The Edge Malaysia 2014, Issue May 12-18
Better response to the soft launch of phase 1 Avira garden terraces in Medini last weekend was a much welcomed news for Iskandar Johor, which has seen a slowing momentum following the property cooling measures introduced late last year and the stricter mortgage lending rules.
Since its soft launch, Avira has achieved 70% bookings for its 208 units of garden terraces. The units are priced at an average of RM580psf and with a built up of approximately 2,200 sf, the average price for each terrace house was just below RM1.3million.
Avira is considered one of the more successful launches in Iskandar in recent days.
Why has Avira done well?
Using the earlier launch of Puteri Cove in Puteri Harbour as a comparison, we identified and elaborated on several possible reasons in the article for the differing market reception towards these two projects, which amongst others, include pricing, product and branding.
Despite this, Avira was expected to do better. It is the last known project in Medini that involves the joint effort of the investment arms of the two governments; Khazanah and Temasek, and hence are likely to benefit from the enhanced investor confidence and potentially stronger buying interest on this project. Its pricing is also relatively lower than the established neighbouring developments like Horizon Hills and Bukit Indah. These are signs that the property market in Iskandar has indeed softened.
Read more in The Edge this week as we shared on what next to watch out for in Iskandar. Stay tuned.
Tong Kooi Ong is executive chairman of The Edge Media Group. Feedback is welcomed at www.tongkooiong.com
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