IPOH (Sept 7): Ipoh-based property developer Para Development Sdn Bhd is undertaking an exclusive bungalow development at the foothills of the Kledang Range in Ipoh’s fast growing Meru area.
The Meru Hills Bungalows project was launched end-July and comprises only 30 units of 2-storey bungalows spanning 12 acres. It is part of the 220-acre Meru Hills development with an estimated GDV of RM1 billion.
Para Development has plans for a mix of bungalows, condominiums and a village shopping mall that will be launched in phases over the next eight years.
Since the official launch in late July, half of the bungalow units have been snapped up. “Most were taken up by Ipoh customers while the rest were buyers from China and the UK,” said Ng Fui Kong, Para Development managing director.
The developer also received enquiries from potential buyers from Japan.
“Meru Hills Bungalows offer one of the best bungalow value proposition in Malaysia in terms of lot size and built-up combination and is located in a matured bungalow community near the foothills close to the fast growing Meru Raya and North South Expressway,” Ng said in an email interview.
With prices ranging from RM1.2 million to RM1.7 million, Meru Hills Bungalows offer three designs with built-ups from 3,000 to 4,300 sq ft with land sizes averaging 10,000 sq ft per unit. All the bungalows come with a spacious garden.
The company is also currently developing the RM80 million East Eden project located between Ipoh Garden East and Bercham. The first phase of East Eden was launched in April last year and has achieved sales of almost 80% to date. The remaining 52 units in phase two of the 35 ft x 70 ft two-storey cluster homes are scheduled for release towards year-end.
Para Development is also working on a commercial project on two land parcels of 11 acres and 6.5 acres in Bandar Meru Raya. The proposed commercial development is a mix of office complexes and serviced apartments with a projected GDV of RM250 million.
On its future plans, Ng said: “Although our current focus is in Ipoh, we are also interested to venture into the Klang Valley when suitable development opportunities arise in the near future.”
He added that Para Development is working on a couple of joint-venture proposals in Ipoh. The developer has slightly under 250 acres of landbank in its portfolio under various stages of planning submission and approvals.
Meru Hills Bungalows is its third development project after the completion of Meru 2B Business Centre and 87 double-storey link as well as 34 semi-detached houses at Meru Hills. The houses have been fully sold with the last row of semidees ready for vacant possession before end-2012.
Re-sale of completed units in the earlier phases has achieved capital appreciation averaging 20% to 30%. Two-storey link homes with a built-up of 1,400 sq ft that were sold at RM210,000 to RM230,000 in 2006 are now priced at RM300,000.
Semidees which were sold in the primary market at RM450,000 to RM550,000 three years ago are now fetching between RM550,000 and RM650,000 on the secondary market.
This article is appeared in The Edge Financial Daily on Sept 7, 2012.
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