The Star - Developer launches homes for middle-income group
Its latest project addresses the underlying needs of the middle-income community, which makes up about 50% of the total market, according to Tropicana Corporation Bhd group chief executive officer Datuk Yau Kok Seng. In the real estate industry, the high-end market is defined by properties priced above RM500,000 while properties below RM300.000 are for the lower-income group. "To close the gap between the two segments, Tropicana is offering homes priced between RM300,000 and RM500,000 for the middle-income group," said Yau during the launch at Tropicana Golf and Country Resort, Petaling Jaya. He said the project complemented the Government's initiatives to increase supply of affordable housing and homeownership in the country.
Within the next five to seven years, Tropicana aims to build 10,000 to 15,000 units of quality homes in strategic urban areas of its existing and new land banks, added Yau. "The launch also marks a new milestone for the group to create new revenue streams as it expands into property management services and one-stop service centres. "Recognising the big shortage of affordable homes and urgency to fill this space, Tropicana will be leveraging on Industrialised Building System to promote environmental sustainability for better quality homes and speed up the construction period. "Essentially, the new home owners will be able to enjoy the same value-added features as those in the high-end segments, consistent with Tropicana's strategy to deliver exceptional values to its customers," Yau assured. He said the latest brand would also include Tropicana's unique design, connectivity, and accessibility, as well as multi-tiered security. Tropicana Urban Homes is targeted towards first-time homebuyers and young professionals with a combined household income of between RM8,000 and RM20,000.
The development will begin at two of the company's award-winning integrated townships Tropicana Aman in Kota Kemuning and Tropicana Heights in Kajang both of which offer easy accessibility and facilities. About 3,000 units of urban homes in Tropicana Aman will be launched over three phases within the next six to nine months, while 1,025 units will be launched at Tropicana Heights this quarter. Yau is confident that Tropicana Urban Homes will be well-received. 'This new revenue model will enable Tropicana to achieve a sustainable and healthy revenue growth over the next years in spite of the current challenging property market condition," he added. With built-up areas from 650sq ft to 1,000sq ft, units are priced between RM300,000 and RM500,000. For details on Tropicana Urban Homes, call 03-7713 8888 or visit www.tropicanaurbanhomes.com.
