Phase 2 of Tropicana Gardens almost sold out

PETALING JAYA:  Dijaya Corp Bhd has sold 80% of its 413-unit Bayberry Serviced Residence in Phase 2 of its Tropicana Gardens project.

The price, at RM1,100 psf, is a new benchmark for mixed commercial developments in Kota Damansara, Selangor, according to the property developer.

A sneak preview of the units was held on March 8 for 400 Dijaya Privilege Card members and guests. Then, on March 9 and 10, a numbering queue exercise was held at the Tropicana Gardens sales gallery.

Over 2,000 applicants turned up for the preview, with some queuing up from as early as 5am. At the preview,  purchasers were offered an early bird rebate for the standard studio (built-up of 597 sq ft) and 3+1 bedroom (built-up of 1,573 sq ft) units.

The 45-storey Bayberry offers five types of residential units: studio, 2-bedroom, 3-bedroom, 3+1 bedroom and penthouse with built-ups ranging from 597 sq ft to 2,671 sq ft.

Dijaya group managing director Datuk Dickson Tan said in a  statement that the overwhelming response from card members and early registrants prompted the company to conduct a numbering queue exercise.

“We definitely welcome the response as we are offering everyone an opportunity to own a home in this unique and strategic integrated development,” he said.

He added that unlike other developments situated near or around upcoming mass rapid transit (MRT) stations, Tropicana Gardens has a direct link to an elevated MRT station for maximum convenience.

The station strategically fronts the retail mall in Tropicana Gardens and is just a short walk from the residential and office towers.

Tan said the positive response to Tropicana Gardens was due to Dijaya’s track record of delivering branded homes with high capital appreciation. An example of this is the Tropicana City Tropics serviced apartments in Tropicana City, Petaling Jaya, which saw a price appreciation of more than 200% since it was launched at RM210,000 in 2006.

Tropicana Gardens, which has a gross development value (GDV) of RM2.9 billion, is located in Persiaran Surian and is accessible via the North Klang Valley Expressway, Lebuhraya Damansara-Puchong, Sprint Highway and Penchala Link.

The development comprises four serviced residential towers, a five-storey shopping mall, 12-storey hotel, 15-storey office tower and office suites spread over 17.6 acres of leasehold land. The first phase (Arnica), priced from RM900 psf, was sold out during a special preview last October.

Dijaya will be releasing another two residential towers before moving on to the development’s other components. One residential tower will be launched by the end of this year and the remaining tower next year.

Tropicana Gardens aims to comply with the certification requirements for Green Building Index by incorporating green features such as regenerative lifts, energy efficient lights, water efficient fittings, and landscaped roof gardens with a rainwater harvesting system.

In a filing with Bursa Malaysia on April 15, meanwhile, Dijaya  announced that it has entered into an agreement to acquire 1,172 acres of land in Kota Kemuning, Selangor from Permodalan Negeri Selangor Bhd (PNSB) via a deferred payment method spanning a period of up to 20 years.

The land, which is located beside IJM Land Bhd’s Bandar Rimbayu, has been earmarked for an integrated self-contained township development costing RM1.3 billion.

Upon completion of the acquisition, Dijaya’s existing undeveloped land bank will have more than doubled to 2,000 acres from its existing 800 acres, bringing the group’s potential future GDV to RM70 billion.

This article first appeared in The Edge Financial Daily, on April 19, 2013.

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