold site along Jalan Wangsa Delima 7. The first phase will be officially launched on June 30. It will comprise five blocks (two high-rise and three low-rise) housing 396 units. The high-rise blocks are 38-storeys while the low-rise are six to seven storeys.

Units in the first phase have built-ups between 1,382 sq ft and 3,375 sq ft with prices ranging from RM618,000 to RM1.8 million.

Seri Riana Residences is developed by Elegan Pesona Sdn Bhd, a 50:50 joint venture between IJM Land and MSL Properties.This is the second joint venture project by the two developers. The first was Riana Green East, a residential condominium also in Wangsa Maju.

The second phase, to be launched later, will comprise two blocks with 284 condominium units. The development is expected to be completed in 2016.

According to Datuk Soam Heng Choon, CEO and managing director of IJM Land, the first block is almost taken up. "Our first block of 183 units is 90% taken up by our repeat customers. We expect the first block to be fully sold by the time we officially launch the project," he said at a press preview of the project.

The project is targeted at residents of Wangsa Maju and Gombak as well as general Klang Valley residents.

Tan Ching Meng, general manager of MSL Properties, said Wangsa Maju is an ideal place for raising a family.

"We first came into Wangsa Maju to develop affordable housing but the area has since grown. Accessibility, facilities and amenities here have greatly improved. Wangsa Maju is establishing itself as an ideal place to live," he said.

Facilities at Seri Riana Residences include a 2.8-acre themed landscape park, a meditation area and a hammock area. The development also offers a sports centre, children's play zone, infinity pool and more.

Amenities close to Seri Riana Residences include the Fairview International School, Wangsa Walk Mall, Jusco and the Putra LRT line with stations at Setiawangsa, Sri Rampai and Wangsa Maju.

This story appeared in The Edge Financial Daily on June 22, 2012.