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Wednesday, September 3, 2008

Properties in Subang Jaya to stay hot

PETALING JAYA: Subang Jaya will continue to command good demand for its properties, especially lifestyle products priced below RM250,000.

An artist's impression of First Subang

Titijaya Sdn Bhd director Chairmaine Lim Puay Fung in making this observation said this had been proven during the first day of the preview of the company’s The Studio @ First Subang (Northern Tower) in SS15, Subang Jaya, where 50 units were sold within a few hours.

The Southern Tower at First Subang was launched last year.

“Most of the purchasers are repeat buyers, a fact that we are most proud of,,” she told StarBiz.

“At the same time, we have a responsibility to these loyal followers, to ensure that our mutually beneficial partnership continues to flourish and prosper.”

The Studio consists of flexible studio office suites, with en suite baths. Units range from 472 to 954 sq ft.

Lim said sales had been good with 45% of The Studio in the Northern Tower sold although it had not been officially launched.

“We have also achieved 80% sales for Southern Tower. We only soft-launched it towards the end of June,” she said, adding that construction started last year.

“To-date we have completed the piling works and are commencing on the building structural works.”

The gross development value for each tower is about RM120mil. First Subang also consists of three levels of shopping podium, which is only for lease.

Lim said the purpose was to control the tenant mix and thus enhance the its value. The pricing is from RM410 per sq ft.

She said The Studio’s flexible studio office suites were suitable for those wanting to have a modern and fun working unit with security features.

“The project is due for completion in 2009 and we are ahead of schedule,” she said.

On the rising construction costs and inflation, she said there would definitely be an increase in property prices but this increase had not been fully transferred to the consumer.

“Hence, it is a good time to purchase (property) now, as most developers are subsidising the cost, and lowering their profit margin in the process.

“Moreover, investment in property is the best way to hedge against inflation. With inflation, construction costs are bound to go up further,” she said, adding that demand for properties depended very much on the product and location.

By The Star (by S.C.Cheah)

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