Despite the tough market conditions, IJM Land plans to launch two eagerly awaited projects, namely Riana Dutamas Phase 1 and The Light Waterfront Phase 2, reported The Edge.
With a gross development value (GDV) of RM565 million, Riana Dutamas Phase 1 will consist of a 36-storey tower with 1,018 residential units, and five levels of parking space. The flats are offered in one-, two- and three-bedroom configurations, with selling prices starting from RM350,000.
Jointly developed by IJM Land and FCW Holdings Bhd, the entire Riana Dutamas project has an overall GDV of RM1.5 billion and total land area of 16.15 acres. The first phase of the freehold development is expected to be unveiled in the second half of this year (2H 2017).
“This is a good opportunity for homebuyers and investors to own a property in an upcoming location,” said IJM Land Managing Director Edward Chong. He pointed out that Riana Dutamas’ location in North Kiara is a plus point as it is near all major locations in Klang Valley like Dutamas, Mont’Kiara, Sri Hartamas and Kuala Lumpur City Centre (KLCC).
Meanwhile, Chong revealed that the commercial component or Phase 2 of The Light Waterfront project in Penang is targeted to be unveiled later this year.
Out of the total 103 acres in phase two, the first 32.76 acres will be launched in 2H 2017 and this will comprise offices, hotels, a retail mall, residences, thematic shops and a convention centre, with a combined gross floor area of 4,153,859 sq ft.
For the 32.76 acres, IJM Land has formed a 50:50 joint venture with Perennial Real Estate Holdings, while Singapore-based DP Architects will design the buildings.
One of the major attractions of Phase 2, which a GDV of RM3.5 billion, is its one-of-a-kind heritage design, noted Chong. For example, the interior and exterior of the retail mall were inspired by Penang’s local archetypes such as the pre-war shophouses and colonial buildings.
Construction work for Phase 2 is set to start mid-year and is targeted to be completed by 2021. Previously, Phase 1 or the project’s housing component was unveiled in July 2009, featuring 1,177 residential units sited on 42 acres of land. At present, around 90 percent of the flats have been purchased.
The Light Waterfront project has a total GDV of RM6.5 billion and is located on 152 acres of reclaimed land off the coast of Jelutong.
Developments by IJM Land:
1. Secoya Residences Condominium
2. Austin Duta
Image sourced from IJM Land
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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