I&P’s Eight Kinrara serviced apartments 71% taken up

KUALA LUMPUR: I&P Group Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd, achieved a take-up of 71% for its latest serviced residence within its Eight Kinrara development, also known as phase 4D6C in Bandar Kinrara.

Sales were concluded via balloting during an official launch on July 6. The development offers units of between 623 and 2,483 sq ft with a price tag from RM378,888 to RM1.5 million. It has a gross development value (GDV) of RM170 million.

There were over 2,000 registrants for Phase 4D6C. However, only 407 people turned up with a bank draft of RM30,000 each to qualify for the balloting. The developer said it will be able to garner a take-up of 90% by the end of the month.

Sitting on a 2.42-acre (0.97ha) freehold tract, the serviced residences offer modern facilities such as a yoga deck, roof terrace, gymnasium, swimming and wading pool, multi-purpose hall and café. It has an attached commercial and retail block that will be linked to an upcoming light rail transit station.

I&P is looking to launch RM2.8 billion worth of new phases within its existing townships this year and beyond.

According to I&P group managing director Datuk Jamaludin Osman, the launches will comprise semi-dees, terraced houses and commercial components. “We have 14 townships altogether and we have planned a few phases for each of these townships to be launched this year.”

The 14 townships include Aman Damai in Cheras; Seri Beringin, Bukit Damansara; Bandar Kinrara in Puchong; Alam Sutera, Alam Impian, Temasya Glenmarie in Shah Alam; Bandar Baru Seri Petaling; and Alam Sari in Kajang; Bayuemas in Klang; and Taman Pelangi Indah, Taman Perling, Taman Rinting and Taman Industry Jaya in Johor.

In the first quarter, I&P launched two more phases for its Alam Impian township in Shah Alam with a combined GDV of RM169.45 million. “The response was very good for the launch of our RM688,000 terraced homes in Alam Impian,” Jamaludin said.

Phase A1-08 comprising 2-storey linked houses (120) saw a take-up rate of 83%. The built-ups are between 2,470 and 3,440 sq ft with prices ranging from RM688,888 to RM1.01 million. This phase has a GDV of RM84 million.  

Phase A2-02(c), with a GDV of RM85.45 million, which comprised 2-storey linked houses (92) with built-ups from 2,962 to 4,630 sq ft had a take-up rate of 30%. The houses were sold between RM855,888 and RM1.5 million.

I&P also launched 114 apartment units in Temasya Glenmarie in May. About 70% of the units have been sold.

At present, I&P has 5,000 acres of undeveloped landbank in Johor and the Klang Valley, including phases scheduled to be launched.

Jamaludin said the landbank will last the company 15 to 20 years, depending on demand in the market. The developer is looking to expand its landbank.

“We are looking for pieces of land with good value in the Klang Valley. If there is any, we will give it some thought before acquiring it,” he said.

This article first appeared in The Edge Financial Daily, on August 02, 2013.

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