Melia Residences

JOHOR (May 20): UEM Sunrise Bhd officially launched Phase 3 of its Melia Residences (pictured) yesterday, backed by the full take-up of Phase 1 and 2.

According to the group’s chief operating officer of commercial Raymond Cheah, the group was surprised by the encouraging response.

“The speed of sales of Melia Residences has been phenomenal with a total of 206 Phase 1 and Phase 2 units completely taken up with[in] the first two days of its launch, surpassing our original target of three to six months,” he said at a media preview yesterday.

“To date, we have achieved a total of approximately RM206 million in sales, exceeding our target of RM196 million for 2016 [for Melia Residences].” This was despite soft property market conditions in Johor.

“The alignment of price, location and design is the reason why Melia Residences has done so well,” Cheah said.

Melia Residences Phase 3 has 160 terraced houses, of which 51% have been taken up. The built-ups start from 2,006 sq ft to 2,594 sq ft, with selling prices from RM872,888. The maintenance fee, inclusive of the sinking fund, is 11 sen per sq ft.

Those who bought and are thinking of buying property in Melia Residences can benefit from not paying legal, sale and purchase agreement and memorandum of transfer fees, as these will be borne by the developer, provided that buyers use the group’s panel lawyers and banks.

Cheah highlighted that the target market of Melia Residences is Malaysians and Singaporeans.

“Currently, no Singaporean citizen has bought a unit in Melia Residences because the prices are below RM1 million, although there are Malaysians with Singapore PR who have bought units. But there is a strong interest from Singaporeans in the development. Phase 4 and 5 will be open to the international market like Singapore and Indonesia,” he said, adding that the latter phases will be launched next year.

Melia Residences Phase 1 and 2 were launched on April 23. Phase 1 offered 107 terraced houses from RM656,888, while Phase 2 offered 99 terraced houses priced from RM700,000.

The project is a freehold stratified residential development that sits on 73.64 acres (29.8ha). This gated community will have five phases and the entire project is scheduled for completion in 2020. There will be 625 terraced houses when completed, with a low density of eight units per acre.

Amenities include a clubhouse with facilities such as a tennis court, nursery and gym, as well as children playgrounds. There will also be a 1.3km jogging track. The landscape, undertaken by Germany-based landscape architectural firm Ramboll Studio Dreiseitl, is designed to encourage families to enjoy the outdoors and get back to nature.

The gross development value of Melia Residences is RM573 million.

Melia Residences is one of the residential components within Gerbang Nusajaya, the second phase of Iskandar Puteri (formerly known as Nusajaya). Iskander Puteri, where UEM Sunrise is the master developer, is one of five flagship zones of Iskandar Malaysia, and covers approximately 24,000 acres of which Gerbang Nusajaya occupies 4,551 acres. The first phase of Iskandar Puteri comprises Puteri Harbour, East Ledang and Kota Iskandar.

Melia Residences will be about 800m from the proposed high-speed rail station. The development is also located 5km from Malaysia’s Sultan Abu Bakar CIQ Complex and Singapore’s Tuas Checkpoint. It will also be easily accessible via the Second Link Expressway and the Coastal Highway. Additionally, it is in close proximity to major amenities, such as Columbia Asia Hospital and EduCity, an education hub with universities and other institutes of higher education.

Family activities can be had at the nearby Legoland Malaysia Resort, Sanrio Hello Kitty Town, Thomas Town and Mall of Medini. Horizon Hills Golf & Country Club and Puteri Harbour Marina are also nearby.

Do not ask the fortune teller about the value of your home. Go to The Edge Reference Price to find out.

This article first appeared in The Edge Financial Daily, on May 20, 2016. Subscribe to The Edge Financial Daily here.

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