I&P Group’s Ten Kinrara sees good response

LAUNCHED on Oct 5, I&P Group’s Ten Kinrara has seen a take-up of 30% for the serviced apartments and 50% for the commercial units. The project is located in Bandar Kinrara, Puchong.

“The launch was for those who had registered with us as we have not advertised the development to the public yet,” its group managing director Datuk Jamaludin Osman tells City & Country.

He says many took the offer letter to check with their respective banks on loans and have returned to sign the sales and purchase agreement.

Ten Kinrara is located near Eight Kinrara and the Giant hypermarket. It will have a podium with 39 commercial units and two blocks of serviced apartments with a total of 380 units.

The 3.2-acre, low-density project has a gross development value (GDV) of RM283 million.

There are six types of layout for the serviced apartments, which will range from 646 to 1,281 sq ft. The selling price is from RM420,000 to RM820,000, with an average price of RM630 psf. Each unit will come with two parking lots.

Facilities at Ten Kinrara will include a swimming pool and gym, and it will also have security.

For the commercial units, the built-ups will be 1,195 to 1,496 sq ft. They are priced at RM460,000 to RM1.2 million, or RM417 to RM1,085 psf.

According to Jamaludin, the key selling point of the development are the amenities nearby.

“There is a light rail transit station within walking distance of Ten Kinrara — about 200m — and it is already in operation. The project is also near shops and the Giant hypermarket,” he says.

When asked about the developer’s target market, Jamaludin says it is anyone who wants to invest in property.

Bandar Kinrara is a 1,904-acre, freehold mixed-use development that was launched in 1991. It is accessible via the Shah Alam Expressway (Kesas Highway), Bukit Jalil Highway, Lebuhraya Damansara-Puchong (LDP), Maju Expressway (MEX), New Pantai Expressway (NPE) and Jalan Puchong.

Even though the township was launched a while back, Jamaludin says I&P Group is still developing it up until today.

He says there is a balance of 120 acres there, with a GDV of RM2.5 billion, that is still undeveloped.

“Every year, we launch projects in Bandar Kinrara. On the remaining land, we will be developing more serviced apartments, apartments, terraced and semi-detached houses, and bungalows.”

On his outlook for the property market, Jamaludin says the market is slow but the demand is there.

As for I&P Group’s plans for the rest of the year, he says, “We may have one more launch in Alam Impian. That project will have terraced houses. But the launch will depend on the market situation and the approval from the authorities.”

This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on Nov 14, 2016. Subscribe here for your personal copy.