PETALING JAYA: Johoreans formed the bulk of the buyers of BMAH Properties Sdn Bhd's The Raffles Suites in Johor Baru, which has seen a take-up rate of 70% since its launch in mid-February.
BMAH project director Teh Guan Hoon said most were first-time home buyers with a small percentage of Singaporean buyers as well.
The 30-storey development sits on a 1.7-acre (0.68ha) freehold land and offers 311 serviced apartments. Located in Persiaran Sutera Danga, Sutera Utama, it has a gross development value (GDV) of RM175 million.
"The market response is excellent, probably due to our attractive marketing packages such as the developer interest bearing scheme (DIBS), free sales and purchase agreement, loan agreement and free home appliances," Teh said.
The apartments come in sizes of 700 sq ft (19 units), 867 sq ft (172 units), 875 sq ft (24 units) and 1,068 sq ft (96 units). Prices range from RM408,900 to RM736,900. The maintenance fee is set at 25 sen psf, inclusive of sinking fund.
Facilities at the development are an infinity pool, wading pool, playground, sauna, changing room, tennis court, futsal court, indoor games room, library, gymnasium, reflexology path, barbeque area and a multipurpose hall.
Security features include CCTV monitoring, 24-hour security services and a four-tier security system with card access. The units come furnished with free wardrobes, kitchen cabinets and home appliances. The development is scheduled to be completed in April 2016.
|The 30-story development which has a GDV of RM175 million is sited on a 1.7-acre freehold land.|
According to the developer, the project is accessible via the Malaysia-Singapore Second Link and Iskandar coastal highway. It takes 15 minutes to get to Johor Baru city and 15km to the Woodlands checkpoint.
The Raffles Suites is surrounded by educational institutions such as Seri Omega International School and Matahari Private School, shopping mall and hypermarkets — Sutera Mall, Aeon, Tesco, Giant and Carrefour.
BMAH was established in 2005 and is involved in property and real estate development, investment holding and property management services. It started developing in Sandakan with Taman Alam Indah (GDV: RM13 million), Taman Alam Mesra (GDV: RM22 million) and Taman Beluran Jaya (GDV: RM18 million to RM20 million).
Future developments by BMAH include Fajar Villa @ Sandakan, a four-storey walk-up gated-and-guarded apartment (6.5 acres, projected GDV: RM65 million), Kinabatangan Business Centre in Sabah (7.33 acres, projected GDV: RM90 million), and Taman Maxwell Heights @ Taiping Golf Resort, Kamunting, Perak (32 acres, projected GDV: RM300 million).
BMAH has an additional five yet-to-be-named condominium projects in Johor Baru, Penang and Kota Kinabalu, with their accumulated GDV estimated at RM1.3 billion.
This article first appeared in The Edge Financial Daily, on August 16, 2013.
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