Phase 1 of JKG Land’s The ERA hits 70% take-up rate

This article first appeared in City & Country, The Edge Malaysia Weekly, on December 17, 2018 - December 23, 2018.
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The first phase of JKG Land Bhd’s flagship project The ERA @ Duta North, comprising two residential towers, was launched last year and has since achieved a 70% take-up rate.

“The development has four phases, and the first three are residential. So far, only Phase 1 has been launched. We expect to launch the other phases in the next two years. We need to launch at the right time because it will take some time for the market to absorb,” managing director Datuk Teh Kean Ming said at the unveiling of rain3rain, The ERA’s retail component, on Dec 6. The gross development value for Phase 1 is RM656 million.

The ERA is a mixed-used development on a 14.8-acre freehold parcel in Segambut with residential, retail and office components.

The three-storey rain3rain is a “nature-inspired” destination for retail and food and beverage. The concept aims at offering the experience of strolling through a boulevard of mature rain trees in a cool environment.

The lower ground floor will feature a supermarket, bakeries, pharmacies, cafés and business centres while the ground floor will be mainly for al fresco dining cafés and restaurants. The first floor will have a Chinese restaurant, beauty salons and services, and boutiques.

rain3rain, to be built over four phases, will have a gross floor area of 277,000 sq ft and about 39,000 sq ft of landscaped boulevard. According to Teh, Phase 1 will have a gross floor area of about 100,000 sq ft. The net lettable area will be close to the gross floor area as there are plans to set up kiosks along the corridors and open spaces, he explained.

JKG Land will be managing rain3rain with the assistance of retail experts and is currently in talks with some potential tenants. Teh declined to reveal the names but said that they have shown keen interest.

“This [the unveiling] has set the platform for us to start conversations with various retailers and to showcase what we will have to existing and potential buyers.”

According to Fair Star Shopping Sdn Bhd director and rain3rain retail consultant Tan Joon Kai, rents will be set at market prices. However, the rates remain open for negotiation if the tenants are “high quality international operators”.

“The key thing is not so much the rentals but getting the right tenant mix to ensure this area will be the first choice for people to hang out, have a meal or shop within this neighbourhood,” he said.

The ERA will have six residential towers to be launched in three phases. The 53 to 64-storey towers will comprise a total of 2,913 serviced apartments (Phase 1: 921 units, Phase 2: 956 units and Phase 3: 1,036 units), with built-ups ranging from 646 to 1,300 sq ft.

During the launch of the first two towers, the units were selling at RM375,900 or an average of RM600 psf and above. Now, their prices have gone up to RM439,000 or an average of RM679 psf.

Residents will get over 100 facilities including a sky lounge, adventure trails, water maze, moon deck and hanging pavilions.

Phase 4 comprises three blocks of corporate offices.

A bridge links the development to Dutamas, Publika, Solaris and KL Metropolis.

The ERA is accessible via Jalan Duta, Jalan Ipoh, Jalan Kuching, Penchala Link, Sprint Expressway and Duta Ulu-Kelang Expressway.

For next year, Teh said JKG Land is working on a few projects, including a parcel in Mont’Kiara that was purchased recently.