PETALING JAYA: Despite concerns over the oversupply of residential units in Johor and the recent spate of cooling measures, Tebrau Teguh Bhd (TTB) said its first foray into high-end property development was well-received.
The first block, comprising 264 units, was sold within hours of its launch via a balloting process. The units are expected to be completed by 2017.
Botanika@ Tebrau Coast is a waterfront development comprising three high-rise blocks with a total of 792 units spanning 12 acres. The project, which overlooks the Sungai Tebrau and Sungai Plentong is being developed by Bayou Bay Development Sdn Bhd, a wholly-owned subsidiary of TTB.
TTB, in which the Johor government holds a substantial interest through Kumpulan Prasarana Rakyat Johor, has been a developer of affordable housing the past 15 years.
TTB is a 47.16% associate company of Tan Sri Lim Kang Hoo’s Iskandar Waterfront Holdings Sdn Bhd.
The first block of the waterfront project was sold at RM550 per sq ft, the company said in a statement. The development comes with extensive landscaping and full condominium facilities. It is located with access to the city and the CIQ (customs, immigration and quarantine complex) to Singapore via the Eastern Dispersal.
A network of amenities such as international school, medical centre, golf course and shopping mall are within a 10km radius.
TTB’s move to switch to high-end property development is in tandem with its Tebrau Coast Masterplan, which will see the creation of five new precincts – Tebrau River City Hub, Molek Landing, Plentong Cove, Tebrau Waterfront City and TebrauRiverwalk – over the next 10-15 years, the statement said.
TTB is discussing with local and international property players to partner the company to develop these waterfront land parcels spread over a 1,000-acre site in the Tebrau-Plentong river basin.
“Botanika is the first luxury residential project under this development plan. This is an integral part of a new lifestyle development on the eastern side of Johor Baru,” said TTB executive director Calvin Wong.