Saville@Cheras records 48% take-up rate

KUALA LUMPUR (July 10): MKH Bhd is banking on the upcoming mass rapid transit (MRT) connectivity to its Saville@Cheras development to boost sales.

The 2-acre freehold mixed development in Cheras will have a 7m covered direct link-bridge from its retail floors to the soon to-be-ready Sri Raya MRT station, said MKH Bhd’s managing director Tan Sri Eddy Chen. Saville@Cheras has recorded a 48% take-up rate since its official launch on July 4.

Chen told The Edge Property that 175 out of 352 units of serviced apartments and 25 out of 62 units of retail units have been sold.

The 43-storey serviced apartment block of Saville@Cheras comes in six layouts, from 3- to 6-bedroom units with built-ups ranging from 1,130 to 4,670 sq ft. Prices start from RM650,000. The built-ups of the retail units range from 291 to 1,827 sq ft, with prices from RM502,000.

The development has a gross development value of RM307 million. It is equipped with a three-tiered security system and luxury condominium facilities such as gymnasium, decks for yoga and sunbathing, zen garden as well as a swimming pool at the recreational podium.

Besides the Sri Raya MRT station, the area also has good connectivity via multiple highways including the Cheras Kajang Highway, Silk Highway, MRR2 and Connaught East West Link.

“Slated for completion by end-2017, the integrated Sri Raya MRT station, which is expected to have a ridership of 400,000 passengers per day, will boost the business catchment area in Saville@Cheras, thus benefiting the retail owners when the retail units are ready in the same year. At Saville@Cheras, convenience is definitely the very last thing to worry about,” said Chen in a statement earlier.

The surrounding amenities include hypermarkets such as Cheras Leisure Mall, Cheras Sentral Mall and Giant, as well as international and local educational institutions such as Cheras Cempaka International School, REAL Schools Suria campus, USCI University and Tunku Abdul Rahman University.

Moving into the second half of 2015, Chen believed the property market will remain slow and challenging, so the right product, pricing and strategic location are crucial for a new project.

“We focus largely on landed and affordable residential properties priced below RM600,000, notably Hillpark@Shah Alam North, Kajang East, Pelangi Semenyih 2, Hillpark Home 3 and Saville@Cheras, the only high-rise, mixed-use development launch for us this year. Apart from this, we also launched Avenue shop offices at Hillpark@Shah Alam North in this 2H,” shared Chen, adding that the company had a landbank of 900 acres with an estimated GDV of RM10.8 billion.

Some projects lined-up for next year include Saville@Puchong, Kajang 2 Merridien Suite, Hillpark@Shah Alam North (Mapel), Hillpark Residence, MKH Transit and Hillpark Home 4, said Chen.

This article first appeared in The Edge Property pullout, on July 10, 2015.