This article first appeared in City & Country, The Edge Malaysia Weekly on April 17, 2023 - April 23, 2023

Coronade Properties Sdn Bhd's The Coronade Residences in Johor Baru has achieved a take-up rate of 40% since its soft launch last October. The project is located within the 9.58-acre fully integrated Coronation Square development, which is situated between Jalan Wong Ah Fook and Jalan Trus.

According to Coronade Properties sales manager Ong Tee Hui in an email interview with City & Country, Coronation Square has a gross development value (GDV) of RM5 billion and will be developed in three phases. "We’re currently developing Phase 1, which comprises Menara Bank Rakyat, KPJ Medical Suites, The Coronade Residences and a mall. The mall will be situated inside a platform that links all six towers of Coronation Square. In Phase 2, we plan to develop a hotel and another serviced apartment while Phase 3 will witness the development of an office tower."

The Coronade Residences sits on a 0.9-acre freehold parcel and offers 551 units across 38 storeys. The residential units will have three sizes, namely, studios with built-ups of 267 sq ft, studio deluxe units sized at 516 sq ft and the 704 sq ft suites. The studio units will have one bedroom and one bathroom; the studio deluxe units will have two bedrooms and one bathroom; and the suites will feature two bedrooms and two bathrooms.

Ong says the smaller units were designed to cater for commuter-based living. These homes will have a selling price starting from RM1,200 psf and a maintenance fee inclusive of sinking fund of 40 sen psf. The tower has a GDV of RM377 million and is expected to be completed by 2025.

Facilities in The Coronade Residences include a yoga deck, swimming pool, BBQ deck, playground, high terrace garden, water features, Jacuzzi, sauna, gym, concierge services, the first medical concierge in Malaysia and shuttle services.

Aside from The Coronade Residences, other ongoing components in Coronation Square include the 35-storey Menara Bank Rakyat, which is now 90% developed and is slated for completion in 4Q2023. Bank Rakyat, which bought the building at more than RM1,000 psf, will occupy 29 levels and lease the remaining floors. The building is located on one acre of land.

Another ongoing component is the 30-storey KPJ Medical Suites, which is now 50% complete and is expected to be ready by 4Q2024. This centre will offer purpose-built medical suites to cater to non-emergency medical services such as aesthetic services, dentistry, eldercare and paediatrics. KPJ Healthcare Bhd also bought the tower, which is situated on a 0.7-acre parcel, for over RM1,000 psf.

Coronation Square’s upcoming developments include a four-star hotel, which will be operated by Wyndham Group. The 32-storey hotel, which sits on 0.5 acres, will have around 250 to 300 rooms.

The other, yet-to-be-named, serviced apartment will have about 500 units across 44 storeys and occupy a 0.9-acre parcel. Details of the built-up areas and selling prices will be announced later. Details on the office tower will also be revealed at a later date.

Coronation Square will have covered walkways that lead to the upcoming Johor Bahru–Singapore Rapid Transit System (RTS) station. Ong says the elevated walkways will connect the RTS station and Johor Bahru Customs, Immigration and Quarantine Complex (CIQ) to Coronation Square.

Ong says that the upcoming RTS Link will greatly benefit Coronation Square. "Due to Coronation Square’s close proximity to an RTS station and being situated within the Johor Baru City Centre, we received huge demand from foreign buyers from countries such as Singapore, Indonesia, Japan and Korea.

"From what we have observed, foreign buyers usually purchase our local properties due to the country’s excellent medical services, education, golf (facilities), F&B and tourism. This will contribute greatly to our economy, especially for middle- to high-income wage earners who seek quality urban living. We have also noticed that most foreign buyers are looking to leverage the upcoming RTS Link, which would provide a convenient mode of transport to Singapore without the need to use a car," she says.

Ong adds that proximity to the RTS Link will impact the value, rental rates and tenant mix at the developments in Coronation Square. "With the opening of borders between Singapore and Malaysia in April 2022, we have noticed a hike in transactions and demand for properties in Johor Baru.

"Rental rates have improved as well and more Malaysians who work in Singapore will consider moving back due to the higher living costs there. We foresee an upward trend in prices of property in the vicinity of the RTS Link from this year onwards,” she shares.

Ong also foresees opportunities for newer retailers and businesses to set up operations in Johor Baru due to the ease of travel once the RTS Link is completed. She believes this, in turn, will create a newer and more diversified tenant mix for businesses as well as draw more people to the area.

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