BANDAR Seri Alam in Johor will be offering more affordable homes to meet the high demand for such homes in the rapidly developing Pasir Gudang growth corridor.
Developed by Seri Alam Properties Sdn Bhd, a wholly-owned subsidiary of United Malayan Land Bhd (UM Land), the township covering 1,340ha will take another 15 years to complete for a gross development value of RM5.8bil.
UM Land chief executive officer Ismail Abd Halim said all the infrastructure of the group's two townships in Bandar Seri Alam and Bandar Seri Putra in Bangi, Selangor, was in place and “this put us in a strategic position to launch more products during the next market upswing.”
“With all the infrastructure costs already expended, it will be pure profits when the next wave comes. We see this as our strength as a market recovery is definitely on the horizon. After all, we are in the sixth year of the slowdown cycle, which normally lasts five years,” he said.
Bandar Seri Alam, to be developed in four phases, is about 35% completed, comprising 9,000 of the 25,600 units planned. Its population size has reached 33,000.
UM Land chief operating officer Henry Leong said during the recent launch of the 1,550-sq ft double-storey terraced houses priced from RM165,000, and 2,120 sq ft from RM230,000 in Bandar Seri Alam, all the units under phase one were sold.
“With the recent government stimulus package, we see the market poised for a recovery, especially for affordably priced homes and more such units are slated for launch in the near future. The relaxation of the ceiling price for foreign buyers to RM150,000 from RM250,000 previously is also expected to spur greater demand from them. A property showcase will be held in Singapore later this year to attract greater interest in our project,” he said.
Among launches later this month are four-storey apartments priced at RM80,000, townhouses from RM100,000 and shop apartments of 770 to 820 sq ft at RM65,000.
Also scheduled for a later launch are 200 double-storey semi-detached houses with built-up of 2,500 to 2,800 sq ft priced at RM350,000 and 142 double-storey super link houses at about RM270,000.
He said since the project's launch in 1996, capital appreciation of more than 20% had been realised by property owners as Bandar Seri Alam had rapidly gained a reputation as a blue-chip township.
Its extensive landscaping has turned it into a garden township and won several awards from the Johor state government, including being champion in the beautiful surrounding/landscape competition organised by the Department of Urban and Rural Planning, in conjunction with the 1998 Merdeka Day celebration.
Leong said if the market picked up further, UM Land would be launching the higher-range property, including 60 bungalows priced from RM400,000. He added that the five bungalow show units were expected to be ready by the middle of next year.
In Bandar Seri Putra, about 2,000 of the 6,000 units planned have been completed. The project is scheduled for completion in the next five to seven years for a total gross development value of RM1.5bil.
“Buyers looking for affordable homes have a choice of choosing from a wide array of apartments, town houses, double-storey terraces and bungalows. The township's population size is expected to grow to 60,000 in five years from about 3,000 now,” he said.