IJM Land mulls November launch for S2 Heights semi-Ds

PETALING JAYA (May 4): IJM Land Bhd is looking at a November launch for 200 semi-detached homes at the peak of its upscale S2 Heights in Seremban, Negri Sembilan.

IJM Land central region general manager Hoo Kim See said the developer is looking at offering homes with land area of 40ft by 80ft and built-up area of 3,200 sq ft to 3,400 sq ft.

"We are targeting a launch price of around RM1 million per unit," he told The Edge Financial Daily.

The semi-dees will be part of a guarded community located on a hilltop that overlooks the rest of S2 Heights. In total, the estimated gross development value (GDV) of this phase is RM300 million.

S2 Heights is a 1,500-acre (600ha) freehold township that is an extension of IJM Land's Seremban 2 and has a GDV of RM2.4 billion.

For Seremban 2, IJM Land has tentatively set a June launch date for 200 units of 2-storey and 3-storey shop offices, said managing director Datuk Soam Heng Choon. In total, the GDV of the shop offices is RM140 million.

The freehold 2-storey and 3-storey shop offices are next to the new Negri Sembilan customs complex, near Seremban 2's Uptown Avenue commercial district.

The units will face the new Mydin hypermarket coming up on a tract of 15 to 20 acres, he said. Lot dimensions are 22 ft by 70 ft while built-ups are 3,200 sq ft, he added.

"We plan to have two phases of shop offices with 100 units each. We intend to sell them via balloting," said Soam.

While the group has not firmed up the prices of the shop offices, he said the prices will be based on the transacted values of its Biz Avenue 3-storey shop offices opposite the Aeon Seremban 2 Shopping Centre. According to the developer, the transacted values of the bumiputera units of those shop offices as at the end of last year averaged RM1.1 million.

Seremban 2 spans 2,300 acres and has a GDV of RM2 billion. The township is at the tail-end of its completion as it is 90% built and has a population of 60,000.

IJM Land's three-month B2B Home Bonanza buyer referral programme which ends on May 19, has resulted in better sales in some of its projects. For instance, its Alvarez bungalows in Laman Granview, Puchong, comprising 27 units with built-ups from 5,300 sq ft on lot sizes of 47 ft by 85 ft and tagged from RM3.3 million have been sold out. Other projects which saw strong take-up included The Address at Bukit Jambul, Penang (90% sold), and Bukit Manda'rina Villa 33 in Cheras, Kuala Lumpur, which saw 30 out of 33 semi-dees and bungalows sold. The semi-dees and bungalows have built-ups from 3,560 sq ft and 4,790 sq ft respectively and are priced  from RM3 million. In Sh'ng Villa, Cheras, half of the 14 semi-dees with  built-ups of 4,218 sq ft each were sold during the promotion at RM2.3 million.

"Around 30% to 40% of our buyers [for all the projects under the B2B scheme] are friends of our loyal customers," Soam said.

Under the programme, existing IJM Land customers stand to gain between RM1,000 and RM3,000 for each successful referral, with the maximum amount capped at RM30,000.