Nadayu plans smaller bungalows in Melawati project

SUBANG JAYA: Listed property developer Nadayu Properties Bhd plans to introduce smaller bungalows at its Nadayu Melawati project in Ulu Kelang, Selangor. The units are expected to be opened for registration by the end of this month.

The freehold units will be built on a higher elevation than the existing bungalows, executive chairman Hamidon Abdullah told The Edge Financial Daily.

“They will have the same flavour as our previous bungalows there but with smaller sizes to target younger families or older couples whose children have flown the coop,” he said.

Nadayu Melawati is an 80-acre residential enclave comprising superlink houses, semi-detached houses, bungalows, high-rise homes and a commercial component with an estimated total gross development value (GDV) of RM1 billion.

These new bungalows will have built-ups of 4,500 sq ft to 5,000 sq ft and land area of 7,000 sq ft, with prices from RM3.9 million. The older units have sizes from 6,477 sq ft to 8,301 sq ft and sold from RM5.5 million.

According to Hamidon, depending on the number of registrants, there may be 20 to 30 nits. With an expected GDV of RM100 million, these bungalows are scheduled to be
launched before year-end.

In future, the developer plans to build apartments with built-up from 600 sq ft to 1,200 sq ft on a site that is close to the entrance of Nadayu Melawati. Prices are tentatively pegged at RM400 psf to RM500 psf, depending on new developments coming up in the area, said Hamidon.

“Melawati is evolving and will become even more vibrant especially with the entry of CapitaMalls Asia Ltd and Sime Darby Property Bhd’s new RM500 million mall,” he said.

An artists's impression of the house at Nadayu Melawati in Ulu Klang, Selangor.

The mall, expected to come up on a 5.5-acre freehold site by 2016 with about 635,000 sq ft of net lettable area, is the first such development in the affluent township and will tap a catchment of 800,000 people.

On its Nadayu28 leasehold mixed development in Bandar Sunway, Petaling Jaya, nine of the project’s 10 shopoffices have been booked two weeks after being opened for booking in mid-September.

“Some of the buyers have booked two shopoffices next to each other, with the intention of migrating their businesses there.

“We think it is a good product because we have underground parking for 200 cars. So, that makes ours different from traditional shopoffices because we have better parking facilities.

“This area is a bit challenging when it comes to parking,” Hamidon said, referring to the nearby commercial area where vehicles are parked haphazardly.

The shopoffices have built-ups of 10,500 sq ft and lot sizes of 27ft by 57ft and 28ft by 57ft, with prices of around RM6 million. These five-storey units all come with lifts, Hamidon said.

Over half of the 405 condominium units at the Nadayu28 Residences near the shopoffices have been sold after the launch late last year. The residential units come in three sizes — 990 sq ft, 1,650 sq ft, and 1,850 sq ft — priced at RM590 psf.

“Investors took up the smaller units, while serious buyers went for the bigger units. We even attracted some Japanese buyers who like living near the facilities in Bandar Sunway,” Hamidon said.


This article first appeared in The Edge Financial Daily, on Oct 12, 2012.