PETALING JAYA: While the spotlight of late has been on affordable housing, there are some developers who have taken a different approach when it comes to fulfilling demand.
Binastra Land Sdn Bhd chief executive officer and managing director Datuk Sri Michael Tan said the affordable housing category was priced between RM300,000 and RM400,000, and buyers were spoilt for choice as many developers were moving into that segment.
However, Binastra is building houses slightly above the price range.
“These units are of a higher quality with more facilities and less density. We also semi-furnish the units by providing air conditioners and kitchen cabinets,” said Tan.
He said the company did not accumulate land bank. It instead has a five-year planning business model.
“We usually buy land and develop it immediately and in the midst of the developing the current one, we will source (land) for the next project.
“We therefore have a continuous plan in line,” said Tan.
Binastra Land, therefore, faces a lower risk. Being a niche developer, the developer only launches new projects when existing ones are more than 70% sold, with sale and purchase agreement formally signed.
Some of Binastra’s projects in the pipeline include Binastra Square fronting Jalan Sungai Besi @ Chan Sow Lin KL City Center with a gross development value of RM1.3bil. The development comprises two 66-storey towers and another tower with 58 storeys.
“The project will have a few components, including serviced apartments, a hotel, retails, and office space. It will be located 700m from the existing LRT station and upcoming MRT 2 station,” said Tan.
Its latest development is Citizen in Old Klang Road. That project is 100% sold. Its second phase Citizen 2 is expected to be another success story.
Staying true to Binastra’s strategy of providing more value-added facilities, Tan said the success of this latest development provides about 52 facilities including two adult pools and a children’s pool, four badminton courts, free WiFi and a few other standard apartment facilities.
“The built-up area ranges between 725 and 883 sq ft. A three-bedroom unit is priced at less than RM600,000,” Tan said.
Launched in September 2017, Citizen 2 saw interest for about 90%, propelling Binastra to begin another project by the end of this year.
Tan said they might be launching Sinaran in Wangsa Maju this December, which is slightly different from Citizen with units of smaller size.
“Sinaran, which has 206 units, is located near the Alpha Angle shopping mall and an LRT station,” added Tan.
Binastra is expecting Sinaran to have a 70% take-up rate because the project is located in a mature and established neighbourhood.
“Based on our research, students are most likely to stay there due to nearby facilities and amenities.
“Investors may buy the units as an investment as they can rent out the units. Public feedback about the project has been positive,” said Tan.
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