Phase 1 of the 68.6-acre development, comprising 119 units of terrace houses was launched on Saturday, Dec 11.
"We are very pleased with the overwhelming response. We expected a good take up rate for our Nadayu 92, but this is more than what we had expected," executive chairman Hamidon Abdullah said in a press release on Monday, Dec 13.
With a gross development value (GDV) of RM320 million, the freehold Nadayu 92 offers a concept that is foreign to Kajang, that of a gated and guarded communal amenities within a central green, added Hamidon.
The development which is the second project under the Nadayu banner is an entry in the medium cost market — a strategy to position Mutiara as a developer that gives value for money.
Mutiara's first Nadayu development is in Taman Melawati in Kuala Lumpur. The high-end Nadayu Melawati has a GDV of RM1 billion and phase 1 has been 80% sold.
"We note the number of young families with children coming to buy. Our project concept appeals, and appears to be within their means," said Hamidon.
According to Hamidon, the response was so good that part of Nadayu 92 next phase was opened for sale on Saturday to meet the demand. The response has prompted the developer to accelerate all its future phases and to start construction soonest possible.
"This will be the real test for Mutiara. The proof is when the keys are delivered. They expect quality in the units they have bought, and quality in the external spaces making up this development. It is their expectation. We will deliver", Hamidon said.
The total sold as of Sunday evening was 145 units. Units sold are in the price range from RM433,000 to RM1,023,000.
Currently, Mutiara has projects worth RM1.6 billion in the pipeline.
Among them are the 4.7 acre mixed development at Bandar Sunway with an estimated GDV of RM220 million; an 8-acre high-end residential development in Penang with an estimated GDV of RM400 million; an 15-acre residential development at Cyberjaya with an estimated GDV of RM450 million, and subsequent phases of the 80-acre Nadayu at Taman Melawati, which has a total GDV of RM1 billion.
All the projects are expected to be launched in the next 12 months.
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