Verdana is BRDB's first mid-range condo project

PETALING JAYA: Bandar Raya Developments Bhd's (BRDB) first foray into the mid-range residential market in the Klang Valley — Verdana@North Kiara — is likely to set a benchmark price for condominiums in the Dutamas area in Kuala Lumpur.

Verdana is priced at RM580 psf on average with unit sizes ranging from 1,400 sq ft to 3,000 sq ft. The 4.4ha freehold project has a gross development value of RM330 million.

The project is essentially an extension of its brand of lifestyle developments into a new market segment, said KC Chong, chief marketing officer of BRDB. The company is known for its high-end products such as One Menerung In Bangsar and The Troika in Kuala Lumpur City Centre.

To be developed over two phases, Verdana@North Kiara comprises two 25-storey towers (Blocks A1 and A2) and a six-storey block (Block B) housing 298 units in total. Blocks A1 and A2 offer a mixture of apartment villas and garden villas, while Block B offers only garden villas.

Some 70% of the project will be dedicated to landscaping, recreational facilities and a vast water feature. Since its preview in July, 85% of Tower A1 has been sold.

While Verdana may be the highest-end condominium in Dutamas to date, Chong believes it is reasonably priced as units at the Sutramas condominium located next to Verdana which was completed in 2007, are now selling at RM450 to RM520 psf on the secondary market compared with RM230 to RM320 psf when it was first launched.

"If you think about the location and what we offer, it is really reasonably priced. Verdana is located literally right next to Mont'Kiara and we will maintain our brand and product quality even if we are selling at a lower price (compared with our previous products)," said Chong.

He also noted the potential growth of Dutamas and its neighbouring Segambut Dalam area aided in part by infrastructure projects, including the proposed My Rapid Transit line and the widening of Jalan Segambut.

Chong believes development growth in Mont'Kiara will spill over into Segambut Dalam and Dutamas, and that prices will move upwards in tandem with the population and city growth within five years or so. Developers such as IJM Land Bhd, Bina Puri Holdings Bhd and Hunza Properties Bhd are set to launch projects in these two areas in the near future.

"Most of our buyers for Verdana are previous customers who have seen the upside of what we can offer," said Chong. A majority of them are local owner-occupiers. Chong also noted some interest from expatriates living in Mont'Kiara.

There are also plans to market Verdana in Singapore, Hong Kong and China and BRDB hopes  to draw on Mont'Kiara's excellent reputation as an international cosmopolitan village to attract fo-reign buyers, said Chong.

He added that the competitive prices, liberal ownership laws and high loan margins from banks have added to the appeal of investing in Malaysian properties. Verdana will be officially launched on Aug 13 and 14 and is expected to be completed in 3½ years.

BRDB also plans to launch a luxury condo development in Medang Serai, Bangsar, by the end of the year as well as a luxury condo and landed marina development in Puteri Harbour, Nusajaya.

At the Permas Jaya township in Johor, BRDB launched Elita, a luxury condo development, early last month and the third phase of the Straits View Residences there is currently on the drawing board.

Also in the works are joint-venture developments with Multi-Purpose Holdings Bhd to develop three projects worth RM4.25 billion in Rawang, Mimaland and Penang, and the finalisation of the master plan for the 20ha Bluwater in Seri Kembangan in Selangor.