KUALA LUMPUR: Aquaint Danga Residensi (ADR), a RM900 million joint venture (JV) between Iskandar Waterfront Holdings Sdn Bhd (IWH) and two Singapore partners, saw nearly 80% of its 358 units in two blocks of luxury condominiums snapped up within two days of its sales launch in Johor Baru.
ADR, which comprises four high-rise towers, spreads over a 1.6ha prime waterfront site facing the Johor Straits, offers 818 units with bubble lifts, integrated shops, high-end F&B outlets and extensively landscaped parks linked to an 8km boardwalk along the Danga Bay waterfront.
The project is being developed by Para Impiana Sdn Bhd, a joint venture between Rampai Fokus Sdn Bhd — wholly owned unit of IWH — and its two Singapore partners Imperial Marina Pte Ltd and Skyfront Holdings.
“The strong sales over the weekend were largely due to ADR’s prime waterfront location,” said IWH managing director Tan Sri Lim Kang Hoo in a statement yesterday.
IWH said the impressive take-up rate has also “bowled over the market”, as ADR units are priced about 30% higher than similar high-end apartment units launched by China’s Country Garden and Greenland Group in the same location.
ADR’s selling prices range from RM900 per sq ft to RM1,200 per sq ft.
“Singapore luxury living standards at local prices mean fantastic price savings for purchasers and investors,” IWH group executive director Lim Chen Herng said.
Of the 80% units taken up, most are by Malaysians working in Singapore and Singaporean themselves.
Tan Yang Poh, the Singapore co-owner of ADR, said the development was comparable to some of the best in luxury condominium projects in Singapore.
“But you cannot beat this in terms of cost savings and connectivity, especially with the up-coming MRT (mass rapid transit) extension to Johor Baru from Singapore,” she said.
IWH said site-clearing works on the first two tower blocks under Phase 1, with a gross development value of RM382 million, have already begun with the units expected to be ready for occupation by late 2018.
The project will also incorporate “sky bungalows”, a first in the south, with floor space of up to 5,000 sq ft each, and comes complete with a sky garden.
This article first appeared in The Edge Financial Daily, on October 14, 2014.