Tadmax expects good response to Mizumi Residences in Kepong

KEPONG: Tadmax Resources Bhd expects good take-up for its soon-to-be-launched condominium project, Mizumi Residences in Kepong. The project is located at Jalan Metro Perdana Barat and adjacent to the Middle Ring Road 2 (MRR2).

Developed by Wawasan Metro Bina Sdn Bhd, which is a wholly-owned subsidiary of public listed company Tadmax Resources since July this year, Mizumi Residences is a 3-block condominium located beside the Kepong Metropolitan Park.

Plantation player Tadmax Resources ventured into the property development and power generation industries five years ago. The company is now looking to dispose its plantation business to focus more on property development and power generation.

On July 22, Tadmax Resources bought the remaining 45% stake in Wawasan Metro Bina for RM42 million to kick-start its property business.

Wawasan Metro Bina director Jayden Gan told TheEdgeProperty.com that only two blocks offering about 1,000 units are open for registration and some 2,000 registrations have been received so far.

“The official grand launch is tentatively set for December,” Jayden said. Construction is expected to start next year.

Tadmax Resources executive director and the managing director to Wawasan Metro Bina Datuk Gan Seong Liam is confident of the strong take-up given its location, pricing and what he described as “unbeatable” lake views. “This could be the last lakefront project that you can get in Kuala Lumpur,” he said, adding that Mizumi in Japanese means lake. The lakefront project is located a stone’s throw away from the Kepong Metropolitan Park and some 50% of the units will have lake views.

Mizumi sits on a five-acre leasehold residential-titled site and has a gross development value (GDV) of RM680 million. Each tower has 42 storeys and the entire project houses 1,512 units in total. At least 80% of them are priced around RM470,000 and below. The selling price is from RM387,000 onwards to slightly more than RM500,000, or an average price psf of RM450.

There are three layout designs to choose from, 901 sq ft (3 bedrooms, 2 bathrooms), 932 sq ft (3+1 bedrooms, 2 bathrooms) and 1,127 sq ft (3+1 bedrooms, 3 bathrooms).

Seong Liam said the project is aimed at starter families and young couples. “We don’t want to build what we want to build but we design and build what the locality and market want. I think in Kepong and nearby areas, such mid-sized homes are what many need.”

There are seven floors of car parks and every unit comes with two car park bays. Level eight will be the facilities floor.

“We also have a garden on the roof top and a jogging track that surrounds the facilities floor,” said Jayden. Besides the jogging track, there are over 50 facilities within this development, such as a swimming pool, lake-view Jacuzzi, yoga deck, four badminton courts, basketball court, BBQ areas, function hall, sauna and five-tier security.

“We will also have private access to Metropolitan Park. Residents will be given an access card and they can enter the park via our secured private access,” said Seong Liam.

Also present at the interview was Tadmax Resources executive director and Wawasan Metro Bina projects director Aldillan Anuar.

“DBKL has confirmed the construction work of the Jalan Metro Perdana Barat and MRR2 linkage. We and a few developers have already received letters of contribution requirement, and Tadmax Resources is ready to do our part,” Aldillan said. Other than the link, the Metro Prima MRT station under construction now is a mere 500m away from Mizumi Residences.

Moving forward, Tadmax Resources is looking to acquire 3- to 5-acre plots for high-rise developments around Kuala Lumpur. “We should be concluding some deals soon and hopefully next year we can introduce something new,” Seong Liam said.

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This story first appeared in TheEdgeProperty.com pullout on Oct 7, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.