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PETALING JAYA: The first tower of Mah Sing Group Bhd’s Icon Residenz serviced apartments in its Icon City mixed development is almost 70% booked ahead of its launch on May 12, said COO Andy Chua.
“We’ve had almost 12,000 registrants since late last year. We are confident of selling all the units in a weekend,” he told The Edge Financial Daily recently.
The 40-storey tower comprises 249 units with built-ups from 569 to 1,795 sq ft and come in one, two, three, 3+1 and 4+1 bedroom configurations.
Prices range from RM602,000 to RM1.65 million, which is slightly over RM1,000 psf.
Justifying the price tag, Chua said: “The convenience we are offering is unparalleled. I think the only development that comes close to what we are providing is Mid Valley City (which comprises shopping malls, offices and hotels). So you have everything under one roof. The price also reflects the RM200 million we will spend on new ramps and roads into Icon City.”
Icon Residenz will feature two 40-storey towers with Tower 2 comprising 323 units, totalling 572 units.
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| An Icon Residenz show unit at the sales gallery in Petaling Jaya. |
The towers have an estimated combined gross development value (GDV) of RM364.38 million. The towers are aiming for a Green Mark Gold standard.
Tower 2 is expected to be launched in June or July, and while prices have not been firmed up, Mah Sing is considering a 5% to 10% mark-up.
“We’ve obtained special permission to extend the construction period to 44 months. So the whole of phase 1, including Icon Residenz, will be completed in 2016,” he said.
Icon Residenz units come with a 10ft-high ceiling, audio-video intercom security system, air conditioning units, and an automated waste collection system.
The apartments are also partially furnished, with the 3+1 and 4+1 bedroom units having built-in wardrobes.
Both towers have common facilities on Level 33 such as pools, saunas and steam baths, reading lounges, gym rooms, children’s playground, barbeque deck, picnic terrace and landscaped gardens with foot reflexology paths.
Icon City is sited on a 19.6-acre (7.84ha) leasehold tract in Sungai Way at the intersection of the Federal Highway and the Damansara-Puchong Highway.
The entire development has a GDV of RM3.2 billion and is divided into two phases. The first phase features the Icon Residenz, the 30 Jewels 7-storey and 8-storey shop offices, 1-storey and 2-storey Gourmet Street shops, i-Sovo (small office versatile office) suites and a five-acre park.
Phase 2 consists of a boutique hotel and a connected serviced apartment, four office towers and a shopping complex.
Last November, Mah Sing signed a memorandum of understanding with Thailand’s Central Pattana Pcl to explore the mall’s feasibility.
The mall will have an estimated net lettable area of one million sq ft and Mah Sing expects it to rival Mid Valley Megamall at least in terms of size.
This article appeared on the Property page, The Edge Financial Daily, April 27, 2012.
