This article first appeared in City & Country, The Edge Malaysia Weekly on June 17, 2019 - June 23, 2019
Savio at Riana Dutamas in Segambut, by IJM Land Bhd, has now registered a take-up rate of 90% since its official launch in November 2017.
“The multi-generational suites of Savio (Phase 1) of Riana Dutamas is currently 90% taken up. The steady momentum of take-up of Savio indicates continued buyer interest in the project, which is slated for completion in December 2021,” IJM Land Bhd managing director Edward Chong said in an email interview.
Savio, which has a gross development value of RM565 million, comprises a 37-storey tower with 1,018 of multi-generational suites and multi-storey parking space. The units, with built-ups ranging from 653 to 1,177 sq ft, come with one, two or three bedrooms. Prices start at RM575 psf.
Savio forms part of the RM1.5 billion Riana Dutamas, which is coming up on a 16.15-acre tract in Segambut and will be developed over three phases. IJM Land plans to launch Phase 2, comprising 921 serviced apartments, in the first quarter next year. It will occupy a 5.06-acre tract and have a GDV of RM585 million.
“Phase 2 will comprise two blocks [of 34 and 35 storeys] of serviced residences with two to four-bedroom units, measuring 720 to 1,210 sq ft. Its four-bedroom flexi units can be easily converted into dual-key units,” says Chong. The dual-key option, he adds, can cater for multi-generational families, or buyers who wish to rent out a self-contained bedroom. “The freehold project will also offer a myriad of lifestyle facilities that are conducive for recreational activities and community bonding.”
IJM Land appears sanguine about its upcoming launch. “We are optimistic about demand for the 921-unit serviced residence. Pivotal for this development is the emerging location of Segambut,” says Chong.
“The area has a central location, comprehensive connectivity, multi-generational appeal and growth potential and is surrounded by amenity-packed and prime neighbourhoods such as KL Metropolis, Bukit Tunku, Mont’Kiara, Hartamas and Dutamas. The development is wihin walking distance of the Segambut KTM Komuter station, which is connected to KL Sentral, and is near mainstream and international schools as well as retail malls,” he notes.
“On a positive note, we now see signs of stabilisation and recovery of the property market. All our projects launched nationwide in FY2019 [for the financial year ended 31 March] recorded strong take-up rates,” says Chong.
Established in 1989, IJM Land has a vast portfolio that includes townships, commercial properties, offices, and landed and high-rise residences in Greater Kuala Lumpur, Penang, Pahang, Negeri Sembilan, Johor, Sabah and Sarawak. Notable projects include Seremban 2, Pantai Sentral Park in Kuala Lumpur, Nusa Duta and Sebana Cove in Johor.
IJM Land has about 3,828 acres of undeveloped land bank worth RM40.35 billion in Malaysia, China and the UK as of now.
“IJM Land achieved total sales of RM1.7 billion for FY2019. This was underpinned by our well-established townships and well-received projects such as 3 Residence in Penang, Residensi Suria Pantai in Pantai Sentral Park, Alam Suria Enclave in Shah Alam 2 and Ara Impian in Seremban 2. Our focus on affordable and mid-range products will continue in FY2020,” says Chong.
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