Tan & Tan's G Residence 80% sold

KUALA LUMPUR (Feb 22): Tan & Tan Developments Bhd's G Residence, a mixed residential development in Jalan Desa Pandan in Kuala Lumpur, has been 80% taken up since its preview in December last year.

The joint venture project, with a gross development value of RM430 million, is between Tan & Tan and Sin Heap Lee Sdn Bhd via Opt Ventures Sdn Bhd on a 70:30 basis respectively.

"We expect most of the remaining units to be sold over the next one to two months," IGB Corp Bhd head of property development Teh Boon Ghee said during a media briefing on G Residence here on Wednesday. "At an average of RM650 psf, our development is similar to terraced house prices within Klang Valley.

"We are offering spacious and comfortable units targeted at young professionals, either single or with families, looking for their own living space as well as those who work in the city."

Tan & Tan is a wholly-owned subsidiary of IGB Corp. Units are tagged between RM610,000 and slightly over RM1 million.

G Residence consists of two 23-storey blocks, including 26 retail units within two levels. Block A has 295 units, while Block B has 179 units. Built-up areas for the units range from 1,080 sq ft to 1,545 sq ft, and two car-parking bays are allocated per unit. The developer plans to keep the retail units for recurring income, as well as to control the tenant mix. Teh said the retail units would mostly be F&B outlets and convenient stores, to complement the development.

The leasehold development features facilities including a gymnasium, a swimming pool a wading pool, children's playground and a multi-purpose hall. Units come with built-in kitchen cabinets with hob and hood, an electronic storage water heater and air conditioning in the living room, dining room and all bedrooms.

Aside from G Residence, the developer is looking to launch the last plot of land left in Sierramas in Sungai Buloh, an on-going exclusive joint venture development with Kuala Lumpur Kepong Bhd (KLK). Called Park Manor, it consists of 40 bungalows.

There is also a condominium project along Jalan Tun Razak in Kuala Lumpur, which the developer expects to launch in mid 2013.

In terms of landbank, the developer has about 1,700 acres in various locations, such as Rawang, Wangsa Maju, Jalan Stonor, Bangsar South and Labu in Negeri Sembilan.