KUALA LUMPUR: Mulpha International Bhd received RM50 million for 10 pre-selected bungalow lots at its Leisure Farm development in Johor via a tender process. The reserve price ranged from RM2.03 million to RM6.93 million or RM115 to RM150 psf.

“We are overwhelmed by the strong reception to the tender and I wish to thank all those who participated in this limited release,” said executive chairman Lee Seng Huang in a statement recently.

“I would also like to take this opportunity to congratulate all our new buyers as they join the burgeoning Leisure Farm community and start the process of building their dream home on their new bungalow lots,” he said.

The tender process was closed on July 28 and 30 bids were received for bungalow lots selected from various precincts within Leisure Farm. The successful bidders secured their preferred lots at prices from 10% to 15% above the reserve prices. Close to half of the buyers were Malaysians.

Leisure Farm is a 1,765-acre (706ha) development consisting of seven themed precincts. It has a growing international community and owners from 38 different countries. With upcoming highways and infrastructure work, Leisure Farm will be easily accessible from different points.

Its close proximity to Singapore and key catalytic projects such as Legoland, Malborough Collage and Newcastle Medical University in Iskandar Malaysia, have boosted land prices. Depending on the precinct and topography of the lots, land prices rose between 40% and 70% in the first six months of this year.

There is no news of future bungalow lot releases but Mulpha plans to launch in October, its Bayou Creek Precinct 7B, which comprises 57 canal front bungalows and eco-themed semi-detached houses.


This article first appeared in The Edge Financial Daily, on August 02, 2013.