Pay only 1% and the rest upon completion

PETALING JAYA: Kuala Lumpur-based TPPT Sdn Bhd is launching the first block of its latest condominium project, Emerald Residence at Teluk Kumbar Heights, Penang island this weekend. The 4.37-acre build-then-sell freehold project comprises three towers offering a total of 411 units.

With a GDV of RM226 million, built-ups for the units are from 1,114 sq ft to 1,183 sq ft, with prices starting from RM428 psf or from RM476,792. The first block to be launched is Block B2.

“On top of that, the developer will be giving a 9% rebate to early-bird purchasers. Construction work commenced in early 2016 and the project is 50% completed,” said Property Talk Sdn Bhd director Steven Cheah. The agency is the exclusive marketing agent for the project.

Buyers need to only pay 1% of the purchase price, with the balance 90% payable only upon completion of the project in mid-2019.

Other incentives for buyers include a RM10,000 voucher for selected furnishing and electrical appliances from stores such as IKEA, Senheng and Harvey Norman, stamp duty exemption on the memorandum of transfer and absorption of legal fees for both the sale and purchase and loan agreements.

“Only strong and reputable developers with strong cash flow are able to undertake the build-and-sell concept. Purchasers will get to save on the instalment interest, which is quite substantial since the developer will only bill them upon completion of the property,” said Cheah.

There are only six units per floor and every unit comes with two free side-by-side car park lots. Level four will be the facilities floor featuring an infinity pool, gym and recreation area. The condominium will also be installed with fibre optic cables for quick internet connectivity.

According to Cheah, demand for properties in Teluk Kumbar is expected to grow with the completion of the federal road upgrading that includes a four-lane 750m elevated road from Jalan Teluk Kumbar to Bayan Lepas, upgrading of two overhead bridges and an elevated U-turn near the Penang International Airport, which opened in February this year.

“Travelling time from Teluk Kumbar to the Bayan Lepas Industrial Estate and the Second Penang Bridge will be shortened via the new flyover and new expanded road. The southwest district is considered a new property hot spot in Penang following the opening of the Second Penang Bridge and improvement in the road infrastructure. About 15 years ago, many would say that Sungai Ara, Batu Maung and Teluk Kumbar are remote areas. But with the improved infrastructure, property prices in these areas have appreciated and many projects are being developed in the south of Penang island,” he said.

A double-storey terraced house in Batu Maung priced at RM400,000 a decade ago can fetch RM900,000 today, he added.

TPPT has developed more than 20,000 units of various housing types in major states including Selangor, Penang and Sabah, worth a total GDV of RM2 billion.

This story first appeared in EdgeProp.my pullout on April 13, 2018. Download EdgeProp.my pullout here for free.