Property developer UEM Sunrise Bhd rolled out the third phase of Melia Residence in Nusajaya, Johor last week after recording stellar sales for Phase I and II within just a short span of time.
According to the company’s Chief Operating Officer (commercial) Raymond Cheah, all the units in the landed project’s first two phases were snapped up within two days of launch, instead of three to six months based on initial projections.
“The speed of sales of Melia Residences was phenomenal and to date, we have achieved a total approximately RM206 million in sales, exceeding the target of RM196 million for this year.”
“In order to satisfy homebuyers’ demand, we have open up Phase Three, with limited units currently on sale starting from RM872,888,” he told reporters.
The latest phase consists of 160 terrace houses with built-up areas of between 2,006 and 2,349 sq ft. So far, 51 percent of the units have been reserved or bought, noted Cheah.
With an overall gross development value (GDV) of RM573 million, the 29.80ha Melia Residences is a freehold lakeside project within a gated-and-guarded community. The five-phase development is expected to be fully completed by 2020, with its final two phases to be unveiled in 2017.
Meanwhile, Cheah revealed that UEM Sunrise plans to retain its sales target of RM1.5 billion for 2016 despite seeing healthy sales for its developments in Malaysia and Singapore.
He also refuted claims that Johor is suffering from a housing glut, as there is still strong demand for landed homes there.
“Buyers are learned, they do not want to buy if the same concepts are offered repeatedly. So if the location, price, and product are strategic, then there will be no hiccups in capturing the buyers,” he explained.
Furthermore, the developer is helping buyers apply for housing loans from banks and other financial institutions, such as AIA and the Malaysia Building Society Bhd.
“We have noticed a large number of young buyers, whose parents are stepping in to top up and help their children secure a roof over their heads,” added Cheah.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org