KUALA LUMPUR: About 80% of YTL Land & Development Bhd’s second-phase luxury condominium, The Fennel, was sold during its two-day preview last weekend.

“The response to The Fennel has really exceeded our expectations and it’s humbling to see the passion our customers have towards our offerings,” said executive director Datuk Yeoh Seok Kian. “Some of them even started queuing the night before. It shows that genuine investors recognise the value in the market despite the recent cooling measures by Bank Negara Malaysia.”

Phase 2 features Tower B with 229 units. Built-ups range from 1,081 sq ft to 1,554 sq ft and prices start from RM775,000 to RM2.58 million. It has a gross development value (GDV) of RM200 million.

Buyers camped overnight at the developer’s sales gallery in the posh Starhill Gallery retail centre in Bukit Bintang, Kuala Lumpur. The first buyer was in the queue at 7pm last Friday, 15 hours before the preview began, while another buyer, Moses Gerard, flew in from Penang that evening.

“I arrived at 10pm and there were already so many people. I am really happy to secure the unit that I wanted,” he said.

Facilities include two “suspended” 50m salt-water swimming pools, green spaces and “sky forest” terraces.

The Fennel offered a last opportunity to take advantage of the developer interest bearing scheme before it is disallowed.

“The Fennel’s success shows that investors are confident of Sentul East’s excellent potential with its strategic location in the heart of the city,” Yeoh said. “The condominium is close to two LRT stations, one KTM station and two proposed MRT-integrated stations, reaffirming Sentul East as a transport hub.”

After completion, The Fennel will feature four towers with a total GDV of RM800 million, located on on 6.59 acres (2.67ha) of freehold land. Phase 1 of Towers A and D was launched in July this year and was fully sold out.

The Fennel’s phase 3 will be YTL Land’s last tower of condominium units in Sentul East and will be announced at a later date. The last tower will comprise 38 storeys of 229 units with the same built-ups as condos from phase 2.

This article first appeared in The Edge Financial Daily, on November 22, 2013.