Silverscape sales strong despite slowdown fears

KUALA LUMPUR: Concerns of a slowdown next year has not stemmed sales for Hatten Group’s high rise residential project  on commercial land Silverscape within its Hatten City development in Malacca.

Since its launch in November, Silverscape has seen a 65% take-up, or 513 out of 760 units sold, said Hatten Group Sdn Bhd managing director Colin Tan.

“We are glad to say that we have not encountered a slowdown in sales. This could be because we are in the historical state of Malacca and the arrival of tourists here is constant throughout the year. As a result, there is always people looking at the project hence sales have been healthy,” Tan told The Edge Financial Daily.

So far, Malaysians (70%) are the biggest group of buyers, followed by Singaporeans (20%) and others (10%), which includes buyers from China, he disclosed.

The RM280 million Silverscape is part of integrated Hatten City development  that has a gross development value (GDV) of RM1.5 billion. The 20-acre leasehold development with offices, retail units, serviced apartments, shoplex and hotels is located in the commercial hub of Melaka Raya.

Silverscape consists of waterfront twin 45-storey towers — A and B. Tower A has 397 units while Tower B has 363 units with built-ups from 515 sq ft to 1,140 sq ft. Prices are from RM550 psf. The project is touted to be the tallest structure in the city when completed.

Silverscape will be the tallest structure in Malacca.

Tan shared that the smaller units are ideal as a second home for families living in Malacca and it is also a good investment option. He anticipates that upon completion, the increase in capital appreciation could be between 50% and 80%.

The developer will assist investors in leasing out their units when the time comes. It will also help control tenancy and rents, said Tan, adding that Silverscape is slated for completion in 3Q14.

The serviced residence comes with various facilities. On the 13th floor are the swimming pool, function room and club and bistro while the meeting room, leisure room and theatre room are on the 27th floor.

The first component of Hatten City to be launched was Elements Mall offering 837 shop lots with built-ups ranging from 120 sq ft to 11,000 sq ft. It has a net lettable area of over 1.5 million sq ft. About 605 units have been sold to date.

Elements was launched in May with selling prices between RM1,500 psf and 2,200 psf. Hatten is currently drawing up plans for two projects which it hopes to launch next year.

Hatten Group is a Singaporean developer who in 2004 took over an abandoned project in the heart of Malacca and transformed it into what is now known as Dataran Pahlawan.

It also developed the RM150 million Hatten Square mixed-development comprising 180,000 sq ft of retail, serviced suites and hotel.


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