E&O to launch 70 units of Avira Garden Terraces in 1H2017

PETALING JAYA (Dec 9): Eastern & Oriental Bhd (E&O) plans to launch phase 2 of Avira Garden Terraces at its Avira Iskandar Malaysia development in Johor in the first half of 2017.

Comprising 70 double-storey superlink houses, the developer is looking to launch the homes by March or April next year, E&O Johor operations general manager Benjamin Ong told TheEdgeProperty.com.

“Phase 1 of Avira Garden Terraces, which consists of 458 double-storey superlink houses, had enjoyed a good take-up rate of 90% with a healthy mix of buyers. About half of them were foreign buyers,” he said, adding that phase 1 was launched in 2Q2014.

Similar to phase 1, the 70 units in phase 2 will be priced from RM1.6 million to RM1.7 million per unit. The built-up sizes for the 3 + 1 bedroom units will range from 2,215 sq ft to 2,314 sq ft.

“The upcoming phase is open for registration and we have received strong interest from foreigners, including from Hong Kong, China, Singapore and India,” said Ong.

Avira Garden Terraces is part of phase 1 of Avira Iskandar Malaysia. Phase 1 covers 60 acres and has a gross development value (GDV) of RM1.4 billion. It comprises about 700 units of serviced apartments, a wellness centre dubbed Wellness Sanctuary, and the two phases of double-storey superlink houses in Avira Garden Terraces.

Meanwhile, the entire Avira Iskandar Malaysia development has a total GDV of RM3.5 billion and spans 207 acres of leasehold land. It comprises terraced and semi-detached houses, bungalows, condominiums, serviced apartments, a commercial district and a wellness centre.

Ong said E&O also targets to commence the construction of the Avira Wellness Sanctuary in 1Q2017.

“We are now planning the development of the Wellness Sanctuary, a five-acre wellness centre equipped with modern facilities such as an Olympic-size swimming pool and a health and fitness centre for our residents,” he said.

Looking ahead, Ong remains bullish on the Johor property market’s long-term outlook given that there is still a healthy demand for housing while the government continues with its efforts to make Iskandar Malaysia successful.

Being the third largest city in Malaysia, Johor Bahru remains one of the top three property destinations in the country, he said.

“I believe there is still a healthy demand for properties in the market. Investors should also take advantage of the rebates and discounts that developers are currently offering.

“Well-priced and well-planned projects in good locations remain in demand,” he added.

Nevertheless, Ong said the current slowdown seems to be holding out relatively longer than previous slowdowns which usually lasts around 12 to 18 months.

This story first appeared in TheEdgeProperty.com pullout on Dec 9, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.