This article first appeared in City & Country, The Edge Malaysia Weekly on May 6, 2019 - May 12, 2019
Boutique developer Mediaraya Sdn Bhd has sold 71% of its mixed-use development in SS15, Subang Jaya, called Grand Subang Jaya, since it was launched in the middle of last year. The project is coming up where the iconic Asia Café was located. Site progress is about 20% to date.
“The response to Grand Subang Jaya, which comprises small offices/home offices (SoHos) has been good so far,” says chief operating officer Mark Choo in a phone interview. “Considering the soft market, our sales have been positive with 343 [out of the 483] units already taken up.”
Occupying 2.05 acres, the freehold Grand Subang Jaya has a gross development value (GDV) of RM277 million and is due to be completed in 2022. Apart from the SoHos, the development also offers 14 shoplots. The SoHos have a standard built-up of 563 sq ft and will be housed in two towers — one 31 storeys high and the other 24 storeys. The launch price of the SoHos is between RM478,000 (RM850 psf) and RM525,000 (RM935 psf).
“We have hit the mark in terms of our target market as so far, over 90% of our buyers have been young investors. The development is designed for student accommodation for nearby universities and higher education institutions, such as INTI International Colleges and University (in SS15),” says Choo.
“Our buyers understand that this is a good opportunity for investment and steady returns as there is continuous demand [for accommodation] in the area.”
Other institutes of higher learning in the vicinity of the development are Monash University, Sunway University and SEGI College.
According to the developer, Grand Subang Jaya offers students a convenient and safe living space. Currently, students in the area mostly rent rooms in nearby shophouses, houses with converted rooms and layouts, and condos.
Facilities at Grand Subang Jaya include a swimming pool, basketball half court, mini-futsal court, BBQ pit, playground and gym. In addition, the development will have its own food and beverage space to replace Asia Café.
“The new F&B space will be a lot smaller (about 24,000 sq ft) and have air conditioning. We will open it to stall operators in a year or so,” says Choo.
“Local feedback has been good so far. Initially, we wanted to retrofit Asia Café (which was built in 2003) because it had lost its lustre. Then, we decided it would be best to redevelop it altogether and offer air conditioning, which is something the former site lacked. Also, after we demolished Asia Café (last year), we noticed that there was less traffic congestion (a longstanding issue) in the area.”
There will be 770 parking bays in Grand Subang Jaya, which will further alleviate traffic woes in the area.
“Grand Subang Jaya’s location is strategic, which is partly why response to it has been good so far,” says Choo.
The development is linked to the Federal Highway, Lebuhraya Damansara-Puchong, New Pantai Expressway and Shah Alam Expressway. Mediaraya is also planning a shuttle bus service for Grand Subang Jaya.
Also located nearby are such amenities as Sunway Pyramid, Subang Parade, Empire Shopping Gallery, AEON BiG Hypermarket and Summit USJ.
Founded in 2005 by Datuk Stanley Cheah Suan Lee, Mediaraya’s notable projects include small office/flexible office (SoFo) developments Grand SOFO at Kelana Damansara Suite (which was completed in 2016) and Grand Subang in SS13. The developer also owns the Asia Café chain in the Klang Valley.
“Kelana Damansara Suite is fully taken up while Grand Subang in SS13, which we plan to hand over this year, is 99% sold,” says Choo.
Currently, Mediaraya owns land in Penang, Kuala Selangor and Kuantan, and is in the midst of looking for more in Petaling Jaya.
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