PETALING JAYA: Melaka-based developer Parkland Group is making its first venture into the Klang Valley with an upcoming transit-oriented development (TOD) in Cheras, Selangor.
The serviced apartment project on a 2.36-acre freehold site in Cheras Batu 11 (11th Mile) will be connected to the Batu 11 Cheras MRT (mass rapid transit) Station via a 15m link bridge, which is said to be the shortest connecting bridge along the MRT line.
Dubbed Parkland Residence @ Cheras South, the project has a gross development value (GDV) of RM300 million and will feature a 39-storey, L-shaped building. It will house 714 serviced apartment units and a 9-storey car park podium, said Parkland group managing director Victor Tan.
Carrying an indicative selling price of RM520 psf, the units come in three layouts – the 875 sq ft 3-bedroom and 2-bathroom Type A, the 704 sq ft 2-bedroom and 2-bathroom Type B and the 550 sq ft 1-bedroom and 1-bathroom Type C.
“This is Parkland Group’s first project in the Klang Valley and it will be a stepping stone into the Klang Valley market where there are numerous pocket lands suitable for high-rise developments,” Tan told EdgeProp.my.
Parkland started as a construction company in 2005 and diversified to the property development segment in 2012, said the developer.
“We have completed many high-rise developments since the inception of Parkland 13 years ago,” he added, citing the group’s recently completed Parkland Residence @ Sungai Melaka, a serviced apartment project. It was handed over in November.
With a GDV of RM360 million, Parkland Residence @ Sungai Melaka sits on a 6.5-acre freehold site. All its 890 serviced apartment units have been sold at an average price of RM400 psf, said the developer.
It is believed to be the first high-rise stratified development in Melaka to issue strata titles upon vacant possession after the enforcement of the Strata Titles Act 2013.
Tan sees Parkland Residence @ Cheras South as an important project for Parkland to establish itself as a long-term player in the Klang Valley market where demand for homes is expected to be strong as the population is expected to hit 10 million by 2020.
Targeted for launch in January 2019, Tan said Parkland Residence @ Cheras South are affordably priced starter homes for young couples and families living in the surrounding areas, namely Cheras and Kajang. The project is expected to be completed in the second quarter of 2022.
The main selling point of the project is the 15m link bridge, he added. It will link level 5 of the project to Entrance B of the Batu 11 Cheras MRT Station, thus allowing residents to enjoy the convenience of having an MRT station at their doorstep.
“Among the 35 stations, I think this bridge is the shortest one. It only takes about 25 minutes to travel from here to Bukit Bintang in the city centre,” he said.
For security reasons, a turnstile gate will be installed at the link bridge, allowing residents to access the building one at a time with their access cards.
Looking ahead, Parkland plans to launch a RM200 million landed residential development comprising linked houses and semi-dees priced below RM500,000 in Kluang, Johor in 2019 while hunting for more land in the Klang Valley.
“We have been actively searching for land such as in Subang and Puchong. Our aim is to go for high-rise developments on pocket lands and there are plenty of such lands in the Klang Valley,” he pointed out.
Currently, Parkland owns some 1,067 acres of land of which more than 1,000 acres are in Johor while the balance is in Melaka. With an estimated GDV of about RM3.65 billion, the landbank is expected to keep the group busy for the next decade, said Tan.
To date, Parkland Group has completed 230 landed houses, 809 high-rise homes and 460 commercial properties with a combined GDV of RM742.5 million.
It has an ongoing project dubbed Taman Kluang Perdana which comprises 491 landed homes with a GDV of RM295 million.
This story first appeared in the EdgeProp.my pullout on Dec 21, 2018. You can access back issues here. — EdgeProp.my