PROPERTY developer I&P Group Sdn Bhd has recorded strong take-up rates for its recent launch of freehold landed residential homes in Shah Alam, latching on the scarcity of new landed residential properties being brought to the market.
Some observers has described the buying response to the launch as “overwhelming.”
In the last two weeks of March, the group has launched 154 units of Citra double-storey superlink and 60 units of Anggun double-storey semi-detached homes at the 200-acre Temasya Glenmarie mixed development.
About 90% of Citra has been sold, while Anggun recorded 100% take-up rate.
Property consultants tell StarBizWeek that the strong response to the recent Temasya Glenmarie launch was not surprising, in view of the limited supply of new landed-residential units in “hot spots” within the Klang Valley.
Temasya Glenmarie, which has an estimated GDV of RM2.4bil, is located 37km west of Kuala Lumpur and is within close proximity to Petaling Jaya, Kelana Jaya and Subang Jaya.
“Some buyers have bought for their own use, while others would be looking at obtaining decent capital appreciation,” says KGV International Property Consultants director Anthony Chua.
“For the next 12 to 18 months, we still see strong demand for new launches of landed residential units in the Klang Valley, depending on the type of property and location,” says Chua.
A bank-backed property analyst concurs, and points out that Temasya Glenmarie appealed to well-heeled buyers.
“There has been very limited supply of new landed units in that area.”
However, he points out that it was not known as to how many of the sales and purchase agreements (S&Ps) signed would translate into actual sales, as buyers would still need to get approvals for loans.
“In the recent past, about 80% of the S&Ps signed during launches of new properties would be converted into actual sales. But if you look at the national mortgage loan approval data, we undertand that as of end-January, it was a bit weaker.”
The analyst also points out that despite credit-tightening measures as a result of Bank Negara's responsible lending guidelines, there was still a situation of high liquidity in the market.
Effective this year, banks have started using net income instead of gross income to calculate the debt service ratio for loans.
“Interest rates are still low, and qualified property buyers still have relatively easy access to financing. Thus, we have an asset bubble situation, where long queues of buyers are seen at new property launches.”
In his opinion, the current situation was not healthy as the credit-tightening measures might penalise many genuine property buyers who were buying for their own use.
“At this time, well-heeled people do not have many avenues to invest their money. So they keep investing in property.”
The Citra and Anggun units have total gross development values (GDV) of RM215.2mil and RM145mil respectively.
The Citra units come in two types. Type 2A has a built-up ranging from 2,839 sq ft to 4,160 sq ft and priced from RM975,888 to RM1.7mil.
Citra type 2B has a built-up ranging from 4,839 sq ft to 6,220 sq ft and are priced from RM1.6mil to RM2.7mil.
Meanwhile, the Anggun double-storey semi-detached homes have a built-up about 4,000 sq ft and are priced between RM2.34mil and RM3.55mil.
The homes are expected to be completed in March 2014.
I&P Group says that the 200-acre Temasya Glenmarie had a tagline of “Space to Live. Live with Space”, and all units come with large built-up areas.
“The township comes with a standard 100-ft wide road frontage and 60-ft wide beautifully-landscaped back roads,” states I&P Group.
Nearby amenities include the Empire Shopping Gallery, Subang Parade shopping centre, Subang Jaya KTM Komuter station as well as Glenmarie Golf & Country Club, Saujana Golf & Country Club and the Holiday Inn Glenmarie.
Temasya Glenmarie is also accessible via major highways like the Federal Highway, North Klang Valley Expressway, New Pantai Expressway, North-South Central Link and Guthrie Corridor Expressway.
By The Star
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