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Tuesday, January 22, 2008

First Residence planned for Kepong Baru

SPECIALIST contractor-turned-developer TSI Holdings Sdn Bhd is planning to launch a mixed development called First Residence in Kepong Baru by the middle of this year.

Located along the 6th mile, the shop-cum-apartment project sits on a 10-acre leasehold site that was formerly gazetted as an industrial site. According to the developer, the site has since been converted for the relevant use by the landowner. TSI purchased it in 2000.

Its group managing director Lim Seng Kok, told PropertyPlus that First Residence will be developed over two phases. In all the project will offer 1,098 apartments, 58 shops and150,000 sq ft of commercial space.

An artist's impression of First Residence

Phase one will comprise 474 apartments and 58 shops, with a gross development value of M130 million.

Of the apartments in phase one, the developer plans to launch 237 units housed within one block first. A standard 3-bedroom, 2-bathroom unit has a built-up of 1,000 sq ft and the average price is planned to be from RM190 psf.

Each unit will come with at least one parking bay while additional bays will be sold. The maintenance fee, inclusive of contribution to the sinking fund, is expected to be between 15 and 18 sen psf.

Targeting young families with a monthly household income of between RM5,000 and RM6,000, Lim admitted that its price point is on the premium end for its medium high end target market.

Lim: We also have reputable property management companies to manage them

“Apart from offering high-quality finishes as well as facilities in our projects, we also have reputable property management companies to manage them,” he said, adding that the project will be under the purview of the Housing Development (Control and Licensing) Act.

The developer will also be constructing a 66ft road that will link its project, Segambut and Jinjang directly to Petaling Jaya via the LDP highway.

Meanwhile, the project also offers a total of 58 shops that are located on the first two levels of the twin 16-storey project. These were launched last year and are 50% sold.

With 29 units of shops on each level, those on the ground floor, with a standard lot size of 1,400 sq ft, are priced from RM680,000, or an average of RM450 psf. The 980 sq ft units on the first floor are priced from RM260,000 or an average of RM250 psf.

There is also the option to purchase the shops on an enbloc basis, said Lim, adding that all the walk-up shops front the main road.

The construction of the first phase, which will take three years, will begin in the first half of this year and the developer will be putting up a show unit. There will be more than 800 parking bays and amenities include a multipurpose hall, pools and landscaped areas.

Expressing his confidence in First Residence, Lim felt that there is demand for such an offering in Kepong Baru.

“Based on our past experience with D’Alamanda in Cheras, we launched it in October 2004 and received an overwhelming response through our purchasers’ word-ofmouth advertising. Many of them are also repeat buyers despite our premium prices,” he said.

Located on a 4.4-acre leasehold site in Cheras’ 2nd mile, the first phase of the RM180 million D’Alamanda comprises a 22-storey serviced condominium with 50 shops and 390 residences, which were handed over last September.

The second phase, to be completed by mid next year, was launched in October 2006 and comprises 67 shops and 320 condominiums.

On the second phase of First Residence, Lim said, “The launch of phase two units will depend largely on the sales of the first phase… we will launch phase two units at a pace that the market can absorb. We also want our early purchasers to benefit so that they can enjoy some capital appreciation.”

By theSun (by Loo Pik Kwan)

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