SINGAPORE: Singapore property consortium, Pacific Star Group and co-developer DB2 Group have announced the first release of 79 retail and 56 single office/home office (Soho) loft units, and 50 select apartments in its latest project, the Puteri Cove Residences and Quayside in Puteri Harbour, Iskandar Malaysia.
“We are launching these units at a time when buyers are most discerning and seeking properties of greatest value to them. We are confident of the [take-up rate], given our exceptional ‘marina living’ that an international community of global citizens [is sure to appreciate],” said Glen Chan, Pacific Star Development president and chief executive officer.
The project has attracted prospective buyers from foreign markets such as Japan, Taiwan and Hong Kong in line with the developer’s goal to serve the housing needs of those from 28 countries such as the United Kingdom, the United States, France, Germany, Indonesia and Italy.
The 56 soho lofts, with built-ups of between 644 sq ft and 1,828 sq ft are priced from S$555,000 (RM1.48 million), while retail units, sized from 439 sq ft to 2,600 sq ft, are priced from S$448,000. For apartments, which come with high-quality finishings and fixtures, prices start from S$338,000. They range from 678 sq ft to 3,918 sq ft.
The developer claims its apartments at Puteri Cove Residences provide buyers with 12% fixed returns over two years, which is among the highest in the market, and fixed returns for Putra Cove Quayside retail units amounting to 19.5% over three years, as part of a compulsory lease-back agreement.
Scheduled for completion in the third quarter of 2017, Puteri Cove Residences and Quayside is the first luxury mixed-use development with marina and waterfront views in Iskandar Malaysia.
The development, which aims to mirror lifestyle destinations such as Monaco and Sentosa Cove, consists of 658 luxury apartments in two towers, a serviced suites tower and four blocks of soho loft units.
Puteri Cove Quayside is a two-level waterfront retail with a portfolio of restaurants, cafes and speciality shops for the Puteri Harbour community.
The Puteri Cove Quayside offers prime waterfront retail and F&B units, through a quality tenant mix that is curated and managed by the developer.
This article first appeared in The Edge Financial Daily, on March 20, 2015.