OSK Property will be launching Phase 8A of Erama at its Iringan Bayu township in Seremban, Negeri Sembilan, on March 31. Phase 8B will be launched in May.
Spread over a 27.22-acre freehold tract in Iringan Bayu, Erama has a gross development value (GDV) of RM208 million and comprises 322 single- and double-storey semi-detached houses. Due for completion in 2023, it will have two subphases — Phase 8A (180 single-storey semidees; GDV of RM103 million) and Phase 8B (142 double-storey semidees; GDV of RM105 million).
Phase 8A units will come in 3+1-bedroom and 2-bathroom layouts with built-ups of 1,319 sq ft and prices starting from RM534,420. Phase 8B units will have 4+1-bedroom and 4-bathroom layouts with built-ups of 2,090 sq ft and prices starting from RM680,000. Prices vary because because some units are bumiputera lots, have extra land or face different views.
“In line with the OSK Essential Homes series, we will continue to adopt the signature concept of nature-inspired living, which has been [embraced in] all of our previous projects. We envision Erama as a green haven that provides spacious, comfortable yet competitively priced homes for buyers, especially those in the M40 segment,” says OSK Property CEO Ong Ghee Bin in an email interview.
According to the developer, homes at Erama will feature open spaces and gardens to promote indoor and outdoor activities. Designed to maximise space and flexibility, each unit will come with a sizeable backyard, which can be used as a garden or an outdoor space for family gatherings and barbecues, among others. “Hence, they are ideal for medium-sized families, upgraders, downsizers as well as retirees looking for a quiet and serene environment to live in,” says Ong.
There will also be a private thematic pocket garden for residents in Erama, offering facilities such as a children’s play area, tree houses and a dedicated viewing deck overlooking the 22-acre Wetland Park. Erama will be a gated and guarded community with high perimeter fencing, guardhouse and radio-frequency identification (RFID) access. The indicative maintenance fee is RM99 per month.
Ong says there is substantial demand for single-storey semidees, but there are not many in the market. The urban population in Seremban generally likes properties with a larger land area so that they can spend quality time outdoors and also enjoy a sizeable yet comfortable layout. “Hence, our current offer fits in with the competitive price point that is highly affordable for a growing family,” says Ong.
The limited supply of single-storey semidees in Seremban is where the developer finds opportunities to bridge the gap. “It may be too early to predict the expected capital gain for these houses as there are no recent launches in this segment and most of the buyers in Iringan Bayu are owner-occupiers. Nonetheless, due to the scarcity of such properties, we can look forward to a healthy capital appreciation,” says Ong. He adds that all precincts/phases in Iringan Bayu come with linear gardens, and a dedicated bicycle lane and jogging track that connect them to the Wetland Park.
Despite the pandemic, the developer saw healthy demand for its residential homes in strategic locations. “We believe the market will be stronger this year when the economy recovers from the pandemic with the rollout of the vaccine. However, the pandemic has impacted how we live, work and shop. There is a digital transformation that impacts how businesses are run and eventually shapes the new normal that we are experiencing today,” says Ong.
“While the pandemic has led to sluggish demand for properties in Malaysia, we are glad that our products in Iringan Bayu continue to receive encouraging take-up rates,” he adds.
Phase 6, named Aury, was launched on Nov 23, 2020, and has seen a take-up rate of 62%. It comprises 215 two-storey terraced homes with built-ups of 1,678 to 2,148 sq ft and prices starting from RM406,620.
The 770-acre Iringan Bayu has a GDV of RM3.6 billion and will comprise about 5,000 one- and two-storey houses. The township is currently 20% developed.