KUALA LUMPUR: Tropicana Corp Bhd is confident of achieving an 80% take-up
rate for Tower B of its Paloma Serviced Residences at its RM6.3 billion
Tropicana MetroPark development in Subang Jaya, Selangor, thanks to a proposed
dedicated flyover that will link the integrated development to the Federal
Highway.
Paloma Serviced Residences has a gross development value (GDV)
of RM465 million, comprising two residential towers and 20
villas.
Tropicana group chief executive officer Datuk Yau Kok Seng said
the RM106 million flyover was conceived as part of its integrated development
masterplan.
“Construction of the proposed flyover will begin in the
second quarter of this year and will be completed by the second quarter of
2016,” he told reporters after a signing ceremony and the unveiling of Paloma
Serviced Residences show units yesterday.
Up to 70% of the construction
cost will be funded via borrowings and the rest by internal funds.
“The
building of the new flyover does not involve any acquisition [of land]. It’s a
collaboration between us and the Subang Jaya Municipal Council,” Yau said.
Pembinaan Jemerlang Sdn Bhd is the appointed contractor for the proposed
flyover.
Tropicana marketing and sales executive director Pam Loh said
the average selling price of the 248-unit Tower B Paloma Serviced Residences is
RM800 per sq ft.
“We have two towers for Paloma Serviced Residences, but
we are only launching Tower B for now. We have already registered a 40% take-up
rate for Tower B,” said Loh.
Yau said the remaining components of the
Paloma Serviced Residences, featuring over 300 units of serviced residences for
Tower A as well as 20 villas, will be launched at an “appropriate
time”.
According to Yau, the first phase of the 88-acre (35.6ha)
Tropicana MetroPark development named Pandora Serviced Residences has a GDV of
RM365 million and is 90% sold. The project was launched on May 31 last
year.
With a total built-up area of over 11 million sq ft, Tropicana
MetroPark is divided into nine phases — five residential and four
commercial.
This article first appeared in The Edge Financial
Daily, on April 16, 2014.
For more information on Building and Construction
event, please visit www.asiapacificevents.com
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