Sales for Senibong Cove phase one exceed expectations

JOHOR BARU: Australia-based Walker Corporation has revised its annual sales target for phase one of its Senibong Cove development in Johor Baru to RM100 million from the initial RM65 million, due to the better than expected take-up.

Lim Ngie Soon, project manager of Front Concept Sdn Bhd, Walker Corp’s Malaysian arm told theedgeproperty.com.that take-up for the RM160 million phase one which began selling in late March has achieved 40% or close to RM50 million in sales to date.

Located on the banks of the Sungei Lunchoo and the Johor Straits, the RM1.7 billion development covers over 200 acres and will be the first full-fledged waterfront residential development in the state. The project is a joint venture between Walker Corporation and the landowner Iskandar Waterfront Sdn Bhd, a subsidiary of Iskandar Investment Bhd.

“For phase one which comprises 94 semi-detached houses, 70 super link houses and 80 cluster houses, we target locals as the units are more affordable. For the later phases of bungalows and condos, we will be targeting Singaporeans and Malaysians working in Singapore to a certain percentage,” said Lim.

The super link houses in phase one are sized between 2,400 sq ft and 2,700 sq ft and  priced from RM500,000 while the semi-detached houses sized between 3,000 sq ft to 4,700 sq ft are priced at RM700,000 onwards. The cluster houses offer sizes ranging from 2,312 sq ft to 2,503 sq ft at a price tag of between RM498,000 to RM548,000.

The company is planning to launch its condo and apartment units by end 2010 and some of its bungalows in early 2011. The indicative price for the bungalows is from RM1.5 million.

The development will also feature an integrated marina with 100 berths with its own clubhouse and a 3,500 sq m recreation club. Over 2,200 housing units are being planned.

Senibong Cove will be developed over 10 years and phase one is expected to be completed in early 2012. The official launch is set for July this year.

An artist's impression of semidee homes in Senibong Cove