Marina Cove, Johor

  • Caitlyn
  • 22 February 2021

Marina Cove is an integrated waterfront development in Johor Bahru by Trilink Pyramid, a wholly owned subsidiary of IOI Properties. Marina Cove will consist of serviced apartments, commercial complex, and hotels.

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The entire project sits on 37.7 acres of freehold land at Tebrau Coast. The developer aims to have Marina Cove provide a lifestyle amidst nature, and premier class lifestyle within the Johor Bahru Central Business District (CBD).

Marina Cove development is set on the waterfront of the Tebrau Coast, so residents can take strolls along the waterfront, while both office and condominium tenants will enjoy evening views of the city skyline and waterfront. As it will be a fully integrated development, eateries and retail outlets will be available to serve both office workers and tenants’ daily needs.

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This development is poised to feature sleek architectural design and beautiful waterfront surroundings. The area is also highly accessible, making it one of the most well-linked developments in the area. It is set on the southern part of the state, minutes away from the checkpoint.

Most of the components have yet to be announced. To date, only the serviced apartment has been launched – Wave Serviced Apartment, which was completed in 2017. The development was launched in 2013, and the developers said that it would be developed over 12 years, with a gross development value (GDV) of RM4.5bil.

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Address: Jalan Sultanah Aminah, 80300 Johor Bahru, Johor

Property Type: Serviced Residence, Hotel, Office Tower & Retail Lot

Land Title: Mixed

Total Units: 1,465 (serviced apartment)

Tenure: Freehold

Year of Completion: 2017

Built-up Area: 526 sq ft – 1,344 sq ft

Facilities – Wave Serviced Apartment:

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Active Zone

  • Swimming pool
  • Pool deck
  • Garden
  • Pavillion
  • Gymnasium
  • Games room
  • ½ basketball court
  • Badminton court (Level 5)
  • Multi-purpose room (Level 5)

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Leisure & Relax Zone

  • Play pool
  • Spa pool
  • Pool deck
  • Barbecue pavilion
  • Putting green 
  • Pond
  • Yoga / meditation plaza
  • Pavillion
  • Changing rooms
  • Steam room / sauna
  • Prayer room
  • Audio visual room
  • Function room
  • Open deck
  • Lawn

Kid’s Zone

  • Kid’s pool
  • Playground
  • Lawn
  • Water feature landscape
  • Kid’s corner

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Quiet Zone

  • Reading room

Launch Price: RM407,447 (serviced apartment)

Project Details

Wave Serviced Apartment comprises 6 towers of 35 storeys, with built-up area ranging from 526 sq ft to 1,344 sq ft. Situated next to Tebrau Coast, Wave Serviced Apartment has all the making of a strategic residential address in the rapidly changing town area.

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The apartment comes with facilities lifestyle suites, many of which can be found bookable on travel sites. Wave Serviced Apartment has a 2-acre facilities podium on the 7th floor, which is divided into 4 different zones – Active Zone, Leisure & Relax Zone, Kid’s Zone, and Quiet Zone.

According to the development’s Facebook page, there was a limited time promotion with up to 22% discount for units at Wave Serviced Apartment. There was also an extra discount for IOI’s return purchasers, and free SPA, loan legal fee and stamp duty.

Wave Serviced Apartment, at a glance:

  • Freehold
  • 6 blocks
  • 35 storeys
  • 1,465 units
  • 4 zones for facilities
  • Intercom system & panic button in each unit
  • Fenced, with 24-hour security patrol
  • CCTV at main entrance, car park & selected door access
  • Smart card access control at selected main access & lifts

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Unit Types

Built-Up

Launch Price

Type 1

·         526 sq ft – 553 sq ft

·         1 bedroom

·         1 study room

·         1 bathroom

From RM407,447

Type 2

·         793 sq ft (Type 2A)

·         933 sq ft (Type 2B)

·         952 sq ft (Type 2C-1, Type 2C-2 & Type 2D)

·         2 bedrooms

·         2 bathrooms

·         1 study room (Type 2C-1, Type 2C-2 & Type 2D)

Type 3

·         1,103 sq ft (Type 3A)

·         1,344 sq ft (Type 3B)

·         3 bedrooms

·         2 bathrooms / 3 bathrooms (Type 3B)

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Location

Marina Cove is along the Tebrau-Plentong Basin, and it overlooks the Straits of Johor. Marina Cove is expected to be the next thriving business hub of Johor Bahru, so it is set within a quick drive to shopping complexes, schools, hospitals, and entertainment options.

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Golfers get to pick from Star Hill Golf Club, Austin Hill Golf Resort, Permas Jaya Golf Club, and Pelangi Golf Driving Range, while other leisure activities can be found at Angry Birds Activity Park, Legoland, and Puteri Harbour Indoor Theme Park.

Within a 6km radius, residents, tenants and visitors can get to:

  • Sultan Iskandar Customs, Immigration and Quarantine (CIQ) Complex
  • Berjaya Waterfront Johor Bahru
  • Johor Bahru City Square
  • KSL City Mall
  • AEON Permas Jaya
  • Permas Golf Course & Pelangi Golf Driving Range

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Marina Cove is easily reachable from other parts of Malaysia via the Tebrau Highway, Tun Abdul Razak Highway, and the Johor Bahru Eastern Dispersal Link Expressway (EDL), which is linked to the North-South Expressway (NSE).

Additionally, Marina Cove is about just 3 minutes to the Sultan Iskandar Customs, Immigration and Quarantine (CIQ) Complex, 5 minutes to the Tebrau Highway, and Singapore-JB Rapid Transit System, and 10 minutes away from the Woodlands checkpoint.

In the pipeline is the Johor Bahru – Singapore Rapid Transit System (RTS), which is expected to be completed in 2026. Once completed, it is likely to contribute to the value of Marina Cove.

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Accessibility

  • Tebrau Highway
  • Tun Abdul Razak Highway
  • Johor Bahru Eastern Dispersal Link Expressway (EDL), linked to the North-South Expressway (NSE)
  • Sultan Iskandar Customs, Immigration and Quarantine (CIQ) Complex – 6km
  • Senai International Airport – 29km 

Education

  • Excelsior International School
  • The Japanese School
  • REAL Schools, Johor Bahru campus
  • Foon Yew High School

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Medical Care

  • Thomson Iskandar Medical Hub (tentative completion: 2024)

Shopping

  • The Mall, Mid Valley Southkey
  • Johor Bahru City Square – 6km
  • KSL City Mall – 6km
  • AEON Permas Jaya – 6km
  • Giant

Recreation

  • Permas Golf Course – 6km
  • Pelangi Golf Driving Range – 6km
  • Angry Birds Activity Park – 6km
  • Singapore Turf Club – 10km
  • Star Hill Golf Club
  • Austin Hill Golf Resort
  • Ponderosa Golf & Country Club
  • Legoland – 25km
  • Puteri Harbour Indoor Theme Park – 25km
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Analysis

Marina Cove is located very close to the border of Johor and Singapore, which will attract Singaporeans who are looking for more affordable homes across the border. However, there’s a price to pay – bumper-to-bumper traffic, especially during peak drive times.

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Marina Cove is expected to become a busy business centre once it is completed. So, businesses could look into the possibilities of setting up or branching out within this development. As Marina Cove is located in the Flagship Zone A of Iskandar Malaysia and central business district of Johor Bahru, there will be access to top-notch educational, medical, leisure, and commercial facilities.

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The developer opine that prices of Wave Serviced Apartment were competitive. On average, prices for properties, including condominiums in South Johor, are relatively cheaper compared to those in the Klang Valley and Penang.

Listings in PropertyGuru in February 2021 show that the asking monthly rental for 952 sq ft units is about RM1,400, while purchase prices are asking for approximately RM480,000. Thus, the gross rental yield would be 3.5% per annum.

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Here’s a quick look at residential properties in Johor.

Project

Land Tenure

Property Type

Completion

Built-up

Approximate Launch Price

Wave Serviced Apartment by IOI Properties

Freehold

Serviced Apartment

2017

526 sq ft – 1,344 sq ft

From RM407,447

Palazio by Malaysia Land Properties Sdn Bhd

Freehold

Serviced Residence

 

2014

484 sq ft – 1,097 sq ft

From RM98,888

Senibong Cove – The WaterEdge Apartments by  Senibong Cove Development Sdn Bhd

Freehold

 

Apartment

 

2018

1,184 sq ft – 1,894 sq ft

From RM470,000

A Tower @ Austin Regency by Scudai Development

Freehold

 

Serviced Residence

 

2019

From 490 sq ft

 

From RM307,250

Merpati Indah Apartment@ Bandar Putra Kulai by IOI Properties Group Berhad

Freehold

 

Apartment

2022

818 sq ft – 1,249 sq ft

From RM308,900

 

Eco Botanic 2 by EcoWorld

Freehold

2-storey terrace houses

2025

1,701 sq ft – 2,239 sq ft

From RM600,000

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Summary

IOI Properties is a public listed company on the KLSE. Their award winning developments include Seascape from Singapore, the Palm Garden Golf Club in Putrajaya, and the Putrajaya Marriot Hotel & Spa, which won The Edge’s Malaysia Top 10 Property Developers Awards from 2003 – 2009 and the FIABCI Award Of Distinction For Best Hotel Development in 2003, amongst others.

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Additionally, they have the SIRIM MS ISO 9001:2000 Certification For Development of Residential Property status. In time, Marina Cove could be another award-winning project. Other projects in Johor by IOI Properties include Taman Kempas Utama, Bandar Putra Kulai, Bandar IOI Segamat, Taman Lagenda Putra, and The Platino.

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Here are some estimated loan figures for a 952 sq ft Wave Serviced Apartment unit priced at RM480,000.

  • LTV / margin of finance: 90%
  • Down payment (10%): RM48,000
  • Loan amount: RM432,000
  • Loan term: 35 years
  • Interest rate: 3.2%
  • Monthly repayment: RM1,711
  • Approximate required gross annual income: RM69,000*

These calculations are based on the PropertyGuru Home Loan Calculator, and PropertyGuru’s Home Loan Eligibility and Affordability Calculator.

If you’re interested in calculating your Debt Service Ratio (DSR), you may refer to the PropertyGuru Home Loan Pre-Approval tool. It is FREE to use, and has a 99.9% accuracy, which helps in avoiding loan rejections.

* Assumptions: You have no other monthly debt obligations, and 30% of gross income will be spent on the housing loan. As a rule of thumb, banks usually loan up to 30% of your gross annual income.

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And now, if you’re looking to purchase a 1,325 sq ft unit at Seri Maya Condominium that’s priced at RM580,000, here are its estimated loan figures.

  • LTV / margin of finance: 90%
  • Down payment (10%): RM58,000
  • Loan amount: RM522,000
  • Loan term: 30 years
  • Interest rate: 3.2%
  • Monthly repayment: RM2,257
  • Approximate required gross annual income: RM91,000*

* Assumptions: No other monthly debt obligations, and 30% of gross income spent on the home loan. As a rule of thumb, banks usually loan up to 30% of your gross annual income.

Calculations are based on the PropertyGuru Home Loan Calculator, and PropertyGuru’s Home Loan Eligibility and Affordability Calculator. Try them to estimate the figures that are right for you!

Find out your Debt Service Ratio (DSR) too!

DSR is a method used by banks in Malaysia to calculate whether you can afford the loan you’re applying for. To calculate your Debt Service Ratio (DSR), refer to the FREE PropertyGuru Home Loan Pre-Approval tool. It has a 99.9% accuracy, which greatly helps in avoiding loan rejections.

 

Keep browsing Malaysia’s largest property site for more project reviews.

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Eric Wong

Caitlyn

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