Meeting student housing needs in Subang

By theSun

The large student population in the vicinity of Subang Jaya's SS15 has created a strong demand for housing. In fact, the shortage of accommodation at the moment is acute, say Isaac Ng, principal of KP Harta. According to Ng, students from other states and those from countries like Indonesia, China and the Middle East make up a population of about 10,000.


An artist's impression of Menara Rajawali

The numbers have convinced Link Ventures Sdn Bhd to put up its first project, called Menara Rajawali, a serviced apartment with two floors of retail right in the middle of SS15's commercial and education hub. The project consists of studio units, 2-bedroom units, and 3-bedroom units with built ups ranging from 396 sq ft to 1,301 sq ft, priced between RM180,000 and RM420,00. The developer is targeting to sell the units to medium and long term investors and lease back from them for a period of five years.

"In return, the developer guarantees rental returns of a minimum 6% perannum based on the selling price," say Ng, whose agency is the exclusive marketing agent for Menara Rajawali.

Link Ventures decided on serviced apartments for students after taking into account the numerous colleges in the vicinity, including Taylor's Colleges Subang Jaya, Taylor's Business School, INTI College Subang Jaya and Metropolitan College. On top of that, Sunway College, Segi College, Monash University and the Sri KL private school are also minutes away from the development.

The developer acquired the half acre leasehold tract located at SS15/8 Subang Jaya early last year and will officially launch the project today. Since its soft launch in July, 60% of the 196 uits have been taken up. The project has a gross development value of RM 50 million and will be completed by end 2009.

Ng says the units will be 80% furnished and the building features state-of-the-art security with alarms, smart card system, CCTV and intercoms. "Menara Rajawali will be equipped with centralised broadband, which translates to free wireless Internet access for all residents."

He added that there is a high potential of the property appreciating, with a forecast of 5% growth per year, in the strategic Subang Jaya location.

When completed, Menara Rajawali will comprise 14 floors of serviced apartments, a multi purpose floor, a utility floor, two floor of commercial shops, six floors of elevated car parks and a basement car park.

Amenities within the locality include banks, restaurants, fast food eateries, and food courts, while medical centres and hotels are just minutes away. The development is also surrounded by several major shopping malls, such as Subang Parade, Sunway Pyramid and Summit USJ. The project is accessible via the North Pantai Expressway (NPE), Damansara Puchong Highway (LDP), Federal Highway and Kesas Highway.