The Edge City & Country - Tropicana Metropark's third serviced apartment projects to be launched on April 22
Tropicana Metropark, unveiled in 2012, is an 88-acre freehold mixed-use development that will com prise residential and commercial properties, office units, a shopping mall, an international school and a medical centre.
With a gross development value (GDV) of KM7.2 billion.it will be developed in 10 phases and is slated for completion in 2027. At the heart of the development lies the newly completed 9.2-acre Central Park, which boasts a 750m canal complete with a biofiltration system, cycling and jogging tracks,a promenade, and a food and beverage area. Paisley, which means a droplet-shaped motif of Persian origin that symbolises life and eternity,will sit on a 4.29-aerc site.Earthworksstarted in February and construction is expected to be completed by February 2021.
With a GDVof RM479 mii!ion,Pais-ley will consist of two towers ?28-sto-reyTower A with 329 units and 27-sto-rey Tower B with 258 units. Buyers will have several layout designs to choose from.The three main ones are 1 + 1 bedroom, 2+1 bedroom and 3+1 bedroom, with built-ups of between 601 and 1,491 sq ft. The selling price of the 1+1 bedroom units starts at RM534,000 which is 2+1bedroom units are priced at RM718,000 upwards. For the 3+1 bedroom units, a typical one costs RM1.063 million while the dual-key units are selling for RM1.12 million upwards.The average price of the units is RM840 psf.
The allocation of parking bays will be based on the number of bedrooms in a unit, with the exception of the 2+1 bedroom units on the top floor,which will come with three bays. Tropicana business development and sales and marketing executive director Ung Lay Ting says Paisley will break away from the conventional linear design. Tower A will have a curved design and be set at an angle, away from the second tower. " It is designed so that the residents will have a good view of the Central Park and t he units will have maximum natural lighting," she says,adding the design was inspired by Melbourne's Yarra River." " Ung highlights that Paisley will occupy the most prime site of the residential component of Tropicana Metropark. she says the project will appeal to upgraders, newly-weds and young executives. The facilities will include three sky terraces,a multi-level gym and an Olympic-size swimming pool. Among the amenities near the de velopment are malls,universities and hospitals.
The GEMS International School at Tropicana Metropark will open its doors in September. The 252,000 sq ft campus will be able to accommodate up to 2,400 students aged from 3 to 18. A medical centre will also be set up in the township. According to Ung, Tropicana is spending RM106 million on a bridge linking the development to the Batu Tiga toll on the Tederal Highway. It is expected to be completed by this year. Tropicana Metropark is also accessible via other highways such as the North-South Expressway, the Daman sara-Puchong Expressway, the New Pantai Expressway, the New Klang Valley Expressway, the South Klang Valley Expressway and the Shah Alam Expressway.
A positive outlook on the market
Ung says the property market has gained a gradual momentum in the second half of last year after a slowdown in the first half. She says buyers in both the primary and secondary markets were cautious last year and will remain so this year due to factors such as financing and affordability. However, she believes that the growing population and the expanding middle-income group will continue to drive demand for residential properties. "The demand for homes will rise as more young adults join the workforce.
They will be looking for a place of their own to settle down." Hence, Ung says, it is crucial that Tropicana makes decisions based on due diligence and a careful analysis of the supply and demand situation. She adds that the company's products will be different from those of fered by others in terms of location, lifestyle and value proposition.
LaurelCap Sdn Bhd director Stanley Toh says the selling price of Paisley is slightly above the average selling price of serviced apartments in Subang Jaya, but its built-ups are palatable. Hartamas Real Estate (M)Sdn Bhd Right: Among the many facilities in Paisley is an Olympic-sized swimming pool group managing director Eric Lim, however, thinks that the price is reasonable as there will be many facilities and the built-ups are suitable for many kinds of buyers for example, smaller units for young working adults and bigger units for families. Metro Homes Sdn Bhd director See Kok Loong concurs with Lim.
He opines that Tropicana is selling a life style and township development instead of focusing on affordability. The property experts say there is no oversupply of serviced apartments in Subang Jaya and demand is still strong. "The demand is partly coming from students from around Subang and Sunway. Other interested parties are locals whose family size has changed or who are ageing and have decided to live in high-rise units for reasons such as security" says See. "There are also investors who see Subang Jaya as a township with plenty of rental potential. People coming from the nearby Shah Alam industrial area.The township is also an education hub," says Toh. "The second-generation locals who are either just joining the workforce or starting their own family would like to stay near their parents' homes, so they will look for high-rise properties in Subang Jaya.
There is also a small number of upgraders," says Lim. The experts think that Paisley will enjoy steady sales, albeit a bit slow in the beginning. See expects units priced below RM800,000 to sell well while others may take a longer time to find buyers. Toh believes that Paisley, like any-other development, has to overcome several challenges such as banks' approval for buyers' loan applications, the soft market condition and the restriction on foreigners buying certain types of properties in Sclangor. Lim opines that when the infrastructure is developed and when people begin to see the convenience, the take-up rate of Paisley will improve.
Ongoing and upcoming projects The first residential project at Tropicana Metropark ?Pandora - was launched in May 2013 and completed last month. Occupying 3.94 acres, the serviced apartment project has a GDV of RM354 million and is 99% sold.The built-ups of the units including studios, 2 and 3-bedroom and a penthouse are between 596 and 2,969 sq ft.Their selling prices were between RM600 and RM800 psf.
The second residential project at the township Paloma was launched in November 2013. It con sists of serviced apartments and courtyard villas on 3.82 acres.Targeted for completion in October, Paloma has a GDV of RMS07 million and is 95% sold. The built-ups of the units studios,and 2and 3-bedroom are between 609 and I,309 sq ft.The courtyard villas, which come with four bedrooms, lave built-ups of between 2,400 and 2,588 sq ft. All the units are priced at RM700 to RM900 psf. Metroplex.a premier commercial development consisting of shops,office suites, loft offices and en bloc of fice towers, will be coming up in the township soon.
Ung says the company's first three serviced residence projects at Tropicana Gardens in Kota Damansara are fully sold.She says the units of Arnica Serviced Residences the first residential tower of Tropicana Gardens were handed over to the buyers recently. Construction of Dianthus, the last phase of serviced residences at Tropicana Gardens, is ongoing. Ung also says the first phase of Tropicana Heights in Kajang Fairfield Residences was handed over to the buyers last year.
The ongoing project there is the third phase named Ridgefield,which comprises park villas and semi-detached houses. At Tropicana Aman Telok Panglima Garang near Kota Kemuning, the developer's ongoing projects include Cheria,which consists of 2-storey semi-dees houses, and the first phase of its commercial component named Sinaria. Tropicana's upcoming launches this year include homes and shop houses atTropicana Heights,semidees and zero-lot bungalows atTropicana Aman, and 3-storey terraced houses at Tropicana Cheras, Kuala Lumpur
