Seringin Residences sees brisk sales

KUALA LUMPUR: See Hoy Chan Sdn Bhd, developer of Damansara Uptown in Petaling Jaya, has sold 75% of its latest project Seringin Residences.

Situated in Happy Gardens, off Old Klang Road, the 6.4-acre (2.56ha) freehold condominium project has a gross development value of over RM500 million.

According to See Hoy Chan executive vice-president Joe Tan, about 60% of the units was sold to registrants before the official launch recently while another 15% was sold during the launch.

Buyers are a mixture of investors and owner-occupiers. Tan said those who bought the smaller units are mostly investors.

Seringin Residences features two 25-storey towers, offering a total of 542 units ranging from 1,707 to 2,638 sq ft. Some of the larger units offer a “built-in” studio within the unit. Besides the condominium blocks, the development also features 10 garden villas with built-ups of 2,928 sq ft and 4,024 sq ft.

Prices of the units are from RM530,000 to RM4.3 million and maintenance cost currently stands at 26 sen psf, including the sinking fund.

Main entrance and security command centre.
Master bedroom overlooking a private garden.

“The smaller units were easier to sell with buyers finding it harder to finance the bigger units. The prices of the larger units have already gone beyond RM1 million which is a record price for condos in Old Klang Road,” said Tan.

The project also offers a two-storey Sustainable Application of Green Energy (SAGE) building featuring green building technologies, eco-friendly fittings and an organic roof garden.

Located on a 1.2-acre site, it houses the project’s sales gallery and show units but will eventually be turned into a community centre for residents.

“The building is aimed at creating greater awareness among the public of energy and environmental conservation,” said Tan.

Other facilities include a three-tier security, swimming pool, gymnasium and racquet sports courts.

On the property market environment, Tan said investors are more cautious of property purchases currently.

“They are looking to ensure that the product is of a high value before committing. A functional design that is conducive for family life is an important consideration for today’s investors,” he said.

See Hoy Chan has also begun work on its 15-acre Damansara Uptown Phase II development and its Tujuh d’wangsa boutique homes in Titiwangsa, KL, are due to be completed next month.

This article appeared on the Property page, The Edge Financial Daily, September 23, 2011.

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