Thursday, 10 August 2017

(NST) Fajarbaru makes foray with Rica Residence

FAJARBARU Builder Group Bhd chairman Datuk Low Keng Kok says Sentul has everything from good rail and road networks to public amenities.

“Sentul has everything. Apart from good food, Sentul is so near to the Kuala Lumpur City Centre and Putra World Trade Centre. It is also well served by hospitals, as well as has good connectivity by rail and road.

“There is pent-up demand for high-rise residential units. Taking all these factors into consideration, we decided to make use of our land in Sentul and launch our maiden property project in Malaysia, known as Rica Residence @ Sentul.

“We are pricing our properties lower than what other developers in this neighbourhood are selling. The average price for new residential properties in this area is above RM700 per sq ft. The average price per unit at Rica Residence @ Sentul is RM678 per sq ft.

“This gives house buyers and investors an opportunity to enjoy price appreciation after they collect their keys,” he told NST Property at the launch of Rica Residence @ Sentul in Kuala Lumpur recently.

Rica Residence @ Sentul is located on a 0.86ha site 150m from a Mass Rapid Transit (MRT) station that is under construction.

Fajarbaru bought the land from a private owner six years ago at RM235 per sq ft.

Low said the company might still focus on developments in Sentul, but added that it had become tougher and more expensive to get good land in the area.

Recently, Sunsuria Bhd acquired a parcel of land near Rica Residence @ Sentul for RM280 per sq ft.

Rica Residence @ Sentul comprises a 39-storey tower with 473 serviced apartments ranging from 657 to 1,283 sq ft each.

Low said the company sold 70 per cent of its units over eight months and expected to sell the rest by the first half of next year.

“We believe we can launch a property project anytime because demand is always there, despite challenging times. The country’s gross domestic product growth is still positive and people are still earning.

“Of course, the oversaturation of the property market is a concern, but there is always a need for housing, so we are quite bullish on the market moving forward,” he said.