First phase of Lumi Tropicana sees 75% take-up

THE first phase of Thriven Global Bhd’s Lumi Tropicana, along Persiaran Tropicana in Petaling Jaya, has achieved a take-up of 75% since its official launch on Oct 15.

Managing director Ghazie Yeoh Abdullah is pleased with the result and expects to sell the remaining 25% by next year.

“We have 20 non-bumiputera units left and I think we can sell these in the next one month. We still have 91 bumiputera units but we will be doing a bumiputera campaign soon and can hopefully sell 30 units this year and the rest next year,” Ghazie tells City & Country.

Lumi Tropicana comprises four towers with a total of 744 serviced residences. There are also 62 small office/home office (SoHo) units.

Phase One comprises two towers — Play and Action — that house 372 serviced residences and 62 SoHos. Of these, 325 have been taken up to date. This phase is expected to be completed in June 2019.

Lumi Tropicana has a gross development value (GDV) of RM886 million, up from an initial estimate of RM740 million.

A significant number of buyers have signed the sales and purchase agreements (SPA) amounting to RM224 million in gross value. The rest are expected to sign the SPA in a month’s time.

The high-rise development comes with three layouts and built-ups of 862 to 1,500 sq ft. The average price of the serviced residences ranges from RM730,000 to RM1.2 million while the SoHos start at RM550,000. All units are fully fitted out.

Thriven Global will be implementing a hospitality and rental management system, including housekeeping, at the project.

“Our buyers can let us manage their units under our Lumi Collection. We can do short-term renting as well, like Airbnb, and see a yearly net rental yield of 7%,” says Ghazie.

He points out that the key selling point of the development is the solutions Thriven Global offers its buyers.

“We not only provide a comprehensive product but also, from the handover, the ability to rent. The units are fully fitted and we will have in place the rental and housekeeping system. These services differentiate Lumi from other products in the market today.”

According to Ghazie, the development also has the longest swimming pool in Malaysia — at 180m — and a three-acre private park.

Phase Two, which will comprise two towers of serviced residences, will be launched separately. Tower 3, named Wellness, and Tower 4, Business and Lifestyle, are scheduled to be launched in April next year and in the second quarter of 2018 respectively.

Each towers have an average GDV of RM220 million. Units in the Wellness tower will be sold for an average price of RM1,000 psf. The unit types are the same as those of Towers 1 and 2.

Despite the bleak outlook for the property market, Ghazie remains optimistic as the response to Phase One has been good.

“It’s (a) pretty promising result despite the current economic situation. I think it all boils down to having a good product in a good location, which is a valid proposition for buyers and people will still buy.”

This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on Oct 24, 2016. Subscribe here for your personal copy.