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Saturday, November 10, 2012

Paramount in Cyberjaya

Artist impression of the RM800mil Sejati Residences project that will be developed by Paramount on 50 acres.

Paramount Property Development Sdn Bhd has launched its most up-market residential development in Cyberjaya, Selangor, last month to kick off its move up the value chain and rebranding exercise.

Known as Sejati Residences, the 50-acre development is located in mukim of Dengkil, Sepang.

Says its managing director Datuk Ricque Liew: “We want to rebrand ourselves with this project.”

A total of 40 acres will house 249 landed units comprising superlink terraced housing, three-storey semi-detached homes and bungalows.

The three-storey bungalows will come with lifts. Its three-storey superlinks will have built-up area of about 3,800 sq ft, semi-detached units between 4,300 and 4,900 sq ft and three-storey bungalows from 5,700 to 5,900 sq ft.

Liew: ‘We want to rebrand ourselves with this project.’

The bungalows will come with lifts, which will mean convenience, at a cost. Liew says Paramount's objective is to build multi-generation homes. Seventy-eight units of landed units were launched late last month.

The remaining 10 acres will be reserved for a condominium project, with the first phase having 414 units. There will be three phases.

The project will have a gross development value of about RM800mil and will be the most high-end project ever undertaken by Paramount.

Considering the scarcity of land in the Klang Valley and the size of land which seems to be getting smaller today, Liew says the company has to move up the value chain and go into the high end of the property market.

The freehold project will come with a 11,000-sq-ft clubhouse and facilities like function hall, surau and pool.

Liew says there will also be an 8km jogging track in the former oil palm plantation land. Adjacent to it is Symphony Hills by UEM Land Holdings Bhd, that was launched last year.

Liew says growth in Cyberjaya will be organic while Putrajaya will remain the administrative centre with a large civil service force and there will be demand for landed units as the city grows.

Conceptualised 15 years ago to complement Putrajaya, currently, most of the residential units in Cyberjaya are high-rise condominiums and apartments.

A number of developers have projects there. They include Emkay group, Mah Sing Group Bhd and OSK group. Mah Sing also offers landed residentials there.

Sixteen major developers are expected to invest up to RM20bil in Cyberjaya over the next five years. They include SP Setia Bhd, Mah Sing, Nadayu Bhd, UEM Land, Glomac Bhd, OSK Property Bhd and MCT Consortium.

The move out to Cyberjaya and other locations outside Kuala Lumpur is a natural progression. As the Klang Valley becomes crowded and prices of landed residentials become more prohibitive, there will be demand for landed units in new locations like Cyberjaya, agents who are marketing projects there say.

Added to this fact is the requirement by house buyers today for security.

While there is a certain amount of security in condominiums, there will be a group of high-end buyers who would want to stay in secured landed units with a greater preference for semi-detached and bungalow units.

It is this group of buyers that developers like Paramount, UEM Land, Mah Sing group and Suntrack Development Sdn Bhd are targeting.

Suntrack's SummerGlades fronts the Putrajaya Lake and commercial retail project but only has superlink terraces.

Symphony Hills and Sejati Residences offer three types of landed units but do not have the commercial retail element. Both developers will be offering contemporary designs with linear parks and landscaped gardens.

As Liew puts it: “House buyers in the high-end segment, besides the security element, will want to return home to a community with lush greenery and loads of nature.”

There is a national-type school near Sejati Residences and Symphony Hills. In that respect, the competition will be between Symphony Hills and Sejati Residences for now.

Depending on the design and type, the first phase of Symphony Hills was launched at about RM370 per sq ft last year versus Sejati Residences' superlink at RM368 per sq ft last month.

The smallest built-up at Symphony Hills is more than 3,200 sq ft. Prices on a per sq ft basis may exceed RM500 in some cases for the larger units.

Sejati Residences' land size of about 50 acres is about half of Symphony Hills' 98 acres. While Paramount has reserved 40 acres out of 50 acres to cater for 250 landed residentials and carved out 10 acres for its condominium project, UEM Land has also reserved nine acres for its condominium project which will comprise two blocks of 44 and 45 storeys each to house more than 800 units.

Sejati Residences will also have its condominium project of 700 units.

Liew says Sejati Residences' condominium will have separate entrance and exit from the landed units. It will also have its own clubhouse.

That means the density ratio for its landed units will be six to an acre. Over at Symphony Hills, its condominium project will be located on the northern fringe but will share the same internal roads, entrance and exit as the landed units.

The differentiating factors will be the reputation of the developers, the density of the project and the mix of high-rise units with landed residentials, landscaping and facilities provided and the details.

At the moment, the maintenance charges at Sejati Residences is fixed with indicative monthly fee set at RM280 per unit for superlinks, RM390 for the semi-detached units and RM550 for the bungalows.

Its neighbouring project is based on 15 sen per sq ft for superlinks and semi-detached units. Symphony Hills has yet to launch its bungalows.

The master developer for Cyberjaya, Setia Haruman Sdn Bhd, was reported to be setting aside RM2.5bil over the next five years to develop four projects and build additional infrastructure for the area.

It was also reported that one of the main issues brought up by developers there is the lack of public transport.

Although there are major highways linking Cyberjaya to Kuala Lumpur, the perception of distance and connectivity is very real.

By The Star

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