Brisk sales for Iskandar condo

Potential buyers viewing a model of the Aquaint Danga Residensi.

PETALING JAYA: In spite of recent analyst reports suggesting a softening of the Iskandar Malaysia property market, nearly 80% of two blocks of luxury condominium in Aquaint Danga Residensi were sold at its sales launch over the weekend.

Aquaint is a RM900mil development by Para Impiana Sdn Bhd, a joint venture between Rampai Fokus Sdn Bhd and its two Singaporean partners – Imperial Marina Pte Ltd and Skyfront Holdings.

Rampai Fokus is a wholly-owned subsidiary of Iskandar Waterfront Holdings (IWH).

The development comprises four high-rise towers spread over a 1.6-ha prime waterfront site facing the Straits of Johor.

The strong demand has been surprising to watchers in the property market because of the recent spate of lacklustre sales and delayed property launches by developers within the Flagship A zone at Iskandar Malaysia.

On top of that, the luxury condomonium units are priced about 30% higher than similar high-end apartment units launched by China’s Country Garden and Greenland Group, and all three projects are located adjacently along the Danga Bay waterfront.

Phase 1 site clearing works on Aquaint’s first two tower blocks, which have a gross development value of RM382mil, have begun and the units are slated for occupation by late 2018.

“Singapore luxury living standards at local prices means fantastic price savings for purchasers and investors,” IWH group executive director Lim Chen Herng said in a statement.

Selling prices range between RM900 and RM1,200 per sq ft.

The completed Aquaint development will comprise four luxury tower blocks with a total of 818 units with bubble lifts, integrated shops, high-end food and beverage outlets as well as extensively landscaped parks linked to an 8-km boardwalk along the Danga Bay waterfront.

Singapore co-owner of Aquaint, Tan Yang Poh, said the development was comparable to some of the best in luxury condominium projects in Singapore.

“But you cannot beat this in terms of cost savings and connectivity, especially with the upcoming mass rapid transit extension to Johor Baru from Singapore,” she said.